Notes to Accounts of Silicon Valley Infotech Ltd.

Mar 31, 2024

(xvi) Provisions, Contingent Liabilities and Contingent Assets

A provision shall be recognised when:

(a) The company has a present obligation (legal or constructive) as a result of a past event;

(b) It is probable that an outflow of resources embodying economic benefits will be required to settle

the obligation; and

(c) A reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision shall be the best estimate of the expenditure required to
settle the present obligation at the end of the reporting period. The risks and uncertainties that
inevitably surround many events and circumstances shall be taken into account in reaching the
best estimate of a provision. Where the effect of the time value of money is material, the amount of
a provision shall be the present value of the expenditures expected to be required to settle the
obligation. Provisions is reviewed at the end of each reporting period and adjusted to reflect the
current best estimate. If it is no longer probable that an outflow of resources embodying economic
benefits will be required to settle the obligation, the provision is reversed.

Unless the possibility of any outflow in settlement is remote, the company will disclose for each
class of contingent liability at the end of the reporting period a brief description of the nature of the
contingent liability and, where practicable:

(a) An estimate of its financial effect,

(b) An indication of the uncertainties relating to the amount or timing of any outflow; and (c) the possibility
of any reimbursement.

Where an inflow of economic benefits is probable, the company will disclose a brief description of the
nature of the contingent assets at the end of the reporting period, and, where practicable, an estimate of
their financial effect.

(xvii) Earnings per Share

The company will calculate basic earnings per share amounts for profit or loss attributable to ordinary
equity holders and, if presented, profit or loss from continuing operations attributable to those equity
holders. Basic earnings per share shall be calculated by dividing profit or loss attributable to ordinary
equity holders (the numerator) by the weighted average number of ordinary shares outstanding (the
denominator) during the period. The objective of basic earnings per share information is to provide a
measure of the interests of each ordinary share in the performance of the company over the reporting
period.

If the number of ordinary or potential ordinary shares outstanding increases as a result of a capitalisation,
bonus issue or share split, or decreases as a result of a reverse share split, the calculation of basic and
diluted earnings per share for all periods presented shall be adjusted retrospectively. If these changes
occur after the reporting period but before the financial statements are approved for issue, the per share
calculations for those and any prior period financial statements presented shall be based on the new
number of shares. The fact that per share calculations reflect such changes in the number of shares
shall be disclosed. In addition, basic and diluted earnings per share of all periods presented shall be
adjusted for the effects of errors and adjustments resulting from changes in accounting policies accounted
for retrospectively.

(xviii) Employee Benefits.

Short-term employee benefits include items such as the following, if expected to be settled wholly
before twelve months after the end of the annual reporting period in which the employees render the
related services: (a) wages, salaries and social security contributions; (b) paid leave; (c) bonuses; and

(d) non-monetary benefits if any for current employees. When an employee has rendered service to the
company during an accounting period, it recognises the undiscounted amount of short-term employee
benefits expected to be paid in exchange for that service: (a) as a liability (accrued expense), after
deducting any amount already paid. If the amount already paid exceeds the undiscounted amount of the
benefits, it recognises that excess as an asset (prepaid expense) to the extent that the prepayment will
lead to, for example, a reduction in future payments or a cash refund.(b) as an expense. It will recognise
the expected cost of bonus payments only when: (a) it has a present legal or constructive obligation to
make such payments as a result of past events; and (b) a reliable estimate of the obligation can be
made.

A present obligation exists when, and only when, the entity has no realistic alternative but to make the
payments.

Post-employment benefits include items such as the following: (a) retirement benefits (lump sum payments
on retirement i.e. gratuity); and (b) other post-employment benefits, such as leave encashment, terminal
benefits. Arrangements whereby company provides post-employment benefits are post-employment
benefit plans. It applies this Standard to all such arrangements whether or not they involve the
establishment of a separate entity to receive contributions and to pay benefits.

Post-employment benefit plans are classified as either defined contribution plans or defined benefit
plans, depending on the economic substance of the plan as derived from its principal terms and conditions.

