Notes to Accounts of Pioneer Investcorp Ltd.

Mar 31, 2025

2.10 Provisions, contingent liabilities and contingent
assets

Provisions are recognized when the Company
has a present obligation (legal or constructive)
as a result of a past event, it is probable that
an outflow of resources embodying economic
benefits will be required to settle the obligation and
a reliable estimate can be made of the amount of
the obligation. When 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 a provision is presented in the statement
of profit and loss net of any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage of
time is recognized as a finance cost.

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or nonoccurrence
of one or more uncertain future events beyond the
control of the company or a present obligation that
is not recognized because it is not probable that
an outflow of resources will be required to settle
the obligation. A contingent liability also arises
in extremely rare cases where there is a liability
that cannot be recognized because it cannot be
measured reliably. The contingent liability is not
recognized in books of account but its existence is
disclosed in financial statements.

A contingent assets, where an inflow of economic
benefits is probable, an entity shall disclose a
brief description of the nature of the contingent
assets at the end of the reporting period, and,
where practicable, an estimate of their financial
effect, measured using the principles set out for
provisions in Ind AS 37.

2.11 Impairment of assets
a) Financial assets

The Company recognizes loss allowances

using the expected credit loss (ECL) model
for the financial assets which are not fair
valued through profit or loss. Loss allowance
for trade receivables with no significant
financing component is measured at an
amount equal to lifetime ECL. The Company
applies a simplified approach in calculating
Expected Credit Losses (ECLs) on trade
receivables. Therefore, the Company does
not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime
ECLs at each reporting date. The Company
has established a provision matrix that is
based on its historical credit loss experience,
adjusted for forward-looking factors specific
to the debtors and the economic environment.

For all other financial assets, expected credit
losses are measured at an amount equal to
the 12 months ECL, unless there has been a
significant increase in credit risk from initial
recognition in which case those are measured
at lifetime ECL. The amount of expected credit
losses (or reversal) that is required to adjust
the loss allowance at the reporting date to the
amount that is required to be recognized is
recognized as an impairment gain or loss in
the Statement of profit or loss.

b) Non-financial assets

The Company assesses, at each reporting
date, whether there is an indication that
an asset may be impaired. If any indication
exists, or when annual impairment testing for
an asset is required, the Company estimates
the asset''s recoverable amount. An asset''s
recoverable amount is the higher of an asset''s
fair value less costs of disposal and its value
in use. Recoverable amount is determined
for an individual asset. unless the asset does
not generate cash inflows that are largely
independent of those from other assets.

If such assets are considered to be impaired,
the impairment to be recognized in the
Statement of Profit and Loss is measured by
the amount by which the carrying value of the
assets exceeds the estimated recoverable
amount of the asset. An impairment loss is
reversed in the statement of profit and loss
if there has been a change in the estimates
used to determine the recoverable amount.

The carrying amount of the asset is increased
to its revised recoverable amount, provided
that this amount does not exceed the carrying
amount that would have been determined

(net of any accumulated amortization or
depreciation) had no impairment loss been
recognized for the asset in prior years.

2.12 Financial instruments

A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.

Financial assets

Financial assets are recognized when the
Company becomes a party to the contractual
provisions of the instrument. On initial recognition,
a financial asset is recognized at fair value, in
case of Financial assets which are recognized
at fair value through profit and loss (FVTPL), its
transaction cost are recognized in the statement
of profit and loss. In other cases, the transaction
cost are attributed to the acquisition value of the
financial asset.

Financial assets are subsequently classified as
measured at

Amortized cost: Financial assets that are held
within a business model whose objective is to hold
financial assets in order to collect contractual cash
flows that are solely payments of principal and
interest, are subsequently measured at amortized
cost using the effective interest rate (“EIR") method
less impairment, if any. The amortization of EIR and
loss arising from impairment, if any is recognized
in the Statement of Profit and Loss.

Fair value through profit and loss (FVTPL): A

financial asset not classified as either amortized
cost or FVOCI, is classified as FVTPL. Such
financial assets are measured at fair value with all
changes in fair value, except interest income and
dividend income if any, recognized as “Net gain on
fair value changes “ in the Statement of Profit and
Loss.

Fair value through other comprehensive income
(FVOCI): Financial assets that are held within
a business model whose objective is achieved
by both, selling financial assets and collecting
contractual cash flows that are solely payments of
principal and interest, are subsequently measured
at fair value through other comprehensive income.
Fair value movements are recognized in the other
comprehensive income (OCI). Interest income
measured using the EIR method and impairment
losses, if any are recognized in the Statement of
Profit and Loss. On derecognition, cumulative gain
or loss previously recognized in OCI is reclassified
from the equity to the Statement of Profit and Loss.

Financial assets are not reclassified subsequent
to their recognition, except if and in the period,
the Company changes its business model for
managing financial assets.

Trade Receivables and Loans:

Trade receivables are initially recognized at fair
value. Subsequently, these assets are held at
amortized cost, using the effective interest rate
(EIR) method net of any expected credit losses.
The EIR is the rate that discounts estimated future
cash income through the expected life of financial
instrument.

Debt Instruments:

Debt instruments are initially measured
at amortized cost, fair value through other
comprehensive income (“FVTOCI") or fair value
through profit or loss (“FVTPL") till derecognition
on the basis of (i) the entity''s business model
for managing the financial assets and (ii) the
contractual cash flow characteristics of the
financial asset.

(a) Measured at amortized cost: Financial
assets that are held within a business model
whose objective is to hold financial assets
in order to collect contractual cash flows
that are solely payments of principal and
interest, are subsequently measured at
amortized cost using the effective interest
rate (“EIR") method less impairment, if any.
The amortization of EIR and loss arising
from impairment, if any is recognized in the
Statement of Profit and Loss.

(b) Measured at fair value through other
comprehensive income: Financial assets
that are held within a business model whose
objective is achieved by both, selling financial
assets and collecting contractual cash flows
that are solely payments of principal and
interest, are subsequently measured at fair
value through other comprehensive income.
Fair value movements are recognized in the
other comprehensive income (OCI). Interest
income measured using the EIR method and
impairment losses, if any are recognized
in the Statement of Profit and Loss. On
derecognition, cumulative gain or loss
previously recognized in OCI is reclassified
from the equity to “other income" in the
Statement of Profit and Loss.

(c) Measured at fair value through profit or
loss: A financial asset not classified as either
amortized cost or FVTOCI, is classified as

FVTPL. Such financial assets are measured
at fair value with all changes in fair value,
except interest income and dividend income
if any, recognized as "Net gain on fair value
changes "in the Statement of Profit and
Loss. Interest income /dividend income
on financial assets measured at FVTPL is
recognized separately from "net gain on fair
value changes" in the statement of profit and
loss.

Equity Instruments:

All investments in equity instruments other than
investments in subsidiary companies classified
under financial assets are initially measured at
fair value, the Company may, on initial recognition,
irrevocably elect to measure the same either at
FVTOCI or FVTPL.

The Company makes such election on an
instrument-by-instrument basis. Fair value
changes on an equity instrument is recognized
in the Statement of Profit and Loss unless the
Company has elected to measure such instrument
at FVTOCI. Fair value changes excluding dividends,
on an equity instrument measured at FVTOCI are
recognized in OCI. Amounts recognized in OCI are
not subsequently reclassified to the Statement
of Profit and Loss. Dividend income on the
investments in equity instruments are recognized
in the Statement of Profit and Loss.

Derecognition

The Company derecognizes a financial asset
when the contractual rights to the cash flows
from the financial asset expire, or it transfers the
contractual rights to receive the cash flows from
the asset.

Financial Liabilities:

Initial recognition and measurement

Financial liabilities are recognized when the
Company becomes a party to the contractual
provisions of the instrument. Financial liabilities
are classified, at initial recognition, as financial
liabilities at fair value through profit or loss, loans
and borrowings, payables, as appropriate. All
financial liabilities are recognized initially at fair
value and inthe case of borrowings trade payables
and other financial liabilities, net of directly
attributable transaction costs. The Company''s
financial liabilities include borrowings, trade
payables, deposits and other financial liabilities.

