Notes to Accounts of Shalibhadra Finance Ltd.

Mar 31, 2025

XIII. Provisions, contingent liabilities, contingent assets

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of past event
and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable
estimate can be made. If the effect of time value of money is material, provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risk specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognized as a finance cost. These are reviewed at each balance sheet date
and adjusted to reflect the current best estimates.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but
probably will not require an outflow of resources. When there is a possible obligation or a present obligation in
respect of which likelihood of outflow of resources is remote, no provision or disclosure is made.

The Company does not recognize a contingent asset but discloses its existence in the financial statements if the
inflow of economic benefits is probable. However, when the realization of income is virtually certain, then the related
asset is no longer a contingent asset, but it is recognized as an asset.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

XIV. Earnings per share

Basic earnings per share are computed using the net profit for the year attributable to the shareholders’ and weighted
average number of shares outstanding during the year. The weighted average numbers of shares also include fixed
number of equity shares that are issuable on conversion of compulsorily convertible preference shares, debentures
or any other instrument, from the date consideration is receivable (generally the date of their issue) of such
instruments.

Diluted earnings per share is computed using the net profit for the year attributable to the shareholder’ and weighted
average number of equity and potential equity shares outstanding during the year including share options, convertible
preference shares and debentures, except where the result would be anti-dilutive. Potential equity shares that are
converted during the year are included in the calculation of diluted earnings per share, from the beginning of the year
or date of issuance of such potential equity shares, to the date of conversion.

Prudential Norms

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for
income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given.
No new provisions for non-performing assets are required in current year.

Contingent Provision is made against standard Assets at the rate of 0.25% of standard assets made as per RBI
Circular No. DNBS. PD. CC. No. 207/03.02.002/2010-11 dated 17 January, 2011.

Other additional information forming part of Financial statements

1) Contingent Liability:

Income Tax authorities have raised demand of Rs. 7.79 crores for AY 2017-18 by making addition to our income of
Rs. 7.78 crores being total amount of EMI deposited by our 26,376 customers (Average deposit per customer Rs.
2,954) directly in our various bank accounts in normal course of business at various bank branches during
demonetization period assuming that they are all unexplained deposit of SBNs (500/1000 notes).

Company has preferred an appeal against the order which is pending with CIT (Appeals). Company has also got
order from income tax department for abeyance of demand till final outcome of appeal. Company has paid Rs 40 lacs
on account. Company is advised by our consultant that it has very strong case and is confident of getting favorable
order. As per advice of our consultant we will not make any provision in the books till final outcome of appeal.

2) The Company is having many bank accounts of various branch offices of the Company wherein customers deposit
their EMI directly in the closest bank branch. There is a delay in receiving the customer-wise details from the banks.
Thus, bank reconciliation of bank accounts is under progress since it is carried out by the account staff manually and
there is high volume of transaction.

3) Deferred Tax Asset, other than unabsorbed depreciation and brought forward losses, is recognized only if there is
reasonable certainty that will be realized in future and are reviewed for their appropriateness

4) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the
ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

5) Other information required by relating to exports, imports and earning in foreign currency, remittances in foreign

currency transaction are not applicable.

6) The company considers it’s financing business as single segment hence IND-AS 108 on segment reporting is not

applicable to the company.

7) Other Statutory Information

a) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

b) The Company have registered charges or satisfaction as applicable with ROC.

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

d) The Company has not received any fund from any person(s) or entity(is). including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

e) The Company has not advanced or loaned or invested funds to any other person(s) or entity(is), including foreign
entities [Intermediaries) with the understanding that the Intermediary shall directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behall of the company (Ultimate Beneficiaries) or
provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

f) The Company does not have any transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961.

g) The Company is not declared as willful defaulter by any bank or financial Institution (as defined under the
Companies Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful delauiters
issued by the Reserve Bank of India.

h) The Company has complied with the number of layers for its holding in downstream companies prescribed under
clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers)
Rules, 2017.

i) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the
year.

8) Micro, small and medium enterprise disclosure:

The Company has not received any memorandum (as required to be filed by the suppliers with the notified authority
under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status as on 31st March 2025
as micro, small or medium enterprises. Consequently, the amount paid/payable to these parties during the year is NIL.

(e) Previous year’s figures have been regrouped, re-casted and rearranged wherever necessary.

FOR VORA AND ASSOCIATES. FOR AND ON BEHALF OF THE BOARD

CHARTERED ACCOUNTANTS
(ICAI Firm Reg. No. 111612W)

RONAK A RAMBHIA MINESH DOSHI VATSAL DOSHI

PARTNER DIRECTOR DIRECTOR & CFO

Membership No.: 140371 DIN: 01032705 DIN: 07950770

Darshana Chauhan
Company Secretary

Place: Mumbai Place: Mumbai

Date: 29^th May, 2025 Date: 29^th May, 2025

---

Mar 31, 2024

Presentation and disclosure of financial statement

All assets and liabilities have been classified as current and non-current as per Company’s normal operating cycle and other criteria set out in Schedule III of the Companies Act, 2013 for a company whose financial statements are made in compliance with the Companies (India Accounting Standards) Rules, 2015.