Under defined contribution plans the company''s legal or constructive obligation is limited to the amount
that it agrees to contribute to the fund. Thus, the amount of the post-employment benefits received by
the employee is determined by the amount of contributions paid by the company (and perhaps also the
employee) to a post-employment benefit plan or to an insurance company, together with investment
returns arising from the contributions. In consequence, actuarial risk (that benefits will be less than
expected) and investment risk (that assets invested will be insufficient to meet expected benefits) fall, in
substance, on the employee. The company may pay insurance premiums to fund a postemployment
benefit plan. The entity shall treat such a plan as a defined contribution plan unless the entity will have
(either directly, or indirectly through the plan) a legal or constructive obligation either: (a) to pay the
employee benefits directly when they fall due; or (b) to pay further amounts if the insurer does not pay all
future employee benefits relating to employee service in the current and prior periods. If it retains such
a legal or constructive obligation, it shall treat the plan as a defined benefit plan.

When an employee has rendered service to the company during a period, it shall recognise the contribution
payable to a defined contribution plan in exchange for that service: (a) as a liability (accrued expense),
after deducting any contribution already paid. If the contribution already paid exceeds the contribution
due for service before the end of the reporting period, an entity shall recognise that excess as an asset
(prepaid expense) to the extent that the prepayment will lead to, for example, a reduction in future
payments or cash refund. (b) as an expense. When contributions to a defined contribution plan are not
expected to be settled wholly before twelve months after the end of the annual reporting period in which
the employees render the related service, they shall be discounted using the discount rate.

Accounting by an entity for defined benefit plans involves the following steps: (a) determining the deficit
or surplus. (b) Determining the amount of the net defined benefit liability (asset). (c) Determining amounts
to be recognised in profit or loss :(i) current service cost (ii) any past service cost and gain or loss on
settlement (iii) net interest on the net defined benefit liability (asset). (d) Determining the reameasurements
of the net defined benefit liability (asset), to be recognised in other comprehensive income, comprising:
(i) actuarial gains and losses;(ii) return on plan assets, excluding amounts included in net interest on
the net defined benefit liability (asset) ; and (iii) any change in the effect of the asset ceiling , excluding
amounts included in net interest on the net defined benefit liability (asset).

The company will account not only for its legal obligation under the formal terms of a defined benefit
plan, but also for any constructive obligation that arises from its informal practices. Informal practices
give rise to a constructive obligation where it has no realistic alternative but to pay employee benefits.

The company recognises the net defined benefit liability (asset) in the balance sheet. When the company
has a surplus in a defined benefit plan, it shall measure the net defined benefit asset at the lower of: (a)
the surplus in the defined benefit plan; and (b) the asset ceiling, determined using the discount rate

The company uses the projected unit credit method to determine the present value of its defined benefit
obligations and the related current service cost and, where applicable, past service cost.

(xix) Income Taxes

Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of: (a)
deductible temporary differences; (b) the carry forward of unused tax losses; and (c) the carry forward of
unused tax credits.

Current tax for current and prior periods shall, to the extent unpaid, be recognised as a liability. If the
amount already paid in respect of current and prior periods exceeds the amount due for those periods,
the excess shall be recognised as an asset.

Current and deferred tax is recognised as income or an expense and included in profit or loss for the
period, except to the extent that the tax arises from a transaction or event which is recognised, in the
same or a different period, outside profit or loss, either in other comprehensive income or directly in
equity. Current tax and deferred tax shall be recognised outside profit or loss if the tax relates to items
that are recognised, in the same or a different period, outside profit or loss. Therefore, current tax and
deferred tax that relates to items that are recognised, in the same or a different period: (a) in other
comprehensive income, shall be recognised in other comprehensive income (b) directly in equity, shall
be recognised directly in equity.

(xxi) Mandatory Exemptions adopted by the Company

i. De recognition of financial assets and financial liabilities

The Company shall apply the derecognition requirements in IND AS 109 prospectively for transactions
occurring on or after the date of transition to IND ASs.

ii. Classification and measurement of financial assets

The Company shall assess whether a financial asset meets the conditions of IND AS 109 on the
basis of the facts and circumstances that exist at the date of transition to IND AS.

iii. Impairment of financial assets

The Company shall apply the impairment requirements of IND AS 109 retrospectively subject to
exemptions provided in IND AS 101.