Subsequent measurement

Financial liabilities are subsequently measured
at amortized cost using the EIR method. Financial

liabilities carried at fair value through profit or loss
are measured at fair value with all changes in fair
value recognized in the Statement of Profit and
Loss.

(a) Borrowings: Borrowings are initially
recognized at fair value, net of transaction
costs incurred. Borrowings are subsequently
measured at amortized cost. Any difference
between the proceeds (net of transaction
costs) and the redemption amount is
recognized in the Statement of Profit and Loss
over the period of the borrowings using the
EIR method. Fees paid on the establishment
of loan facilities are recognized as
transaction costs of the loan to the extent that
it is probable that some or all of the facility
will be drawn down. In this case, the fee is
deferred until the draw down occurs. To the
extent there is no evidence that it is probable
that some or all of the facility will be drawn
down, the fee is capitalized as a prepayment
for liquidity services and amortized over the
period of the facility to which it relates.

(b) Trade and Other Payables: These amounts
represent liabilities for goods and services
provided to the Company prior to the end of
financial year which are unpaid. They are
recognized initially at their fair value and
subsequently measured at amortized cost
using the effective interest method

(c) Deposits: They are recognized initially at
their fair value and subsequently measured
at amortized cost using the effective interest
method

(d) Financial guarantee contracts: The

Company on case-to-case basis elects to
account for financial guarantee contracts as a
financial instruments or insurance contracts,
as specified in Ind AS 109 on financial
instruments or Ind AS 104 on Insurance
contracts. The Company has regarded its
financial guarantee contracts as insurance
contracts. At the end of each reporting period
the Company performs liability liquidity test
(i.e. it assesses the likelihood of a payout
based on current undiscounted estimates
of future cash flows), and any deficiency is
recognized in the statement of profit and loss.

Derecognition

A financial liability is derecognized when the
obligation specified in the contract is discharged,
cancelled or expires.

A financial liability is derecognized when the
obligation specified in the contract is discharged,
cancelled or expires. When 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
the derecognition of the original liability and the
recognition of a new liability.

The difference in the respective carrying amounts
is recognized in the Statement of Profit and Loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an
intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.

2.13 Investments in equity instruments of subsidiaries

Investments in equity instruments including
deemed equity instruments of subsidiaries are
carried at cost less accumulated impairment
losses, if any. Where an indication of impairment
exists, the carrying amount of the investment is
assessed and written down immediately to its
recoverable amount. On disposal of investments in
subsidiaries, the difference between net disposal
proceeds and carrying amounts are recognized in
the Statement of Profit and Loss.

Upon first time adoption of IND-AS, the Company
has elected to measure all its Investments in
equity instruments of subsidiaries at the Previous
GAAP carrying amount at its deemed cost on the
date of transition to IND-AS i.e. April 01, 2018.

2.14 Segment Reporting:

Based on "Management Approach" as defined
in Ind AS 108 -Operating Segments, the Chief
Operating Decision Maker evaluates the
Company''s performance and allocates the
resources based on an analysis of various
performance indicators by business segments.

Segment Policies:

The Company prepares its segment information
in conformity with the accounting policies
adopted for preparing and presenting the financial
statements of the Company as a whole. Common
allocable costs are allocated to each segment on
an appropriate basis.

Segment information:

Companies whole business is being considered
as one segment.

2.15 Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short¬
term deposits 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, as they are
considered an integral part of the Company''s cash
management.

2.16 Retirement benefits

i) Defined contribution plans (Provident fund)

In accordance with Indian Law, eligible
employees receive benefits from Provident
Fund and Labour welfare fund which is
defined contribution plan. In case of Provident
fund, both the employee and employer make
monthly contributions to the plan, which is
administrated by the Government authorities,
each equal to the specific percentage of
employee''s basic salary. The Company has
no further obligation under the plan beyond
its monthly contributions. Obligation for
contributions to the plan is recognized as an
employee benefit expense in the Statement
of Profit and Loss when incurred.

ii) Defined benefit plans (Gratuity)

In accordance with applicable Indian Law,
the Company provides for gratuity, a defined
benefit retirement plan (the Gratuity Plan)
covering eligible employees. The Gratuity
Plan provides a lumpsum payment to vested
employees, at retirement or termination
of employment, and amount based on
respective last drawn salary and the years
of employment with the Company. The
Company''s net obligation in respect of the
Gratuity Plan is calculated by estimating the
amount of future benefits that the employees
have earned in return of their service in the
current and prior periods; that benefit is
discounted to determine its present value.
Any unrecognized past service cost and
the fair value of plan assets are deducted.
The discount rate is yield at reporting date
on risk free government bonds that have
maturity dates approximating the terms of
the Company''s obligation. The calculation
is performed annually by a qualified actuary
using the projected unit credit method. When
the calculation results in a benefit to the
Company, the recognized asset is limited to

the total of any unrecognized past service
cost and the present value of the economic
benefits available in the form of any future
refunds from the plan or reduction in future
contribution to the plan.

The Companyrecognizes all remeasurements
of net defined benefit liability/asset directly in
other comprehensive income and presented
within equity.

iii) Short term benefits

Short term employee benefit obligations are
measured on an undiscounted basis and
are expensed as a related service provided.
A liability is recognized for the amount
expected to be paid under short term cash
bonus or profit sharing plans 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.

iv) Compensated absences

The employees of the Company are entitled to
leave as per the leave policy of the Company.
The liability in respect of unutilized leave
balances is provided at the end of year and
charged to the Statement of Profit and Loss.

2.17 Lease

Company as a Leasee

The Company evaluates if an arrangement
qualifies to be a lease as per the requirements of Ind
AS 116. Identification of a lease requires significant
judgment. The Company uses significant
judgement in assessing the lease term (including
anticipated renewals) and the applicable discount
rate. The Company determines the lease term as
the non-cancellable period of a lease, together
with both periods covered by an option to extend
the lease if the Company is reasonably certain to
exercise that option; and periods covered by an
option to terminate the lease if the Company is
reasonably certain not to exercise that option. In
assessing whether the Company is reasonably
certain to exercise an option to extend a lease,
or not to exercise an option to terminate a lease,
it considers all relevant facts and circumstances
that create an economic incentive for the
Company to exercise the option to extend the
lease, or not to exercise the option to terminate
the lease. The Company revises the lease term if
there is a change in the non-cancellable period
of a lease. The discount rate is generally based
on the incremental borrowing rate specific to the

lease being evaluated or for a portfolio of leases
with similar characteristics.

Right of use assets

The Company as a lessee The Company''s lease
asset classes primarily consist of leases for land
and buildings. The Company assesses whether
a contract contains a lease, at inception of a
contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an
identified asset for a period of time in exchange
for consideration. To assess whether a contract
conveys the right to control the use of an identified
asset, the Company assesses whether: (i) the
contract involves the use of an identified asset (ii)
the Company has substantially all of the economic
benefits from use of the asset through the period
of the lease and (iii) the Company has the right to
direct the use of the asset.

At the date of commencement of the lease, the
Company recognizes a right-of-use asset (“ROU")
and a corresponding lease liability for all lease
arrangements in which it is a lessee, except for
leases with a term of twelve months or less (short¬
term leases), variable lease and low value leases.
For these short-term, variable lease and low
value leases, the Company recognizes the lease
payments as an operating expense on a straight¬
line basis over the term of the lease.

Certain lease arrangements include the options
to extend or terminate the lease before the end
of the lease term. ROU assets and lease liabilities
includes these options when it is reasonably
certain that they will be exercised.

The right-of-use assets are initially recognized
at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments
made at or prior to the commencement date of the
lease plus any initial direct costs less any lease
incentives. They are subsequently measured
at cost less accumulated depreciation and
impairment losses.

Right-of-use assets are depreciated from the
commencement date on a straight-line basis over
the shorter of the lease term or useful life of the
underlying asset. Right of use assets are evaluated
for recoverability whenever events or changes
in circumstances indicate that their carrying
value may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e.
the higher of the fair value less cost to sale and
the value-in-use) is determined on an individual
asset basis unless the asset does not generate
cash flows that are largely independent of those
from other assets. In such cases, the recoverable

amount is determined for the Cash Generating
Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized
cost at the present value of the future lease
payments. The lease payments are discounted
using the interest rate implicit in the lease or, if
not readily determinable, using the incremental
borrowing rates in the country of domicile of these
leases. Lease liabilities are remeasured with a
corresponding adjustment to the related right of
use asset if the Company changes its assessment
if whether it will exercise an extension or a
termination option.

