Notes to Accounts of Saraswati Commercial (India) Ltd.

Mar 31, 2025

2.14 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

The Company creates a provision when there is present obligation as a result of a past event that probably requires
an outflow of resources and a reliable estimate can be made of the amount of the obligation.

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 recognised 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 recognised because it cannot be measured reliably. The Company does not recognise a contingent liability but
discloses its existence in the financial statements. Contingent liabilities are reviewed at each balance sheet date.

Contingent Assets are neither recognised nor disclosed in the financial statements. They are disclosed only when an
inflow of economic benefits is probable.

2.15 STATEMENT OF CASH FLOWS

Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing activities.
Cash flow from operating activities is reported using indirect method adjusting the net profit for the effects of:

i. Changes during the period in inventories, operating receivables and payables;

ii. Non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses
and unrealised gains and losses on financial instruments; and

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

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are
not available for general use as on the date of Balance Sheet

2.16 EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net profit or loss (before Other Comprehensive Income)
for the year attributable to equity shareholders (after deducting attributable taxes) by the weighted average number
of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss (before Other Comprehensive
Income) for the year attributable to equity shareholders and the weighted average number of shares outstanding
during the year are adjusted for the effects of all dilutive potential equity shares.

2.17 RETIREMENT BENEFITS
Short-Term Employee Benefits

Liabilities for salaries and bonus, including non-monetary benefits, if any and accumulating leave balance in respect
of employees'' services up to the end of the reporting period, are recognised as liabilities (and expenses) and are
measured at the amounts expected to be paid when the liabilities are settled.

Defined Contribution Plan and Defined Benefit Plan

Retirement benefits in the form of provident fund under the Employees Provident Fund (Misc. Provisions) Act, 1952
and gratuity under the Payment of Gratuity Act, 1972 are not applicable to the Company as the total numbers of
employees are below the minimum required number of employees as specified in respective acts.

However on the prudent basis the company has made provision for gratuity based on no. of years of service of
employees who are employed with the company for 5 Years or more.

Other Long-Term Benefits

The expected costs of other long-term employee benefits such as accumulated leaves are accrued over the period
of employment and same has been provided based on accrual basis at year end.

2.18 SHARE CAPITAL

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary
shares, share options and buyback of ordinary shares are recognised as a deduction from other equity.

2.19 SEGMENT REPORTING

The Company is engaged primarily in the business of "Investments, trading in shares and securities & Lending
Activities" and accordingly there are no separate reportable segments as per Ind AS 108 dealing with Operating
Segment."

2.20 COMMITMENTS

Commitments represent future obligations for contractual payment and are classified and disclosed as follows:

i. estimated amount of contracts remaining to be executed on capital account and not provided for;

ii. uncalled liability on partly paid shares and other investments;

iii. other non-cancellable commitments, if any, to the extent considered material and relevant by management.

Nature and Purpose of other equity

a) Capital Redemption Reserve

It represents the reserve which is created on buy back of equity shares made out of free reserve. The redemption
value equivalent to the nominal value of shares so purchased is transferred to this reserve out of profit of the company.
This reserve can be utilised for issuing fully paid-up bonus shares.

b) Statutory Reserve under Sec 45 IC of The RBI Act, 1934

Every year the Company transfers a sum of not less than twenty per cent of net profit of that year as disclosed in the
statement of profit and loss to its Statutory Reserve pursuant to Section 45-IC of the RBI Act, 1934.

The conditions and restrictions for distribution attached to statutory reserve as specified in Section 45-IC(1) in
The Reserve Bank of India Act, 1934:

1. Every non-banking financial company (NBFC) shall create a reserve fund and transfer therein a sum not less than
twenty per cent of its net profit every year as disclosed in the profit and loss account and before any dividend is
declared.

2. No appropriation of any sum from the statutory reserve fund shall be made by the NBFC except for the purpose as may
be specified by the RBI from time to time and every such appropriation shall be reported to the RBI within twenty-one
days from the date of such withdrawal

Provided that the RBI may, in any particular case and for sufficient cause being shown, extend the period of twenty one
days by such further period as it thinks fit or condone any delay in making such report.

3. Notwithstanding anything contained in sub-section (1), the Central Government may, on the recommendation of the
RBI and having regard to the adequacy of the paid-up capital and reserves of a NBFC in relation to its deposit liabilities,
declare by order in writing that the provisions of sub-section (1) shall not be applicable to the NBFC for such period as
may be specified in the order.

Provided that no such order shall be made unless the amount in the reserve fund under sub-section (1) together with
the amount in the share premium account is not less than the paid-up capital of the NBFC.

c) General Reserve

Amounts set aside from retained earnings as a reserve to be utilised for permissible general purpose as per applicable Law.

d) Retained Earnings

Retained earnings represents profits that the company earned till date including impact of changes in fair value of
investments which are classified as FVTPL category, realised profit/(loss) on derecognition of equity shares classified as
FVTOCI, less any transfers to General reserve, Statutory reserve, Dividends and other distributions paid to the shareholders.

e) Capital Reserve

Capital reserve represents reserve created pursuant to the business combination.

f) Securities Premium

Securities Premium reserve represents premium received on equity shares issued, which can be utilised only in accordance
with the provisions of the Companies Act, 2013 for specified purposes.

g) Other comprehensive income on equity securities

The Company has elected to recognise changes in the fair value of certain investments in equity shares in other
comprehensive income. These changes are accumulated in the Other comprehensive income-equity investments reserve.
The Company transfers amounts (net of tax) from this reserve to retained earnings when the relevant equity shares are
derecognised.

The Company undertakes the following activities in the nature of Corporate social responsibility (CSR):

1. Promoting education for poor & needy, especially for poor girls.

2. Promoting preventive health care and sanitation in rural areas.

3. Assisting poor & needy people for Medical expense such as hospitalization, medicines etc.

4. Eradicating hunger and poverty.

5. Upliftment of the weaker section of the society.

Note:

1. With respect to CSR, there have been no related party transactions during the financial year 2024-25 and financial year
2023-24.

2. The Company had CSR obligation for FY 2024-25 was Rs. 122.79 lakhs. However, in the previous year, the Company had spent
an excess amount of Rs. 104.10 lakhs. After setting off the said excess expenditure of the previous year, the net amount
required to be spent during FY 2024-25 was Rs. 18.69 lakhs. Against this requirement, the Company spent Rs. 19.00 lakhs
towards Corporate Social Responsibility (CSR) in FY 2024-25. Consequently, an excess of Rs. 0.31 lakhs has been shown under
prepaid expenses and will be available for set off against future year''s CSR liabilities.

During the Financial year 2023-24, the company has spent Rs 130.00 lakhs on CSR activities against the CSR liabilties of
Rs 25.90 lakhs. The excess amount paid of Rs 104.10 lakhs has been shown under prepaid expenses and will be available
for set off against future year''s CSR liabilities.

Note 28: Tax expenses

Note

The evaluation of uncertain tax positions involves an interpretation of relevant tax laws which could be subject to challenge by the
tax authorities and an assessment of whether the tax authorities will accept the position taken. The Company does not currently
consider that assumptions or judgements made in assessing tax liabilities have a significant risk resulting in a material adjustment
within the next financial year. (Refer note 29)

Note 29 : Contingent Liabilities and Commitments :

A. Contingent Liabilities

Aroni Commercials Limited(transferor company ) was Amalgamated with Saraswati Commercial (India) Limited (transferee
company) vide NCLT order dated 16^th March, 2017. Hence all the contingent liabilities of Aroni commercials limited have
been considered as contingent liabilities of Saraswati Commercial (India) Limited.

1. During F.Y. 2004-05, The Aroni Commercials Limited had kept Rs 100.70 lakhs in Escrow account with Calyon Bank,

Nariman Point Branch for any demands of stamp duty, penalties and liabilities that may arise on the scheme of
arrangement as approved by the High Court of Judicature at Mumbai in terms of which company has transferred its
Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem Private Limited under Section 391
to Section 394 of the companies Act, 1956. On 1^st October 2012, The Hon''ble High court of Indore (Single Judge) has

given decision in favour of the Company. Revenue had filed an writ appeal against the said order with the Hon''ble
High court of M.P., Indore.( Double Judge). Vide order dated 26^th September,2014 states that the appeal be listed
for final hearing in due course. As per current status of the said hearing the Appeal is pending for the final hearing.

2. NEPC India Limited had instituted a suit against the Aroni commercials limited in the court of II FAST TRACK JUDGE
Madras for deferment of payment to the NEPC India Limited the,sum of Rs. 20.47 lakhs together with interest at
24% p.a on Rs. 10.53 lakhs Vide order dated 13th February, 2012, court has given decision in favour of NEPC India
limited. In the result the suit is decreed in favour of NEPC India Limited for Rs. 10.53 lakhs , with interest at the rate of
12% p.a. from august 1998 till realisation, with costs. Aroni commercials limited has filed an appeal with the Hon''ble
High court of Madras against the said order.

3. Income tax and sales tax:
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B. Capital Commitments

1. The Company holds 5,89,248 (Previous year 5,89,248) partly paid equity shares of Bharti Airtel Limited as an
investment as on 31^st March, 2025. The uncalled liability of these partly paid shares is 2,364.36 lakhs at Rs 401.25
per share (Previous year Rs 2,364.36 lakhs).Said investments is measured fair value through other comprehensive
income.

2. The company has given total commitment of Rs 7,500 lakhs to Anchorage Capital Scheme I (Category II AIF).
Out of said commitment, fund has raised demand of Rs 3,455.18 lakhs and balance uncalled capital commitment
in Anchorage Capital Scheme I as on balance sheet date is Rs 4,044.82 lakhs (Previous year Rs 4,987.49 lakhs).
Said investments is measured fair value through profit or loss.

Note 30: Earnings Per share (EPS)

In accordance with the Indian Accounting Standard (Ind AS) 33 on ''Earnings Per Share'':

Basic Earnings Per Share (EPS) is calculated in accordance with Ind AS 33 ''Earnings Per Share'' by dividing the net profit after tax
attributable to equity holders of Company by the weighted average number of equity shares outstanding during the year.

Diluted EPS (DPS) is calculated by dividing the net profit after tax attributable to equity holders of Company (after adjusting any
items related to dilutive potential ordinary shares, net of tax) by the weighted average number of equity shares outstanding during
the year plus the weighted average number of equity shares that would be issued on the conversion of all the dilutive potential
ordinary shares into ordinary equity shares of the company.

1 Name or tne reiatea party ana nature or tne reiatea party reiationsrnp wnere control exists, it any, nave been aisciosea
irrespective of whether or not there have been transactions between the reiatea parties. In other cases, aisclosure has been
maae oniy when there have been transactions with those parties.

2 Reiatea parties as aefinea unaer para 9 of Ina AS 24 ''Reiatea Party Disciosures'' have been iaentifiea basea on representations
maae by key manageriai personnei ana information avaiiabie with the Company.

