Notes to Accounts of Winro Commercial (India) Ltd.

Mar 31, 2024

2.15 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS

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

A 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. The Company also discloses present obligations for which a
reliable estimate cannot be made. When there is a possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or disclosure is made.

Contingent Assets are not recognised in the financial statements.

2.16 STATEMENT OF CASH FLOWS

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

i. changes during the period in inventories, operating receivables , payables and transactions of a non-cash nature;

ii. non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses
and;

iii. all other items for which the cash effects are investing or financing cash flows. Cash and cash equivalents
(including bank balances) shown in the Statement of Cash Flows exclude items which are not available for general
use as on the date of Balance Sheet.

2.17 EARNINGS PER SHARE

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

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

2.18 INVESTMENT PROPERTY

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by
the Company, is classified as investment property. Investment property is measured initially at its cost, including
related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the asset''s
carrying amount only when it is probable that future economic benefits associated with the expenditure will flow
to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are
expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced
part is de-recognised.

Investment properties are subsequently measured at cost less depreciation. Investment properties are depreciated
using the straight-line method over their estimated useful lives.

2.19 RETIREMENT BENEFITS
Short-Term Employee Benefits

Liabilities for salaries and bonus, including non-monetary benefits, if any and accumulated leave balance in respect
of employees'' services up to the end of the reporting period, are recognised as liabilities and expenses.

Defined Contribution Plan and Defined Benefit Plan

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

However on prudent basis the company provides the liability for gratuity benefits covering all its eligible employees
who has completed a minimum of five years of continuous service with the company up to the date of reporting
period.

Other Long-Term Benefits

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

2.20 SHARE CAPITAL

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

2.21 SEGMENT REPORTING

According to Ind AS 108, identification of operating segments is based on Chief Operating Decision Maker
(CODM) approach for making decisions about allocating resources to the segment and assessing its performance.
The business activity of the company falls within one reportable business segment viz. "Investments, Trading in
shares and securities & Lending Activities".

2.22 COMMITMENTS

Commitments are future liabilities for contractual payments, classified and disclosed as follows:

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

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

iii. other non-cancellable commitments, if any, to the extent they are considered material and relevant in the
opinion of management

2.23 RECENT ACCOUNTING PRONOUNCEMENTS

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024,
MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

Nature and Purpose of Reserves:

a) Statutory reserve under Section 45 IC of The RBI Act, 1934

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

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

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

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

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

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

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

b) General reserve

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

c) Retained earnings

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

d) Other comprehensive income on equity securities

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

B. Capital Commitments

i) The Company holds 10,71,157 (Previous Year 10,71,157) partly paid up equity shares of Bharti Airtel Limited as
investment as on 31^st March, 2024. The uncalled liability of these partly paid up equity shares is Rs. 4,298.02 Lakhs
at Rs. 401.25 per share (Previous Year Rs. 4,298.02 Lakhs). Said investments is measured fair value through profit or
loss.

ii) The Company has given total commitment of Rs. 25,000 Lakhs (Previous Year Rs. 25,000 Lakhs) to Anchorage Capital
Scheme - I (Category II AIF). Out of the said commitment, Fund has raised demand of Rs. 8,372.37 Lakhs (Previous
Year Rs. 5,024 Lakhs) and same has been paid by the company. Balance uncalled capital as on balance sheet date
is Rs. 16,627.63 Lakhs (Previous Year Rs. 19,976 Lakhs) . Said investments is measured fair value through profit or
loss.

iii) The Company has given total commitment of Rs. 15,750 Lakhs (Previous Year. Nil) to Anchorage Capital Scheme - II
(Category II AIF). Out of the said commitment, Fund has raised demand of Rs. 3,087.41 Lakhs (Previous Year Rs. Nil)
and same has been paid by the company. Balance uncalled capital as on balance sheet date is Rs. 12,662.59 Lakhs
(Previous Year Rs. Nil) . Said investments is measured fair value through profit or loss.

iv) The Company has given total commitment of Rs. 750 Lakhs (Previous Year. Nil) to India Inflection Opportunity Fund
(Category II AIF). Out of the said commitment, Fund has raised demand of Rs. 487.50 Lakhs (Previous Year Rs. Nil)
and same has been paid by the company. Balance uncalled capital as on balance sheet date is Rs. 262.50 Lakhs
(Previous Year Rs. Nil) . Said investments is measured fair value through profit or loss.

