Accounting Policies of Lyons Corporate Market Ltd. Company

Mar 31, 2024

2 Significant accounting policies

2.01 Revenue recognition

Interest income (Effective interest rate method)

Under Ind AS 109 interest income is recorded using the effective interest rate (EIR) method for all financial instruments measured at amortised
cost, debt instrument measured at FVOCI and debt instruments designated at FVTPL. The EIR is the rate that exactly discounts estimated future
cash receipts through the expected life of the financial instrument or, when appropriate, a shorter period, to the net carrying amount of the
financial asset. The EIR (and therefore, the amortised cost of the asset) is calculated by taking into account any discount or premium on
acquisition, fees and costs that are an integral part of the EIR. The Company recognises interest income using a rate of return that represents the
best estimate of a constant rate of return over the expected life of the loan. Hence, it recognises the effect of potentially different interest rates
charged at various stages, and other characteristics of the product life cycle (including prepayments, penalty interest and charges). If expectations
regarding the cash flows on the financial asset are revised for reasons other than credit risk. The adjustment is booked as a positive or negative
adjustment to the carrying amount of the asset in the balance sheet with an increase or reduction in interest income. The adjustment is
subsequently amortised through interest income in the statement of profit and loss.

The Company calculates interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired assets net
of upfront processing fees. When a financial asset becomes credit-impaired and is, therefore, regarded as ''Stage 3'', the Company calculates
interest income by applying the effective interest rate to the net amortised cost of the financial asset. If the financial assets cures and is no longer
credit-impaired, the Company reverts to calculating interest income on a gross basis. For purchased or originated credit-impaired (POCI) financial
assets, the Company calculates interest income by calculating the credit-adjusted EIR and applying that rate to the amortised cost of the asset.
The credit-adjusted EIR is the interest rate that, at original recognition, discounts the estimated future cash flows (including credit losses) to the
amortised cost of the POCI assets. Interest income on all trading assets and financial assets mandatorily required to be measured at FVTPL is
recognised using the contractual interest rate in net gain on fair value changes.

Dividend income

Dividend income (including from FVOCI investments) is recognised when the Company''s right to receive the payment is established, it is probable
that the economic benefits associated with the dividend will flow to the entity and the amount of the dividend can be measured reliably. This is
generally when the shareholders approve the dividend.

2.02 Financial instruments

Point of recognition

Financial assets and liabilities, with the exception of loans, debt securities, deposits and borrowings are initially recognised on the trade date, i.e.,
the date that the Company becomes a party to the contractual provisions of the instrument. This includes regular way trades: purchases or sales
of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place.
Loans are recognised when funds are transferred to the customers'' account. The Company recognises debt securities, deposits and borrowings
when funds reach the Company.

Initial recognition

The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the
instruments, as per the principles of the Ind AS. Financial instruments are initially measured at their fair value, except in the case of financial
assets and financial liabilities recorded at FVTPL, transaction costs are added to, or subtracted from, this amount. Trade receivables are measured
at the transaction price. When the fair value of financial instruments at initial recognition differs from the transaction price, the Company
accounts mentioned below:

When the transaction price of the instrument differs from the fair value at origination and the fair value is based on a valuation technique using
only inputs observable in market transactions, the Company recognises the difference between the transaction price and fair value in net gain on
fair value changes. In those cases where fair value is based on models for which some of the inputs are not observable, the difference between
the transaction price and the fair value is deferred and is only recognised in profit or loss when the inputs become observable, or when the
instrument is derecognised.

Subsequent measurement of financial liabilities

All financial liabilities of the Company are subsequently measured at amortized cost using the effective interest method. Under the effective
interest method, the future cash payments are exactly discounted to the initial recognition value using the effective interest rate. The cumulative
amortization using the effective interest method of the difference between the initial recognition amount and the maturity amount is added to
the initial recognition value (net of principal repayments, if any) of the financial liability over the relevant period of the financial liability to arrive
at the amortized cost at each reporting date. The corresponding effect of the amortization under effective interest method is recognized as
interest expense over the relevant period of the financial liability. The same is included under finance cost in the Statement of Profit and Loss.