Based on the nature of products / services and time between acquisition of assets for processing / rendering of services and their realization in cash and cash equivalents, operating cycle is less than 12 months, however for the purpose of current/ non- current classification of assets and liabilities, period of 12 months have been considered as its normal operating cycle.

The Company presents assets and liabilities in the balance sheet based on current/non-current classification.

An asset is treated as current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after the reporting period, or

• Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non-current.

VI. Property, Plant and Equipment and Depreciation Recognition and measurement

Properties plant and equipment are stated at their cost of acquisition. Cost of an item of property, plant and equipment includes purchase price including non-refundable taxes and duties, borrowing cost directly attributable to the qualifying asset, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and the present value of the expected cost for the dismantling/decommissioning of the asset.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company. All other repair and maintenance costs are recognised in statement of profit and loss as incurred.

Capital work-in-progress comprises of cost incurred on property, plant and equipment under construction / acquisition that are not yet ready for their intended use at the Balance Sheet Date.

Depreciation and useful lives

Depreciation on the property, plant and equipment (other than freehold land and capital work in progress) is provided on a straight-line method (SLM) over their useful lives which are in consonance of useful life mentioned in Schedule II to the Companies Act, 2013. Depreciation in respect of fixed assets put to use during the year is provided on a prorata basis with reference to the date of installation of assets

VII. Inventories

Inventory for the Company is the total Loan Outstanding on Vehicle Loan.

In the opinion of the management, 2/3^rd of the loan stock is classified as current & 1/3^rd is classified as non-current.

VIII. Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duties collected on behalf of the government and discounts given to the customers. The Company has applied the guidelines mentioned in Ind AS 18 for Revenue Recognition.

Interest on Vehicle Loans

Income / Interest from vehicle loan is accounted for on an accrual basis and is recognized so as to produce a constant periodic return on the amount financed. Interest on fixed deposits with Bank on cash basis

Other Income

In respect of other heads of income the Company follows the practice of accounting for such income on accrual basis except for interest income on delayed payment charges which are accounted on the basis of the certainty of collection and /or receipt basis.

IX. Taxes on income

Tax expense comprises current and deferred tax. Provision for current tax is made after taking into consideration benefits admissible under the provisions of the Income Tax Act, 1961.

The deferred tax resulting from timing difference between taxable and accounting income is accounted using the tax rates and laws that are enacted or substantively enacted as on the balance sheet date. Deferred Tax asset is recognized and carried forward only to the extent that there is virtual certainty that the asset will be realized in future.

X. Investments in equity instruments at FVTOCI

The quoted and unquoted Equity investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognized in other comprehensive income and accumulated in the ‘Reserve for equity instruments through other comprehensive income’. The cumulative gain or loss is not reclassified to profit or loss on disposal of the investments.

There are no equity investments which are held for trading.

XI. Cash and cash equivalent

Cash and cash equivalents include cash in hand, bank balances, deposits with banks (other than on lien) and all short term and highly liquid investments that are readily convertible into known amounts of cash and are subject to an insignificant risk of changes in value.

For the purpose of cash flow statement, cash and cash equivalent as calculated above also includes outstanding bank overdrafts as they are considered an integral part of the Company’s cash management.

XII. Cash flow statement

Cash flows are reported using the indirect method, where by net profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities are segregated.

XIII. Provisions, contingent liabilities, contingent assets

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. If the effect of time value of money is material, provisions are discounted using a current pretax rate that reflects, when appropriate, the risk specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources is remote, no provision or disclosure is made.

The Company does not recognize a contingent asset but discloses its existence in the financial statements if the inflow of economic benefits is probable. However, when the realization of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognized as an asset.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

XIV. Earnings per share

Basic earnings per share are computed using the net profit for the year attributable to the shareholders’ and weighted average number of shares outstanding during the year. The weighted average numbers of shares also includes fixed number of equity shares that are issuable on conversion of compulsorily convertible preference shares, debentures or any other instrument, from the date consideration is receivable (generally the date of their issue) of such instruments.

Diluted earnings per share is computed using the net profit for the year attributable to the shareholder’ and weighted average number of equity and potential equity shares outstanding during the year including share options, convertible preference shares and debentures, except where the result would be anti-dilutive. Potential equity shares that are converted during the year are included in the calculation of diluted earnings per share, from the beginning of the year or date of issuance of such potential equity shares, to the date of conversion.