Note:

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

2 Company does not have any subsidiary.

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

4 Figures in bracket relates to the previous year.

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

- Financial Risk Management

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

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

• Credit risk

• Liquidity risk

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

• Currency risk

Risk management framework

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

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company''s activities.

1. Credit Risk

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

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

Trade receivables & other receivables

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

Investment in various instruments

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

Loans

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

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

(a) Historical trend of collection from counterparty

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

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

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

(a) Cash and cash equivalent

(b) Bank balance other than (a) above

(c) Loans

(d) Trade receivables

(e) Investment in unlisted securities

(f) Other financial assets

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

2. Liquidity Risk

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

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

As at 31^st March, 2024, the Company had a cash and cash equivalents of Rs. 2,401.39 Lakhs, listed equity shares of
Rs. 89,008.03 Lakhs, mutual funds of Rs. 8,863.58 Lakhs and As at 31st March, 2023, the Company had a cash and cash
equivalents of Rs. 515.30 Lakhs Lakhs, Listed equity shares of Rs. 66,792.44 Lakhs and mutual funds of Rs. 1,780.00 Lakhs.

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

a Interest rate risk

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

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

Fair value hierarchy:

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

observable or unobservable and consists of the following three levels:

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

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

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

Valuation techniques used to determine fair value :

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

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

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

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

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

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

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

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

"Tier I Capital" means owned fund as reduced by investment in shares of other non-banking financial companies and in
shares, debentures, bonds, outstanding loans and advances including hire purchase and lease finance made to and deposits with
subsidiaries and companies in the same group exceeding, in aggregate, 10 percent of the owned fund.

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

Tier II capital" includes the following -

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

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

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

(d) Hybrid debt capital instruments; and

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

Aggregate Risk Weighted Assets -

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

The Company is engaged in the business of investment, trading in shares and securities & Lending Activities.The Company is also
engaged in the business of generating power through windmill, a renewable source of energy. However, generating power through
windmill segment does not satisfy the quantitative thresholds laid down under Ind AS 108 ''Operating segments'' for reportable
segments, hence it has not been considered for segment reporting. As per Ind AS 108 "Operating Segments", specified under
Section 133 of the Companies Act, 2013, there are no reportable operating segments applicable to the company.

Note 40: Distribution made and proposed

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

Note 41 : Trade receivable, Trade payables, borrowings are subject to confirmation. This has been relied upon by the auditors.
Note 42 : ADDITIONAL REGULATORY INFORMATION AS PER DIVISION III SCHEDULE III OF COMPANIES ACT, 2013

1. Title deeds of Immovable Properties

All the title deeds of Immovable properties are in the name of the Company.

2. Valuation of property, plant and equipments

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

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

4. Details of Benami Property held

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

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

During the year, the Company has borrowed funds from financial institutions against pledged of shares / securities.
However, the requirement to file quarterly returns or statements with financial institutions are not required.

6. Wilful Defaulter

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

7. Relationship with Struck off Companies

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

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

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

11. Compliance with approved Scheme(s) of Arrangements

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

12. Utilisation of Borrowed funds and share premium

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

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

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

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

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

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

13. Undisclosed income

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

14. Details of Crypto Currency or Virtual Currency

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

Note 45 : Employee Benefits

Retirement benefits in the form of provident fund under the Employees Provident Fund (Misc. Provisions) Act, 1952 and
gratuity under the Payment of Gratuity Act, 1972 are not applicable to the Company as the total number of employees are below the
minimum required number of employees as specified in respective acts. However on prudent basis the company provides the
liability for gratuity benefits covering all its eligible employees who has completed a minimum of five years of continuous service
with the company up to the date of reporting period.