Lease liability and ROU asset have been
separately presented in the Balance Sheet and
lease payments have been classified as financing
cash flows.

2.18 Earnings per share

Basic earnings per share is computed by dividing
the net profit for the period attributable to the equity

shareholders of the Company by the weighted
average number of equity shares outstanding
during the period. The weighted average number
of equity shares outstanding during the period and
for all periods presented is adjusted for events,
such as bonus shares, other than the conversion
of potential equity shares that have changed the
number of equity shares outstanding, without a
corresponding change in resources.

For the purpose of calculating diluted earnings
per share, the net profit for the year attributable
to equity shareholders and the weighted average
number of shares outstanding during the year
is adjusted for the effects of all dilutive potential
equity shares.

2.19 Recent accounting developments

Ministry of Corporate Affairs ("MCA") notifies
new standard or amendments to the existing
standards. There is no such notification which
would have been applicable to the Company from
1 April 2025

(d) Rights attached to equity shares

The company has only one class of equity shares having at par value of '' 10/- (PY. '' l0/-)per share. Each holder
of equity share is entitled to one vote per share. The company declares and pays dividend in Indian Rupees.
The dividend proposed by the Board of Director is subject to the approval of the share holders in the ensuing
annual general meeting. In the event of liquidation of the company,the holder of equity shares will be entitled to
receive remaining assets of the company after distribution of all preferential amounts. The distrubution will be
in proportion to number of shares held by share holder.

FINANCIAL INSTRUMENTS
Financial Risk Management

The risk management policies of the Company are established to identify and analyse the risks faced by the
Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management
policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.
The Management has overall responsibility for the establishment and oversight of the Company''s risk management
framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit risk,
Liquidity risk and Market risk.

Note No: 37
MARKET RISK

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and
borrowings, deposits, investments and derivative financial instruments.

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 changes in market interest rates.The Company has interest rate risk exposure mainly from changes in rate of
interest on borrowing. The following table analyse the breakdown of the nancial assets and liabilities by type of
interest rate:

The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated
from operations. Liquidity risk is the risk that the Company may not be able to meet its present and future cash
and collateral obligations without incurring unacceptable losses. The Company''s objective is to, at all times
maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors
its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing
including debt and overdraft from banks at an optimised cost. The Company''s maximum exposure to liquidity risk
for the components of the balance sheet at March 31, 2025, March 31, 2024 is the carrying amounts. The liquidity
risk is managed on the basis of expected maturity dates of the financial liabilities. The Company''s major financial
liabilities include term loans with maturity prole ranging between 0 to 5 years and short term borrowings are
generally payable within one year. The other payables are with short-term durations. The following table analysis
undiscounted financial liabilities by remaining contractual maturities:

Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and
all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s
capital management is to maximise the shareholder value. The Company manages its capital to ensure that it will
continue as going concern while maximising the return to stakeholders. The Company manages its capital structure
and makes adjustment in light of changes in business condition. The Company monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. The Company''s policy is to keep optimum gearing ratio.
The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash
and cash equivalents, excluding discontinued operations.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to
ensure that it meets financial covenants attached to the borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call borrowings. There have
been no breaches in the financial covenants of any borrowings in the current period. No changes were made in the
objectives, policies or processes for managing capital during the aforesaid financial period.

Note No: 39

FAIR VALUE HIERARCHY

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis
as of March 31, 2025

Note No: 43

In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in
the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the
ordinary course of business.

Note No: 44

There was no impairment loss on the Fixed assets on the basis of review carried out by the management in
accordance with Indian Accounting Standard (Ind AS)- 36 Impairment of Assets.

Note No: 45

Balances of certain trade receivables, trade payables are subject to confirmation/reconciliation, if any. The
management does not expect any material difference affecting the financial statements on such reconciliation/
adjustments.

Note No: 46

The Company has not received any intimation from ''suppliers'' regarding their status under the Micro,Small and
Medium Enterprises Development Act, 2006.

Note No: 47 Wilful Defaulter

The company have not been declared willful defaulter by any bank or financial institution or other lender during the
year

Note No:48 Details of Benami Property held

There is no proceedings have been initiated or pending against the company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988, (45 of 1988) and rules made thereunder during the year.

Note 49: Relationship with Struck Off Companies

The Company does not have any transactions or balances with the companies struck off under Section 248 of the
Companies Act, 2013 or Section 560 of Companies Act, 1956 during the year and the previous year.

Note 50: Registration of Charges or satisfaction with Registrar of Companies (ROC)

During the year, there are no instances of any registration, modification or satisfaction of charges which are pending
for registration, modification or satisfaction with Registrar of Companies (ROC) beyond the statutory period.

Note 51: Compliance with number of layers of companies

The Company is in compliance with the relevant provisions of the Companies Act, 2013 with respect to the number
of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with the Companies (Restriction
on number of Layers) Rules, 2017.

Note 52: Utilisation of Borrowed Funds and Share Premium under Rule 11(e)

No funds (which are material either individually or in the aggregate) 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 or in any
other person or entity, including foreign entity ("Intermediaries").

No funds (which are material either individually or in the aggregate) have been received by the Company from any
person or entity, including foreign entity ("Funding Parties").

Note 53 : Borrowings from banks for Credit Facility

There is no material or significant deviation in the quarterly returns or statements of current assets filed by the
Company with the banks or financial institutions vis-a-vis the books of accounts for the year. The deviations, if any,
have been intimated by the Company to the banks or financial institutions, wherever necessary.

Note 54:

The Company does not have any transactions not recorded in books of accounts that has been surrendered or
disclosed as income during the year and previous year in the tax assessments under the Income Tax Act, 1961.

Note 55:

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

Note 56:

There has been no fraud by the Company or on the Company during the year and previous year.

Note 57:

There is no scheme of arrangement approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013 during the year and hence, no disclosures are required to be made by the Company in these
financial statements for the year ended 31st March, 2025

Note 58: Dividend

The company has neither declared nor paid any dividend during the year. Hence comments as required under
Clause 11(f) of the Companies (Audit & Auditors) Rules, 2014 have not been given.

Note 59: Rounding of Amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the
requirement of Schedule III, unless otherwise stated.

Note 60: Events Occuring after the balance sheet date

No adjusting or significant non-adjusting events have occurred between the reporting date and date of authorization.
Note 61: Previous Year Figures

Previous year''s figures have been regrouped, rearranged & reclassified where ever considered necessary.
Signature to Notes 1 to 61

As per Report of Even Date Attached

For Jayesh Dadia & Associates LLP For and on behalf of the Board

Chartered Accountants

Firm Reg.No.: 121142W / W100122

Gaurang Gandhi Shailesh Dalal

Managing Director Director

Jayesh Dadia DIN: 00008057 DIN: 03187574

Partner

Membership No.: 033973

Sanjay Kabra Riddhi Sidhpura

Place : Mumbai CFO Company Secretary

Dated : 30th May 2025

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Mar 31, 2024

2.10 Provisions, contingent liabilities and contingent assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When 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 a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The contingent liability is not recognized in books of account but its existence is disclosed in financial statements.

A contingent assets, where an inflow of economic benefits is probable, an entity shall disclose a brief description of the nature of the contingent assets at the end of the reporting period, and, where practicable, an estimate of their financial effect, measured using the principles set out for provisions in Ind AS 37.

2.11 Impairment of assets

a) Financial assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. The Company applies a simplified approach in calculating Expected Credit Losses (ECLs) on trade receivables. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

For all other financial assets, expected credit losses are measured at an amount equal to the 12 months ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in the Statement of profit or loss.

b) Non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset. unless the asset does not generate cash inflows that are largely independent of those from other assets.

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount.

The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

2.12 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, a financial asset is recognized at fair value, in case of Financial assets which are recognized at fair value through profit and loss (FVTPL), its transaction cost are recognized in the statement of profit and loss. In other cases, the transaction cost are attributed to the acquisition value of the financial asset.