(xxii) Optional Exemptions Availed by the Company
Deemed cost

The Company elects to continue with the carrying value for all of its property, plant and equipment as
recognised in the financial statements as at the date of transition to IND ASs, measured as per the
previous GAAP and use that as its deemed cost as at the date of transition. Hence, no further adjustments
to the deemed cost of the property, plant and equipment so determined in the opening balance sheet
shall be made for transition adjustments that might arise from the application of other IND ASs. This
option is also be availed for intangible assets covered by IND AS 38, Intangible Assets and investment
property covered by IND AS 40, Investment Property.

(b) Terms of Issue

The company has only one class of equity shares having a face value of Rs.1/- per share to one
vote per share. The company declares and pays dividend in Indian rupees.In the event of liquidation
of the company,each Shareholder is entitled to receive remaining assets of the company,after
distribution of all prefential amounts,in proportion to the number of equity shares held by them.

(c) Aggregate no. of bonus shares issued,shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceeeding the reporting date is NIL

(d) The company does not have any holding company/ ultimate Holding company

(b) Commitments

The Estimated amount of Contracts remaining to be executed on capital account and not provided for is

- NIL. (P.Y Nil)

16. Since the Company has operated only in one segment, i.e fund based activities , provision related
to Segment Wise Report as per Ind AS 108 "Operating Segments" are not applicable to the
Company.

17. There have been no events after the reporting date that require disclosure in these financial
statements.

18. Valuation of Inventories of unquoted equity shares has been done at cost, as the fair value of the
unquoted equity shares are not available

19. Earning in foreign exchange and expenditure in foreign currency - NIL

20. Since the Company has operated only in one segment, i.e., fund based activities, provision related
to Segment Wise Report as per Ind AS are not applicable to the Company.

The above particulars, as applicable, have been given in respect of MSEs. No party could be identified
on the basis of information available with the Company.

27. The Company has not entered into any transactions with the companies struck off under the Companies

Act, 2013 or the Companies Act, 1956.

28. The Company has not been declared wilful defaulter by any bank or financial institution or government

or any government authority.

29. The company has not surrendered or disclosed any 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
account.

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

previous year.

31. 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
therunder.

B. Financial Risk Management

The Company''s activities expose it to a variety of financial risks, including market risk, credit risk
and liquidity risk. The Company continues to focus on a system-based approach to business risk
management. The Company''s financial risk management process seeks to enable the early
identification, evaluation and effective management of key risks facing the business. Backed by
strong internal control systems, the current Risk Management System rests on policies and
procedures issued by appropriate authorities; process of regular reviews / audits to set appropriate
risk limits and controls; monitoring of such risks and compliance confirmation for the same.

(i) Market Risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash
flows that may result from a change in the price of a financial instrument. The value of a
financial instrument may change as a result of changes in interest rates, foreign currency
exchange rates, equity price fluctuations, liquidity and other market changes. Future specific
market movements cannot be normally predicted with reasonable accuracy.

Foreign currency risk

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will
fluctuate due to changes in foreign exchange rates. Currently the Company does not have any
foreign currency exposure.

Interest rate risk

The main business of the Company is providing inter corporate deposits and investment in
equity shares, preference shares, Mutual fund and Alternative investment fund. These activities
expose to interest rate risk.

Equity Price Risk

"Equity price risk is related to change in market reference price of investments in equity securities
held by the Company. “The fair value of quoted investments held by the Company exposes the
Company to equity price risks. In general, these investments are not held for trading purposes.
The fair value of quoted investments in equity, classified as ""fair value through other
comprehensive income"" as at March 31,2024 and March 31,2023 was Rs. 54.08 Lacs and
Rs. 54.08 Lacs, respectively. “A 10% change in equity prices of such securities held as at
March 31,2024 and March 31,2023, would result in an impact of Rs. 5.41 lacs and Rs. 5.41
lacs respectively on equity before considering tax impact."

(ii) Liquidity Risk

Liquidity risk is the risk than an entity will encounter difficulty in meeting obligation associated
with financial liabilities that are settled by deliverying cash or other financial assets. The Company
mitigates its liquidity risks by ensuring timely collections of its receivables and close monitoring
of its credit cycle.