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

Note 46 . 1. There are no significant subsequent events that would require adjustments or disclosures in the financial
statements as on the Balance sheet date.

2. Trade receivable, Trade payables, borrowings are subject to confirmation. This has been relied upon by the
auditors.

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

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

49.4 Derivatives

Forward Rate Agreement / Interest Rate Swap:

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

Exchange Traded Interest Rate (IR) Derivatives :

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

Disclosures on Risk Exposure in Derivatives :

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

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

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

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

vi) Institutional Set-up for Liquidity Risk Management

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

Note 51 : The disclosures as required by the Master Direction-Monitoring of frauds in NBFCs issued by RBI dated
29^th September 2016

There was no case of fraud reported during the Financial year 2023-24 (Previous Year Nil)

Note 52 : During the year, the Company has not reclassified / restructured any loan given to parties. Therefore the disclosures
required as per below circulars issued by Reserve Bank of India (RBI) are not required.

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

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

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

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

Note 53 : During the year, the Company has not issued any Perpetual Debt Instruments (PDI).

Note 54 : Disclosure pursuant to RBI Notification - RBI/DOR/2021-22/86/DOR.STR.REC.51/21.04.048/2021-22 dated

24 September 2021 ''Master Direction - Reserve Bank of India (Transfer of Loan Exposures) Directions, 2021'' are not
applicable as there is no transfer of loan during the year 2023-24.

Notes

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

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

3 All accounting standards and guidance notes issued by ICAI are applicable including for valuation of investments and other
assets as also assets acquired in satisfaction of debts. However, market value in respect of quoted investments and break
up / fair value / NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as
long term or current in column (6) above.

4 Investments given under Note 6 & 7 of Standalone Financial Statements includes Long Term Investments & Current
Investments.

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

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

As per our report of even date

For SARDA & PAREEK LLP For and on behalf of the Board of Directors

Chartered Accountants Hetal Khalpada Vaishali Dhuri

Firm Reg. No: 109262W/W100673 Director Director

DIN :00055823 DIN:03607657

Gaurav Sarda Ritesh Zaveri Mithun Soni

Partner Chief Financial Officer Chief Executive Officer

Membership No. 110208

Place : Mumbai Jitendra Parihar

Date : 29^th May, 2024 Company Secretary

Membership No. ACS40734
Place : Mumbai
Date : 29^th May, 2024

---

Mar 31, 2014

1 Corporate information

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

Rights of Equity Shareholders

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

Note Particulars

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

(i) -As per Income Tax Department following tax demand is outstanding against the company & it has not been provided in the accounts.

Assessment Demand u/s Short Amount paid Status of Year Provision Protest / Refund Appeal Adjusted

2008- 09 u/s 143 (3) 626759 2000000 Dept Appeal with ITAT Pending

2009- 10 u/s 143 (3) 4311549 4311549 Dept Appeal with ITAT Pending

2010- 11 u/s 143 (3) 1149123 1026610 Appeal with CIT (A) pending

2011- 12 u/s 143 (3) 794908 - Rectification of order u/s 143(3) pending

2.2 Trade Receivables, Trade Payables, Loans & Advances are subject to confirmation

2.3 Employee benefit plans

As number of employees working in company are less than ten, provision for gratuity as per Accounting Standard 15 issued by Institute of Chartered Accountants of India does not apply to the company

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

2.4 Profit from commodity segment consists of arbitrage in commodities on various commodity exchanges.ie National Spot Exchange, NCDEX, MCX through C& F Agents.

