♦♦♦ Provisions And Other Contingent Liabilities and Capital Contracts

Provisions are recognised when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation.

Where the outflow of economic benefits is not probable, or where a reliable estimate of the
obligation cannot be made, the obligation is disclosed as a contingent liability, unless the possibility
of an outflow of resources is remote.

The Company considers various factors, including legal advice, the stage of the matter and historical
evidence from similar incidents, while assessing the probability and amount of potential losses.
Significant judgment is required in determining these estimates due to the inherent uncertainty
involved.

♦♦♦ Impairment of Non-Financial Assets

The Company assesses, at each reporting date, whether there is any indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Company estimates the asset’s recoverable amount. The recoverable amount of an asset or a cash¬
generating unit (CGU) is the higher of its fair value less costs of disposal and its value in use.
Recoverable amount is determined for an individual asset unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets. When the
carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the
risks specific to the asset. In determining fair value less costs of disposal, recent market transactions
are taken into consideration. If no such transactions can be identified, an appropriate valuation
model is used. These calculations are corroborated by valuation multiples, quoted share prices of
publicly traded companies or other available fair value indicators.

The Company bases its impairment assessment on detailed budgets and forecast calculations, which
are prepared separately for each cash-generating unit (CGU) to which the individual assets are
allocated. These budgets and forecast calculations generally cover a period of five years. For periods
beyond the forecast period, a long-term growth rate is calculated and applied to project future cash
flows. The Company extrapolates cash flow projections beyond the period covered by the latest
budgets and forecasts using a steady or declining growth rate for subsequent years, unless an
increasing growth rate can be justified. In any case, such growth rate does not exceed the long-term
average growth rate for the products, industries or countries in which the Company operates or for
the market in which the asset is used.

Impairment losses of continuing operations are recognized in the Statement of Profit and Loss. For
assets excluding goodwill, the Company assesses at each reporting date whether there is any
indication that previously recognized impairment losses no longer exist or have decreased. If such
indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously
recognized impairment loss is reversed only if there has been a change in the assumptions used to
determine the asset’s recoverable amount since the last impairment loss was recognized. The
reversal is limited to the extent that the carrying amount of the asset does not exceed its recoverable
amount, nor exceed the carrying amount that would have been determined, net of depreciation,
had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in
the Statement of Profit and Loss unless the asset is carried at a revalued amount, in which case the
reversal is treated as a revaluation increase.

♦♦♦ Segment Information

An operating segment is a component of the Company that engages in business activities from
which it may earn revenues and incur expenses, and whose operating results are regularly reviewed
by the Company’s Chief Operating Decision Maker (CODM) for the purpose of making decisions
about resources to be allocated and assessing its performance.

The Company is primarily engaged in a single business segment. Accordingly, the requirements
relating to segment reporting under Ind AS 108 — Operating Segments are not applicable to the
Company.

Loans, Guarantees and Investments under Sections 185 & 186

During the year, the Company has complied with the applicable provisions of Sections 185 and 186 of
the Companies Act, 2013 in respect of loans, investments and guarantees.

? Personnel

During the year under review, no employee was in receipt of remuneration exceeding the limits
prescribed under the Companies Act, 2013 and the rules made thereunder.

Further, there were no employees who were employed throughout the financial year and were in
receipt of remuneration exceeding Rs. 60.00 lakhs per annum or Rs. 5.00 lakhs per month, as
prescribed under the applicable provisions.

? Dues To SME’S

Management has determined, based on the information available with the Company as at March
31, 2026, that there were no transactions entered into with Micro, Small and Medium Enterprises
as defined under the Micro, Small and Medium Enterprises Development Act, 2006, during the
current year.

The Company has not received any information from suppliers regarding their status under the
Micro, Small and Medium Enterprises Development Act, 2006. Accordingly, no disclosure is
required under the said Act.