Subsequent measurement of financial assets

For subsequent measurement, the Company classifies a financial asset in accordance with the below criteria:

i. The Company''s business model for managing the financial asset; and

ii. The contractual cash flow characteristics of the financial asset.

Based on the above criteria, the Company classifies its financial assets into the following categories:

(a) Financial assets measured at amortized cost

(b) Financial assets measured at fair value through other comprehensive income (FVTOCI)

(c) Financial assets measured at fair value through profit or loss (FVTPL)

(a) Financial assets measured at amortized cost:

A Financial asset is measured at the amortized cost if both the following conditions are met:

(i) The Company''s business model objective for managing the financial asset is to hold financial assets in order to collect contractual cash flows;
and

(ii) The contractual terms of the Financial asset give rise on specified dates to cash Flows that are solely payments of principal and interest on the
principal amount outstanding.

This category applies to cash and bank balances, trade receivables, loans and other financial assets of the Company. Such financial assets are
subsequently measured at amortized cost using the effective interest method. Under the effective interest method, the future cash receipts are
exactly discounted to the initial recognition value using the effective interest rate. The cumulative amortization using the effective interest
method of the difference between the initial recognition amount and the maturity amount is added to the initial recognition value (net of
principal repayments, if any) of the financial asset over the relevant period of the financial asset to arrive at the amortized cost at each reporting
date. The corresponding effect of the amortization under effective interest method is recognized as interest income over the relevant period of
the financial asset. The same is included under other income in the Statement of Profit and Loss. The amortized cost of a financial asset is also
adjusted for loss allowance, if any.

(b) Financial assets measured at FVTOCI:

A financial asset is measured at FVTOCI if both of the following conditions are met:

(i) The Company''s business model objective for managing the financial asset is achieved both by collecting contractual cash flows and selling the
financial assets; and

(ii) The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the
principal amount outstanding.

This category applies to certain investments in debt and equity instruments. Such financial assets are subsequently measured at fair value at each
reporting date. Fair value changes are recognized in the Statement of profit and loss under ''Other Comprehensive Income (OCI)''. However, the
Company recognizes interest income and impairment losses and its reversals in the Statement of Profit and Loss. On de-recognition of such
financial assets, cumulative gain or loss previously recognized in OCI is reclassified from equity to the Statement of Profit and Loss, except for
instruments which the Company has irrevocably elected to be classified as equity through OCI at initial recognition, when such instruments meet
the definition of definition of Equity under Ind AS 32 Financial Instruments: Presentation and they are not held for trading. The Company has
made such election on an instrument by instrument basis.

Gains and losses on these equity instruments are never recycled to profit or loss. Dividends are recognised in the statement of profit or loss as
dividend income when the right of the payment has been established, except when the Company benefits from such proceeds as a recovery of
part of the cost of the instrument, in which case, such gains are recorded in OCI. Equity instruments at FVOCI are not subject to an impairment
assessment.

(c) Financial assets measured at FVTPL:

A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained above. This is a residual category applied
to all other investments of the Company. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes
are recognized in the Statement of Profit and Loss.

De-recognition:

(a) Financial asset:

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized (i.e. removed from
the Company''s balance sheet) when any of the following occurs:

i. The contractual rights to cash flows from the financial asset expires;

ii. The Company transfers its contractual rights to receive cash flows of the financial asset and has substantially transferred all the risks and
rewards of ownership of the financial asset. A regular way purchase or sale of financial assets has been derecognised, as applicable, using trade

iii. The Company retains the contractual rights to receive cash flows but assumes a contractual obligation to pay the cash flows without material
delay to one or more recipients under a ''pass-through'' arrangement (thereby substantially transferring all the risks and rewards of ownership of
the financial asset);

iv. The Company neither transfers nor retains substantially all risk and rewards of ownership and does not retain control over the financial asset.