3 Figures of Income /expenses are presentea exciuaing GST (if any).

4 Amount of Traae payabie ana Traae receivabie represents gross vaiue of securities purchasea & soia through Four Dimensions
Securities (Inaia) Limitea being Share broker through whom traae was executea, which inciuaes brokerage payabie to Four
Dimensions Securities (Inaia) Limitea for avaiiing its broking services.

Note 33 : Financial Instruments

A Financial Risk Management

The Company has operations in Inaia. Whiist risk is inherent in the Company''s activities, it is managea through a risk
management framework, inciuaing ongoing iaentification, measurement ana monitoring subject to risk iimits ana other
controis. The Company''s activities are exposea mainiy to creait risk, iiquiaity risk ana market risk.

This note expiains the sources of risk which the Company is exposea to ana how the entity manages the risk. The Company
has exposure to the foiiowing risks arising from financiai instruments:

• Creait risk

• Liquiaity risk

• Market risk (inciuaing Interest rate risk & Price risk)

• Currency risk

Risk management framework

Risk management forms an integral part of the business. The Company''s board of directors has overall responsibility for
the establishment and oversight of the Company''s risk management framework. The board of directors are responsible for
developing and monitoring the Company''s risk management policies. The Company''s Risk Management committee reports
regularly to the board of directors on its activities.

The Company''s risk management policies 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. These policies and systems are reviewed
regularly to reflect changes in market conditions and the Company''s activities.

Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. Credit risk arises
primarily from financial assets such as trade receivables, investments, other balances with banks, loans and other
receivables.

The Company has adopted a Policy of dealing with counter parties that have sufficiently high credit rating. The Company''s
exposure and credit ratings of its counter parties are continuously monitored. Credit risk arising from trade receivables are
reviewed periodically and based on past experience and history. Management is confident of recovering all the dues. Credit
risk arises from balances with banks is limited. The counter parties are bank with high credit ratings assigned by the credit
rating agencies.

Trade receivables and other receivables

Exposures of trade receivables are reviewed at the end of each reporting period by the Company to determine expected
credit losses. Historical trends of collection from counterparties on timely basis reflects low level of credit risk. Company''s
credit period with respect to receivables ranges from 1 to 5 days. However, company has policy to create impairment
wherever required.

Investment in various instruments

Credit risk on investment in debt instruments is limited as company generally invests in debt instruments like mutual funds,
preference shares with high credit ratings assigned by international and domestic credit rating agencies.

Loans

The Company considers default in all cases when the borrower becomes 90 days past due on its contractual payments.
All performing standard assets loans are classified under Stage 1.

Expected Credit Loss (ECL) on Financial Assets

The Company continuously monitors all financial assets subject to ECLs. In order to determine whether an instrument is
subject to 12 month ECL (12m ECL) or life time ECL (LTECL), the Company assesses whether there has been a significant
increase in credit risk or the asset has become credit impaired since initial recognition. The Company applies following
quantitative and qualitative criteria to assess whether there is significant increase in credit risk or the asset has been credit
impaired :

(a) Historical trend of collection from counterparty

(b) Company''s contractual rights with respect to recovery of dues from counterparty

(c) Credit rating of counterparty and any relevant information available in public domain

ECL is a probability weighted estimate of credit losses. It is measured as the present value of cash shortfalls
(i.e. the difference between the cash flows due to the Company in accordance with contract and the cash flows that the
Company expects to receive). The Company has following types of financial assets that are subject to the expected credit
loss:

(a) Cash and cash equivalents

(b) Bank balance other than (a) above

(c) Loans

(d) Trade receivables

Fair value hierarchy:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable

or unobservable and consists of the following three levels:

(a) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This included
listed equity instruments, traded debentures and mutual funds that have quoted price. The fair value of all equity
instruments (including debentures) which are traded in the stock exchanges is valued using the closing price as at the
reporting period. The mutual funds are valued using the closing NAV as published on Association of Mutual Funds of India
(AMFI).

(b) Level 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded
bonds/debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation techniques.
If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

(c) Level 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included in level

3. Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported
by prices from observable current market transactions in the same instrument nor are they based on available market data.
Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

Valuation technique used to determine fair value

1. Closing NAV Statement from Mutual fund is used to determine fair value of unquoted Mutual Fund, if any.

2. Fair values of quoted investments held for trading and Investment purpose classified under FVTPL are valued using the
closing price of NSE / BSE as at the reporting period, if any.

3. Fair values of quoted investments routed through FVTOCI are valued using the closing price of NSE / BSE as at the reporting
period, if any.

4. Fair value of unquoted investments, covered in Level 2, are derived from transaction in said securities between unrelated
parties in the month of March 2025. Valuation of AIF is done based on NAV report provided by respective AIF''s.

5. For unlisted group companies investments, for which latest consolidated audited balance sheet are available are classified
under level 3. Accordingly, their fair value can be derived from the latest Consolidated audited balance sheet by applying
below formula: "(Share capital other equity - prepaid expenses) / no of equity shares = value per share."

"Tier I Capital" means owned fund as reduced by investment in shares of other non-banking financial companies and in shares,
debentures, bonds, outstanding loans and advances including hire purchase and lease finance made to and deposits with
subsidiaries and companies in the same group exceeding, in aggregate, ten per cent of the owned fund.

"Owned Fund" means paid up equity capital, preference shares which are compulsorily convertible into equity, free reserves,
balance in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding
reserves created by revaluation of asset, as reduced by accumulated loss balance, book value of intangible assets and deferred
revenue expenditure, if any

"Tier II capital" includes the following:

(a) Preference shares other than those which are compulsorily convertible into equity;

(b) Revaluation reserves at discounted rate of fifty five percent;

(c) General provisions (including that for Standard Assets) and loss reserves to the extent these are not attributable to actual
diminution in value or identifiable potential loss in any specific asset and are available to meet unexpected losses, to the
extent of one and one fourth percent of risk weighted assets.

(d) Hybrid debt capital instruments; and

(e) Subordinated debt to he extent the aggregate does not exceed Tier I capital.

Aggregate Risk Weighted Assets -

Under RBI Guidelines, degrees of credit risk expressed as percentage weightages have been assigned to each of the on-balance
sheet assets and off- balance sheet assets. Hence, the value of each of the on-balance sheet assets and off- balance sheet assets
requires to be multiplied by the relevant risk weights to arrive at risk adjusted value of assets. The aggregate shall be taken into
account for reckoning the minimum capital ratio."

Note 42: RECENT ACCOUNTING PRONOUNCEMENTS

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not notified any
new standards or amendments to the existing standards applicable to the Company.

Note 43: During F.Y. 2004-05, Company has kept Rs. 100.70 lakhs in Escrow account in fixed deposit in the name of Gulbrandsen
Catalyst Private Limited previously known as ''Arcil'' with Calyon Bank, Nariman Point Branch for any demands of stamp duty,
penalties and liabilities that may arise on the scheme of arrangement as approved by the High Court of Judicature at Mumbai
in terms of which company has transferred its Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem
Private Limited. The present value of the fixed deposit as on 31^st March 2025 is Rs. 266.30 lakhs. Since the fixed deposit is in
the name of Gulbrandsen Catalyst Private Limited no income on same is accounted for by the Company. Only in the event of a
favourable outcome from the apex court in favour of the company, proceeds of fixed deposit will be received, the Company will
account for interest income.

Note 44: Employee Benefits

Retirement benefits in the form of provident fund under the Employees Provident Fund (Misc. Provisions) Act, 1952 and gratuity
under the Payment of Gratuity Act, 1972 are not applicable to the Company as the total number of employees are below the
minimum required number of employees as specified in respective acts. However on the prudent basis the company has made
provision for gratuity based on no. of years of service of employees who are employed with the company for 5 Years or more.

The expected costs of other long-term employee benefits such as accumulated leaves are accrued over the period of employment
and same has been provided based on accrual basis at year end. The Code on Social Security, 2020 (the Code) has been enacted,
which would not impact to the company.

Note 45 . There are no significant subsequent events that would require adjustments or disclosures in the financial statements as
on the Balance sheet date.

Note 46. There were no whistle blower complaints received by the Company during the financial year ended March 31, 2025 and
March 31, 2024.

Note 47. (i) Amounts less than Rs 500 have been shown as "0.00".

(ii) Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s
classification / disclosure.

4. Details of Benami Property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

5. Borrowings from banks or financial institutions on the basis of security of current assets

During the year, The company has borrowed funds from Financial Institutions against pledged of shares / securities
which are part of Investments and stock in trade. However there is no requirement to file quarterly returns or
statements.

6. Wilful Defaulter

The Company has not been declared a Wilful Defaulters by any bank or financial institution (as defined under the
Companies Act, 2013) or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

7. Relationship with Struck off Companies

The Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013
during the year ended 31^st March 2025 and 31^st March 2024. Such disclosure has been given on the basis of relevant
information compiled by the Company on best effort basis.

8. Registration of charges or satisfaction with Registrar of Companies (ROC)

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

9. Compliance with number of layers of companies

The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the
Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

10. Ratios

12. Utilisation of Borrowed funds and share premium

(A) During the year, the Company has not advanced or loaned or invested funds (either borrowed funds or share
premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries); or

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

(B) During the year, the Company has not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries); or

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

13. Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under
the Income Tax Act, 1961, that has not been recorded in the books of accounts.

14. Details of Crypto Currency or Virtual Currency

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

Note 50: The disclosures as required by the NBFC Master Directions and Disclosures in Financial Statements- Notes to Accounts
of NBFCs as issued by RBI.

50.1 Summary of Accounting Policies

The summary of Material Accounting Policies is disclosed in Note No.1 & 2 to the Financial Statements.

50 2 C_apit_al t_o Ri_sk A_sset_s R_ati_o ("CRAR")

50.4 Derivatives

Forward Rate Agreement / Interest Rate Swap:

The Company has not entered into any Forward Rate Agreement / Interest Rate Swap transactions during the current
financial year and in the previous financial year. Hence disclosures relating to Forward Rate Agreement / Interest Rate Swap
are not applicable.

Exchange Traded Interest Rate (IR) Derivatives :

The Company has not entered into any Exchange Traded Interest Rate (IR) Derivatives transactions during the current
financial year and in the previous financial year. Hence disclosures relating to Exchange Traded Interest Rate (IR) Derivatives
are not applicable.

Disclosures on Risk Exposure in Derivatives :

The Company has not entered into any Currency Derivatives transactions during the current financial year and in the
previous financial year. However, the company has entered into equity /index Futures and Options contracts during the
current as well as previous financial year. The Mark to Market Gains or losses have been recognised and shown under the
head "Net Gain on fair value changes" in note no. 22 to the Standalone financial statements.

50.5 Maturity pattern of Assets and Liabilities

(Based on reasonable assumptions made by the Management)

For FY 2024-25

i) Other short term liabilities includes all liability except principal amount borrowings, provisions & deferred tax liabilities.

ii) Company has not issued any Commercial papers and Non-convertible debentures during FY 2024-25 and FY 2023-24.
Note : Borrowing for the purpose of above disclosure means only principal amount & does not include accrued interest.

vi) Institutional Set-up for Liquidity Risk Management

The Company''s risk management function is carried out by the Risk Management Committee. Risk Management committee
evaluates financial risks and the appropriate governance framework for the Company. The Risk Management
Committee provides assurance to the Board that the Company''s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s
policies and risk objectives.

