Notes to Accounts of Mideast Portfolio Management Ltd.

Mar 31, 2024

(P) Provisions
Recognition of Provision:

A provision is recognized when the company has i) a present obligation as a result of past event, ii) it
is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and iii) a reliable estimate can be made of the amount of the obligation. Where the effect of
the time value of money is material, the amount of provision shall be the present value of the
expenditures expected to be required to settle the obligation. Provisions shall be reviewed at the end
of each reporting period and adjusted to reflect the current best estimate. If it is no longer probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, the
provision shall be reversed.

Where the company expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognized as a separate asset but only when the
reimbursement is virtually certain. The expense relating to any provision is presented in the
statement of profit and loss net of any reimbursement.

(Q) Cash and cash equivalents

Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand
and short-term investments with an original maturity of three months or less.

(R) Measurement of EBITDA

As permitted by the Guidance Note on the Revised Schedule of the Companies Act, 2013, the
company has elected to present earnings before interest, tax, depreciation and amortization (EBITDA)
as a separate line item on the face of the statement of profit and loss. The company measures EBITDA
on the basis of profit / (loss) from continuing operations. In its measurement, the company does not
include depreciation and amortization expense, finance costs and tax expenses.

(S) Leases

Where the Company is the lessee

Leases, where the lessor effectively retains substantially all the risks and benefits of ownership of the
leased item, are classified as operating leases. Operating lease payments are recognized as an expense
in the statement of profit and loss on a straight-line basis over the lease term.
Where the Company is the lessor Assets subject to operating leases are included in property plant and
equipment. Lease income on an operating income is recognized in the statement of profit and loss on
a straight-line basis over the lease term. Costs, including depreciation are recognized as an expense in
the statement of profit and loss. Initial direct costs such as legal costs, brokerage costs, etc. are
recognized immediately in the statement of profit and loss.

Basic EPS amounts are calculated by dividing the profit/(loss) for the period attributable to equity holders by the weighted
average number of equity shares outstanding during the Period.

Diluted EPS amounts are calculated by dividing the profit/(loss) attributable to equity holders by the weighted average
number of equity shares outstanding during the period plus the weighted average number of equity shares that would be
issued on conversion of all the dilutive potential equity shares into equity shares.

Note: Related party relationships as per Ind AS 24 have been identified by the management had relied upon by the auditors.
All the transactions are carried at arm''s length price
Closing balances are presented net of taxes.

Terms and conditions of transactions with related parties

The transactions with related parties are in the ordinary course of business and are on terms equivalent to those that prevail
in arm''s length transactions. Outstanding balances at the Period-end are unsecured and settlement occurs in cash. For the
period ended 31 March 2024, the Company has not recorded any impairment of receivables relating to amounts owed by
related parties. This assessment is undertaken each financial year through examining the financial position of the related
parties and the market in which the related parties operate.

21 Segment information

In accordance with paragraph 4 of Indian Accounting Standard (Ind AS) 108 ''Operating Segments'' prescribed under
Section 133 of the Act, read with Rule 7 of the Companies (Indian Accounting Standards) Rules, 2015, the Company
has no seperate segment which required to be disclosed under Ind AS 108.

22 Details of micro enterprises and small enterprises as defined under the Micro, Small and Medium Enterprises
Development (MSMED) Act, 2006

The Company did not have any transactions with Small Scale Industrial (''SME''s'') Undertakings during the year
ended March 31, 2024 and hence there are no amounts due to such undertakings. The identification of SME''s
undertakings is based on the management''s knowledge of their status.

The Company has not received any information from "suppliers" regarding their status under the Micro, Small and
Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amount unpaid as at the year
ended together with interest paid / payable as required under the said Act have not been furnished.

__ Employee Benefits -

25

Retirement benefits
(a) Defined Contribution Plan:

An entity is not participating in any employer defined benefit plan that does not prepare plan valuations on an Ind
AS 19 basis. Company not having employee who served from more than 5 years.

26 Financial instruments - fair value measurements

Some of the Company''s financial assets and financial liabilities are measured at fair value at the end of each
reporting period. The following table gives information about how the fair values of these financial assets and
financial liabilities are determined (in particular the valuation techniques and inputs used).

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is

directly or indirectly observable.

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

The Company has assessed that trade receivables, cash and cash equivalents, other financial assets, trade payables
and other financial liabilities approximate their carrying amounts largely due to the short term nature of the
instruments. Long term Borrowings are evaluated based on parameters such as interest rate and risk characteristic
of financial project. Based on the evaluation, no impact has been identified.

b) As per the information and explanations to us The Company do not have any transactions with companies struck off.