Financial assets are subsequently classified as measured at

Amortised cost: Financial assets that are held within a business model whose objective is to hold financial assets in order to collectcontractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using theeffective interest rate (“EIR”) method less impairment, if any. The amortization of EIR and loss arising from impairment, if any isrecognized in the Statement of Profit and Loss.

Fair value through profit and loss (FVTPL): A financial asset not classified as either a mortised cost or FVOCI, is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value, except interest income and dividend income if any, recognized as “Net gain on fair value changes “ in the Statement of Profit and Loss.

Fair value through other comprehensive income (FVOCI): Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognized in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognized in OCI is reclassified from the equity to the Statement of Profit and Loss.

Financial assets are not reclassified subsequent to their recognition, except if and in the period, the Company changes its business model for managing financial assets.

Trade Receivables and Loans:

Trade receivables are initially recognized at fair value. Subsequently, these assets are held at a mortised cost, using the effective interest rate (EIR) method net of any expected credit losses. The EIR is the rate that discounts estimated future cash income through the expected life of financial instrument.

Debt Instruments:

Debt instruments are initially measured at a mortised cost, fair value through other comprehensive income (“FVTOCI”) or fair value through profit or loss (“FVTPL”) till derecognition on the basis of (i) the entity''s business model for managing the financial assets and(ii) the contractual cash flow characteristics of the financial asset.

(a) Measured at amortised cost: Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the effective interest rate (“EIR”) method less impairment, if any. The amortisation of EIR and loss arising from impairment, if any is recognised in the Statement of Profit and Loss.

(b) Measured at fair value through other comprehensive income: Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised in OCIis reclassifed from the equity to “other income” in the Statement of Profit and Loss.

(c) Measured at fair value through profit or loss: A financial asset not classifed as either amortised cost or FVTOCI, is classified as FVTPL. Such Financial assets are measured at fair value with all changes in fair value, except interest income and dividend income if any, recognized as “Net gain on fair value changes “ in the Statement of Profit and Loss. Interest income /dividend income on financial assets measured at FVTPL is recognised separately from "net gain on fair value changes” in the statement of profit and loss.

Equity Instruments:

All investments in equity instruments other than investments in subsidiary companies classified under financial assets are initially measured at fair value , the Company may, on initial recognition, irrevocably elect to measure the same either at FVTOCI or FVTPL.

The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument isrecognised in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVTOCI. Fair valuechanges excluding dividends, on an equity instrument measured at FVTOCI are recognised in OCI. Amounts recognised in OCIare not subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments arerecognised in the Statement of Profit and Loss.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or ittransfers the contractual rights to receive the cash flows from the asset.

Financial Liabilities:

Initial recognition and measurement

Financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financialliabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings,payables, as appropriate. All financial liabilities are recognised initially at fair value and in the case of borrowings trade payables andother financial liabilities, net of directly attributable transaction costs. The Company''s financial liabilities include borrowings, tradepayables, deposits and other financial liabilities.

Subsequent measurement

Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value recognized in the Statement of Profit and Loss.

(a) Borrowings: Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequentlymeasured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount isrecognised in the Statement of Pro t and Loss over the period of the borrowings using the EIR method. Fees paid on theestablishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all ofthe facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that itis probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services andamortised over the period of the facility to which it relates.

(b) Trade and Other Payables: These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

(c) Deposits: They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method

(d) Financial guarantee contracts: The Company on case to case basis elects to account for financial guarantee contracts as a financial instruments or insurance contracts, as specified in Ind AS 109 on Financial instruments or Ind AS 104 on Insurance contracts . The Company has regarded its financial guarantee contracts as insurance contracts. At the end of each reporting period the Company performs liability liquidity test ( i.e. it assesses the likelihood of a pay out based on current undiscounted estimates of future cash flows ), and any deficiency is recognised in the statement of profit and loss.

Derecognition

A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires.

A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires. When 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 the derecognition of the original liability and the recognition of anew liability.

The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceablelegal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilitiessimultaneously.

2.13 Investments in equity instruments of subsidiaries

Investments in equity instruments including deemed equity instruments of subsidiaries are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investments in subsidiaries, the difference between net disposal proceeds and carrying amounts are recognised in the Statement of Profit and Loss.

Upon first time adoption of IND-AS, the Company has elected to measure all its Investments in equity instruments of subsidiaries at the Previous GAAP carrying amount at its deemed cost on the date of transition to IND-AS i.e. April 01, 2018.

2.14 Segment Reporting:

Based on "Management Approach" as defined in Ind AS 108 -Operating Segments, the Chief Operating Decision Maker evaluates the Company''s performance and allocates the resources based on an analysis of various performance indicators by business segments.

Segment Policies:

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole. Common allocable costs are allocated to each segment on an appropriate basis.

Segment information:

Companies whole business is being considered as one segment.

2.15 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits which are subject to an in significant 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, as they are considered an integral part of the Company''s cash management.

2.16 Retirement benefits

i) Defined contribution plans (Provident fund)

In accordance with Indian Law, eligible employees receive benefits from Provident Fund and Labour welfare fund which is defined contribution plan. In case of Provident fund, both the employee and employer make monthly contributions to the plan, which is administrated by the Government authorities, each equal to the specific percentage of employee''s basic salary. The Company has no further obligation under the plan beyond its monthly contributions. Obligation for contributions to the plan is recognised as an employee benefit expense in the Statement of Profit and Loss when incurred.

ii) Defined benefit plans (Gratuity)

In accordance with applicable Indian Law, the Company provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a lumsump payment to vested employees, at retirement or termination of employment, and amount based on respective last drawn salary and the years of employment with the Company. The Company''s net obligation in respect of the Gratuity Plan is calculated by estimating the amount of future benefits that the employees have earned in return of their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised past service cost and the fair value of plan assets are deducted. The discount rate is yield at reporting date on risk free government bonds that have maturity dates approximating the terms of the Company''s obligation. The calculation is performed annually by a qualified actuary using the projected

unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the total of any unrecognised past service cost and the present value of the economic benefits available in the form of any future refunds from the plan or reduction in future contribution to the plan.

The Company recognises all remeasurements of net defined benefit liability/asset directly in other comprehensive income and presented within equity.

iii) Short term benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as a related service provided. Aliability is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans 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

iv) Compensated absences

The employees of the Company are entitled to leave as per the leave policy of the Company. The liability in respect of unutilized leave balances is provided at the end of year and charged to the Statement of Profit and Loss.

2.17 Lease

Company as a Leasee

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

Right of use assets

The Company as a lessee The Company''s lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases), variable lease and low value leases. For these short-term, variable lease and low value leases, the Company recognizes the lease payments as an operating expense on a straightline basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term or useful life of the underlying asset. Right of use assets are evaluated for recoverability

whenever events or changes in circumstances indicate that their carrying value may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sale and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

2.18 Earnings per share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares.

2.19 Recent accounting developments

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable to the Company from 1 April 2023

MARKET RISK

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative financial instruments.

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 changes in market interest rates.

The Company has interest rate risk exposure mainly from changes in rate of interest on borrowing. The following table analyse the breakdown of the nancial assets and liabilities by type of interest rate:

LIQUIDITY RISK

The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company''s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including debt and overdraft from banks at an optimised cost. The Company''s maximum exposure to liquidity risk for the components of the balance sheet at March 31, 2024, March 31, 2023 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The Company''s major financial liabilities include term loans with maturity prole ranging between 0 to 5 years and short term borrowings are generally payable within one year. The other payables are with shortterm durations. The following table analysis undiscounted financial liabilities by remaining contractual maturities:

Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value. The Company manages its capital to ensure that it will continue as going concern while maximising the return to stakeholders.The Company manages its capital structure and makes adjustment in light of changes in business condition. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company''s policy is to keep optimum gearing ratio.The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.

FAIR VALUE HIERARCHY

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2024

The Company neither has net wroth exceeding rupees five hundred crores nor turnover turnover exceeding rupees one thousand crores not net profit exceeding rupees five crores during the immediately proceeding financial year. Accordingly, provisions of section 135 of the Companies Act, 2013 relating to Corporate Social Responsibility are not applicable to the Company during the current financial year ended 31st March, 2024

Note No: 43

In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

Note No: 44

There was no impairment loss on the Fixed assets on the basis of review carried out by the management in accordance with Indian Accounting Standard (Ind AS)- 36 Impairment of Assets.