♦♦♦ Cash And Cash Equivalents (For Purposes of Cash Flow Statement)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term highly
liquid investments with an original maturity of three months or less from the date of acquisition, which
are readily convertible into known amounts of cash and are subject to an insignificant risk of changes
in value.

Cash flows are reported using the indirect method, whereby profit/(loss) before tax is adjusted for the
effects of transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts
or payments. The cash flows from operating, investing and financing activities of the Company are
segregated based on the available information.

♦♦♦ Leases

The Company’s lease assets primarily consist of leases for buildings. The Company assesses, at the
inception of a contract, whether a contract is, or contains, a lease. A contract is, or contains, a lease if
it conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.

To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether:

a. The contract involves the use of an identified asset;

b. The Company has the right to obtain substantially all of the economic benefits from
use of the asset throughout the period of use; and

c. The Company has the right to direct the use of the asset.

At the commencement date of the lease, the Company recognises a right-of-use asset and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for short-term
leases (leases with a term of twelve months or less) and leases of low-value assets. For such leases, the
Company recognises lease payments as an operating expense on a straight-line basis over the lease
term.

The right-of-use asset is initially measured at cost, comprising the initial amount of the lease liability
adjusted for lease payments made at or before the commencement date, plus any initial direct costs
and less any lease incentives received. Subsequently, the right-of-use asset is measured at cost less
accumulated depreciation and impairment losses, if any.

The Company applies the short-term lease recognition exemption for leases of buildings with a lease
term of twelve months or less from the commencement date and which does not contain a purchase
option. Lease payments relating to such leases are recognized as expenses on a straight-line basis over
the lease term.

♦♦♦ General

♦♦♦ The figures for the previous year have been regrouped, reclassified and rearranged wherever
necessary to conform with the current year’s presentation and to facilitate proper comparison.

♦♦♦ The figures are presented in Indian Rupees in lakhs (Rs. in lakhs).

♦♦♦ Capital Management

For the purpose of the Company’s capital management, capital includes equity capital and all other
reserves attributable to the equity shareholders. The Company’s capital management objective is to
maximise shareholder value by optimising the cost of capital through an efficient capital structure
that supports its growth objectives.

The Company manages its capital structure and makes adjustments in the light of changes in economic
conditions and requirements of financial covenants, wherever applicable. To maintain or adjust the
capital structure, the Company may adjust dividend payments to shareholders, return capital to
shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is
calculated as net debt divided by total capital plus net debt.

For the purpose of calculating the gearing ratio, net debt includes interest-bearing loans and
borrowings less cash and short-term deposits.

Financial Risk Management

In course of its business, the Company is exposed to certain financial risks that could have significant
influence on the Company’s business and operational / financial performance. These include market
risk (including interest rate risk and equity price risk), credit risk and liquidity risk.

The Board of Directors reviews and approves risk management framework and policies for managing
these risks and monitors suitable mitigating actions taken by the management to minimize potential
adverse effects and achieve greater predictability of earnings. In line with the overall risk management
framework and policies, the treasury function provides services to the business, monitors and manages
and through an analysis of the exposures by degree and magnitude of risks.

Borrowings, trade payables and other financial liabilities constitute the Company''s primary financial
liabilities and investment in unquoted equity shares, trade receivables, loans, cash and cash equivalents
and other financial assets are the financial assets.

Trade Receivables

Credit risk refers to the risk of default by customers on receivables due to the Company, resulting in
a financial loss. The maximum exposure to credit risk from trade receivables amounted to Rs. 62.33
lakhs as of March 31, 2026 (Rs. 29.19 lakhs as of March 31, 2025).

Trade receivables primarily comprise amounts receivable from corporate customers. Credit risk is
managed through credit approvals, establishing credit limits and monitoring the creditworthiness of
customers before extending credit terms in the normal course of business. In the case of the Company,

the credit period offered generally ranges between 30 to 60 days, and there have been no significant
instances of impairment historically.