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

d) The Company has not entered into any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the Period in the tax assessments under the Income Tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961)

e) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.

f) The Company does not have any Intangible Assets, thus, disclosures relating to revaluation of Intangible Assets is not

applicable.

g) The Company has not revalued its property, Plant and Equipment (including Right of use Assets), thus valuation by a
registered valuer as defined under rule 2 of the Companies (Registered Valuers and Valuation) Rules, 2017 is not applicable.

h) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities
(Intermediaries) with the understanding that the intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

i) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the company shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
funding Party (ultimate beneficiaries) or

(ii) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

As per our attached report of even date For and on Behalf of the Board of directors of

For Agrawal Jain & Gupta MID EAST PORTFOLIO MANAGEMENT LIMITED

Chartered Accountants
Firm Registration N

Sd/- Sd/- Sd/-

CA Sarwan Kumar Prajapati Kishor A. Shah Jyoti K. Shah

Partner (Director) (Director)

Membership No. 199969 DIN:00015575 DIN:00020912

UDIN: 23199969BGTBSS4327

For Mid East Portfolio Management Limited

Sd/-

Ms. Payal Dilip Jain

(Company Secretary & Compliance Officer)

Place :Mumbai Membership No. ICSI (No. 60007)

Date : 9th May, 2024

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Mar 31, 2014

1 Company Background

Mideast is a Public Limited finance company. Its equity shares are listed on Mumbai Stock Exchanges.

Mideast is registered with Securities Exchange Board of India (SEBI) as Merchant Bankers and Portfolio Managers (Applied for renewal of licence). It has managed public issues as Lead Managers and acted as IPO advisors. It has contributed significant amount in mobilising / marketing IPOs to NRIs abroad. Mideast is also engaged in Corporate advisory services, Loan Syndication, Debt Placement, arranging External Commercial Borrowings (ECB) etc.

2. Contingent Liability:-

(a) The Company has received Assessment Order from Income Tax Department for Ass. Year 1995-96 raising a demand of Rs.93,82,760/- on account of various disallowances and additions. The company has preferred an appeal against the said Assessment Order in the High Court, Bombay and no provision has been made for the net liability of Rs.45,59,122/- and interest payable thereon, if any.

(b) The company has not provided for arrears of fixed cumulative dividend payable on 11% Cumulative, Preference Shares of Rs.20,000,000/- since its allotment on 31.03.1998. Total arrears of dividend Rs.35,750,000/- (Previous Year Rs.33,550,000/-).

3. As per AS-15 "Employee Benefits", the disclosure of employee benefits as defined in AS is given below

Defined Benefit Plan

Consequent to adoption of AS 15, the company has accounted the present value of gratuity obligation (non funded) based on actuarial valuation done by an independent valuer using the projected unit credit method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for compensated absences (non funded) recognized in the same manner as gratuity.

The following table sets out the status of gratuity plan and the amounts recognized in the company''s financial statement as at March 31, 2014.

4. Taxes on Income:-

4.1 No provision for the current tax has been made, as the Company does not expect any Income Tax liability.

4.2 Related parties have been identified by the Management and relied upon by the auditors.

5. Segment Reporting:-

5.1 Primary Segment Reporting (By Business Segments)

The Company has considered Business Segment as primary segment for disclosure purpose and comprises of the following:-

a) Financial Services and

b) Others (Pertains to Generation and Sale of Electricity from Windmill Operations)

5.2 Secondary Segment Reporting

The Company does not have a Secondary segment.

6. Obligation on Long Term, Non Cancellable Operating lease assets taken on lease:

Disclosure as per AS-19 is as follows:

a. The company has taken commercial premises on Non Cancellable Operating lease and lease rent of Rs.422,500/-(P.Y. Rs. 406,500/-) has been debited to statement of profit and loss.

c. There are no exception / restrictive covenants in the lease agreement.

the above amount is after deducting Rs. 8,000/- p.m. recoverable from group company as share in rent.

7. There are no dues outstanding to Micro, Small & Medium Enterprises. Sundry debtors and creditors are subject to confirmation.

8. In the opinion of the Board of Directors, current assets, loan and advances have value on realization in the ordinary course of business at least equal to the amount at which they are stand and all known liabilities are provided for.