Note No: 45

Balances of certain trade receivables, trade payables are subject to confirmation/reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation/adjustments.

Note No: 46

The Company has not received any intimation from ''suppliers'' regarding their status under the Micro,Small and Medium Enterprises Development Act, 2006.

Note No: 47 Wilful Defaulter

The company have not been declared willful defaulter by any bank or financial institution or other lender during the year. Note No: 48 Details of Benami Property held

There is no proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988, (45 of 1988) and rules made thereunder during the year.

Note No: 49 Relationship with Struck Off Companies

The Company does not have any transactions or balances with the companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the year and the previous year.

Note No: 50 Registration of Charges or satisfaction with Registrar of Companies (ROC)

During the year, there are no instances of any registration, modification or satisfaction of charges which are pending for registration, modification or satisfaction with Registrar of Companies (ROC) beyond the statutory period.

Note No: 51 Compliance with number of layers of companies

The Company is in compliance with the relevant provisions of the Companies Act, 2013 with respect to the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

Note No: 52 Utilisation of Borrowed Funds and Share Premium under Rule 11(e)

No funds (which are material either individually or in the aggregate) 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 or in any other person or entity, including foreign entity (“Intermediaries”).

No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (“Funding Parties”).

There is no material or significant deviation in the quarterly returns or statements of current assets filed by the Company with the banks or financial institutions vis-a-vis the books of accounts for the year. The deviations, if any, have been intimated by the Company to the banks or financial institutions, wherever necessary.

Note No: 54

The Company does not have any transactions not recorded in books of accounts that has been surrendered or disclosed as income during the year and previous year in the tax assessments under the Income Tax Act, 1961.

Note No: 55

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

Note No: 56

There has been no fraud by the Company or on the Company during the year and previous year.

Note No: 57

There is no scheme of arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the year and hence, no disclosures are required to be made by the Company in these financial statements for the year ended 31st March, 2024

Note No: 58 Dividend

The company has neither declared nor paid any dividend during the year. Hence comments as required under Clause 11(f) of the Companies (Audit & Auditors) Rules, 2014 have not been given.

Note No: 59 Rounding of Amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.

Note No: 60 Events Occuring after the balance sheet date

No adjusting or significant non-adjusting events have occurred between the reporting date and date of authorization. Note No: 61 Previous Year Figures

Previous year''s figures have been regrouped, rearranged & reclassified where ever considered necessary.

Signature to Notes 1 to 61

^As p^er rep°rt ^{of even} date attend G.M.Gandhi A B Desai

For Jayesh Dadia & Associates LLP Managing Director Director

Chartered Accountants (DIN - 00008057) (DIN - 01488287)

Firm Reg.No.: 121142W/W-100122

Sanjay Kabra Riddhi Sidhpura

j_{ayesh Dadia} CFO Company Secretary

Partner

M.No.: 033973

^{UD|N: 24033973}BK^CEK^U9682 Mumbai, 30th May, 2024

Mumbai, 30th May, 2024

---

Mar 31, 2023

2.10 Provisions, contingent liabilities and contingent assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When 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 a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The contingent liability is not recognized in books of account but its existence is disclosed in financial statements.

A contingent assets, where an inflow of economic benefits is probable, an entity shall disclose a brief description of the nature of the contingent assets at the end of the reporting period, and, where practicable, an estimate of their financial effect, measured using the principles set out for provisions in Ind AS 37.

2.11 Impairment of assets

a) Financial assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. The Company applies a simplified approach in calculating Expected Credit Losses (ECLs) on trade receivables. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

For all other financial assets, expected credit losses are measured at an amount equal to the 12 months ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in the Statement of profit or loss.

b) Non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset. unless the asset does not generate cash inflows that are largely independent of those from other assets.

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount.

The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the asset in prior years.

2.12 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, a financial asset is recognised at fair value, in case of Financial assets which are recognised at fair value through profit and loss (FVTPL), its transaction cost are recognised in the statement of profit and loss. In other cases, the transaction cost are attributed to the acquisition value of the financial asset.

Financial assets are subsequently classified as measured at

Amortised cost: Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at a mortised cost using the effective interest rate (“EIR”) method less impairment, if any. The amortization of EIR and loss arising from impairment, if any is recognized in the Statement of Profit and Loss.

Fair value through profit and loss (FVTPL): A financial asset not classified as either a mortised cost or FVOCI, is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value, except interest income and dividend income if any, recognized as “Net gain on fair value changes “ in the Statement of Profit and Loss.

Fair value through other comprehensive income (FVOCI): Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognized in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognized in OCI is reclassified from the equity to the Statement of Profit and Loss.

Financial assets are not reclassified subsequent to their recognition, except if and in the period, the Company changes its business model for managing financial assets.

Trade Receivables and Loans:

Trade receivables are initially recognized at fair value. Subsequently, these assets are held at a mortised cost, using the effective interest rate (EIR) method net of any expected credit losses. The EIR is the rate that discounts estimated future cash income through the expected life of financial instrument.

Debt Instruments:

Debt instruments are initially measured at a mortised cost, fair value through other comprehensive income (“FVTOCI”) or fair value through profit or loss (“FVTPL”) till derecognition on the basis of (i) the entity''s business model for managing the financial assets and(ii) the contractual cash flow characteristics of the financial asset.

(a) Measured at amortised cost: Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortised cost using the effective interest rate (“EIR”) method less impairment, if any. The amortisation of EIR and loss arising from impairment, if any is recognised in the Statement of Profit and Loss.

(b) Measured at fair value through other comprehensive income: Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income (OCI). Interest income measured using the EIR method and impairment losses, if any are recognised in the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised in OCIis reclassifed from the equity to “other income” in the Statement of Profit and Loss.

(c) Measured at fair value through profit or loss: A financial asset not classifed as either amortised cost or FVTOCI, is classified as FVTPL. Such Financial assets are measured at fair value with all changes in fair value, except interest income and dividend income if any, recognized as “Net gain on fair value changes “ in the Statement of Profit and Loss. Interest income /dividend income on financial assets measured at FVTPL is recognised separately from "net gain on fair value changes” in the statement of profit and loss.

Equity Instruments:

All investments in equity instruments other than investments in subsidiary companies classified under financial assets are initially measured at fair value , the Company may, on initial recognition, irrevocably elect to measure the same either at FVTOCI or FVTPL.

The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is recognised in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVTOCI. Fair value changes excluding dividends, on an equity instrument measured at FVTOCI are recognised in OCI. Amounts recognised in OCIare not subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments are recognised in the Statement of Profit and Loss.

Derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the contractual rights to receive the cash flows from the asset.

Financial Liabilities:

Initial recognition and measurement

Financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, as appropriate. All financial liabilities are recognised initially at fair value and in the case of borrowings trade payables and other financial liabilities, net of directly attributable transaction costs. The Company''s financial liabilities include borrowings, trade payables, deposits and other financial liabilities.

Subsequent measurement

Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried at fair value through profit or loss are measured at fair value with all changes in fair value recognized in the Statement of Profit and Loss.

(a) Borrowings: Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in the Statement of Profit and Loss over the period of the borrowings using the EIR method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that itis probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.

(b) Trade and Other Payables: These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

(c) Deposits: They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method

(d) Financial guarantee contracts: The Company on case to case basis elects to account for financial guarantee contracts as a financial instruments or insurance contracts, as specified in Ind AS 109 on Financial instruments or Ind AS 104 on Insurance contracts . The Company has regarded its financial guarantee contracts as insurance contracts. At the end of each reporting period the Company performs liability liquidity test ( i.e. it assesses the likelihood of a pay out based on current undiscounted estimates of future cash flows ), and any deficiency is recognised in the statement of profit and loss.

Derecognition

A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires.

A financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires. When 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 the derecognition of the original liability and the recognition of anew liability.