Cash And Cash Equivalents and Deposits with Banks

The credit risk on cash and bank balances is limited as the counterparties are banks with high credit
ratings. Accordingly, the risk of default is considered to be insignificant.

♦♦♦ Valuation Methodology

The fair value of quoted equity investments is determined based on the quoted market prices available
on the recognised stock exchange as at the reporting date and is classified under Level 1 of the fair value
hierarchy in accordance with Ind AS 113 — Fair Value Measurement.

The fair value of unquoted equity investments is determined using appropriate valuation techniques
based on available financial information and other relevant observable and unobservable inputs,
including management''s estimates and assumptions, wherever applicable. Such investments are
classified under Level 2 or Level 3 of the fair value hierarchy depending upon the nature of the valuation
inputs used.

The Company reviews the valuation techniques and assumptions at each reporting date to ensure that
the fair values appropriately reflect the market conditions prevailing at the reporting date.

♦♦♦ Equity Price Risk

Equity price risk is the risk arising from changes in the fair value of equity investments due to
fluctuations in market prices. The Company holds quoted equity investments, and accordingly, is
exposed to changes in market prices. The fair value of these investments is determined based on quoted
market prices at the reporting date. The investments are not held for trading purposes and are
measured in accordance with the applicable requirements of Ind AS 109 and Ind AS 113.

♦♦♦ Equity Price Sensitivity Analysis

Equity price risk sensitivity analysis is applicable to quoted equity investments, where changes in
market prices may impact the fair value of such investments. In respect of unquoted equity investments
held by the Company if any, the fair value is determined based on valuation techniques and may be
affected by changes in valuation assumptions and the financial performance of the investee company.

A 1% change in the fair value of equity instruments held as at March 31, 2026, and March 31, 2025,
would result in an increase/decrease of INR 3.29 lakhs and INR 3.41 lakhs, respectively, in the fair
value of the equity instruments.

♦♦♦ Provision For Expected Credit LossesFinancial assets for which loss allowance is measured using lifetime expected credit
losses

The Company recognises impairment on financial assets in accordance with the Expected Credit Loss
(ECL) model prescribed under Ind AS 109 — Financial Instruments.

For trade receivables, the Company applies the simplified approach prescribed under Ind AS 109 and
recognises lifetime Expected Credit Losses without tracking changes in credit risk.

For loans, deposits and other financial assets measured at amortised cost, the Company applies the
general approach for recognition of Expected Credit Losses. Under this approach:

• Stage 1: Financial assets on which credit risk has not increased significantly since initial
recognition are provided for based on 12-month Expected Credit Losses.

• Stage 2: Where there has been a significant increase in credit risk since initial recognition,
lifetime Expected Credit Losses are recognised.

• Stage 3: Financial assets that are credit-impaired are measured using lifetime Expected Credit
Losses, and interest income is recognised on the net carrying amount in accordance with Ind AS
109.

The Company considers various qualitative and quantitative factors while assessing credit risk,
including historical payment behaviour, financial position of the borrower, business outlook,
probability of default, and other forward-looking information. A financial asset is considered to
be in default when there is objective evidence indicating that the borrower is unlikely to discharge
its contractual obligations or where payments remain overdue beyond the period considered
appropriate by management based on the nature of the asset.

The Company reviews the Expected Credit Loss assessment at each reporting date. Based on the
historical experience, recoverability assessment, and evaluation of credit risk, management has
concluded that the probability of default on the Company''s financial assets is insignificant.
Accordingly, no material Expected Credit Loss provision has been recognised as at 31 March
2026.

(i) Debtors’ Ageing Schedule

As a policy, the Company does an ageing analysis of debtors, the details of which are stated below.

Liquidity Risk

Liquidity risk is the risk that the Company may encounter difficulty in meeting its financial obligations as
they fall due. The objective of liquidity risk management is to maintain sufficient liquidity and ensure
availability of funds to meet operational and financial commitments.