Note 52: The disclosures as required by the Master Direction-Monitoring of frauds in NBFCs issued by RBI dated
29^th September 2016.

There was no case of fraud reported during the year 2024-25 as well as 2023-24.

Note 53: During the year, the Company has not reclassified / restructured any loan given to parties. Therefore the disclosures
required as per below circulars issued by Reserve Bank of India (RBI) are not required.

1. Disclosures pursuant to RBI Notification-RBI/2019-20/220 DOR.No.BP.BC.63/21.04.048/2019-20 dated 17^th April, 2020.

2. Disclosure pursuant to RBI Notification-RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 6^th August 2020.

3. Disclosure pursuant to RBI Notification -RBI/2020-21/17 DOR.No.BP.BC/4/21.04.048/2020-21 dated 6^th August 2020.

4. Disclosure pursuant to RBI Notification -RBI/2021-22/31 DOR.STR.REC.11/21.04.048/2021-22 dated 5^th May, 2021.

Note 54: Disclosure pursuant to RBI Notification - RBI/DOR/2021-22/86/DOR.STR.REC.51/21.04.048 /2021-22 dated
24 September 2021 ''Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021'' are not applicable as
there is no transfer of loan during the year 2024-25 as well as 2023-24.

Note 55: Company has not issued any Perpetual Debt Instruments (PDI).

5 Current Investment in NBFC Report includes "Stock in trade (Securities held for trading) (Note-7)" of the Standalone
Financial Statements.

6 The amounts mentioned in above RBI disclosure are as per Indian Accounting Standard.

As per our report of even date

For Ajmera Ajmera and Associates For and on behalf of the Board of Directors

Chartered Accountants
Firm Reg. No: 123989W

Sandeep Ajmera Vaishali Rajesh Dhuri Hetal Khalpada

Partner Whole Time Director & Director

Membership No. 048277 Chief Financial Officer DIN:00055823

DIN:03607657

Place : Mumbai Rajiv Pathak Avani Sanghavi

Date : 27^th May, 2025 Chief Executive Officer Company Secretary

Membership No. A29108

Place : Mumbai
Date : 27^th May, 2025

---

Mar 31, 2024

1. No trade or other receivables are due from directors or other officers of the Company either severally or jointly with any other person. Nor any trade or other receivables are due from firms or private companies respectively in which any director is a partner, a director or a member.

2. No trade receivables are interest bearing.

3. The management expects no default in receipt of trade receivables; also there is no history of default observed by the management. Hence, no ECL has been recognised on trade receivables.

1. The company has used the borrowings from financial institutions for the specific purpose for which it was taken at the balance sheet date.

2. As on 31.03.2023 ,the company had taken secured loan from Barclays Investments and Loans Private Limited. This secured loan was taken against pledge of shares/securities of companies forming part of investments. Further the Promoters had also pledged shares of various companies held by them against the short term loan taken.

3. Nature of Security

Term loans from financial institutions are secured by way of pledge of shares /securities.

4. Terms of Repayment as at March 31, 2023

(a) Rights of Equity Shareholders

The Company has only one class of equity shares. The shareholders are entitled to one vote per share, dividend, as and when declared by the Board of directors and approved by shareholders and residual assets, if any, after payment of all liabilities, in the event of liquidation of the Company.

Nature and Purpose of other equitya) Capital Redemption Reserve

It represents the reserve which is created on buy back of equity shares made out of free reserve. The redemption value equivalent to the nominal value of shares so purchased is transferred to this reserve out of profit of the company. This reserve can be utilised for issuing fully paid-up bonus shares.

b) Statutory Reserve under Sec 45 IC of The RBI Act, 1934

Every year the Company transfers a sum of not less than twenty per cent of net profit of that year as disclosed in the statement of profit and loss to its Statutory Reserve pursuant to Section 45-IC of the RBI Act, 1934.

The conditions and restrictions for distribution attached to statutory reserve as specified in Section 45-IC(1) in The Reserve Bank of India Act, 1934:

1. Every non-banking financial company (NBFC) shall create a reserve fund and transfer therein a sum not less than twenty per cent of its net profit every year as disclosed in the profit and loss account and before any dividend is declared.

2. No appropriation of any sum from the statutory reserve fund shall be made by the NBFC except for the purpose as may be specified by the RBI from time to time and every such appropriation shall be reported to the RBI within twenty-one days from the date of such withdrawal

Provided that the RBI may, in any particular case and for sufficient cause being shown, extend the period of twenty one days by such further period as it thinks fit or condone any delay in making such report.

3. Notwithstanding anything contained in sub-section (1), the Central Government may, on the recommendation of the RBI and having regard to the adequacy of the paid-up capital and reserves of a NBFC in relation to its deposit liabilities, declare by order in writing that the provisions of sub-section (1) shall not be applicable to the NBFC for such period as may be specified in the order.

Provided that no such order shall be made unless the amount in the reserve fund under sub-section (1) together with the amount in the share premium account is not less than the paid-up capital of the NBFC.

c) General Reserve

Amounts set aside from retained earnings as a reserve to be utilised for permissible general purpose as per applicable Law.

d) Retained Earnings

Retained earnings represents profits that the company earned till date including impact of changes in fair value of investments which are classified as FVTPL category, realised profit/(loss) on derecognition of equity shares classified as FVTOCI, less any transfers to General reserve, Statutory reserve, Dividends and other distributions paid to the shareholders.

e) Capital Reserve

Capital reserve represents reserve created pursuant to the business combination.

f) Securities Premium

Securities Premium reserve represents premium received on equity shares issued, which can be utilised only in accordance with the provisions of the Companies Act, 2013 for specified purposes.

g) Other comprehensive income on equity securities

The Company has elected to recognise changes in the fair value of certain investments in equity shares in other comprehensive income. These changes are accumulated in the Other comprehensive income-equity investments reserve. The Company transfers amounts (net of tax) from this reserve to retained earnings when the relevant equity shares are derecognised.

The Company undertakes the following activities in the nature of Corporate social responsibility (CSR):

1. Promoting education for poor & needy, especially for poor girls.

2. Promoting preventive health care and sanitation in rural areas.

3. Assisting poor & needy people for Medical expense such as hospitalization, medicines etc.

4. Eradicating hunger and poverty.

5. Upliftment of the weaker section of the society.

Note:

1. With respect to CSR, there have been no related party transactions during the year financial year 2023-24 and financial year 2022-23.

2. During the Financial year 2023-24, the company has spent Rs 130.00 lakhs on CSR activities against the CSR liabilties of Rs 25.90 lakhs. The excess amount paid of Rs 104.10 lakhs has been shown under prepaid expenses and will be available for set off against future year''s CSR liabilities.

The evaluation of uncertain tax positions involves an interpretation of relevant tax laws which could be subject to challenge by the tax authorities and an assessment of whether the tax authorities will accept the position taken. The Company does not currently consider that assumptions or judgements made in assessing tax liabilities have a significant risk resulting in a material adjustment within the next financial year. (Refer note 32)

Note 32 : Contingent Liabilities and Commitments :A. Contingent Liabilities

Aroni Commercials Limited (transferor company ) was Amalgamated with Saraswati Commercial (India) Limited (transferee company) vide NCLT order dated 16^th March, 2017. Hence all the contingent liabilities of Aroni commercials limited have been considered as contingent liabilities of Saraswati Commercial (India) Limited.

1. During F.Y. 2004-05, The Aroni Commercials Limited had kept Rs 100.70 lakhs in Escrow account with Calyon Bank, Nariman Point Branch for any demands of stamp duty, penalties and liabilities that may arise on the scheme of arrangement as approved by the High Court of Judicature at Mumbai in terms of which company has transferred its Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem Private Limited under Section 391 to Section 394 of the companies Act, 1956. On l^st October 2012, The High court of Indore (Single Judge) has given decision in favour of the Company. Revenue had filed an writ appeal against the said order with the Hon''ble High court of M.P., Indore. (Double Judge). As per current status of the said hearing the Appeal is pending for the final hearing.

2. NEPC India Limited had instituted a suit against the Aroni commercials limited in the court of II FAST TRACK JUDGE Madras for deferment of payment to the NEPC India Limited the,sum of Rs 20.47 lakhs together with interest at 24% p.a on Rs 10.53 lakhs Vide order dated 13th February 2012, court has given decision in favour of NEPC India limited. In the result the suit is decreed in favour of NEPC India Limited for Rs 10.53 lakhs , with interest at the rate of 12% p.a. from august 1998 till realisation, with costs. Aroni commercials limited has filed an appeal with the High court of Madras against the said order.

B. Capital Commitments

1. The Company holds 5,89,248 (Previous year 5,89,248) partly paid equity shares of Bharti Airtel Limited as an investment as on 31^st March, 2024. The uncalled liability of these partly paid shares is Rs 2364.36 lakhs at Rs 401.25 per share (Previous year Rs 2364.36 lakhs). Said investment is measured at fair value through profit or loss.

2. The company has given total commitment of Rs 1,000.00 lakhs to Sixth Sense India Opportunities Ill (Category II AIF). Fund has raised demand & same has been paid by company. Balance uncalled capital commitment in Sixth Sense India Opportunities Ill as on balance sheet date is Rs Nil. (Previous year Rs 150.00 lakhs)

3. The company has given total commitment of Rs 7,500 lakhs to Anchorage Capital Scheme l (Category ll AlF). Out of said commitment, fund has raised demand of Rs 2,512.51 lakhs and balance uncalled capital commitment in Anchorage Capital Scheme l as on balance sheet date is Rs 4,987.49 lakhs (Previous year Rs 5,992.00 lakhs).

Note 33: Earnings Per share (EPS)

In accordance with the Indian Accounting Standard (Ind AS) 33 on ''Earnings Per Share'':

Basic Earnings Per Share (EPS) is calculated in accordance with Ind AS 33 ''Earnings Per Share'' by dividing the net profit for the year attributable to equity holders of Company by the weighted average number of equity shares outstanding during the year. Diluted EPS (DPs) is calculated by dividing the net profit attributable to equity holders of Company (after adjusting any items related to dilutive potential ordinary shares, net of tax) by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary equity shares of the company.

1 Name of the related party and nature of the related party relationship where control exists, if any, have been disclosed irrespective of whether or not there have been transactions between the related parties. In other cases, disclosure has been made only when there have been transactions with those parties.

2 Related parties as defined under para 9 of Ind AS 24 ''Related Party Disclosures'' have been identified based on representations made by key managerial personnel and information available with the Company.

3 Figures of Income /expenses are presented excluding GST (if any).

4 Amount of Trade payable and Trade receivable represents gross value of securities purchased & sold through Four Dimensions Securities (India) Limited being Share broker through whom trade was executed, which includes brokerage payable to Four Dimensions Securities (India) Limited for availing its broking services.

Note 36 : Financial InstrumentsA Financial Risk Management (Ind AS 107)

The Company has operations in India. Whilst risk is inherent in the Company''s activities, it is managed through a risk management framework, including ongoing identification, measurement and monitoring subject to risk limits and other controls. The Company''s activities are exposed mainly to credit risk, liquidity risk and market risk.