Prudential Norms

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given. No new provisions for non-performing assets are required in current year.

Contingent Provision is made against standard Assets at the rate of 0.25% of standard assets made as per RBI Circular No. DNBS. PD. CC. No. 207/03.02.002/2010-11 dated 17 January, 2011.

Other additional information forming part of Financial statements

1) Contingent Liability :

Income Tax authorities have raised demand of Rs. 7.79 crores for AY 2017-18 by making addition to our income of Rs. 7.78 crores being total amount of EMI deposited by our 26,376 customers (Average deposit per customer Rs. 2,954) directly in our various bank accounts in normal course of business at various bank branches during demonetization period assuming that they are all unexplained deposit of SBNs (500/1000 notes).

Company has preferred an appeal against the order which is pending with CIT (Appeals). Company has also got order from income tax department for abeyance of demand till final outcome of appeal. Company has paid Rs 40 lacs on account. Company is advised by our consultant that it has very strong case and is confident of getting favorable order. As per advice of our consultant we will not make any provision in the books till final outcome of appeal.

2) The Company is having many bank accounts of various branch offices of the Company wherein customers deposit their EMI directly in the closest bank branch. There is a delay in receiving the customer-wise details from the banks. Thus, bank reconciliation of bank accounts is under progress since it is carried out by the account staff manually and there is high volume of transaction.

3) Deferred Tax Asset, other than unabsorbed depreciation and brought forward losses, is recognized only if there is reasonable certainty that will be realized in future and are reviewed for their appropriateness

4) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

5) Other information required by relating to exports, imports and earning in foreign currency, remittances in foreign

currency transaction are not applicable.

6) The company considers it’s financing business as single segment hence IND-AS 108 on segment reporting is not

applicable to the company.

1. The Company has alloted on 28th March, 2022 of 1996900 Convertible Warrants at a price of Rs.132.54 per warrant (Face Value Rs.10/- each, Premium : Rs.12254/- each) to Promoter / Promopter Group and NON Promoters on Preferential basis. Each warrant shall be conertible into one Equity Share of Face value of Rs.10/- each of the Company._

---

Mar 31, 2023

1. The Company has allotted on 28th March, 2022 of 1996900 Convertible Warrants at a price of Rs.1 32.54 per warrant (Face Value Rs.10/- each, Premium : Rs.12254/- each) to Promoter / Promoter Group and NON Promoters on Preferential basis. Each warrant shall be conevrtible into one Equity Share of Face value of Rs.10/- each of the Company. Out of above 1267900 warrants were converted into 1267900 Equity shares during this Financial Year.

---

Mar 31, 2018

(I) Prudential Norms

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given. No new provisions for non-performing assets are required in current year.

(II) Exceptional item represents Contingent Provision against standard Assets at 0.25% of standard assets made as per RBI Circular No. DNBS. PD. CC. No. 207/03.02.002/2010-11 dated 17 January ,2011

(III) The company has not prepared bank reconciliation statement for a few bank accounts for the period under review. The company is finding it very difficult to reconcile for a few bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

(IV) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(V) Managerial Remuneration under Companies Act 2013 for FY 17-18 is NIL (P.Y: NIL).

(VI) Other information required by relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(VII) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(VIII) Previous year’s figures have been regrouped, recasted and rearranged wherever necessary.

(IX) Related parties disclosures under AS 18:

(X) Income Tax is computed in accordance with Accounting standard 22-Accounting for taxes on Income, notified by companies (Accounting Standards) Rules, 2006. Tax expenses are accounted in the same period to which the revenue and expenses relate.

(XI) Deferred Tax, other than unabsorbed depreciation and brought forward losses, is recognized only if there is reasonable certainty that will be realized in future and are reviewed for their appropriateness

---

Mar 31, 2016

1. Term loan Repayable in 12 months. Repayable within one year Rs. 14126172 P.Y.Rs. 12000000

2. Secured by first charge on loan stock & equitable mortgage of immoveable properties «fc personal guarantee of two directors Total limit 10.50 ctoic(P.Y.8 Ciore)

---

Mar 31, 2013

(I) PRUDENTIALNORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc.,the following additional information is given: No new provisions for non-performing assets are required in current year.

(II) Exceptional item represents Contingent Provision against standard Assets at 0.25% of standard assets made as per RBI Circular No. DNBS. PD. CC. No. 207/03.02.002/2010- 11 dated 17 January ,2011

(I) The company has not prepared bank reconciliation statement for a few bank accounts for the period under review.

The company is finding it very difficult to reconcile for a few bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

(II) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(III) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL (P. Y: NIL).

(IV) Other information required by Part II Schedule VI of the Companies Act, 1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(V) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(VI) Previous year''s figures have been regrouped, recasted and rearranged wherever necessary.