The Company manages liquidity risk by maintaining adequate cash and cash equivalents, monitoring forecast
and actual cash flows, and ensuring availability of funds through appropriate credit facilities, wherever
required.

The Company invests surplus funds in bank fixed deposits, which are considered to carry minimal risk of
fluctuations in value.

Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument may fluctuate due
to changes in foreign exchange rates. The Company is not exposed to any currency risk as it does not have
any transactions, assets, or liabilities denominated in foreign currencies.

Sensitivity Analysis

Since the Company is not exposed to any currency risk, the foreign currency sensitivity analysis is not
applicable.

Maturities of Financial Liabilities

The Following are the contractual Maturities (principal and interest in the case of loan) of non-derivative
financial liabilities, based on contractual cash flows:

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to
changes in market prices. The Company’s exposure to market risk primarily comprises interest rate risk
and equity price risk.

Financial instruments affected by market risk include investments in unquoted equity shares and interest¬
bearing financial assets, wherever applicable. The Company manages market risk by monitoring its exposure
to such risks and ensuring that the related exposures are maintained within acceptable levels. The objective
of market risk management is to manage and control market risk exposures while minimizing the adverse
impact of market fluctuations on the Company’s financial performance.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
due to changes in market interest rates. The Company is not exposed to significant interest rate risk as the
interest-bearing financial assets primarily comprise fixed-rate bank deposits, which are not subject to
significant fluctuations due to changes in market interest rates. Accordingly, the interest rate risk sensitivity
analysis is not considered material.

Borrowings from Banks & Financial Institutions

The Company does not have any borrowings from banks or financial institutions as of March 31, 2026.
Accordingly, disclosures relating to borrowings from banks and financial institutions are not applicable to
the Company.

Receivables and Payables

The receivables and payables as disclosed under current assets and current liabilities, respectively, are
considered by the management to be stated at their realizable and payable values as of March 31, 2026.
Based on the assessment of recoverability and past payment experience, no provision for doubtful debts
has been considered necessary for the year ended March 3 1, 2026.

♦♦♦ Transactions With Struck Off Companies

The Company has not entered any transactions with companies struck off under Section 248 of the
Companies Act, 2013 during the financial year.

♦♦♦ Benami Transactions / Property

No proceedings have been initiated or are pending against the Company as at March 31, 2026, for
holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and
the rules made thereunder.

♦♦♦ Utilisation of Borrowed Funds and Share Premium

The Company has not advanced, loaned or invested funds (either borrowed funds or share premium
or any other source or kind of funds) to any intermediary with the understanding that the
intermediary shall directly or indirectly lend or invest in ultimate beneficiaries. Further, the
Company has not received any funds from any person or entity with the understanding that the
Company shall directly or indirectly lend or invest in ultimate beneficiaries.

♦♦♦ Registration of charge creation on Property

The Company has no outstanding charges requiring registration with the Registrar of Companies
under the applicable provisions of the Companies Act, 2013.

♦♦♦ Revaluation of Plant, Property and Equipment

There were no revaluations of Property, Plant and Equipment or other intangible assets during the
financial year ended March 31, 2026.

♦♦♦ Undisclosed Income

The Company does not have any transactions that have not been recorded in the books of account,
and which have been surrendered or disclosed as income during the year in the tax assessments under
the Income-tax Act, 1961.

♦♦♦ Willful Defaulter

The Company has not been declared as a willful defaulter by any bank, financial institution,
government, or any government authority.

♦♦♦ Title Deeds of Immovable Property not held in the name of the company

The Company does not hold any immovable properties whose title deeds are not held in the name
of the Company.

♦♦♦ Scheme of Arrangement

The Company does not have any scheme of arrangement approved by the competent authority or
pending approval during the financial year ended March 3 1, 2026.