This note explains the sources of risk which the Company is exposed to and how the entity manages the risk. The Company has exposure to the following risks arising from financial instruments:

• Credit risk

• Liquidity risk

• Market risk (including Interest rate risk & Price risk)

• Currency risk

Risk management framework

Risk management forms an integral part of the business. The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors are responsible for developing and monitoring the Company''s risk management policies. The Company''s Risk Management committee reports regularly to the board of directors on its activities.

The Company''s risk management policies 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.

1. Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. Credit risk arises primarily from financial assets such as trade receivables, investments, other balances with banks, loans and other receivables.

The Company has adopted a Policy of dealing with counter parties that have sufficiently high credit rating. The Company''s exposure and credit ratings of its counter parties are continuously monitored. Credit risk arising from trade receivables are reviewed periodically and based on past experience and history. Management is confident of recovering all the dues. Credit risk arises from balances with banks is limited. The counter parties are bank with high credit ratings assigned by the credit rating agencies.

Trade receivables and other receivables

Exposures of trade receivables are reviewed at the end of each reporting period by the Company to determine expected credit losses. Historical trends of collection from counterparties on timely basis reflects low level of credit risk. Company''s credit period with respect to receivables ranges from 1 to 5 days. However, company has policy to create impairment wherever required.

Investment in various instruments

Credit risk on investment in debt instruments is limited as company generally invests in debt instruments like mutual funds, preference shares with high credit ratings assigned by international and domestic credit rating agencies.

Loans

The Company considers default in all cases when the borrower becomes 90 days past due on its contractual payments. All performing standard assets loans are classified under Stage 1.

Expected Credit Loss (ECL) on Financial Assets

The Company continuously monitors all financial assets subject to ECLs. In order to determine whether an instrument is subject to 12 month ECL (12m ECL) or life time ECL (LTECL), the Company assesses whether there has been a significant increase in credit risk or the asset has become credit impaired since initial recognition. The Company applies following quantitative and qualitative criteria to assess whether there is significant increase in credit risk or the asset has been credit impaired :

(a) Historical trend of collection from counterparty

(b) Company''s contractual rights with respect to recovery of dues from counterparty

(c) Credit rating of counterparty and any relevant information available in public domain

ECL is a probability weighted estimate of credit losses. It is measured as the present value of cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with contract and the cash flows that the Company expects to receive). The Company has following types of financial assets that are subject to the expected credit loss:

(a) Cash and cash equivalents

(b) Bank balance other than (a) above

(c) Loans

(d) Trade receivables

(e) Investment in Unquoted securities

(f) Other financial assets

After applying above criteria, Management has decided to make minimum ECL provision on Loans as the provisioning rates as per RBI prudential norms unless higher provisioning is required as per above criteria.

2. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

The Company''s principal sources of liquidity are cash and cash equivalents, investment in mutual fund / other securities which are short term in natures and the cash flow that is generated from operations. In case of any shortfall, company avails revolving loan facilities from its Group Companies and other NBFC''S & Sale of listed equity shares.

As at 31^st March, 2024, the Company had a cash and cash equivalents of Rs 259.86 lakhs and As at 31^st March, 2023, the Company had a cash and cash equivalents of Rs 12.81 lakhs. Value of listed equity shares as on 3tft March, 2024 is Rs 25,784.23 lakhs and as on 3tft March, 2023 is Rs 15,048.52 lakhs. Value of Mutual funds as on 3tft March, 2024 is Rs 5,663.39 lakhs and as on 3tft March,2023 is 4,147.70 lakhs.

Market risk is the risk that changes in market prices - such as interest rates, security prices and commodity prices etc- will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including payables and debt. Company''s market risk is primary related to its investments in securities. Thus, Company''s exposure to market risk is a function of investing activities and revenue generating and operating activities. The objective of market risk management is to mitigate market risk by diversification. The company''s activities exposes it primarily to currency risk, equity price risk and interest rate risk.

a. Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments/liabilities because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates. The Company do have following financial instruments bearing interest rate risk as on 31^st March, 2024 and 31^st March, 2023.

The Company mitigate the risk by adopting funding strategies to ensure diversified resource-raising options to minimize cost and maximize stability of funds.

Price risk is related to the change in market reference price of the instruments in quoted and unquoted securities. The fair value of some of the Company''s investments and derivative instruments exposes to company to price risks. The majority of the Company''s investments are listed on the BSE Limited and the National Stock Exchange of India Limited (NSE) in India. To manage its price risk arising from investment in securities, the Company diversifies its portfolio.

4. Currency risk

The Company''s primary business activities are within India and does not have any direct exposure in foreign currency except indirect currency risk associated with its investee companies.

Fair value hierarchy:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

(a) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This included

listed equity instruments, traded debentures and mutual funds that have quoted price. The fair value of all equity

instruments (including debentures) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV as published on Association of Mutual Funds of India

(amfi).

(b) Level 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded bonds/debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation techniques. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

(c) Level 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included in level 3.

Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

Valuation technique used to determine fair value

1. Closing NAV Statement from Mutual fund is used to determine fair value of unquoted Mutual Fund, if any.

2. Fair values of quoted investments held for trading and Investment purpose classified under FVTPL are valued using the closing price of NSE / BSE as at the reporting period, if any.

3. Fair values of quoted investments routed through FVTOCI are valued using the closing price of NSE / BSE as at the reporting period, if any.

4. Fair values of quoted investments, covered in Level 2, are further adjusted on account cross holding within group of companies. Fair value of unquoted investments, covered in Level 2, are derived from transaction in said securities between unrelated parties in the month of March 2024. Valuation of AIF is done based on NAV report provided by respective AIF''s.

5. For unlisted group companies investments, for which latest consolidated audited balance sheet are available are classified under level 3. Accordingly, their fair value can be derived from the latest Consolidated audited balance sheet by applying below formula: "(Share capital other equity - prepaid expenses) / no of equity shares = value per share."

No of equity shares in above formula has been derived after reducing cross holding effect (if any).

Valuation techniques :Short-term financial assets and liabilities

For financial assets and financial liabilities that have a short-term maturity (less than twelve months), the carrying amounts, which are net of impairment, are a reasonable approximation of their fair value. Such instruments include: cash and cash equivalents, trade receivables, and trade payables etc . Such instruments have been classified as Level 1 / Level 3.

d. Inter level transfers:

There are no inter level transfers made during the year.

Note 37: Capital Management (Ind AS 1)

For the purpose of the Company''s capital management, capital includes issued capital and other equity reserves attributable to the equity shareholders of the Company. The primary objective of the company, when managing capital, is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure, so as to maximize shareholders''value. As at 31^st March, 2024, the Company has only one class of equity shares and Borrowings (other than debt securities).ln order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution as dividend or reinvestments into business based on its long term financial plans.

The Company is subject to the capital adequacy requirements of the Reserve Bank of India (RBI). Under RBI''s capital adequacy guidelines, the Company is required to maintain a capital adequacy ratio consisting of Tier I and Tier II Capital. The minimum capital ratio as prescribed by RBI guidelines and applicable to the Company, consisting of Tier I and Tier II capital, shall not be less than 15 percent of its aggregate risk weighted assets on-balance sheet and of risk adjusted value of off-balance sheet. The Tier I capital, at any point of time, shall not be less than 10%.

"Tier I Capital" means owned fund as reduced by investment in shares of other non-banking financial companies and in shares, debentures, bonds, outstanding loans and advances including hire purchase and lease finance made to and deposits with subsidiaries and companies in the same group exceeding, in aggregate, ten per cent of the owned fund.

"Owned Fund" means paid up equity capital, preference shares which are compulsorily convertible into equity, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding reserves created by revaluation of asset, as reduced by accumulated loss balance, book value of intangible assets and deferred revenue expenditure, if any

"Tier II capital" includes the following:

(a) Preference shares other than those which are compulsorily convertible into equity;

(b) Revaluation reserves at discounted rate of fifty five percent;

(c) General provisions (including that for Standard Assets) and loss reserves to the extent these are not attributable to actual diminution in value or identifiable potential loss in any specific asset and are available to meet unexpected losses, to the extent of one and one fourth percent of risk weighted assets.

(d) Hybrid debt capital instruments; and

(e) Subordinated debt to he extent the aggregate does not exceed Tier I capital.

Aggregate Risk Weighted Assets -

Under RBI Guidelines, degrees of credit risk expressed as percentage weightages have been assigned to each of the on-balance sheet assets and off- balance sheet assets. Hence, the value of each of the on-balance sheet assets and off- balance sheet assets requires to be multiplied by the relevant risk weights to arrive at risk adjusted value of assets. The aggregate shall be taken into account for reckoning the minimum capital ratio."

Note 39: Segment Reporting (Ind AS 108)

The Company is engaged primarily in the business of "Investments, trading in shares and securities & Lending Activities" and accordingly no reportable operating or geographical segment as per Ind AS 108 "Operating Segments", specified under Section 133 of the Companies Act, 2013.

Note 40: Distribution made and proposed

The Company has not distributed or not proposed any dividend during the year.

Note 41: Transferred financial assets that are derecognised in the entirety but where the Company has continuing involvement.

The company has not transferred any assets that are derecognised in their entirety where the company continues to have continuing involvement.

Note 42 : Disclosure as per Regulation 34 (3) & 53 (f) of Securities and Exchange Board Of India (Listing Obligation and Disclosure Requirement) Regulation, 2015

Loans and advances (including interest accrued and due) in the nature of loans to subsidiaries, associates, firms/companies in which directors are interested :

Note 44: Balance Confirmation:

Trade receivables, Trade payables, Loans and advances and Borrowings are subject to confirmation which have been relied upon by the auditors.

Note 45: During F.Y. 2004-05, Company has kept Rs. 100.70 lakhs in Escrow account in fixed deposit in the name of Gulbrandsen Catalyst Private Limited previously known as ''Arcil'' with Calyon Bank, Nariman Point Branch for any demands of stamp duty, penalties and liabilities that may arise on the scheme of arrangement as approved by the High Court of Judicature at Mumbai in terms of which company has transferred its Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem Private Limited. The present value of the fixed deposit as on 31^st March 2024 is Rs. 256.14 lakhs. Since the fixed deposit is in the name of Gulbrandsen Catalyst Private Limited no income on same is accounted for by the Company. Only in the event of a favourable outcome from the apex court in favour of the company, proceeds of fixed deposit will be received, the Company will account for interest income.

Note 46: Employee Benefits

Retirement benefits in the form of provident fund under the Employees Provident Fund (Misc. Provisions) Act, 1952 and gratuity under the Payment of Gratuity Act, 1972 are not applicable to the Company as the total number of employees are below the minimum required number of employees as specified in respective acts. However on the prudent basis the company has made provision for gratuity based on number of years of service of employees who are employed with the company for 5 Years or more. The expected costs of other long-term employee benefits such as accumulated leaves are accrued over the period of employment and same has been provided based on accrual basis at year end. The Code on Social Security, 2020 (the Code) has been enacted, which would not impact to the company.

