Notes to Accounts of Shivansh Finserve Ltd.

Mar 31, 2024

2.11 Provisions, Contingent Liability and Contingent Assets

Disputed liabilities and claims against the company including claims raised by fiscal
authorities (e.g. Sales Tax, Income Tax, Excise, GST etc.) pending in appeal / court for which
no reliable estimate can be made and or involves uncertainty of the outcome of the
amount of the obligation or which are remotely poised for crystallization are not provided
for in accounts but disclosed in notes to accounts. However, present obligation as a result
of past event with possibility of outflow of resources, when reliable estimation can be
made of the amount of obligation, is recognized in accounts in terms of discounted value, if
the time value of money is material using a current pre-tax rate that reflects the risk
specific to the liability. No contingent asset is recognized but disclosed by way of notes to
accounts.

2.12 Revenue Recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow
to the Company and the revenue can be reliably measured, regardless of when the
payment is being made. 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 such as Goods and
Services Tax, etc.

Rendering of Services

Revenue from rendering of services is recognized as per the terms of the contract with
customers when related services are performed and when the outcome of the transactions
involving rendering of services can be estimated reliably.

Dividend Income

Dividend Income is accounted for when the right to receive the same is established, which
is generally when shareholders approve the dividend.

Interest Income

Interest Income on financial assets measured at amortised cost is recognised on a time-
proportion basis using the effective interest method.

Other Income

Other income is recognised when no significant uncertainty as to its determination or
realisation exists.

2.13 Cash Flows and Cash and Cash Equivalents

Statement of cash flows is prepared in accordance with the indirect method prescribed in
the IND AS 7. For the purpose of presentation in the statement of cash flows, cash and
cash equivalents includes cash on hand, cheques and drafts on hand, deposits held with
Banks, other short term, highly liquid investments with original maturities of three months
or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value, and book overdrafts. However, Book overdrafts are
shown within borrowings in current liabilities in the balance sheet for the purpose of
presentation

2.14 Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing:

• The profit attributable to owners of the Company

• By the weighted average number of equity shares outstanding during the
financial year, adjusted for bonus elements in equity shares issued during the
year.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic
earnings per share to take into account:

• The after ''income-tax'' effect of interest and other financing costs associated
with dilutive potential equity shares, and

• The weighted average number of additional equity shares that would have been
outstanding assuming the conversion of all dilutive potential equity shares.

2.15 Segment Reporting

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

The Company prepares its segment information in conformity with the accounting policies
adopted for preparing and presenting the Standalone Financial Statements of the
Company as a whole.

2.16 Foreign Currency Transactions

In preparing the Standalone Financial Statements of the Company, transactions in foreign
currencies, other than the Company''s functional currency are recognised at the rates of
exchange prevailing at the dates of the transactions. At the end of each reporting period,
monetary assets and liabilities denominated in foreign currencies are translated at the rate
prevailing at that date. Non-monetary items that are measured in terms of historical cost in
a foreign currency, are not retranslated.

Exchange differences on monetary items are recognised in the Statement of Profit and Loss
in the period in which these arise except for:

• exchange differences on foreign currency borrowings relating to assets under
construction for future productive use, which are included in the cost of those
assets when they are regarded as an adjustment to interest costs on those foreign
currency borrowings; and

• exchange differences on transactions entered into in order to hedge certain foreign
currency risks.

2.17 Events occurring after the balance sheet date

Assets and liabilities are adjusted for events occurring after the reporting period that
provides additional evidence to assist the estimation of amounts relating to conditions
existing at the end of the reporting period.

Dividends declared by the Company after the reporting period are not recognized as
liability at the end of the reporting period. Dividends declared after the reporting period
but before the issue of Standalone Financial Statements are not recognized as liability
since no obligation exists at that time. Such dividends are disclosed in the notes to the
Standalone Financial Statements .

2.18 Financial Instruments

i. Recognition and initial measurement

All financial assets and financial liabilities are initially recognized when the
Company becomes a party to the contractual provisions of the instrument.

A financial asset or financial liability is initially measured at fair value plus, for an
item not at fair value through profit and loss (FVTPL), transaction costs that are
directly attributable to its acquisition or issue.

ii. Classification and subsequent measurement
Financial assets

On initial recognition, a financial asset is classified as measured at

• amortized cost;

• Fair Value through Other Comprehensive Income (FVOCI) - equity investment; or

• Fair Value Through Profit and Loss (FVTPL)

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

A financial asset is measured at amortized cost if it meets both of the following
conditions and is not designated as at FVTPL:

• the asset is held within a business model whose objective is to hold assets to
collect contractual cash flows; and

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

On initial recognition of an equity investment that is not held for trading, the
Company may irrevocably elect to present subsequent changes in the investment''s
fair value in OCI. (designated as FVOCI - equity investment). This election is made
on an investment-by-investment basis.