9. Figures of the previous year have been regrouped and reclassified wherever necessary.

10. The amount of Balance Sheet and Statement of Profit and loss are rounded off the nearest rupee.

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Mar 31, 2013

1 Company Background

Mideast is a Public Limited finance company. Its equity shares are listed on Mumbai Stock Exchanges. It has more then 5000 Shares holders.

Mideast is registered with Securities Exchange Board of India (SEBI) as Merchant Bankers and Portfolio Managers (Applied for renewal of licence). It has managed public issues as Lead Managers and acted as IPO advisors. It has contributed significant amount in mobilising / marketing IPOs to NRIs abroad. Mideast is also engaged in Corporate advisory services, Loan Syndication, Debt Placement, arranging External Commercial Borrowings (ECB) etc.

2. Contingent Liability:-

(a) The Company has received Assessment Order from Income Tax Department for Ass. Year 1995-96 raising a demand of Rs.93,82,760/- on account of various disallowances and additions. The company has preferred an appeal against the said Assessment Order to the Appellate Authorities and no provision has been made for the net liability of Rs.45,59,122/-

(b) The 200,000, 11% Cumulative Redeemable Preference shares of Rs. 100/- each issued on 31.03.1998 has already fall due for redemption on 30.06.2001, however the company has not redeemed the same in the absence of profits and inadequate reserves. It is therefore assumed that dividend on the same is payable till the time of final redemption.

(c) The company has not provided for arrears of fixed cumulative dividend payable on 11% Cumulative, Preference Shares of Rs.20,000,000/- since its allotment on 31.03.1998. Total arrears of dividend Rs.33,550,000/- (Previous Year Rs.31,350,000/-).

3. Taxes on Income:-

3.1 No provision for the current tax has been made, as the Company does not expect any Income Tax liability.

3.2. In view of past brought forward unabsorbed depreciation and losses and lack of evidence of future taxable income, the Company has thought it prudent, not to recognize Deferred Tax Assets in its books.

4. Related Party Disclosures:-

The disclosure as required by AS-18 is as follows:

4.1 Related parties have been identified by the Management and relied upon by the auditors.

5. Segment Reporting: -

5.1 Primary Segment Reporting (By Business Segments)

The Company has considered Business Segment as primary segment for disclosure purpose and comprises of the following:-

a) Financial Services and

b) Others (Pertains to Generation and Sale of Electricity from Windmill Operations)

5.2 Secondary Segment Reporting

The Company does not have a Secondary segment.

6. Obligation on Long Term, Non Cancellable Operating lease assets taken on lease:

Disclosure as per AS-19 is as follows:

a. The company has taken commercial premises on Non Cancellable Operating lease and lease rent of Rs.406,500/-(P.Y. Rs. 636,000/-) has been debited to statement of profit and loss.

c. There are no exception / restrictive convenants in the lease agreement.

* the above amount is after deducting Rs. 8,000/- p.m. recoverable from group company as share in rent.

7. In accordance with AS-13 issued by ICAI, the long term investments are valued at cost of acquisition. In respect of investment the market value/book value is lower then the acquisition cost. The Board of Directors are of the opinion that no provision is necessary for the diminution in the value of investment.

8. The Company has not provided for the diminution in the value of investments held. The loss, to the extent of Rs. 11,721,250/- being the value of the investments will increase.

9. The company has granted loans in violation of Section 295 of the Companies Act 1956.

10. There are no dues outstanding to Micro, Small & Medium Enterprises. Sundry debtors and creditors are subject to confirmation.

11. In the opinion of the Board of Directors, current assets, loan and advances have value on realization in the ordinary course of business at least equal to the amount at which they are stand and all known liabilities are provided for.

12. Figures of the previous year have been regrouped and reclassified wherever necessary.

13. The amount of Balance Sheet and Statement of Profit and loss are rounded off the nearest rupee.

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Mar 31, 2010

1) Contingent Liability :-

The Company has received Assessment Order from Income Tax Department for Ass. Year 1995-96 raising a demand of Rs.93,82,760/- on account of various disallowances and additions. The company has preferred an appeal against the said Assessment Order to the Appellate Authorities and no provision has been made for the net liability of Rs.45,59,122/-

2) a. The 2,00,000, 11 % Cumulative Redeemable Preference shares of Rs. 100/- each issued on

31.03.1998 has already fall due for redemption on 30.06.2001, however the company has not redeemed the same in the absence of profits and inadequate reserves. It is therefore assumed that dividend on the same is payable till the time of final redemption.

b. The company has not provided for arrears of fixed cumulative dividend payable on 11% Cumulative, Preference Shares of Rs.2.00 Crores since its allotment on 31.03.1998. Total arrears of dividend Rs.2,69,50,000/- (Previous Year Rs.2,47,50,000/-)

5) Taxes on Income :-

A No provision for the current tax has been made, as the Company does not expect any Income

Tax liability. B. In view of past brought forward unabsorbed depreciation and losses and lack of evidence of

future taxable income, the Company has thought it prudent, not to recognize Deferred Tax

Assets in its books.