Note 47: Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

Note 48: There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the Balance sheet date.

Note 49: There were no whistle blower complaints received by the Company during the financial year ended March 31, 2024 and March 31, 2023.

Note 50: Amounts less than Rs 500 have been shown as "0.00".

4. Details of Benami Property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

5. Borrowings from banks or financial institutions on the basis of security of current assets

During the year, The company has borrowed funds from Financial Institutions against pledged of shares / securities which are part of Investments and stock in trade. However there is no requirement to file quarterly returns or statements.

6. Wilful Defaulter

The Company has not been declared a Wilful Defaulters by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

7. Relationship with Struck off Companies

The Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013 during the year ended 31st March 2024 and 31st March 2023. Such disclosure has been given on the basis of relevant information compiled by the Company on best effort basis.

8. Registration of charges or satisfaction with Registrar of Companies (ROC)

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

9. Compliance with number of layers of companies

The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

11. Compliance with approved Scheme(s) of Arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year..

12. Utilisation of Borrowed funds and share premium

(A) During the year, the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries); or

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

(B) During the year, the Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or

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

13. Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of accounts.

14. Details of Crypto Currency or Virtual Currency

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

Note 53: The disclosures as required by the NBFC Master Directions and Disclosures in Financial Statements- Notes to Accounts of NBFCs as issued by RBI.53.1 Summary of Significant Accounting Policies

The summary of Significant Accounting Policies is disclosed in Note No.1 & 2 to the Financial Statements.

53.4 Derivatives

Forward Rate Agreement / Interest Rate Swap:

The Company has not entered into any Forward Rate Agreement / Interest Rate Swap transactions during the current financial year and in the previous financial year. Hence disclosures relating to Forward Rate Agreement / Interest Rate Swap are not applicable.

Exchange Traded Interest Rate (IR) Derivatives :

The Company has not entered into any Exchange Traded Interest Rate (IR) Derivatives transactions during the current financial year and in the previous financial year. Hence disclosures relating to Exchange Traded Interest Rate (IR) Derivatives are not applicable.

Disclosures on Risk Exposure in Derivatives :

The Company has not entered into any Currency Derivatives transactions during the current financial year and in the previous financial year. However, the company has entered into equity /index Futures and Options contracts during the current as well as previous financial year. The Mark to Market Gains or losses have been recognized and shown under the head "Net Gain on fair value changes" in note no. 24 to the Standalone financial statements.

53.6.5 Unhedged foreign currency exposure

The company does not have unhedged foreign currency exposure risk.

53.6.6 Details of financing of parent company products

The Company does not have parent Company. Hence this clause is not applicable.

53.6.7 Details of Single Borrower Limit (SGL)/ Group Borrower Limit (GBL) exceeded by the NBFC

The Company has not exceed Single Borrower Limit (SGL)/ Group Borrower (GBL) Limit as prescribed RBI in prudential norms.

Disclosure of Penalties imposed by RBI and other regulators

No penalties have been imposed by RBI and any other regulator.

Breach of covenant

There were no instances of default or breaches of covenant in respect of loan availed issued during the financial years ended March 31, 2024 and March 31, 2023.

Divergence in Asset Classification and Provisioning

The RBI has neither assessed any additional provisioning requirements in excess of 5 percent of the reported profits before tax and impairment loss on financial instruments for the financial year ended March 31, 2024, nor identified any additional Gross NPAs in excess of 5% of the reported Gross NPAs for the said period.

Ratings assigned by credit rating agencies and migration of ratings during the year

Not Applicable.

Remuneration of Directors

The Company has not paid any remuneration to any director of the Company except director''s sitting fees of Rs 0.66 lakhs (previous year Rs. 0.67 lakhs) paid to independent directors.

Management

Management Discussion and Analysis Report is been incorporated in the Directors Report.

Net Profit or Loss for the period, prior period items and changes in accounting policies

There are no prior period items or change in accounting policy. Accordingly there is no impact on profit / loss of the Company.

Revenue Recognition

The company has not postponed recognition of revenue on account of any pending resolution of significant uncertainties. Indian Accounting Standard 110 -Consolidated Financial Statements (CFS)

The Company has presented the Consolidated Financial Statement as per the guidelines & clarification provided by ICAI.

53.8.2 Drawn down from Reserves

The Company has not made any draw down from reserves during the current and previous year.

53.8.3 Concentration of Deposits, Advances, Exposures and NPAs

1. Concentration of Deposits (for deposit taking NBFCs)

As the Company is a non-deposit taking NBFC, details as required under this clause is not applicable.

3. Concentration of NPAs

The Company does not have any Non-Performing Assets.

4. Sector-wise NPAs

The Company does not have any Non-Performing Assets.

53.8.4 Movement of NPAs

The Company does not have any Non-Performing Assets, details as required under this clause is not applicable.

53.8.5 Overseas Assets

The Company does not have any overseas Assets nor have made any Investments in any Overseas Joint venture or Overseas Subsidiary.

53.8.6 Off-balance Sheet SPVs sponsored

The Company does not have any off balance sheet SPVs sponsored.

i) Other short term liabilities includes all liability except principal amount borrowings, provisions & deferred tax liabilities.

ii) Company has not issued any Commercial papers and Non-convertible debentures during FY 2023-24 and FY 2022-23.

Note : Borrowing for the purpose of above disclosure means only principal amount & does not include accrued interest.

vi) Institutional Set-up for Liquidity Risk Management

The Company''s risk management function is carried out by the Risk Management Committee. Risk Management committee evaluates financial risks and the appropriate governance framework for the Company. The Risk Management Committee provides assurance to the Board that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

Note 55: The disclosures as required by the Master Direction-Monitoring of frauds in NBFCs issued by RBI dated 29^th September 2016.

There was no case of fraud reported during the FY 2023-24 and FY 2022-23 .

Note 56: During the year, the Company has not reclassified / restructured any loan given to parties. Therefore the disclosures required as per below circulars issued by Reserve Bank of India (RBI) are not required.

1. Disclosures pursuant to RBI Notification-RBI/2019-20/220 DOR.No.BP.BC.63/21.04.048/2019-20 dated 17^th April, 2020.

2. Disclosure pursuant to RBI Notification-RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 6^th August 2020.

3. Disclosure pursuant to RBI Notification -RBI/2020-21/17 DOR.No.BP.BC/4/21.04.048/2020-21 dated 6^th August 2020.

4. Disclosure pursuant to RBI Notification -RBI/2021-22/31 DOR.STR.REC.i1/21.04.048/2021-22 dated 5^th May, 2021.

Note 57: Disclosure pursuant to RBI Notification - RBI/DOR/2021-22/86/DOR.STR.REC.51/21.04.048 /2021-22 dated 24 September 2021 ''Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021'' are not applicable as there is no transfer of loan during the year 2023-24.

Note 58: Company has not issued any Perpetual Debt Instruments (PDI).

Notes

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

2 Provisioning norms shall be applicable as prescribed in Master Direction - Reserve Bank of India (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023 as amended.

3 All accounting standards and guidance notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

4 Investments given under Note 7 of Standalone Financial Statements includes Long term investments & Current Investments.

5 Current Investment in NBFC Report includes "Stock in trade (Securities held for trading) (Note-8)" of the Standalone Financial Statements.

6 The amounts mentioned in above RBI disclosure are as per Indian Accounting Standard.

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Mar 31, 2023

1. The company has used the borrowings from financial institutions for the specific purpose for which it was taken at the balance sheet date.

2. During the financial year 2022-23 ,the company has taken secured loan from Barclays Investments and Loans Private Limited. This secured loan is taken against pledge of shares/securities of companies forming part of investments. Further the Promoter have also pledge shares of various companies held by them against the short term loan taken.

3. Nature of Security

Term loans as well as loan repayable on demand from financial institutions are secured by way of pledge of shares /securities.

4. Terms of Repayment as at March 31, 2023

Rights of Equity Shareholders

The Company has only one class of equity shares. The shareholders are entitled to one vote per share, dividend, as and when declared by the Board of directors and approved by shareholders and residual assets, if any, after payment of all liabilities, in the event of liquidation of the Company.

*On April 28, 2021, the Company had allotted 29,000 Equity shares @ Rs 3665 per share (Including Premium of Rs 3655) on preferential basis to total 4 allottees of which two were Promoter group entities & remaining two were Public entities. The Company had received total amount of Rs 1062.85 lakhs by way of this preferential issue.

The details of Aggregate number of equity shares issued for the period of five years immediately preceding the reporting date

(i) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash. - Nil

(ii) Aggregate number and class of shares allotted as fully paid up by way of bonus shares - Nil

(iii) Aggregate number and class of shares bought back - Nil

Capital management for the Company''s objectives, policies and processes for managing capital - Refer Note 35

Nature and Purpose of other equitya) Capital Redemption Reserve

It represents the reserve which is created on buy back of equity shares made out of free reserve. The redemption value equivalent to the nominal value of shares so purchased is transferred to this reserve out of profit of the company. This reserve can be utilised for issuing fully paid-up bonus shares..

b) Statutory Reserve under Sec 45 IC of The RBI Act, 1934

Every year the Company transfers a sum of not less than twenty per cent of net profit of that year as disclosed in the statement of profit and loss to its Statutory Reserve pursuant to Section 45-IC of the RBI Act, 1934..

The conditions and restrictions for distribution attached to statutory reserve as specified in Section 45-IC(1) in The Reserve Bank of India Act, 1934:

1. Every non-banking financial company (NBFC) shall create a reserve fund and transfer therein a sum not less than twenty per cent of its net profit every year as disclosed in the profit and loss account and before any dividend is declared.

2. No appropriation of any sum from the statutory reserve fund shall be made by the NBFC except for the purpose as may be specified by the RBI from time to time and every such appropriation shall be reported to the RBI within twenty-one days from the date of such withdrawal

Provided that the RBI may, in any particular case and for sufficient cause being shown, extend the period of twenty one days by such further period as it thinks fit or condone any delay in making such report.

3. Notwithstanding anything contained in sub-section (1), the Central Government may, on the recommendation of the RBI and having regard to the adequacy of the paid-up capital and reserves of a NBFC in relation to its deposit liabilities, declare by order in writing that the provisions of sub-section (1) shall not be applicable to the NBFC for such period as may be specified in the order.

Provided that no such order shall be made unless the amount in the reserve fund under sub-section (1) together with the amount in the share premium account is not less than the paid-up capital of the NBFC.

c) General Reserve

Amounts set aside from retained earning as a reserve to be utilised for permissible general purpose as per applicable Law.

d) Retained Earnings

Retained earnings represents profits that the company earned till date including impact of changes in fair value of investments which are classified as FVTPL category, realised profit/(loss) on derecognition of equity shares classified as FVTOCI, less any transfers to General reserve, Statutory reserve, Dividends and other distributions paid to the shareholders.

e) Capital Reserve

Capital reserve represents reserve created pursuant to the business combination.

f) Securities Premium

Securities Premium reserve represents premium received on equity shares issued, which can be utilised only in accordance with the provisions of the Companies Act, 2013 for specified purposes.

g) Other comprehensive income on equity securities

The Company has elected to recognise changes in the fair value of certain investments in equity shares in other comprehensive income. These changes are accumulated in the Other comprehensive income-equity investments reserve. The Company transfers amounts (net of tax) from this reserve to retained earnings when the relevant equity shares are derecognised.