The table below provides details regarding the remaining contractual maturities of significant
financial liabilities at the reporting date:

(iii) Credit Risk

"Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt
according to the contractual terms or obligations. Credit risk encompasses both the direct risk
of default and the risk of deterioration of credit worthiness as well as concentration risks.“Financial
instruments that are subject to credit risk and concentration thereof principally consist of rent
receivables, loans receivables, investments in alternative investment fund, preference share
and mutual funds and other financial assets. None of the financial instruments of the Company
result in material concentration of credit risk except some loans made by the company and
against which sufficient provision for expected credit loss has been made.“The carrying value of
financial assets represents the credit risk. The exposure to credit risk was Rs. 60.94 lakhs and
Rs. 272.49 lakhs, as at March 31, 2024 and March 31, 2023 respectively, being the total
carrying value of rent receivables, income receivable from investments in alternative investment
funds, and other financial assets."

(iv) Capital Management Risk

The Reserve Bank of India (RBI) sets and monitors capital adequacy requirements for the
Company from time to time. The Company''s policy is to maintain a strong capital base for
future development of the business. For the purpose of Company''s capital management, capital
includes issued capital and all other equity attributable to equity shareholders of the Company.
As at 31st March, 2024, the Company has only one class of equity shares and has no debt.

(v) Expected Credit Loss

Ind AS 109 outlines a ‘three stages'' model for impairment based on changes in credit quality
since intial recognition as summarized below. The objective of the impairment requirements is
to recognize life time expected credit loss (ECLs) on all financial instruments for which there
have been significant increases in credit risk since initial recognition - whether assessed on an
individual or collective basis.

"The measurement of ECL is calculated using three main components: “(i) Probability of Default
(PD) “(ii) Loss Given Default (LGD) and “(iii) the Exposure At Default (EAD). “The 12 month ECL
is calculated by multiplying the 12 month PD, LGD and the EAD. “The 12 month and lifetime
PDs represent the PD occurring over the next 12 months and the remaining maturity of the
instrument respectively. “The EAD represents the expected balance at default, taking into
account the repayment of principal and interest from the balance sheet date to the default
event together with any expected drawdowns of committed facilities. “The LGD represents
expected losses on the EAD given the event of default, taking into account, among other
attributes, the mitigating effect of collateral value at the time it is expected to be realised and
the time value of money."

Probalility of default represents the likelihood of a borrower defaulting on its financial obligation
either over the next 12 months (12M PD) or over the remaining lifetime (Lifetime PD) of the
obligation.

Exposure at Default (EAD) is the total amount of an asset the entity is exposed to at the time
of default. EAD is defined based on the characteristics of the assets. EAD is dependent on the
outstanding exposure of an asset sanctioned amount of loan and credit conversion factor for
non-funded exposure.

Loan Given Default (LGD) it is part of the assets which is lost provided the assets default.
The recovery rate is derived as a ratio of discounted value of recovery cash flow (incorporating
the recovery time) to total exposure of amount at the time of default.

The Company assesses when a significant increase in credit risk has occurred based on
quantitative and qualitative assessments. Exposures are considered to have resulted in a
significant increase in credit risk and are moved to Stage 2 when:

i. Quantitative test: Rebuttable presumption for accounts that are 30 calendar days or more
past due move to Stage 2 automatically. Also,rebuttable presumption for accounts that are 90
calendar days or more past due move to Stage 3 automatically.

ii. Qualitative test: Accounts that meet the portfolio''s ‘high risk'' criteria and are subject to
closer credit monitoring. High risk customers may not be in arrears but either through an event
or an observed behaviour exhibit credit distress.

iii. Reversal in Stages: Exposures will move back to Stage 2 or Stage 1 respectively, once they
no longer meet the quantitative criteria set out above. For exposures classified using the
qualitative test, when they no longer meet the criteria for a significant increase in credit risk
and when any cure criteria used for credit risk management are met.

36. The company does not have any immovable property and no asset has been revalued in FY 2023¬
2024

37. The management is of the opinion that Current Assets and Current Liabilities are stated at realizable
value in a normal course of business and no provision has been considered necessary.

38. The Company does not have any Intangible Assets under development

39. (a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the company to or in any other person or entity, including
foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise,
that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate
Beneficiaries). The Company has not received any fund from any party (Funding Party) with the
understanding that the Company shall whether, directly or indirectly lend or invest in other persons
or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

39. (b) No funds have been received by the company from any person(s) or entity (ies), including foreign
entities (“Funding Parties”), with the understanding whether recorded in writing or otherwise, that
the company shall, whether, directly or indirectly lend or invest in other person 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.