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

Note 3

Note Particulars

3.1 Previous year''s figures

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

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Mar 31, 2013

1 Corporate information

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

2.1 Trade Receivables, Trade Payables, Loans & Advances are subject to confirmation

2.2 Employee benefit plans

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

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

2.3 Profit from commodity segment consists of arbitrage in commodities on various commodity exchanges.ie National Spot Exchange, NCDEX, MCX through C& F Agents.

2.4 Previous year''s figures

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

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Mar 31, 2012

1. Corporate information

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

Rights of Equity Shareholders

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

Note 2 Additional information to the financial statements

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

- As per Income Tax Department following tax demand is outstanding against the company & it has not been provided in the accounts.

Assessment Demand Amount Paid Status of Appeal year under protest/ Refund adjusted

2008-09 27,86,590/- 20,00,000/- Appeal Pending with CIT (A)

2.2 During the year company has revised residual life of its Wind Mill, hence decided to provide depreciation @ 27.82% retrospectively as per rates of depreciation provided in Triple Shift WDV method specified in Schedule XIV of the Companies Act, 1956, on Wind Mill from its inception. Additional Depreciation due to above change is Rs. 1,45,94,589/- 25.5 Trade Receivables, Trade Payables, Loans & Advances are subject to confirmation

2.3 Employee benefit plans

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

Leave encashment is accounted in the year in which the right of encashment is exercised by employee.

2.3.a The Profit from commodity segment is the net of profit / (Loss) of trading in commodities and its hedging in cash segment as well as in future segment of Commodity Exchanges.

2.4 Related party transactions

2.4a Details of related parties:

Description of relationship Names of related parties

Associates Arkaya Commercials Pvt. Ltd.

Aroni Commercials Limited

Arcies Laboratories Ltd

Antique Stock Broking Ltd Antique Finance Private Limited

Better Time Realtors Pvt. Ltd Four Dimensions Capital Markets Pvt. Ltd.

Four Dimensions Commodities Pvt.Ltd.

Four Dimensions Securities (India) Ltd.

Geecee Ventures Ltd GTZ (Bombay) Pvt Ltd

Geecee Business Pvt Ltd

Geecee Investments Ltd

Mahotsav Trading & Finance Pvt. Ltd.

New Age Dyes & Chemicals Pvt Ltd Rohit Financial Services

Sam Jag-Deep Investment Pvt Ltd

Saraswati Commercial (India) Ltd

Sareshwar Trading & Finance Pvt Ltd

Urudavan Investment and Trading Pvt Ltd.

Windsor Trading and Finance Pvt. Ltd.

Key Management Personnel (KMP) - Shri Hatim F. Harianawala –Director

- Shri V. V.Sureshkumar - Director

- Shri A.N. Nair – Director

- Shri Atul J Shah – Director

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

NOTES :

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

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

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

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Mar 31, 2011

1. Leave encashment is accounted in the year in which the right of encashment is exercised by the employees.

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

3. Related Party Information:

i). Relationships :

a) Key Management Personnel - Shri Hatim F. Hariyanawala Director.

- Shri V. V.Sureshkumar - Director

- Shri A.N. Nair - Director

- Shri Atul J Shah - Director

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

- Shri Ashwin Pannalal Kothari (HUF)

- Shri Ashwin Pannalal Kothari (S) (HUF)

- Shri Pannalal .C Kothari (HUF)

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

- Smt Tejal Kothari

d) Associate Concerns - Aroni Commercials Limited

- Arcies Laboratories Ltd.

- Antique Stock Broking Ltd.

- Antique Finance Private Limited

- Antique Finsec Pvt Ltd.

- Antique Wealth Advisor Pvt Ltd.

- Antique Capital Markets Pvt Ltd.

- Arkaya Commercials Pvt. Ltd.

- Better Time Realtors P Ltd.

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

- GeeCee Ventures Ltd.

- GTZ (Bombay) Pvt. Ltd.

- Grey River Energy Pvt Ltd.

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

- Four Dimensions Securities (India) Ltd.