The evaluation of uncertain tax positions involves an interpretation of relevant tax laws which could be subject to challenge by the tax authorities and an assessment of whether the tax authorities will accept the position taken. The Company does not currently consider that assumptions or judgements made in assessing tax liabilities have a significant risk resulting in a material adjustment within the next financial year. (Refer note 30)

Note 30 : Contingent Liabilities and Commitments :

A. Contingent Liabilities

Aroni Commercials Limited (transferor company) was Amalgamated with Saraswati Commercial (India) Limited (transferee company) vide NCLT order dated 16^th March, 2017. Hence all the contingent liabilities of Aroni commercials limited have been considered as contingent liability of Saraswati Commercial (India) Limited.

1. During F.Y. 2004-05, The Aroni Commercials Limited had kept Rs 100.70 lakhs in Escrow account with Calyon Bank, Nariman Point Branch for any demands of stamp duty, penalties and liabilities that may arise on the scheme of arrangement as approved by the High Court of Judicature at Mumbai in terms of which company has transferred its Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem Private Limited under Section 391 to Section 394 of the companies Act, 1956. On 1^st October,2012,The High court of Indore (Single Judge) has given decision in favour of the Company. Revenue had filed an writ appeal against the said order with the Hon''ble The High court of M.P., Indore. (Double Judge), wherein order dated 26th September, 2014 states that the appeal be listed for final hearing in due course.

2. NEPC India Limited had instituted a suit against the Aroni Commercials Limited in the court of II FAST TRACK JUDGE Madras for deferment of payment to the NEPC India Limited the,sum of Rs 20.47 lakhs together with interest at 24% p.a on Rs 10.53 lakhs Vide order dated 13th February, 2012, court has given decision in favour of NEPC India limited. In the result the suit is decreed in favour of NEPC India Limited for Rs 10.53 lakhs, with interest at the rate of 12% p.a. from august 1998 till realisation, with costs. Aroni commercials limited has filed an appeal with the High court of Madras against the said order.

4. Guarantee:

During the year the company has pledged some of its shares from investments with NBFC''s on behalf of its group company "Urudavan Investment & Trading Private Limited ("Urudavan"). The Urudavan has availed short term Loans against said pledged shares. The Contingent liability for the same is Nil. (Previous year Rs 273.21 lakhs).

B. Capital Commitments

1. The Company holds 5,89,248 (Previous year 1,648) partly paid equity shares of Bharti Airtel Limited as an investment as on 31^st March, 2023. The uncalled liability of these partly paid shares is 2364.36 lakhs at Rs 401.25 per share (Previous year 6.61 lakhs). Said investment is measured at fair value through profit or loss.

2. The company has given total commitment of Rs 1,000 lakhs to Sixth Sense India Opportunities III (Category II AIF). Out of said commitment, fund has raised demand of Rs 850 lakhs & same has been paid by company. Balance uncalled capital commitment in Sixth Sense India Opportunities III as on balance sheet date is Rs 150 lakhs. (Previous year 450 lakhs).

3. The company has given total commitment of Rs 7,500 lakhs to Anchorage Capital Scheme I (Category II AIF). Out of said commitment, fund has raised demand of Rs 1,508 lakhs and balance uncalled capital commitment in Anchorage Capital Scheme I as on balance sheet date is Rs 5,992 lakhs (Previous year Nil).

Note 31: Earnings Per share (EPS)

In accordance with the Indian Accounting Standard (Ind AS) 33 on ''Earnings Per Share'':

Basic Earnings Per Share (EPS) is calculated in accordance with Ind AS 33 ''Earnings Per Share'' by dividing the net profit for the year attributable to equity holders of Company by the weighted average number of equity shares outstanding during the year.

Diluted EPS (DPS) is calculated by dividing the net profit attributable to equity holders of Company (after adjusting any items related to dilutive potential ordinary shares, net of tax) by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary equity shares of the company.

1 Name of the related party and nature of the related party relationship where control exists, if any, have been disclosed irrespective of whether or not there have been transactions between the related parties. In other cases, disclosure has been made only when there have been transactions with those parties.

2 Related parties as defined under para 9 of Ind AS 24 ''Related Party Disclosures'' have been identified based on representations made by key managerial personnel and information available with the Company.

3 Figures of Income /expenses are presented excluding GST (if any).

4 Amount of Trade payable and Trade receivable represents gross value of securities purchased & sold through Four Dimensions Securities (India) Limited being Share broker through whom trade was executed, which includes brokerage payable to Four Dimensions Securities (India) Limited for availing its broking services.

Note 34 : Financial Instruments A Financial Risk Management (Ind AS 107)

The Company has operations in India. Whilst risk is inherent in the Company''s activities, it is managed through a risk management framework, including ongoing identification, measurement and monitoring subject to risk limits and other controls. The Company''s activities expose it to credit risk, liquidity risk and market risk.

This note explains the sources of risk which the Company is exposed to and how the entity manages the risk. The Company has exposure to the following risks arising from financial instruments:

• Credit risk

• Liquidity risk

• Market risk (including Interest rate risk & Price risk)

• Currency risk

Risk management framework

Risk management forms an integral part of the business. The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors are responsible for developing and monitoring the Company''s risk management policies. The Company''s Risk Management committee reports regularly to the board of directors on its activities.

The Company''s risk management policies 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.

1. Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. Credit risk arises primarily from financial assets such as trade receivables, investments, other balances with banks, loans and other receivables.

The Company has adopted a Policy of dealing with counter parties that have sufficiently high credit rating. The Company''s exposure and credit ratings of its counter parties are continuously monitored. Credit risk arising from trade receivables are reviewed periodically and based on past experience and history. Management is confident of recovering all the dues. Credit risk arises from balances with banks is limited. The counter parties are bank with high credit ratings assigned by the credit rating agencies.

Trade receivables and other receivables

Exposures of trade receivables are reviewed at the end of each reporting period by the Company to determine expected credit losses. Historical trends of collection from counterparties on timely basis reflects low level of credit risk. Company''s credit period with respect to receivables ranges from 1 to 5 days. However, company has created impairment wherever required.

Investment in various instruments

Credit risk on investment in debt instruments is limited as company generally invests in debt instruments like mutual funds, preference shares with high credit ratings assigned by international and domestic credit rating agencies.

Loans

The Company considers default in all cases when the borrower becomes 90 days past due on its contractual payments. All the loans are classified under Stage 1 loan i.e. Performing Standard Assets as per RBI prudential norm.

Expected Credit Loss (ECL) on Financial Assets

The Company continuously monitors all financial assets subject to ECLs. In order to determine whether an instrument is subject to 12 month ECL (12m ECL) or life time ECL (LTECL), the Company assesses whether there has been a significant increase in credit risk or the asset has become credit impaired since initial recognition. The Company applies following quantitative and qualitative criteria to assess whether there is significant increase in credit risk or the asset has been credit impaired:

(a) Historical trend of collection from counterparty

(b) Company''s contractual rights with respect to recovery of dues from counterparty

(c) Credit rating of counterparty and any relevant information available in public domain

ECL is a probability weighted estimate of credit losses. It is measured as the present value of cash shortfalls (i.e. the difference between the cash flows due to the Company in accordance with contract and the cash flows that the Company expects to receive). The Company has following types of financial assets that are subject to the expected credit loss:

(a) Cash and cash equivalents

(b) Bank balance other than (a) above

(c) Loans

(d) Trade receivables

(e) Investment in Unquoted securities

(f) Other financial assets

After applying above criteria, Management has decided to make minimum ECL provision as the provisioning rates as per RBI prudential norms unless higher provisioning is required as per above criteria.

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

The Company''s principal sources of liquidity are cash and cash equivalents, investment in mutual fund / other listed securities which are short term in natures and the cash flow that is generated from operations. In case of any shortfall, company avails revolving loan facilities from its Group Companies and other NBFC''S & Sale of listed equity shares.

As at 31^st March, 2023, the Company had a cash and cash equivalents of Rs 12.81 lakhs and As at 31^st March, 2022, the Company had a cash and cash equivalents of Rs 183.43 lakhs. Value of listed equity shares as on 31^st March, 2023 is Rs 15,048.52 lakhs and as on 31^st March, 2022 is Rs 14,530.15 lakhs.

Market risk is the risk that changes in market prices such as interest rates, security prices and commodity prices will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including payables and debt. Company''s market risk is primary related to its investments in securities. Thus, Company''s exposure to market risk is a function of investing activities and revenue generating and operating activities. The objective of market risk management is to mitigate market risk by diversification.The company''s activities exposes it primarily to currency risk, equity price risk and interest rate risk.

a. Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates. The Company do have following financial instruments bearing interest rate risk as on 31^st March, 2023 and 31^st March, 2022.

The Company mitigate the risk by adopts funding strategies to ensure diversified resource-raising options to minimize cost and maximize stability of funds.

Sensitivity Analysis

The table below sets out the effect on statement of profit and loss due to reasonable possible weakening / strengthening on Interest rates

Price risk

Price risk is related to the change in market reference price of the instruments in quoted and unquoted securities. The fair value of some of the Company''s investments and derivative instruments exposes to company to price risks. The majority of the Company''s investments are listed on the BSE Limited and the National Stock Exchange of India Limited (NSE) in India. To manage its price risk arising from investment in securities, the Company diversifies its portfolio.

Fair value hierarchy:

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

(a) Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in an active market. This included listed equity instruments, traded debentures and mutual funds that have quoted price. The fair value of all equity instruments (including debentures) which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV as published on Association of Mutual Funds of India (AMFI).

(b) Level 2: Level 2 hierarchy includes financial instruments that are not traded in an active market (for example, traded bonds/ debentures, over the counter derivatives). The fair value in this hierarchy is determined using valuation techniques. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

(c) Level 3: If one or more of the significant Inputs is not based on observable market data, the instrument is included in level 3. Fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. Financial instruments such as unlisted equity shares, loans are included in this hierarchy.

Valuation technique used to determine fair value

1. Closing NAV Statement from Mutual fund is used to determine fair value of unquoted Mutual Fund, if any.

2. Fair values of quoted investments held for trading and Investment purpose classified under FVTPL are valued using the closing price of NSE / BSE as at the reporting period, if any.

3. Fair values of quoted investments routed through FVOCI are valued using the closing price of NSE / BSE as at the reporting period, if any.

4. Fair values of quoted investments, covered in Level 2, are further adjusted on account cross holding within group of companies. Fair value of unquoted investments, covered in Level 2, are derived from transaction in said securities between unrelated parties in the month of March 2023. Valuation of AIF is done based on NAV report provided by respective AIF''s.

5. For unlisted group companies investments, for which latest consolidated audited balance sheet are available are classified under level 3. Accordingly, their fair value can be derived from the latest Consolidated audited balance sheet by applying below formula: "(Share capital other equity - prepaid expenses) / no of equity shares = value per share."