40. The Company has not obtained any credit rating as there are no borrowings in the Company .

41. There are no restructured accounts as at the end of financial year.

42. Earning in foreign exchange and expenditure in foreign currency-NIL

43. Previous Year Figures have been regrouped/rearranged/reclassified according to the requirement of

IND-AS wherever necessary and rounded off to the Rupees in lacs.

44. All the figures in these notes are in Indian Rupees (Rs.) except otherwise stated.

„ _r , For and on behalf of the Board of Directors

As per our report of even date

_ ^ _ For SILICON VALLEY INFOTECH LIMITED

For Deoki Bijay & Co.

Chartered Accountants ^{Santosh Kumar Jain} Krishna Banerjee

Registration No : 313105E ^{Managing Director} Director

CA. Ramesh Kr. Chokhani ^{DIN : 00174235} DIN: 06997186

Place : Kolkata Partner Chandni Jain ^{Gautam Saha}

Dated : 28.05.2024 Memb No. 062081 Company Secretary ^CF°

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Mar 31, 2015

The Company has only one class of equity shares having a par value of Rs.1 per share. Each share holder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferntial amounts, in proportion of their shareholding.

1. The above loan is secured against movable and immovable properties except book debts both present and future in respect of wind power project and guaranted by a director and a ex-director.

2. The company has not made any provision for interest amounting to Rs. 41.50 lac during the year on the above loan.

3. - REC has filed a recover suit against the company for recovery of dues which is pending at the Court of Law. The Company has paid Rs. 100 lacs during the year on the directives received from the Court.

4. - Related Party Disclosure

i) Name of the Related Party :

Key Management Personnel :

Mr. Santosh Kumar Jain - Managing Director

Mr. Taposh Kumar Mullick - Director

Mr. Ramen Chatterjee - Director

Miss. Krishna Banerjee - Director

Miss. Shilpa Kamdar - Company Secretary

Mr. Gautam Saha - CFO

ii) Enterprises over which above person has signification influence :

ATN International Ltd.

CMS Finvest Ltd.

Herald Commerce Ltd.

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Mar 31, 2014

Note 1.1- The above loan is secured against movable and immovable properties except book debts both present and future in respect of wind power project and guaranteed by a director and a ex- director.

Note 1.2- The company has not made any provision for interest for interest amounting to Rs.41.50 lac during the year on the above loan.

Note 1.3- REC has filed a recover suit against the company for recovery of dues which is pending at the Court of Law. The Company has paid Rs.100 lacs during the year on the directives received from the Court.

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Mar 31, 2013

The Company has only one class of equity shares having a par value of Rs.l''per share. Each share holder is eligible for one vote per share. The dividend proposed by the Board of Directors issubject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferntial amounts, in proportion of their shareholding.

Note 1.1 - The above loan is secured against movable and immovable properties except book debts both present and future in respect of wind power project and guaranteed by a director and a ex-director.

Note 1.2 - The company has not made any provision for interest amounting to Rs.41.50 lac during the year on the above loan.

Note 1.3 - REC has filed a recover suit againts the company for recovery of dues which is pending at the Court of Law. The Company has paid Rs. 100 lacs during the year on the directives received from the Court.

Notes:

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

2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) 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 debt. 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 (4) above.

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Mar 31, 2012

The Company has only one class of equity shares having a par value of Rs.1 per share. Each share holder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferntial amounts, in proportion of their shareholding.

Note 1.1 - The above loan is secured against movable and immovable properties except book debts both present and future in respect of wind power project and guaranteed by a director and a ex-director.

Note 1.2 - The company has not made any provision for interest for interest amounting to Rs.41.50 lac during the year on the above loan.

Note 1.3 - REC has filed a recover suit agains the company for recovery of dues which is pending at the Court of Law. The Company has paid Rs.100 lacs during the year on the directives received from the Court.

Notes:

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

2. Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) 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 debt. 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 (4) above.

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Mar 31, 2011

A. QUANTITATIVE DETAILS OF GOODS TRADED :

B In the opinion of the Management, the Sundry Debtors, Loans & Advances and Current Assets have a value on realisation in the ordinary course of business at least equal to amount at which they are stated in the Balance Sheet.