In cases where Company has neither transferred nor retained substantially all of the risks and rewards of the Financial asset, but retains control of
the financial asset, the Company continues to recognize such financial asset to the extent of its continuing involvement in the financial asset. In
that case, the Company also recognizes an associated liability. The financial asset and the associated liability are measured on a basis that reflects
the rights and obligations that the Company has retained.

On de-recognition of a financial asset, (except as mentioned in ii above for financial assets measured at FVTOCI), the difference between the
carrying amount and the consideration received is recognized in the Statement of Profit and Loss.

(b) Financial liability:

A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is
replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The difference between the
carrying value of the original financial liability and the consideration paid is recognised in profit or loss.

Impairment of financial assets:

In accordance with Ind AS 109, the Company applies expected credit loss (''ECL'') model for measurement and recognition of impairment loss for
financial assets.

ECL is the weighted-average of difference between all contractual cash flows that are due to the Company in accordance with the contract and all
the cash flows that the Company expects to receive, discounted at the original effective interest rate, with the respective risks of default occurring
as the weights. When estimating the cash flows, the Company is required to consider:

''- All contractual terms of the financial assets (including prepayment and extension) over the expected life of the assets.

- Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

Trade receivables

In respect of trade receivables, the Company applies the simplified approach of Ind AS 109, which requires measurement of loss allowance at an
amount equal to lifetime expected credit losses. Lifetime expected credit losses are the expected credit losses that result from all possible default
events over the expected life of a financial instrument.

Other financial assets:

In respect of its other financial assets, the Company assesses if the credit risk on those financial assets has increased significantly since initial
recognition. If the credit risk has not increased significantly since initial recognition, the Company measures the loss allowance at an amount
equal to 12-month expected credit losses, else at an amount equal to the lifetime expected credit losses.

When making this assessment, the Company uses the change in the risk of a default occurring over the expected life of the financial asset. To
make that assessment, the Company compares the risk of a default occurring on the financial asset as at the balance sheet date with the risk of a
default occurring on the financial asset as at the date of initial recognition and considers reasonable and supportable information, that is available
without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. The Company assumes that the credit
risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the
balance sheet date.

2.03 Fair Value

The Company measures its financial instruments at fair value in accordance with the accounting policies mentioned above. Fair value is the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy
that categorizes into three levels, described as follows, the inputs to valuation techniques used to measure value. The fair value hierarchy gives
the highest priority to quoted prices in active markets for identical assets or liabilities (Level I inputs) and the lowest priority to unobservable
inputs (Level 3 inputs).

- Level 1 (unadjusted) - Those where the inputs used in the valuation are unadjusted quoted prices from active markets for identical assets or
liabilities that the Company has access to at the measurement date. The Company considers markets as active only if there are sufficient trading
activities with regards to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes
available on the balance sheet date.

- Level 2 - Those where the inputs that are used for valuation and are significant, are derived from directly or indirectly observable market data
available over the entire period of the instrument''s life. Such inputs include quoted prices for similar assets or liabilities in active markets, quoted
prices for identical instruments in inactive markets and observable inputs other than quoted prices such as interest rates and yield curves, implied
volatilities, and credit spreads. In addition, adjustments may be required for the condition or location of the asset or the extent to which it relates
to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable inputs which are significant to
the entire measurement, the Company will classify the instruments as Level 3.

• Level 3 - Those that include one or more unobservable input that is significant to the measurement as whole.

For assets and liabilities that are recognized in the financial statements at fair value on a recurring basis, the Company determines whether
transfers have occurred between levels in the hierarchy by re-assessing categorization at the end of each reporting period and discloses the same.

2.04 Income Taxes

Tax expense is the aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax.
Current tax

Current tax is the amount of income taxes payable in respect of taxable profit for a period. Taxable profit differs from ''profit before tax'' as
reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible in other years and items that
are never taxable or deductible under the Income Tax Act, 1961. Current tax is measured using tax rates that have been enacted by the end of
reporting period for the amounts expected to be recovered from or paid to the taxation authorities.

Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or
in equity). Current tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Management
periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation
and establishes provisions where appropriate.

Deferred tax

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit under Income tax Act, 1961.

Deferred tax liabilities are generally recognized for all taxable temporary differences. However, in case of temporary differences that arise from
initial recognition of assets or liabilities in a transaction (other than business combination) that affect neither the taxable profit nor the accounting
profit, deferred tax liabilities are not recognized. Also, for temporary differences if any that may arise from initial recognition of goodwill, deferred
tax liabilities are not recognized.

Deferred tax assets are generally recognized for all deductible temporary differences to the extent it is probable that taxable profits will be
available against which those deductible temporary difference can be utilized. In case of temporary differences that arise from initial recognition
of assets or liabilities in a transaction (other than business combination) that affect neither the taxable profit nor the accounting profit, deferred
tax assets are not recognized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow the benefits of part or all of such deferred tax assets to
be utilized.

Deferred tax assets and liabilities are measured at the tax rates that have been enacted or substantively enacted by the balance sheet date and
are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive income or in
equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.

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Mar 31, 2015

A) Basis of Preparation

i. These Financial Statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under section 211 (3C) of the Companies Act, 1956 ("the 1956 Act") (which continue to be applicable in respect of section 133 of the Companies Act, 2013 ("the 2013 Act") in terms of General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs) and the relevant provisions of 1956 Act/2013 Act, as applicable. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year.

ii. The Company follows the prudential norms for income recognition, asset Classification and provisioning as prescribed by Reserve Bank of India (RBI) for Non-Deposit taking Non-Banking Finance Companies (NBFC-ND).

b) Use of Estimates

The preparation of financial statements in conformity with Indian GAAP requires the management to make judgement, estimates and assumptions that effect the reported amounts of revenue, expenses, assets and liabilities (including contingent liabilities) at the end of the reporting period. Although these estimates are based on the management's best knowledge of current events and action, uncertainty about these assumptions and estimates could result in outcomes requiring a material adjustment to the carrying amounts of assets or liabilities in future periods. Future results could differ from these estimates and the differences between the actual results and the estimates are recognized in the period in which the results are known/ materialise.

c) Recognition of Income & Expenditure

Items of Income and Expenditure are recognised on Accrual basis, except otherwise stated, in accordance with the generally accepted accounting principles. Purchase & Sale of shares is accounted for on Trade date. Profit/Loss on sale of Investment is recognized at the time of sale or redemption/

d) Fixed Assets and Depreciation

Fixed assets are stated at cost less accumulated depreciation. Depreciation on Tangible Fixed Assets has been provided on the Straight-Line Method as per the useful life prescribed in Schedule I I to the Companies Act, 2013.

e) Investments

Long-term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such a decline is other than temporary.

f) Stock in Trade

Stock in trade is valued at cost or market value whichever is lower.

g) Taxation

Income-tax expense comprises current tax and deferred tax charge or release. The deferred tax charge or credit is recognised using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realisation in future. Such assets are reviewed as at each balance sheet date to reassess realization.

h) Provisions, Contingent Liabilities and Contingent Assets

A provision is made when there is a present obligation as a result of past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made. The Company does not recognize assets which are of contingent nature until there is virtual certainty of reliability of such assets. However, if it has become virtually certain that an inflow of economic benefits will arise, asset and related income is recognized in then financial statements of the period in which the change occurs.

i) Earning 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 period.

For the purpose of diluted earnings per shares, the net profit or loss for the period attributable to Equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

j) Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

k) Employee Benefit

i. Employees benefits of Short Term nature are recognized as expense as and when it accrues, ii Long term and post employment benefit is recognized as expenses as and when it accrues.