All financial assets not classified as measured at amortized cost or FVOCI as
described above are measured at FVTPL. This includes all derivative financial assets.
On initial recognition, the Company may irrevocably designate a financial asset that
otherwise meets the requirements to be measured at amortized cost or at FVOCI or
at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that
would otherwise arise.

Financial liabilities

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial
liability is classified as at FVTPL if it is classified as held-for-trading, or it is a
derivative or it is designated as such on initial recognition. Financial liabilities at
FVTPL are measured at fair value and net gains and losses, including any interest
expense, are recognized in profit or loss. Other financial liabilities are subsequently
measured at amortized cost using the effective interest method. Interest expense
and foreign exchange gains and losses are recognized in profit or loss. Any gain or
loss on de-recognition is also recognized in profit or loss

De-recognition

Financial assets

The company de-recognizes a financial asset when the contractual rights to the
cash flows from the financial asset expire, or it transfers the rights to receive the
contractual cash flows in a transaction in which substantially all of the risks and
rewards of ownership of the financial asset are transferred or in which the
company neither transfers nor retains substantially all of the risks and rewards of
ownership and does not retain control of the financial asset.

If the company enters into transactions whereby it transfers assets recognized on
its balance sheet, but retains either all or substantially all of the risks and rewards
of the transferred assets, the transferred assets are not derecognized.

Financial liabilities

The company de-recognizes a financial liability when its contractual obligations are
discharged or cancelled, or expire. The company also de-recognizes a financial
liability when its terms are modified and the cash flows under the modified terms
are substantially different. In this case, a new financial liability based on the
modified terms is recognized at fair value. The difference between the carrying
amount of the financial liability extinguished and the new financial liability with
modified terms is recognized in profit or loss.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in
the balance sheet when, and only when, the company currently has a legally
enforceable right to set off the amounts and it intends either to settle them on a
net basis or to realize the asset and settle the liability simultaneously.

34 Financial risk management

The Company''s activities expose it to a variety of financial risks, including credit risk, and liquidity risk. The Company''s
primary risk management focus is to minimize potential adverse effects of market risk on its financial performance. The
Company''s risk management assessment and policies and processes are established to identify and analyse the risks faced by
the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same.

The Company''s risk management is governed by policies and approved by the board of directors. The Company identifies,
evaluates and hedges financial risks in close co-operation with the Company''s operating units. The Company has policies for
overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit
risk, use of non-derivative financial instruments.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The
audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews
of risk management controls and procedures, the results of which are reported to the audit committee.

I Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company''s receivables from customers. Credit risk is managed
through credit approvals, establishing credit limits, and continuously monitoring the creditworthiness of customers to which
the Company grants credit terms in the normal course of business. The history of trade receivables shows a negligible
provision for bad and doubtful debts. The Company establishes an allowance for doubtful debts and impairment that
represents its estimate of expected losses in respect of trade and other receivables and investments. The company has
adopted simplified approach of ECL model for impairment.

i) Trade Receivables:

The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the customer, including the default risk of the industry and country in which the customer operates, also
has an influence on credit risk assessment. The Company with various activities as mentioned above manages credit risk. An
impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation
is based on historical data. The Company does not hold collateral as security.

ii) Financial assets that are neither past due nor impaired

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in
accordance with the Company''s assessment of credit risk about particular financial institution. None of the Company''s cash
equivalents, including term deposits (i.e., certificates of deposit) with banks, were past due or impaired as at each balance
sheet date.

Cash and cash equivalents

The company holds cash and cash equivalents of Rs. 38.31 at March 31, 2024 (March 31, 2023: Rs. 33.79 lakh) The cash and
cash equivalents are held with bank and cash on hand.

II Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The level of
liquidity risk is very low considering the fact that the company relies on operating cash flows and owned equity. Currently
the company has borrowed funds from bank mainly for day to day business needs (i.e. Cash Credit Facilities are being availed
by the company).

Further the Company manages liquidity risk by maintaining adequate reserves and banking facilities by continuously
monitoring the forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes in
market rates and prices (such as interest rates, foreign currency exchange rates and commodity prices) or in the price of
market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk is attributable
to all market risk-sensitive financial instruments, all foreign currency receivables and payables and all short term and long¬
term debt. The Company is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and
commodity risk.

a) Interest Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. In order to optimize the Company''s position with regards to the interest income and interest expenses
and to manage the interest rate risk, treasury performs

a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate
financial instruments in it total portfolio.

With all other variables held constant, the following table demonstrates the impact of the borrowing cost on floating rate
portion of loans and borrowings and excluding loans on which interest rate swaps are taken.Interest rate risk is the risk that
the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The
Company''s exposure to the risk of changes in market interest rates related primarily to the Company''s short-term
borrowings with floating interest rates. Company''s treasury department monitors the interest rate movement and manages
the interest rate risk based on its policies.