- Four Dimensions Capital Markets Pvt. Ltd.

- Four Dimensions Commodities Pvt. Ltd.

- Mahotsav Trading & Finance Pvt. Ltd.

- Newage Dyes & Chemicals Pvt Ltd.

- Rohit Financial Services

- Red Socks Realtors Pvt Ltd.

- Sam Jag-Deep Investment Pvt Ltd.

- Saraswati Commercial (India) Ltd. - Sareshwar Trading and Finance Pvt. Ltd.

- Urudavan Investment and Trading Pvt. Ltd.

- Vidushan Commercial & Investment Pvt Ltd.

- Windsor Trading and Finance Pvt. Ltd.

4. Contingent Liabilities:

- Contingent liability in respect of shares pledged with bank as security towards overdraft facility availed by related parties M/s/ Four Dimensions Securities (India) Ltd is Rs. NIL (Previous Year Rs. 15,54,32,155/-)

- As per Income Tax Department following tax demand is outstanding against the company & it has not been provided in the accounts.

Assessment Demand Amount paid Status of Appeal Year (Rs.) under Protest Refund Adjusted

2008-09 27,86,590/- 20,00,000/- Appeal Pending with CIT (Appeals)

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

6. Previous Year Figures have been regrouped or re-arranged wherever deemed necessary.

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Mar 31, 2010

1. Leave encashment is accounted in the year in which the right of encashment is exercised by the employees.

2. Earning & Expenditure in Foreign Currency is Nil.

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

4. Related Party Information:

I). Relationships :

a). Key Management Personnel

Shri Hatim F. Hariyanawala -Director

Shri V. V.Sureshkumar - Director

Shri A.N. Nair - Director

Shri Atul J Shah - Director

b). Individual owning directly or indirectly an interest in the voting power that gives them control or significant influence.

Shri Ashwin Kumar Kothari

Smt Meena Kothari

Shri Rohit Kothari

Shri Ashwinkumar Kothari (HUF)

Shri Ashwinkumar Kothari (S) (HUF)

Shri Pannalal .C Kothari (HUF)

c). Relative of individual in (b) above

Smt Niyati P. Mehta Smt Tejal Kothari

d). Associate Concerns

: Four Dimensions Securities (India) Ltd. Four Dimensions Capital Markets Pvt. Ltd. Antique Stock Broking Ltd Antique Finance Private Limited Antique Finsec Pvt Ltd Antique Wealth Advisor Pvt Ltd Antique Capital Markets Pvt Ltd

Ananya Online IT Designs Pvt Ltd

Arkaya Commercials Pvt. Ltd.

Aroni Commercials Limited

Arcies Laboratories Ltd.

Better Time Realtors P Ltd

Four Dimensions Commodities Pvt. Ltd.

Geecee Ventures Ltd.

(Previously known as Gwalior Chemical

Industries Ltd)

GTZ (Bombay) Pvt. Ltd.

Grey River Realtors Pvt Ltd

Jacqart Financial Services Ltd.

Mahotsav Trading & Finance Pvt. Ltd.

Neptune Light Realtors Pvt Ltd

New Age Dyes Chemicals Pvt Ltd

Rohit Financial Services

Red Stocks Realtors Pvt Ltd

Sam Jag-Deep Investment Pvt Ltd

Saraswati Commercial (India) Ltd.

Sareshwar Trading and Finance Pvt. Ltd.

Urudavan Investment and Trading Pvt. Ltd.

Vidushan Commercial & Investment Pvt.Ltd

Windsor Trading and Finance Pvt. Ltd.

5. Contingent Liabilities;

- Contingent liability in respect of shares pledged with bank as security towards overdraft facility availed by related parties M/s/ Four Dimensions Securities (India) Ltd is Rs. 15,54,32,155/- (Previous Year Rs. 8,19,66,414/-).

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

7. Previous Year Figures have been regrouped or re-arranged wherever deemed necessary.