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Mar 31, 2014

A) Accounting Concepts:

i) The Financial statements have been prepared under the historical cost convention as a going concern in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

ii) The Company generally follows mercantile system of accounting.

b) Fixed Assets and Depreciation:

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on original value of assets are provided on straight line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 as amended from time to time.

c) Revenue Recognition:

Income and Expenditure are generally recognised on accrual basis.

d) Stock-in-Trade:

Stock in trade is valued at cost or market value whichever is lower.

e) Investments:

Long-term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such a decline is other than temporary.

f) i) Employees benefits of short term nature are recognized as expense as and when it accrues, ii) Long term and post employment benefit is recognized as expenses as and when it accrues.

g) Taxation:

Income-tax expense comprises current tax and deferred tax charge or release. The deferred tax charge or credit is recognised using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Such assets are reviewed as at each balance sheet date to reassess realisation.

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Mar 31, 2013

A) Accounting Concepts:

i) The Financial statements have been prepared under the historical cost convention as a going concern in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

ii) The Company generally follows mercantile system of accounting.

b) Fixed Assets and Depreciation:

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on original value of assets are provided on straight line meth sad at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 195(i as amended from time to time.

c) Revenue Recognition:

Income and Expenditure are generally recognized on accrual basis.

d) Stock-in-Trade:

Stock in trade is valued at cost or market value whichever is lower.

e) Investments:

Long-term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such a decline is other than temporary.

f) i) Employees benefits of short term nature are recognized as expense as and when it accrues,

ii) Long term and post employment benefits is recognized as expenses as and when it accrues.

g) Taxation:

Income-tax expense comprises current tax and deferred tax charge or release. The deferred tax charge or credit is recognized using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only if there is virtual certainty of realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Such assets are reviewed as at each balance sheet date to reassess realization.

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Mar 31, 2012

A) Accounting Concepts:

i) The Financial statements have been prepared under the historical cost convention as a going concern in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

ii) The Company generally follows mercantile system of accounting.

b) Fixed Assets and Depreciation:

i) Fixed assets are stated at cost less accumulated depreciation

ii) Depreciation on original value of assets are provided on straight line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 as amended from time to time.

c) Revenue Recognition:

Income and Expenditure are generally recognised on accrual basis.

d) Stock-in-Trade:

Stock in trade is valued at cost or market value whichever is lower.

e) Investments:

Long-term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such a decline is other than temporary

i) Employees benefits of shortterm nature are recognized as expenses as and when it accrues

ii) Long term and past employment benefits is recognized as expenses as and when it accrues.

g) Taxation:

Income-tax expense comprises current tax and deferred tax charge or release. The deferred tax charge or credit is recognised using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Such assets are reviewed as at each balance sheet date to reassess realisation.

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Mar 31, 2009

A) Accounting Concepts:

i) The Financial statements have been prepared under the historical cost convention as a going concern in accordance with the generally accepted accounting principles and provisions of the Companies Act, 1956 as adopted consistently by the Company.

ii) The Company generally follows mercantile system of accounting.

b) Fixed Assets and Depreciation:

i) Fixed assets are stated at cost less accumulated depreciation.

ii) Depreciation on original value of assets are provided on straight line method at the rates and in the manner prescribed in Schedule XIV of the Companies Act, 1956 as amended from time to time.

c) Revenue Recognition:

Income and Expenditure are generally recognised on accrual basis.

d) Stock-in-Trade:

Stock in trade is valued at cost or market value whichever is lower.

e) Investments:

Long-term investments are stated at cost. Provision for diminution in the value of long term investment is made only if such a decline is other than temporary.

f) i) Employees benefits of short term nature are recognized as expenses as and when it accrues.

ii) Long term and past employment benefits is recognized as expenses as and when it accrues.

g) Deferred Revenue Expenditure:

Miscellaneous expenses are written off over a period of five years.

h) Taxation:

Income-tax expense comprises current tax and deferred tax charge or release. The deferred tax charge or credit is recognised using current tax rates. Where there are unabsorbed depreciation or carry forward losses, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets. Other deferred tax assets are recognised only to the extent there is reasonable certainty of realisation in future. Such assets are reviewed as at each balance sheet date to reassess realisation.