36 Capital Management:

The Company''s capital management is intended to maximise the return to shareholders and benefits for other stakeholders
for meeting the long-term and short-term goals of the Company;and reduce the cost of capital through the optimization of
the capital structure i.e. the debt and equity balance.

The Company monitors the capital structure on the basis of net gearing ratio and maturity profile of the overall debt
portfolio of the Company.

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

43 The Company do not have any transactions with companies struck off.

44 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory

45 The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

46 The Company have not any such transaction which is not recorded in the books of accounts that has been

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

a. 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

b. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

48 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a. 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

b. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

49 Subsequent Events:

Subsequent to Balance Sheet Date, there are no events occurred which require disclosure or adjustments in the
standalone financial statements.

50 Approval of the Financial

The Standalone Financial Statements were approved for issue by the board of directors on May 31, 2024.

51 Previous year''s figures have been regrouped/re-arranged/recasted, wherever necessary, so as to make them
comparable with current year''s figures.

For, H S K & CO LLP For and on behalf of the Board of Directors

Chartered Accountants

FRN: 117014W/W100685 SD/-

Jignesh Shah Nehal Shah

SD/- Whole-time Director Director

CA. Sudhir S. Shah DIN:02112343 DIN: 07869702

Partner SD/- SD/-

Membership No. 115947 Rashmi Otavani

Jignesh Shah

UDIN: 24115947BKAPEX7999 .. Company Secretary

Chief financial officer

Place : Ahmedabad Place : Ahmedabad

Date : May 30,2024 Date : May 30,2024

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Mar 31, 2015

1. The company has only one class of shares referred to as Equity shares having face value of Rs. 10/-. Each Holder of equity share is entitled to 1 vote per share.

2.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company , after distribution of all preferential amounts.However, no such preferential amounts exist currently.The distribution will be in proportion to the number of equity shares held by the shareholder.

3. Disclosure of transactions with related parties as required by Accounting Standard - 18 on 12 related party disclosures as prescribed by Companies (Accounting Standards) Rules, 2006.

A Related parties and nature of relationship:

1 Key Managerial Personnel:

a) Jignesh Shah

b) Usha Agarwal

c) Amit Gajjar

d) Nirav Shah

e) Falguni Shah

f) Dimpal Parmar

2 Enterprise over which Key Managerial Personnel are able to exercise significant influence:

a) Prashil Securities Private Limited

b) Venus Exploration Private Limited

c) Christy Comtrade Private Limited

d) Shakti Creative & Tradex Private Limited

4. The Company follows accrual systems of accounting.

5. The Financial statements are prepared under the historical cost convention in accordance with the normally accepted Accounting principles.

6. The recognition of revenue from the contract is by reference to the contract signed by the Company.

7. Wherever original bills/Vouchers were not available during the test checks applied during the course of our audit, we relied on the bills/vouchers prepared, produced and certified by the management.

8. Fixed Assets & Depreciation.

The entity does not have any Fixed Assets for the period under consideration.

9. Provision for Taxation:

The Company has not recognized any Deferred Tax Assets / Deferred Tax Liabilities on timing differences between accounting income and taxable income as the components for the same are not present for the year under consideration. The entity will recognise Deferred Tax Assets and Liabilities when there is a virtual certainty that sufficient future taxable income will be available against which such Deferred Tax Assets can be realized.

10. Contingencies and Capital Commitments:

As per the management, there were no Contingencies / Capital Commitments as on 31st March, 2015.

11. The Company has not received information from vendors regarding their status under the Micro, small and medium enterprises Development Act, 2006 and hence disclosure relating to amounts unpaid as at the year end together with interest paid / payable under this act, have not been given.

12. Balances are subject to confirmation.

13. Previous year's figures have been regrouped and rearranged wherever necessary, to make them comparable with those of current year.

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Mar 31, 2014

1. COMPANY OVERVIEW

M/s Mansarover Financial Services Limited is a Company incorporated under the provision of Companies Act, 1956 on 18th December, 1984.

2. Rights, Preferences and Restrictions attached to shares

The equity shareholders have right to receive dividend out of balance of net profit remaining after payment of the pref. shareholders. The dividend proposed by Board Of Directors is subject to approval of shareholders in the ensuing general meeting.

The Company has only one of class of shares referred to as equity shares having a face value of Rs. 10 each. Each holder of one equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holders of shares shall be entitled to remaining assets, if any, of the Company after distribution of all preferential amounts.The amount distributed will be in proportion to the number of equity shares held by the shareholders.