No of equity shares in above formula has been derived after reducing cross holding effect (if any).

Valuation techniques :Short-term financial assets and liabilities

For financial assets and financial liabilities that have a short-term maturity (less than twelve months), the carrying amounts, which are net of impairment, are a reasonable approximation of their fair value. Such instruments include: cash and cash equivalents, trade receivables, and trade payables etc. Such instruments have been classified as Level 1 / Level 3.

d. Inter level transfers:

There are no inter level transfers made during the year except investment in preference shares of Altigreen Propulsion Labs Private Limited which have been transferred from Level 3 to Level 2 as the fair value for the same is now derived from valuation reports provided by AIF, accordingly corresponding figures have been regrouped as required.

Note 35: Capital Management (Ind AS 1)

For the purpose of the Company''s capital management, capital includes issued capital and other equity reserves attributable to the equity shareholders of the Company. The primary objective of the company, when managing capital, is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure, so as to maximize shareholders''value. As at 31^st March, 2023, the Company has only one class of equity shares and Borrowings (other than debt securities). In order to maintain or achieve an optimal capital structure, the Company allocates its capital for distribution as dividend or reinvestments into business based on its long term financial plans..

The Company is subject to the capital adequacy requirements of the Reserve Bank of India (RBI). Under RBI''s capital adequacy guidelines, the Company is required to maintain a capital adequacy ratio consisting of Tier I and Tier II Capital. The minimum capital ratio as prescribed by RBI guidelines and applicable to the Company, consisting of Tier I and Tier II capital, shall not be less than 15 percent of its aggregate risk weighted assets on-balance sheet and of risk adjusted value of off-balance sheet. The Tier I capital, at any point of time, shall not be less than 10%.

"Tier I Capital" means owned fund as reduced by investment in shares of other non-banking financial companies and in shares, debentures, bonds, outstanding loans and advances including hire purchase and lease finance made to and deposits with subsidiaries and companies in the same group exceeding, in aggregate, ten per cent of the owned fund.

"Owned Fund" means paid up equity capital, preference shares which are compulsorily convertible into equity, free reserves, balance in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding reserves created by revaluation of asset, as reduced by accumulated loss balance, book value of intangible assets and deferred revenue expenditure, if any

"Tier II capital" includes the following:

(a) Preference shares other than those which are compulsorily convertible into equity;

(b) Revaluation reserves at discounted rate of fifty five percent;

(c) General provisions (including that for Standard Assets) and loss reserves to the extent these are not attributable to actual diminution in value or identifiable potential loss in any specific asset and are available to meet unexpected losses, to the extent of one and one fourth percent of risk weighted assets.

(d) Hybrid debt capital instruments; and

(e) Subordinated debt to he extent the aggregate does not exceed Tier I capital.

Aggregate Risk Weighted Assets -

Under RBI Guidelines, degrees of credit risk expressed as percentage weightages have been assigned to each of the on-balance sheet assets and off- balance sheet assets. Hence, the value of each of the on-balance sheet assets and off- balance sheet assets requires to be multiplied by the relevant risk weights to arrive at risk adjusted value of assets. The aggregate shall be taken into account for reckoning the minimum capital ratio."

Note 37: Segment Reporting (Ind AS 108)

The Company is engaged primarily in the business of "Investments, trading in shares and securities & Lending Activities" and accordingly no reportable operating or geographical segment as per Ind AS 108 "Operating Segments", specified under Section 133 of the Companies Act, 2013.

Note 38: Distribution made and proposed

The Company has not distributed or not proposed any dividend during the year.

Note 39: Transferred financial assets that are derecognised in the entirety but where the Company has continuing involvement.

The company has not transferred any assets that are derecognised in their entirety where the company continues to have continuing involvement.

Note 40 : Disclosure as per Regulation 34 (3) & 53 (f) of Securities and Exchange Board Of India (Listing Obligation and Disclosure Requirement) Regulation, 2015

Loans and advances (including interest accrued and due) in the nature of loans to subsidiaries, associates, firms/companies in which directors are interested :

Note 42: Balance Confirmation:

Trade receivables, Trade payables, Loans and advances and Borrowings are subject to confirmation which have been relied upon by the auditors.

Note 43 Fixed deposits with bank of Rs. 3.76 lakhs includes fixed deposit of Rs. 3.09 lakhs in the name of District and Sessions Judge, Ujjain deposited as guarantee money. However, the entire amount of Rs. 3.76 lakhs is subject to reconciliation and confirmation from the respective banks and authorities. The Fixed Deposit of Rs. 3.09 lakhs was renewed in August 2003 having maturity in June 2006 with a maturity value Rs. 4.85 lakhs. Since the status of the case is pending & there is no communication of renewal of Fixed Deposit post June 2006. Considering this fact, the company has not accounted for any interest income on the said fixed deposit.

Note 44: During F.Y. 2004-05, Company has kept Rs. 100.70 lakhs in Escrow account in fixed deposit in the name of Gulbrandsen Catalyst Private Limited previously known as ''Arcil'' with Calyon Bank, Nariman Point Branch for any demands of stamp duty, penalties and liabilities that may arise on the scheme of arrangement as approved by the High Court of Judicature at Mumbai in terms of which company has transferred its Aluminium Chloride undertaking and wind mill undertaking to Nagda Orgo Chem Private Limited. The present value of the fixed deposit as on 31^st March 2023 is Rs. 246.68 lakhs. Since the fixed deposit is in the name of Gulbrandsen Catalyst Private Limited no income on same is accounted for by the Company. Only in the event of a favourable outcome from the apex court in favour of the company, proceeds of fixed deposit will be received, the Company will account for interest income.

Note 45: Employee Benefits

Retirement benefits in the form of provident fund under the Employees Provident Fund (Misc. Provisions) Act, 1952 and gratuity under the Payment of Gratuity Act, 1972 are not applicable to the Company as the total number of employees are below the minimum required number of employees as specified in respective acts.

The expected costs of other long-term employee benefits such as accumulated leaves are accrued over the period of employment and same has been provided based on accrual basis at year end.The Code on Social Security, 2020 (the Code) has been enacted, which would not impact to the company.

Note 46 : Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

Note 47 . There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the Balance sheet date.

Note 48. There were no whistle blower complaints received by the Company during the financial year ended March 31, 2023 and March 31, 2022.

Note 49. Amounts less than Rs 500 have been shown as "0.00".

2. Valuation of property, plant and equipment

The Company has not revalued its property, plant and equipment during the current or previous year.

3. loans or advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under the Companies Act, 2013), either severally or jointly with any other person that are

4. Details of Benami Property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

5. Borrowings from banks or financial institutions on the basis of security of current assets

During the year, The company has borrowed funds from Financial Institutions against pledged of shares / securities which are part of Investments and stock in trade. However there is no requirement to file quarterly returns or statements.

6. Wilful Defaulter

The Company has not been declared a Wilful Defaulters by any bank or financial institution (as defined under the Companies Act, 2013) or consortium thereof in accordance with the guidelines on wilful defaulters issued by the RBI.

7. Relationship with Struck off Companies

The Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013 during the year ended 31^st March 2023 and 31^st March 2022. Such disclosure has been given on the basis of relevant information compiled by the Company on best effort basis.

8. Registration of charges or satisfaction with Registrar of Companies (ROC)

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

9. Compliance with number of layers of companies

The Company has complied with the requirements of the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

11. Compliance with approved Scheme(s) of Arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

12. Utilisation of Borrowed funds and share premium

(A) During the year, the Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries); or

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

(B) During the year, the Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or

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

13. Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of accounts.

14. Details of Crypto Currency or Virtual Currency

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

Note 52: The disclosures as required by the NBFC Master Directions and Disclosures in Financial Statements- Notes to Accounts of NBFCs as issued by RBI.

52.1 Summary of Significant Accounting Policies

The summary of Significant Accounting Policies is disclosed in Note No.1 & 2 to the Financial Statements.

52.4 Derivatives

Forward Rate Agreement / Interest Rate Swap:

The Company has not entered into any Forward Rate Agreement / Interest Rate Swap transactions during the current financial year and in the previous financial year. Hence disclosures relating to Forward Rate Agreement / Interest Rate Swap are not applicable.

Exchange Traded Interest Rate (IR) Derivatives :

The Company has not entered into any Exchange Traded Interest Rate (IR) Derivatives transactions during the current financial year and in the previous financial year. Hence disclosures relating to Exchange Traded Interest Rate (IR) Derivatives are not applicable.

Disclosures on Risk Exposure in Derivatives :

The Company has not entered into any Currency Derivatives transactions during the current financial year and in the previous financial year. However, the company has entered into equity /index Futures and Options contracts during the current as well as previous financial year. The Mark to Market Gains or losses have been recognized and shown under the head "Net Gain on fair value changes" in note no. 23 to the Standalone financial statements.

Divergence in Asset Classification and Provisioning

The RBI has neither assessed any additional provisioning requirements in excess of 5 percent of the reported profits before tax and impairment loss on financial instruments for the financial year ended March 31, 2022, nor identified any additional Gross NPAs in excess of 5% of the reported Gross NPAs for the said period.

Ratings assigned by credit rating agencies and migration of ratings during the year

Not Applicable.

Remuneration of Directors

The Company has not paid any remuneration to any director of the Company except director''s sitting fees of Rs 0.67 lakhs (previous year Rs. 0.61 lakhs) paid to independent directors.

Management

Management Discussion and Analysis Report is been incorporated in the Directors Report.

Net Profit or Loss for the period, prior period items and changes in accounting policies

There are no prior period items or change in accounting policy. Accordingly there is no impact on profit / loss of the Company.

Revenue Recognition

The company has not postponed recognition of revenue, except as given in the note no. 43, on account of any pending resolution of significant uncertainties.

Indian Accounting Standard 110 -Consolidated Financial Statements (CFS)

The Company has presented the Consolidated Financial Statement as per the guidelines & clarification provided by ICAI.

vi) Institutional Set-up for Liquidity Risk Management

The Company''s risk management function is carried out by the Risk Management Committee. Risk Management committee evaluates financial risks and the appropriate governance framework for the Company. The Risk Management Committee provides assurance to the Board that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.

Note 54 : The disclosures as required by the Master Direction-Monitoring of frauds in NBFCs issued by RBI dated 29^th September 2016.

There was no case of fraud reported during the year 2022-23 as well as 2021-22

Note 55: During the year, the Company has not reclassified / restructured any loan given to parties. Therefore the disclosures required as per below circulars issued by Reserve Bank of India (RBI) are not required.