---

Mar 31, 2012

I) PRUDENTIAL NORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given:

No new provisions for non-p6rforming assets are required in current year.

II) Exceptional item represents Contingent Provision against standard Assets at 0.25% of standard assets made as per RBI Circular No. DNBS. PD. CC. No. 207/03.02.002/2010-11 dated 17 January ,2011

(IV) The company has not prepared bank reconciliation statement for a few bank accounts for the period under review.

The company is finding it very difficult to reconcile for a few bank accounts in time due to similar installment cheques, non-computerization by bank etc.

However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

III) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

IV) Managerial Remuneration lis 198 of Companies Act 1956 is NIL (P.Y: NIL).

V) Other information required by Part II Schedule VI of the Companies Act, 1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

VI) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

VII) Previous gear,s figures have been regrouped, recasted and rearranged wherever necessary.

(A) Income Tax is computed in accordance with Accounting standard 22- n accounting for taxes on Income, notified by companies (Accounting Standards) Rules, 2006. Tax expenses are accounted in the same period to which the revenue and expenses relate.

(B) Deferred Tax, other than unabsorbed depreciation and brought forward losses, is recognized only if there is reasonable certainty that will be realized in future and are reviewed for their appropriatenesse

---

Mar 31, 2010

(I) The company has not prepared bank reconciliation statement for certain bank accounts for the period under review.

The company is finding it very difficult to reconcile certain bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and bank reconciliation statements for the balance accounts will be completed shortly.

(II) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(III) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL (P.Y: NIL).

(IV) Other information required by Part II Schedule VI of the Companies Act.1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(V) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(VI) Previous years figures have been regrouped, recasted and rearranged wherever necessary.

---

Mar 31, 2009

(I) CONTINGENT LIABILITY

(1) No provision for gratuity has been made in accounts since there is no liability for payment of gratuity till date. However it is the policy of the Company to account gratuity on cash basis in the year of actual payment.

(II) PRUDENTIAL NORMS

In terms of guidelines issued by Reserve Bank of India to Non Banking Financial Companies on prudential norms for income recognition, assets classification, provisioning for Bad Debts etc., the following additional information is given:

a. No new provision for non-performing assets are required in current year.

b. As certified by the management, all investments are intended to be held for more than one year from the date on which such investments are long term investments and not current investment and have been valued at cost.

(III) The company has not prepared bank reconciliation statement for certain bank accounts for the period under review.

The company is finding it very difficult to reconcile certain bank accounts in time due to similar installment cheques, non-computerization by bank etc. However, the company has taken suitable remedial measures and made bank reconciliation statement for most of bank accounts and only few are left.

(IV) The company is in the process of complying the accounting standards:

Accounting for Taxes on income and accounting standard on Employees Benefits.

(V) In the opinion of the Board of Directors the current assets, loans and advances have a value of realization in the ordinary course of business at least equal to the amount of which these are stated in the Balance Sheet.

(VI) Managerial Remuneration u/s 198 of Companies Act 1956 is NIL(P.Y: NIL).

(VIII) Other information required by Part II Schedule VI of the Companies Act,1956, relating to exports, imports and earning in foreign currency, remittance in foreign currency transaction are not applicable.

(IX) The company considers its financing business as single segment hence Accounting Standard 17 on segment reporting issued by The Institute of Chartered Accountants of India is not applicable to the company.

(X) Previous years figures have been regrouped, recasted and rearranged wherever necessary.

(XI) RELATED PARTIES DISCLOSURES UNDER ACCOUNTING STANDARD 18 OF ICAI:

(A) Particulars of Party where control exists/Relative of parties where control exists:

Name of the Related Party Nature of Relationship

(i) M/s Shalibhadra Properties Pvt. Ltd. Party where control exists

(ii) M/s Shalibhadra Capital Market Ltd. Party where control exists

(iii)Mr. Amit M.Doshi Relative Party where control exist

(iv)Mr. Amit M.Doshi HUF Relative Party where control exist

(v) Mrs.Heena A.Doshi Relative Party where control exist

(vi)Mrs.Kala M.Doshi Relative Party where control exist

(vii) Mr. Minesh M.Doshi HUF Relative Party where control exist

(viii)Mr. Minesh M. Doshi Relative Party where control exist

(ix)Mr. Mukund H.Doshi Relative Party where control exist

(x)Mr. Mukund H .Doshi HUF Relative Party where control exist

(xi) Mrs. Sheetal M Doshi Relative Party where control exist

(xii) Mr. Vinaychandra H.Doshi HUF Relative Party where control exist

(B) Key Management Personnel:

Name of the Related Party Nature of Relationship

Mr. Minesh M. Doshi Managing Director