6) Related Party Disclosures:-

A) The names of the related parties are as under :

a) Supra Pacific Management Consultancy Limited

b) Montage Securities Limited

c) Mideast Properties Pvt Limited

d) Mideast Retail Pvt Limited

e) M/s. Kishor A. Shah

f) Molem Investments and Finance Pvt Limited

g) Mideast Healthcare Pvt Limited h) Mideast Windfarms Pvt Limited

B) Key Management Personnel:-

a) Kishor A. Shah - Chairman cum Managing Director

b) Jyoti K. Shah -- Director

8) In accordance with AS-13 issued by ICAI, the long term investments are valued at cost of acquisition. In respect of investment the market value/book value is lower then the acquisition cost. The Board of Directors are of the opinion that no provision is necessary for the diminution in the value of investment.

9) There are no dues outstanding to Micro, Small & Medium Enterprises. Sundry debtors and creditors are subject to confirmation.

10) The Company has not provided for the diminution in the value of investments held. The loss to the extend of Rs. 1,17,21,250/- being the value of the investments will increase.

11) In the opinion of the Board of Directors, current assets, loan and advances have value on realization in the ordinary course of business at least equal to the amount at which they are stand and all known liabilities are provided for.

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Jun 30, 2009

1) Contingent Liability :-

The Company has received Assessment Order from Income Tax Department for Ass. Year 1995-96 raising a demand of Rs.93,82,760/- on account of various disallowances and additions. The company has preferred an appeal against the said Assessment Order to the Appellate Authorities and no provision has been made for the net liability of Rs.45,59,122/-

2) a. The 2,00,000, 11 % Cumulative Redeemable Preference shares of Rs. 100/- each issued on 31.03.1998 has already fall due for redemption on 30.06.2001, however the company has not redeemed the same in the absence of profits and inadequate reserves. It is therefore assumed that dividend on the same is payable till the time of final redemption.

b. The company has not provided for arrears of fixed cumulative dividend payable on 11% Cumulative, Preference Shares of Rs.2.00 Crores since its allotment on 31.03.1998. Total arrears of dividend Rs.2,25,50,000/- (Previous Year Rs.2,03,50,000/-)

3) Taxes on Income :-

A No provision for the current tax has been made, as the Company does not expect any Income Tax liability.

B. In view of past brought forward unabsorbed depreciation and losses and lack of evidence of future taxable income, the Company has thought it prudent, not to recognize Deferred Tax Assets in its books.

4) Related Party Disclosures:-

A) The names of the related parties are as under;

a) Supra Pacific Management Consultancy Limited

b) Montage Securities Limited

c) Mideast Properties Pvt Limited

d) Mideast Retail Pvt Limited

e) M/s.KishorA. Shah

f) Molem Investments and Finance Pvt Limited

g) Mideast Healthcare Pvt Limited

h) Mideast Windfarms Pvt Limited

B) Key Management Personnel:-

a) Kishor A. Shah - Chairman cum Managing Director

b) Jyoti K. Shah - Director

D) Related parties have been identified by the Management and relied upon by the auditors.

5) Segment Reporting:-

A) Primary Segment Reporting (By Business Segments)

The Company has considered Business Segment as primary segment for disclosure purpose and comprises of the following :-

a) Financial Services and

b) Others (Pertains to Generation and Sale of Electricity from Windmill Operations)

B) Secondary Segment Reporting

The Company does not have a Secondary segment.

6) In accordance with AS-13 issued by ICAI, the long term investments are valued at cost of acquisition. In respect of investment the market value/book value is lower then the acquisition cost. The Board of Directors are of the opinion that no provision is necessary for the diminution in the value of investment.

7) There are no dues outstanding to Micro, Small & Medium Enterprises. Sundry debtors and creditors are subject to confirmation.

8) In the opinion of the Board of Directors, current assets, loan and advances have value on realization in the ordinary course of business at least equal to the amount at which they are stand and all known liabilities are provided for.

9) Figures of the previous year have been re-grouped/ re-classified to make them comparable with figures.

10) The amount in the Balance Sheet and Profit and loss Account are rounded off the nearest rupee.