1. Disclosures pursuant to RBI Notification-RBI/2019-20/220 DOR.No.BP.BC.63/21.04.048/2019-20 dated 17^th April, 2020.

2. Disclosure pursuant to RBI Notification-RBI/2020-21/16 DOR.No.BP.BC/3/21.04.048/2020-21 dated 6^th August 2020.

3. Disclosure pursuant to RBI Notification -RBI/2020-21/17 DOR.No.BP.BC/4/21.04.048/2020-21 dated 6^th August 2020.

4. Disclosure pursuant to RBI Notification -RBI/2021-22/31 DOR.STR.REC.11/21.04.048/2021-22 dated 5^th May, 2021.

Note 56 : Disclosure pursuant to RBI Notification - RBI/DOR/2021-22/86/DOR.STR.REC.51/21.04.048 /2021-22 dated 24 September 2021 ''Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021'' are not applicable as there is no transfer of loan during the year 2022-23.

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

2 Provisioning norms shall be applicable as prescribed in Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2016 as amended.

3 All accounting standards and guidance notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

4 Investments given under Note 7 of Standalone Financial Statements includes Long term investments & Current Investments.

5 Current Investment in NBFC Report includes "Stock in trade (Securities held for trading) (Note-8)" of the Standalone Financial Statements.

6 The amount mentioned in above RBI disclosure is as per Indian Accounting Standard.

^Includes Net Profit/(Loss) after taxation and other comprehensive income (net of tax).

# Company will consider its share of Income from associate in consolidation when its cumulative share of losses is lower than its carrying amount of Investment in Associate.

The following information shall be furnished:-

1. Names of Associates which are yet to commence operations:s Nil

2. Names of Associates which have been liquidated or sold during the year: Nil

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Mar 31, 2014

1 Corporate information

The Company is RBI Registered Non Banking Financial Company (Non Deposit taking) engaged in the business of investment and trading in shares and securities & Lending Activities.

For the year ended For the year ended Note Particulars 31 March, 2014 31 March, 2013

Rs Rs 1.1 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

Income Tax (AY. 2010-2011) 385884 385884

1.2 Trade Receivable, Loans and Advances and Unsecured Loans are subject to confirmation.

1.3 Employee Benefit Plans

A) As number of employees working in company are less than Ten, Gratuity provisions as per Accounting Standard 15 issued by Institute of Chartered Accountant of India does not apply to company .

B) The company has made provision for Leave Salary on the actual balance leaves of the emplyees at year end at the basic salary of the employees for the month of March 2014.

1.4 Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

Notes :

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

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 2007.

3. All accounting standards and guidance notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (4) above.

4 Current Investment in NBFC Report includes Stock in Trade of Shares Shown as "Inventories" in the Balance Sheet.

5 Long Term Investnent in NBFC Report includes Investment Shown in the Balance Sheet as "Non - Current Investment & Current Investment (being part of Non Current Investment maturing in One year from the date of Balance Sheet)"

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Mar 31, 2013

1 Corporate information

The Company is RBI Registered Non Banking Financial Company (Non Deposit taking) engaged in the business of investment in shares and securities & Lending Activities.

2.1 Stock in Trade of shares is valued at cost price instead of at scrip wise lower of cost or Net Realisable Value as per Accounting Standard 13 issued by the Institute of Chartered Accountants of India. Had it been valued at lower of cost or market value Profit for the year would have been lower by Rs. 144520.50 (Previous Year Rs. 144520.50) & stock in trade would have been lower by Rs. 1,44,520.50 (Previous Year Rs. 1,44,520.50)

2.2 Trade Receivable, Loans and Advances and Unsecured Loans are subject to confirmation.

2.3 Employee Benefit Plans

A)Gratuity Liability has not been provided for in accordance with Accounting Standard 15 issued by Institute of Chartered Accountant of India and unascertained.

B) The company has made provision for leave Salary on the actual balance leaves of the employees at year end at the basic salary of the employees for the month of March 2013.

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference.

2.4 Previous year''s figures

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2012

1 Corporate information

The Company is RBI Registered Non Banking Financial Company (Non Deposit taking) engaged in the business of investment in shares and securities & Lending Activities.

Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs.10. Each holder of equity shares is entitled to one vote per share.In the event of liquidation of the Company, the holder of equity shares will being entitled to receive any of the remaining assets of the company, after distribution of all preferential amount.

For the year ended For the year ended Note Particulars 31 March, 2012 31 March, 2011 Rs. Rs.

2.1 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

Income Tax (AY. 2010-2011) 385884 -

2.2 Expenditure in foreign currency NIL NIL

Earnings in foreign exchange NIL NIL

2.3 Stock in Trade of shares is valued at cost price instead of at scrip wise lower of cost or Net Realisable Value as per Accounting Standard 13 issued by the Institute of Chartered Accountants of India. Had it been valued at lower of cost or market value Profit for the year would have been lower by Rs. 144520.50 (Previous Year Rs. 144520.50) & stock in trade would have been lower by Rs. 1,44,520.50 (Previous Year Rs. 1,44,520.50)

2.4 Trade Receivable, Loans and Advances and Unsecured Loans are subject to confirmation.

2.5 Employee Benefit PlansGratuity Liability has not been provided for in accordance with Accounting Standard 15 issued by Institute of Chartered Accountant of India and unascertained. In the opinion of management, company is not liable to make provision of gratuity as on balance sheet date, none of the employees are associated with company for more than five year.

The Company has recognised deferred tax asset on unabsorbed depreciation to the extent of the corresponding deferred tax liability on the difference between the book balance and the written down value of fixed assets under Income Tax (or) The Company has recognised deferred tax asset on unabsorbed depreciation and brought forward business losses based on the Management's estimates of future profits.

2.6 Previous year's figures

The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

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Mar 31, 2011

1. Earning & Expenditure in Foreign Currency is Nil.

2. Related Party Information:

i) Relationships:

a) Key Management Personnel : - Shri Harisingh Shyamsukha - Director

- Shri Umaidmal Kala - Director

- Shri Anilkumar Rajan - Director

b) Individual owning directly ordirectly an : - Shri Ashwin Pannalal Kothari interest in the voting - Smt. Meena Kothari power that gives them control - Shri Rohit Kothari or significant influence.

c) Relative of individual in (b) above : - Niyati. P. Mehta

- Smt. Tejal Kothari

d) Associate Concerns : - Aroni Commercials Limited

- Arcies Laboratories Ltd.

- Antique Stock Broking Ltd

- Antique Finance Private Limited

- Antique Finsec Pvt Ltd

- Antique Wealth Advisor Pvt Ltd

- Antique Capital Markets Pvt Ltd

- Arkaya Commercials Pvt. Ltd.

- Better Time Realtors P Ltd

- Geecee Business Pvt Ltd (Formerly known as Ananya Online IT Designs Pvt Ltd)

- GeeCee Ventures Ltd.

- GTZ (Bombay) Pvt. Ltd.

- Grey River Energy Pvt Ltd

- GeeCee Investments Ltd (Formerly known as Jacqart Financial Services Ltd.)

- Four Dimensions Securities (India) Ltd.

- Four Dimensions Capital Markets Pvt. Ltd.

- Four Dimensions Commodities Pvt.Ltd.

- Mahotsav Trading & Finance Pvt. Ltd.

- Newage Dyes & Chemicals Pvt Ltd

- Rohit Financial Services

- Red Stocks Realtors Pvt Ltd

- Sam Jag-Deep Investments Pvt Ltd

- Sareshwar Trading and Finance Pvt. Ltd.

- Urudavan Investment and Trading Pvt. Ltd

- Vidushan Commercial & Investment Pvt Ltd

- Windsor Trading and Finance Pvt.Ltd.

- Winro Commercial (India) Ltd

3. Stock in Trade of shares is valued at cost price instead of at scrip wise lower of cost or market value as per Accounting Standard 13 issued by the Institute of Chartered Accountants of India. Had it been valued at lower of cost or market value Profit for the year would have been lower by Rs. 144520.50 (Previous Year Rs. 144520.50) & stock in trade would have been lower by Rs. 1,44,520.50 (Previous Year Rs. 1,44,520.50)

4. Gratuity Liability has not been provided for in accordance with Accounting Standard 15 issued by Institute of Chartered Accountant of India and unascertained. In the opinion of management, company is not liable to make provision of gratuity as on balance sheet date none of the employees are associated with company for more than five year.

5. Sundry Debtors, Loans and Advances, Sundry Creditors and Unsecured Loans are subject to confirmation.

6. Balance Sheet abstract and Company's general business profile as required in Part IV of Schedule VI of the Companies Act, 1956 are as under:

I. Registration Details

Registration No. U51909MH1983PTC166605

State Code 11

Balance Sheet Date 31.03.2011

V. Generic Names of Three Principal Products/Services of Company _ (as per monetary terms)

7. Previous year figures have been re-grouped or re-arranged wherever deemed necessary.

---

Mar 31, 2010

1. Earning & Expenditure in Foreign Currency is Nil.

2. Related Party Information: i). Relationships:

a) Key Management Personnel : Shri Harisingh Shyamsukha - Director

Shri Umaidmal Kala - Director

Shri Anil Kumar Rajan - Director

b) Individual owning directly or : Ashwin Kumar Kothari

directly an interest in the voting Meena Kothari

power that gives them control or Rohit Kothari significant influence.

c) Relative of individual in (b) above : Niyati. P. Mehta

Tejal R. Kothari

a) d) Associate Concerns :

Four Dimensions Securities (India) Ltd.

Four Dimensions Capital Markets Pvt. Ltd.

Antique Stock Broking Ltd

Antique Finance Private Limited

Antique Wealth Advisors Pvt Ltd

Antique Capital Markets Pvt Ltd

Antique Finsec Pvt. Ltd.

Ananya Online IT Designs Pvt Ltd

Arkaya Commercials Pvt. Ltd.

Aroni Commercials Limited

Arcies Laboratories Ltd.

Better Time Realtors Pvt. Ltd

Four Dimensions Commodities Pvt. Ltd.

Geecee Ventures Ltd.

(Previously known as Gwalior I

Chemical Industries Ltd)

GTZ (Bombay) Pvt. Ltd.

Grey River Realtors Pvt Ltd

Jacqart Financial Services Ltd.

Mahotsav Trading & Finance Pvt. Ltd.

Neptune Light Realtors Pvt Ltd

New Age Dyes and Chemicals Pvt Ltd

Rohit Financial Services

Red Stocks Realtors Pvt Ltd

Sam Jag-Deep Investment Pvt Ltd

Sareshwar Trading and Finance Pvt. Ltd.

Urudavan Investment and Trading Pvt. Ltd.

Vidushan Commercial & Investment Pvt. Ltd

Windsor Trading and Finance Pvt. Ltd.

3. Stock in Trade of shares is valued at cost price instead of at scrip wise lower of cost or market value as per Accounting Standard 13 issued by the Institute of Chartered Accountants of India. Had it been valued at lower of cost or market value Profit for the year would have been lower by Rs. 144520.50 (Previous Year Rs. 1,45,056.00) & stock in trade would have been lower by Rs. 1,44,520.50 (Previous Year Rs. 1,45,056.00)

4. Gratuity Liability has not been provided for in accordance with Accounting Standard 15 issued by Institute of Chartered Accountant of India and unascertained. In the opinion of management, company is not liable to make provision of gratuity as on balance sheet date of the employees are associated with company for more than five year.

5. Sundry Debtors, Loans and Advances, Sundry Creditors and Unsecured Loans are subject to confirmation.