3. Related Party Transactions during the year as per Accounting Standard 18:-

Disclosure details pertaining to related party transactions (as certified by the management of the Company) entered into during the year in terms of Accounting Standards AS-18 " Related party disclosures" as issued by ICAI:-

1. Key Managerial Personnel:

Suranjan Upadhyay Director

Mithlesh Agarwal Director

2. Relative of Key Managerial Personnel:

NIL

3. Parties in which the Key Managerial Personnel/ Director(s) of the Company is/are Interested: Nil

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

5. Foreign Exchange Earnings & Expenditure -NIL

6. Previous year figures have been regrouped and rearranged wherever considered necessary to comply with the requirements of revised Schedule VI to make them comparable with those of the current year.

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Mar 31, 2013

NOTE - 1 Equity Shares :

The Equity shareholders have:

The right to receive dividend out of balance of net pofit remaining after payment of the pref.shareholders.

The dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing genneral meeting.

The Company has only one class of Equity Shares having face value of Rs. 10/- each and each shareholders is entitled to one vote per share.

In the event of winding up , the equity shareholders will be receive remaining balance of assets if any, after preferential payments and to have in surplus asets of the Company, proportionate to their individual shareholding in the equity capital of the Company.

NOTE - 2 RELATED PARTY DISCLOSURES :-

(a) Key Managemant Personnel 1.0 SMT. USHA AGARWAL

2.0 SMT. MITHLESH AGARWAL

3.0 SMT. SUKRITI AGARWAL

NOTE -3

Balance of Sundry Debtors, Creditors and Advances as at 31 st March , 2013 are subject to confirmation.

NOTE-4

In the opinion of the Board of Directors Current Assets,Loans and Advances have value on realisation in the ordinary course of the business at least equal to the amount at which they have been stated in the Balance Sheet as at 31.03 13

NOTE -5

In the absence of information from creditors of their status,the amount due to small and micro enterprises is not ascertainable.

NOTE -6

The Financial statement for the year ended 31 st March 2013 had been prepared as per the then applicable, Revised Schedule VI of the Companies Act, 1956. Consequent to the under the Companies Act, 1956, the financial statement for the year ended 31st March 2013 are prepared under revised Sch VI. Accordingly, the previous year figures have also been reclassified to conform to this yeans classification

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Mar 31, 2012

NOTE -1 Equity Shares :

The Equity shareholders have:

* The right to receive dividend out of balance of net pofit remaining after payment of the preference shareholders The dividend proposed by Board of Directors is subject to approval of shareholders in the ensuing general meeting.

* The Company has only one class of Equity Shares having face value of Rs 10/- each and each shareholders is entitled to one vote per share

* In the event of winding up , the equity shareholders will be receive remaining balance of assets if any, after preferential payments and to have in surplus asets of the Company, proportionate to their individual shareholding in the equity capital of the Company.

NOTE: -2 Balance of Sundry Debtors, Creditors and Advances as at 31 st March , 2012 are subject to confirmation.

NOTE -3 In the opinion of the Board of Directors , Current Assets , Loans and Advances have value on realisation in the ordinary course of the business at least equal to the amount at which they have been stated in the Balance Sheet as at 31.03,12.

NOTH -4 In the asbence of information from creditors of their status , the amount due to small and micro enterprises is not ascertainable

NOTE -5 The Financial statement for the year ended 31 st March 2011 had been prepared as per the then applicable , pre-revised Schedule VI of the Companies Act, 1956. Consequent to the under the Companies Act 1956 the financial statement for the year ended 31st March 2012 are prepared under revised Schedula VI. Accordingly , the previous year figures have also been reclassified to conform to this year's classification.

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Mar 31, 2011

1. In the opinion of the board,the value of sundry debtors and loans and advances,on realisation in the ordinary course of business, shall be atleast equal to the amount at which thay are stated.

2. Contingent Liabilities not provided for NIL (Prev. Year NIL)

3. Estimated amount of contracts remaining to be executed Rs. NIL (Prev. Year Rs. NIL)

4. Provision for I-Tax for the current financial year has been made as per provisions of Income Tax Act .

5. The Company has recognized by way of prudence norms in accordance with Accounting Standard AS-22 issued by ICAI.

6. Balances of Loans & Advances,Sundry Debtor's ,Sundry Creditor's, Sundry Advanvces (DR a CR), Secured Loans,Balance Balance and Unsecured Loans are subject to confirmation .

7. Additional information pursuant to the provisions of paragraphs 3 and 4 of part II of schedule VI to the Companies Act,1956 :

Not applicable to the Company at present.

8. Related Party Disclosure ( As identified by the Management)

i. Related party relationship :

A. Subsidary Company : Nil

B. Key Management Personal : SMT.SUKRITI AGARWAL

SMT. Mithlesh Agarwal

9. Previous year's figures have been regrouped,rearranges or recasted whenever considered necessary to confirm this year's presentation.

10. Schedules 1 to 6 form an integral part of the accounts and have duly been authenticated.