C. Earning & Expenditure in foreign currency- Nil (Nil)

D. Certain balances of Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation.

E. The Company has not made any provision for interest amounting to Rs. 41.50 lakhs (Rs. 41.50 lakhs) in respect of Loan taken from REC during the year.

F. Since the Company has operated only in one segment i.e. Trading in Shares & Securities, provisions relating to segment wise Report as per AS -17 are not applicable.

G. RELATED PARTY DISCLOSURES :

List of Related Parties with whom transactions have taken place during the year:

a) Key Management Personnel, Directors Relatives

1) Santosh Kumar Jain Managing Director

2) Taposh Kumar Mullick Director

3) Ramen Chatterjee Director

b) Enterprises over which above person has significant influence:

NIL

c) Transaction with the persons mentioned in (A) above :

Remuneration Rs. 12,00,000/-

d) Transaction with the enterprises mentioned in (B) above :

Purchase of Shares during the year -

Sale of Shares during the year -

H. Deferred Tax:

In view of no virtual certainty of future profits to set off losses, no provision for deferred tax has been made as required.

I. The Company has made no provision for interest accrued amounting to Rs. 35.54 (Previous year Rs. 35.54 Lacs) as the matter is Subjudice Before Hon'ble Debt Recovery Tribunal in respect of amount payable to Rural Electrification.

J. Information pursuant to Part IV Schedule VI to the Companies Act 1956 has been given in Annexure - I.

K. Information pursuant to paragraph 9BB of Non Banking Financial Companies Prudential Norms (Reserve Bank) Directions 1998 has been given in Annexure - II.

L. Retirement Benefits:

Provision for retirement benefits has not been made as no employee has put in the qualifying period of service for entitled of the benefit.

N. Figures in brackets represent previous year figures.

O. Schedule "A" to "R" annexed herewith are forming part of the Balance Sheet and the Profit & Loss Account.

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Mar 31, 2010

A. In the opinion of the Management, the Sundry Dabtors, Loans & Advances and Current Assets have a value on realisation in the ordinary course of business at least equel to acount at which they are staled in the Balance Sheet.

B Earning & Expenditure in forelgn currency- Nil (Nil)

C. Cartain balances of Sundry Debrots, Sundry Creditors and Loans & Advancss are subject to confirmation.

D. The Company has not made any provision for interest amounint to Rs. 41.50 lakhs (Rs. 41.50 lakhs( In respact of Loan taken from REC during the year.

E. Since the Company has opersted only in one segment i.e. Trading in Shares & Sacutities, provialons retaling to segment wise Report as per AS. 17 are not applicable.

F. RELATED PARTY DISCLOSURES:

List of Related Partlea with whorn transectton have taken palce during the year:

a) Key Management Parmonent Directors Relatives

1) Sanlcah Kumar Jain Managing Director

2) Taposh Kumar Mullick Direcotr

3) Raman Charrarjee Director

b) Enterprises over which above parson has significant influence:

1) Amluckla Invastment Co. Ltd.

2) ATN Intarnational Ltd.

3) Blue Chip India Ltd.

c) Transaction with the enterproses mantioned in (A) above:

Remuneration Rs. 12,00,000/-

d) Transaction with the enterprices mantioned in (B) above:

Purchase of Shares during the year Rs. 1,15,00,000/-

Sale ofShares during the year NIL

G. Deferred Tax:

In view of no virtual certainly of future to set off losses, no provision for delerred lax has been made as required.

H. The Company has made no provision for interest accrued amounting to Rs. 35.54 (Prevlous year Rs. 35.54 Lacs) as the matter in Subjudice Before Honble Debit Racovery Tribunal in respect of amount payable to RECLtd.

I. Information pursent to Part IV to the Companies Act 1956 has been give in Annexure - I.

J. Information Pursuant to paragraph 98B of Non Banking Financial Companies Purdental. Norms (Resarve Bank) Direction 1998 has been given Annexure - II.

K. Restrement Benifits:

Provision for retirament benefits has not been made as no employee has put in the qualfying period of service for entitaled of the benifit.

L. Eamings par Share:

The Company reports basic and dituted earings per wquity share in sccordance with Accounting Standard - 20 Earings per Share issued by the Institute of Chartered Accountants of India.

M. Figures in brackets represent privious year figures.

N. Shedule "A" to "R" annexed herewith are forming part of the Balances Sheet and the Profit & Loss Account.