The difference in the respective carrying amounts is recognized in the Statement of Profit and Loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforce able legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

2.13 Investments in equity instruments of subsidiaries

Investments in equity instruments including deemed equity instruments of subsidiaries are carried at cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of the investment is assessed and written down immediately to its recoverable amount. On disposal of investments in subsidiaries, the difference between net disposal proceeds and carrying amounts are recognised in the Statement of Profit and Loss.

Upon first time adoption of IND-AS, the Company has elected to measure all its Investments in equity instruments of subsidiaries at the Previous GAAP carrying amount at its deemed cost on the date of transition to IND-AS i.e. April 01, 2018.

2.14 Segment Reporting:

Based on "Management Approach" as defined in Ind AS 108 -Operating Segments, the Chief Operating Decision Maker evaluates the Company''s performance and allocates the resources based on an analysis of various performance indicators by business segments.

Segment Policies:

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the Company as a whole. Common allocable costs are allocated to each segment on an appropriate basis.

Segment information:

Companies whole business is being considered as one segment.

2.15 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits which are subject to an in significant 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, as they are considered an integral part of the Company''s cash management.

2.16 Retirement benefits

i) Defined contribution plans (Provident fund)

In accordance with Indian Law, eligible employees receive benefits from Provident Fund and Labour welfare fund which is defined contribution plan. In case of Provident fund, both the employee and employer make monthly contributions to the plan, which is administrated by the Government authorities, each equal to the specific percentage of employee''s basic salary. The Company has no further obligation under the plan beyond its monthly contributions. Obligation for contributions to the plan is recognised as an employee benefit expense in the Statement of Profit and Loss when incurred.

ii) Defined benefit plans (Gratuity)

In accordance with applicable Indian Law, the Company provides for gratuity, a defined benefit retirement plan (the Gratuity Plan) covering eligible employees. The Gratuity Plan provides a lumsump payment to vested employees, at retirement or termination of employment, and amount based on respective last drawn salary and the years of employment with the Company. The Company''s net obligation in respect of the Gratuity Plan is calculated by estimating the amount of future benefits that the employees have earned in return of their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised past service cost and the fair value of plan assets are deducted. The discount rate is yield at reporting date on risk free government bonds that have maturity dates approximating the terms of the Company''s obligation. The calculation is performed annually by a qualified actuary using the projected

7n

unit credit method. When the calculation results in a benefit to the Company, the recognised asset is limited to the total of any unrecognised past service cost and the present value of the economic benefits available in the form of any future refunds from the plan or reduction in future contribution to the plan.

The Company recognises all remeasurements of net defined benefit liability/asset directly in other comprehensive income and presented within equity.

iii) Short term benefits

Short term employee benefit obligations are measured on an undiscounted basis and are expensed as a related service provided. Aliability is recognised for the amount expected to be paid under short term cash bonus or profit sharing plans 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

iv) Compensated absences

The employees of the Company are entitled to leave as per the leave policy of the Company. The liability in respect of unutilized leave balances is provided at the end of year and charged to the Statement of Profit and Loss.

2.17 Lease

Company as a Leasee

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgment. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate. The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

Right of use assets

The Company as a lessee The Company''s lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases), variable lease and low value leases. For these short-term, variable lease and low value leases, the Company recognizes the lease payments as an operating expense on a straightline basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term or useful life of the underlying asset. Right of use assets are evaluated for recoverability

whenever events or changes in circumstances indicate that their carrying value may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sale and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

2.18 Earnings per share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit for the year attributable to equity shareholders and the weighted average number of shares outstanding during the year is adjusted for the effects of all dilutive potential equity shares.

2.19 Recent accounting developments

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is no such notification which would have been applicable to the Company from 1 April 2023

MARKET RISK

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk:interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, investments and derivative financial instruments.

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 changes in market interest rates.

The Company has interest rate risk exposure mainly from changes in rate of interest on borrowing. The following table analyse the breakdown of the nancial assets and liabilities by type of interest rate:

LIQUIDITY RISK

The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company''s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate sources of financing including debt and overdraft from banks at an optimised cost. The Company''s maximum exposure to liquidity risk for the components of the balance sheet at March 31, 2023, March 31, 2022 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The Company''s major financial liabilities include term loans with maturity prole ranging between 0 to 5 years and short term borrowings are generally payable within one year. The other payables are with shortterm durations. The following table analysis undiscounted financial liabilities by remaining contractual maturities:

Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value. The Company manages its capital to ensure that it will continue as going concern while maximising the return to stakeholders.The Company manages its capital structure and makes adjustment in light of changes in business condition. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company''s policy is to keep optimum gearing ratio.The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations.

FAIR VALUE HIERARCHY

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2023

During the financial year 2022-23, the Company spent Rs 2.50 Lakhs (previous year Rs 3.65 Lakhs) as per section 135 of the Companies Act 2013 in respect of Corporate Social Responsibility.

Where the company covered under section 135 of the companies act, the following shall be disclosed with regard to CSR activities:—

(a) amount required to be spent by the company during the year 2.40

(b) amount of expenditure incurred, 2.50

(c) shortfall at the end of the year, NI

(d) total of previous years shortfall, NIL

(e) reason for shortfall, NI

(f) nature of CSR activities, 1. Gharda Foundation- Public Charitable Trust

(g) details of related party transactions, e.g., contribution to a trust controlled by the company in relation to CSR expenditure as per relevant Accounting Standard,

(h) where a provision is made with respect to a liability incurred by entering into a contractual obligation,

the movements in the provision during the year should be shown separately.

Note No: 41

Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.

Note No: 42

There was no impairment loss on the Fixed assets on the basis of review carried out by the management in accordance with Indian Accounting Standard (Ind AS)- 36 Impairment of Assets.

Note No: 43

Balances of certain trade receivables, trade payables are subject to confirmation/reconciliation, if any. The management does not expect any material difference affecting the financial statements on such reconciliation/adjustments.

Note No: 44

The Company has not received any intimation from ''suppliers'' regarding their status under the Micro,Small and Medium Enterprises Development Act, 2006.

In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

^{Signature to Notes 1 to 45} G.M.Gandhi A.T.Krishnakumar

For Jayesh Dadia & Associates LLP Managing Director Director

Chartered Accountants (DIN - 00008057) (DIN - 00926304)

Firm Reg.No.: 121142W/W-100122

K.C.Maniar Sanjay Kabra

Nishit Dave Director CFO

Partner (DIN - 06926167)

M.No.: 120073

UDIN: 23120073BGWQNA7364 ^A-^J.^Chandra

Mumbai, 30th May, 2023 ^{Company Secretary}

Mumbai, 30th May, 2023

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Mar 31, 2018

Notes

1. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17), taking into account the organization structure as well as the differential risks and returns of these segments.

2 The Company has disclosed business segments as the primary segment.

3 Since the Company provides services in the same economic environment, there are no geographic segments.

4 Figures in Italics are previous year figures.

30. Related Parties Disclosures

Category I : Key Management Personnel & Relative of Directors Key Management Personnel

(1) Mr. Gaurang Gandhi - Managing Director

(2) Mr. Rakesh Bhatia - Chief Financial Officer

(3) Mr. Amit Chandra - Company Secretary

Relative of Directors

(1) Mr. Hemang Gandhi

(2) Mr. Ketan Gandhi

Category - II - Subsidiary Companies

(1) Infinity.com Financial Securities Ltd.

(2) Pioneer Commodity Intermediaries Pvt. Ltd.

(3) Pioneer Money Management Ltd.

(4) Pioneer Investment Advisory Services Ltd.

(5) Pioneer Wealth Management Services Ltd.

(6) Pioneer Fundinvest Pvt. Ltd.

Category - III - Entities under common control

(1) Futuristic Impex Pvt. Ltd.

(2) Pioneer Insurance & Reinsurance Brokers Pvt. Ltd.

(3) Sharp Point Motors & Automobiles Pvt. Ltd.

(4) Symbyosys Integrated Solutions Pvt. Ltd.

(5) Associated Capital Market Management Pvt. Ltd.

(6) Siddhi Portfolio Services Pvt. Ltd.

(7) L.Gordhandas & Co. Clearing Agent Pvt. Ltd.

(8) Benefit Realty Pvt. Ltd.

(9) Festive Multitrade Pvt. Ltd.

1. The Company has taken office premises on operating lease. Lease rents in respect of the same have been charged to Statement of Profit and Loss. The agreements are executed for a period ranging 1 to 3 years with a renewable clause. Some agreements have a clause for a minimum lock-in period. The agreements also have a clause for termination by either party giving a prior notice period between 30 to 90 days. The minimum Lease rentals outstanding as at March 31, 2018, are as under:

2. Provision for Income Tax has been made in the accounts as per the provisions of the Income Tax Act, 1961.

3. During the financial year 2017-18, the Company spent Rs 21,00,000 (previous year Rs. 7,00,000) as per section 135 of the Companies Act 2013 in respect of Corporate Social Responsibility.

4. The Company has not received any intimation from ''suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006

5. In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

6. The figures of the previous year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.

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Mar 31, 2016

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2016

Category - III - Entities under common control

(1)	Pioneer Insurance & Reinsurance Brokers Pvt. Ltd
(2)	Sharp Point Motors & Automobiles Pvt. Ltd.
(3)	Symbyosys Integrated Solutions Pvt. Ltd.
(4)	Pioneer Fund Advisors Pvt. Ltd.
(5)	Siddhi Portfolio Services Pvt. Ltd.
(6)	L. Gordhandas & Co. Clearing Agent Pvt. Ltd.
(7)	Benefit Realty Pvt. Ltd.
(8)	Festive Multitrade Pvt. Ltd.
(9)	PINC Finsec Services Ltd.

Details of related party transaction carried out during the year ended 31st March, 2016

1. The Company has taken office premises on operating lease. Lease rents in respect of the same have been charged to Statement of Profit and Loss. The agreements are executed for a period ranging 1 to 3 years with a renewable clause. Some agreements have a clause for a minimum lock-in period. The agreements also have a clause for termination by either party giving a prior notice period between 30 to 90 days. The minimum Lease rentals outstanding as at March 31, 2016, are as under:

2. Provision for Income Tax has been made in the accounts as per the provisions of the Income Tax Act, 1961.

3. During the financial year 2015-16, the Company spent Rs 5,00,000 as per section 135 of the Companies Act 2013 in respect of Corporate Social Responsibility.

4. The Company has not received any intimation from ''suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 have not been provided.

5. In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

6. The figures of the previous year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.

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Mar 31, 2015

1. SHARE CAPITAL

a) Rights attached to equity shares

The company has only one class of issued equity shares having a par value of Rs. 10/- per share. Each holder of equity share entitled to one vote per share. The company declares and pays dividend in Indian Rupees

b) Employee Stock Option Scheme-refer note 31

2. CONTINGENT LIABILITY

Corporate Guarantees given to banks for subsidiary for business purpose 382,500,000 382,500,000

3. SEGMENT REPORTING

As required by Accounting Standard (AS-17) issued by the Institute of Chartered Accountants of India, particulars regarding Company's operations predominately comprises of Investment Banking and Income from Shares and Securities. The Company does not have Secondary Segments.

4. EMPLOYEE BENEFIT

The Company has made provision for the following benefit plans as per Accounting Standard 15 (Revised 2005) "Employees Benefit"

5. The Company, under its various ESOP Plan/Schemes, has granted in aggregate 4,866,500 options, as on 31st March, 2015 (previous year 4,866,500).

Employee Stock option Reserve outstanding at the beginning of the year amounting to Rs. 657,485 (previous year 11,58,571) was reduced by Rs. 584,246 (previous year 501,086) on account of stock options forfeited/lapsed during the year.

6. Related Parties Disclosures

Category I : Key Management Personnel

(1) Mr. G. M. Gandhi - Managing Director

(2) Mr. Rakesh Bhatia - Chief Financial Officer

(3) Mr. Amit Chandra - Company Secretary

Category - II - Subsidiary Companies

(1) Infinity.com Financial Securities Ltd.

(2) Pioneer Commodity Intermediaries Pvt. Ltd.

(3) Pioneer Money Management Ltd.

(4) Pioneer Investment Advisory Services Ltd.

(5) Pioneer Wealth Management Services Ltd.

(6) Pioneer Fundinvest Pvt. Ltd.

Category - III - Entities under common control

(1) Pioneer Intermediaries Pvt. Ltd.

(2) Pioneer Insurance & Reinsurance Brokers Pvt. Ltd

(3) Sharp Point Motors & Automobiles Pvt. Ltd.

(4) Symbyosys Integrated Solutions Pvt. Ltd.

(5) Pioneer Fund Advisors Pvt. Ltd.

(6) Siddhi Portfolio Services Pvt. Ltd.

(7) L. Gordhandas & Co. Clearing Agent Pvt. Ltd.

(8) Benefit Realty Pvt. Ltd.

(9) Festive Multitrade Pvt. Ltd.

(10) PINC Finsec Ltd

7. Provision for Income Tax has been made in the accounts as per the provisions of the Income Tax Act, 1961.

8. The Company has not received any intimation from 'suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard have not been provided.

9. In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

10. The figures of the previous year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.

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Mar 31, 2013

1. The Company, under its various ESOP Plan/Schemes, has granted in aggregate 4,866,500 options, as on 31st March, 2013 (previous year 4,866,500).

Employee Stock option Reserve outstanding at the beginning of the year amounting to Rs. 1,271,971 (previous year 1,442,071) was reduced by Rs. 113,400 (previous year 170,100) on account of stock options forfeited/lapsed during the year.

2. Related Parties Disclosures

Category I : Key Management Personnel

(1) Mr. G. M. Gandhi - Managing Director

(2) Mr. Rakesh Bhatia - Chief Financial Officer

Category – II – Subsidiary Companies

(1) Infinity.com Financial Securities Ltd.

(2) Pioneer Commodity Intermediaries Pvt. Ltd.

(3) Pioneer Money Management Ltd.

(4) Pioneer Investment Advisory Services Ltd.

(5) Pioneer Wealth Management Services Ltd.

(6) PINC Fund Advisors LLC (incorporated in Mauritius)

(7) Pioneer Fundinvest Pvt. Ltd.

(8) PINC Energy Resources Private Limited (disposed off during the year)

Category – III –Entities under common control

(1) Pioneer Intermediaries Pvt. Ltd.

(2) Pioneer Insurance & Reinsurance Brokers Pvt. Ltd

(3) Sharp Point Motors & Automobiles Pvt. Ltd.

(4) Symbyosys Integrated Solutions Pvt. Ltd.

(5) Pioneer Fund Advisors Pvt. Ltd.

(6) Siddhi Portfolio Services Pvt. Ltd.

(7) L.Gordhandas & Co. Clearing Agent Pvt. Ltd.

(8) Benefit Realty Pvt. Ltd.

(9) Festive Multitrade Pvt. Ltd.

3. The Company has taken office premises on operating lease. Lease rents in respect of the same have been charged to Statement of Profit and Loss. The agreements are executed for a period ranging 1 to 3 years with a renewable clause. Some agreements have a clause for a minimum lock-in period. The agreements also have a clause for termination by either party giving a prior notice period between 30 to 90 days. The minimum Lease rentals outstanding as at March 31, 2013, are as under:

4. Provision for Income Tax has been made inthe accounts as per the provisionsof the Income Tax Act, 1961.

5. The Company has not received any intimation from ''suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI ofthe Companies Act, 1956 have not been provided.

6. Inthe opinionof the Boardof Directors andto the bestof their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary courseof business.

7. The figures of the previous year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.

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Mar 31, 2012

1. During the year, the Company has formulated a new Employee Stock Option Scheme 2010, under the nomenclature of "Pioneer Investcorp Limited Equity Option Scheme 2010", pursuant to the SEBI (Employee Stock Option Scheme & Employee Stock Purchase Scheme) Guidelines, 1999 and pursuant to provisions of Section 81(1A) and other applicable provisions of the Companies Act, 1956. As per the Scheme, the Company has adopted granting of 20,00,000 options to the employees of the Group, exercisable into 20,00,000 equity shares of a face value ofRs. 10 per share, of the Company, at the market rate on the day prior to the day of granting, that vests in a graded manner.

The Company, under its various ESOP Plan/Schemes, has granted in aggregate 48,66,500 options, as on 31st March, 2012 (previous year 25,06,500).

Employee Stock option Reserve outstanding at the beginning of the year amounting to Rs. 14,42,071 (previous year 18,97,324)was reduced proportionately by Rs. Nil (previous year 3,22,953) on account of Share issued on the exercise of stock options and by Rs. 1,70,100 (previous year 1,32,300) on account of stock options forfeited/lapsed during the year.

2. Related Parties Disclosures

Category I : Key Management Personnel

(1) Mr. G. M. Gandhi - Managing Director

(2) Mr. Rakesh Bhatia-Chief Financial Officer

Category - II - Subsidiary Companies

(1) Infinity.com Financial Securities Ltd.

(2) Pioneer Commodity Intermediaries Pvt. Ltd.

(3) Pioneer Money Management Ltd.

(4) Pioneer Investment Advisory Services Ltd.

(5) Pioneer Wealth Management Services Ltd.

(6) PINC Fund Advisors LLC (incorporated in Mauritius)

(7) Pioneer Fundinvest Pvt. Ltd.

(8) PINC Energy Resources Pvt. Ltd.

(9) PINC International (Singapore) Pte. Limited (Ceased to be subsidiary)

Category - III -Entities under common control

(1) Pioneer Intermediaries Pvt. Ltd.

(2) Pioneer Insurance & Reinsurance Brokers Pvt. Ltd

(3) Sharp Point Motors & Automobiles Pvt. Ltd.

(4) Symbyosys Integrated Solutions Pvt. Ltd.

(5) Pioneer Fund Advisors Pvt. Ltd.

(6) Siddhi Portfolio Services Pvt. Ltd.

(7) L.Gordhandas & Co. Clearing Agent Pvt. Ltd.

(8) Benefit Realty Pvt. Ltd.

(9) Festive Multitrade Pvt. Ltd.

3. Provision for Income Tax has been made in the accounts as per the provisions of the Income Tax Act, 1961.

4. The Company has not received any intimation from 'suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 1956 have not been provided.

5. In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

6. The figures of the previous year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.

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Mar 31, 2011

1. The Company, under its various ESOP Schemes, has granted in aggregate 2506500 options, as on 31st March, 2011 (previous year 2506500).

Employee Stock option Reserve outstanding at the beginning of the year amounting to Rs. 1,897,324 (previous year Rs. 4,673,970)was reduced proportionately by Rs. 322,953 (previous year Rs.1,891,890) on account of Share issued on the exercise of stock options and by Rs. 132,300 (previous year Rs. 884,756) on account of stock options forfeited/lapsed during the year.

Year Ended Year Ended

31/03/2011 31/03/2010

2. Contingent Liabilities on account of: Counter guarantees given to banks 300,000,000 200,000,000

3. Related Party Disclosures

Persons constituting group within the definition of "group" as defined in the Monopolies and Restrictive Trade Practices Act, 1969, for the purpose of Regulation 3(1)(e) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, include the following:

Category I : Key Management Personnel

1) Mr. G. M. Gandhi - Managing Director

2) Mr. R. M. Bhatia - Chief Financial Officer

Category - II - Subsidiary Companies

1) Infinity.com Financial Securities Ltd.

2) Pioneer Commodity Intermediaries Pvt. Ltd.

3) Pioneer Money Management Ltd.

4) Pioneer Investment Advisory Services Ltd.

5) Pioneer Wealth Management Services Ltd.

6) PINC Fund Advisors LLC (incorporated in Mauritius)

7) Pioneer Fundinvest Pvt. Ltd.

8) PINC International (Singapore) Pte Ltd. (incorporated in Singapore)

Category – III –Entities under common control

1) Pioneer Intermediaries Pvt. Ltd.

2) Pioneer Insurance & Reinsurance Brokers Pvt. Ltd.

3) Sharppoint Motors & Automobiles Pvt. Ltd.

4) Symbyosys Integrated Solutions Pvt. Ltd.

5) Pioneer Fund Advisors Pvt. Ltd.

6) Siddhi Portfolio Services Pvt. Ltd.

7) PINC Energy Resources Pvt. Ltd.

8) L.Gordhandas & Co. Clearing Agent Pvt. Ltd.

9) Benefit Realty Pvt. Ltd.

10) Festive Multitrade Pvt. Ltd.

4. In accordance with the Accounting Standard 22 "Accounting for taxes on income" (AS 22) issued by the ICAI, the Company has accounted for deferred taxes during the year. Following are the major components of deferred tax (assets)/liabilities

5. Provision for Income Tax has been made in the accounts as per the provisions of the Income Tax Act, 1961.

6. The Company has not received any intimation from 'suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure requirements in this regard as per Schedule VI of the Companies Act, 195 have not been provided.

7. In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

8. The figures of the previous year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.

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Mar 31, 2010

1. The initial Application money of Rs 945.00 Lacs, received on 15 Lacs warrants issued in 2008-09, to the promoterof the Company, stands forfeited as perthe terms and conditions of the issue, due to non-exercise of conversion option of the warrants, consequently the amount received on warrant application money has been transferred to capital reserve.

2. During the year, the company has written off an advance of Rs.4,600,000 being initial application money paid forthe subscription of 1,000,000 warrants on preferential basis of Arihant Foundations & Housing Ltd. As the company has not exercised the conversion option forthe warrants, with in the stipulated period, the said amount stands forfeited as perthetermsof the issue.

3. Disclosure as perthe clause 32 of the Listing Agreement.

Loans and Advances in the nature of advances given to Subsidiaries are given below. The previous year figures are shown in brackets.

4. The Company, under its various ESOP Schemes, has granted in aggregate 2,506,500 options, as on 31st March, 2010(previous year 2,506,500).

Employee Stock option Reserve outstanding at the beginning of the year amounting to Rs.4,673,970/- (previousyear Rs.7,596,382/-) was reduced proportionately by Rs.1,891,890/- (previousyear Rs.66,150/-) on account of Share issued on the exercise of stock options and by Rs.884,756/- (previous year Rs.2,856,262/-) on account of stock options forfeited/lapsed during theyear.

The detailsof outstanding options are as under:

5. Related Party Disclosures Category

I : Key Management Personnel

1) Mr. G. M. Gandhi - Managing Director

2) Mr. Rakesh Bhatia - Chief Financial Officer

Category - II - Subsidiary Companies

1) lnfinity.com Financial Securities Ltd.

2) Pioneer Commodity Intermediaries Pvt. Ltd.

3) Pioneer Money Management Ltd.

4) Pioneer Investment Advisory Services Ltd.

5) Pioneer Wealth Management Services Ltd.

6) PINC Fund Advisors LLC (incorporated in Mauritius)

7) Pioneer Fund Invest Pvt. Ltd.

Category - III - Other related Companies/Companies under same group

1) Pioneer Intermediaries Pvt. Ltd.

2) Pioneer Insurance & Reinsurance Brokers Pvt. Ltd.

3) Sharp Point Motors & Automobiles Pvt. Ltd.

4) Symbyosys Integrated Solutions Pvt. Ltd.

5) Pioneer Fund Advisors Pvt. Ltd.

6) Siddhi Portfolio Services Pvt. Ltd.

7) PINC Energy Resources Pvt. Ltd.

8) L.Gordhandas & Co. Clearing Agent Pvt. Ltd.

Notes:

1) Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17), taking into accountthe organization structure as well as the differential risks and returns of these segments,

2) The Company has disclosed business segments asthe primary segment.

3) Since the Company provides services in the same economic environment, there are no geographic segments.

4) Figures in Italics are previous year figures.

6. In accordance with the Accounting Standard 22 "Accounting for taxes on income" (AS 22) issued by the ICAI, the Company has accounted for deferred taxes during the year. Following are the major components of deferred tax (assets)/! iabi I ities

7. Provision for I ncome tax has been made in the accounts as perthe provisions of the I ncome tax Act, 1961.

8. There are no dues outstanding to micro and small enterprises under the Micro, Small and Medium Enterprises Development Act.

9. In the opinion of the Board of Directors and to the best of their knowledge adequate provisions has been made in the accounts for all known liabilities and the current assets, loans and advances have a value on realization in the ordinary course of business.

10. The figures of the previous year are regrouped or reclassified, wherever necessary, to make them comparable with the figures of current year.