♦♦♦ Fair Value Sensitivity Analysis for Fixed-Rate Instruments

The Company’s fixed-rate financial instruments are carried at amortized cost. Accordingly, such
instruments are not subject to interest rate risk arising from changes in market interest rates, as
neither the carrying amount nor the future cash flows are affected by fluctuations in market interest
rates.

? PROVISIONS AND OTHER CONTINGENT LIABILITIES AND CAPITAL CONTRACTS

When the Company can reliably measure the outflow of economic benefits in relation to a specific case and
considers such outflows to be probable, the Company records a provision against the case. Where the
probability of outflow is considered to be remote, or probable, but a reliable estimate cannot be made, a
contingent liability is disclosed.

Given the subjectivity and uncertainty of determining the probability and amount of losses, the Company takes
into account a number of factors including legal advice, the stage of the matter and historical evidence from
similar incidents. Significant judgment is required to conclude on these estimates.

? IMPAIRMENT OF NON-FINANCIAL ASSETS

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If
any indication exists, or when annual impairment testing for an asset is required, the Company estimates the
asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or cash-generating unit''s
(CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets
or Group of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset
is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no
such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for publicly traded companies or other available fair value
indicators.

The Company bases its impairment calculation on detailed budgets and forecast calculations, which are
prepared separately for each of the Company''s CGUs to which the individual assets are allocated. These
budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth
rate is calculated and applied to project future cash flows after the fifth year. T o estimate cash flow projections
beyond periods covered by the most recent budgets/forecasts, the Company extrapolates cash flow
projections in the budget using a steady or declining growth rate for subsequent years, unless an increasing
rate can be justified. In any case, this growth rate does not exceed the long-term average growth rate for the
products, industries, or country or countries in which the entity operates, or for the market in which the asset
is used.

Impairment losses of continuing operations are recognized in the statement of profit and loss. For assets
excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication
that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the
Company estimates the asset''s or CGU''s recoverable amount. A previously recognized impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset''s recoverable amount
since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined,
net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is
recognized in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the
reversal is treated as a revaluation increase.

? SEGMENT INFORMATION

An operating segment is a component of the Company that engages in the business activities from which it
may earn revenues and incur expenses, whose operating results are regularly reviewed by Company''s
executive vice president and Chief Financial officer (“ Chief operating decision maker”).

The Company is engaged primarily in one segment; accordingly, segment reporting is not applicable.

? PERSONNEL

During the year under review, no employee was in receipt of remuneration in excess of limits laid down under
the companies act other than below: -

There are no employees employed throughout the financial year were in receipt of remuneration which in
aggregate was more that Rs. 60.00 lakhs per annum; Rs. 5.00 Lakhs per month.

? DUES TO SME’S

Management has determined that there were balances outstanding as at the beginning of the year and no
transactions entered with micro, small and medium enterprises as defined under Micro, Small and Medium
Enterprises Development Act, 2006, during the current year, based on the information available with the
company as at March 31, 2025.

? CASH AND CASH EQUIVALENTS (FOR PURPOSES OF CASH FLOW STATEMENT)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances, (with
original maturity of three months or less from the date of acquisition), highly liquid investments that are readily
convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax
is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash
receipts or payments. The cash flows from operating, investing and financing activities of the Company are
segregated based on the available information.

? LEASES

The Company''s lease asset consists of leases for buildings. The Company assesses whether a contract contains
a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Company assesses whether:

a. The contract involves the use of an identified asset

b. The Company has substantially all of the economic benefits from the use of the asset through the
period of the lease and

c. The Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-to-use asset and a corresponding
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months
or less (short-term leases) and low value leases. For these short term and low value leases, the Company
recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The right-to-use asset is initially recognized at cost which comprises of the initial amount of lease liability
adjusted for lease payments made or prior to commencement date plus any direct cost i.e. lease incentives.
They are subsequently measured at cost less accumulated depreciation and impairment loss if any.

The Company applies the short-term lease recognition exemption to its short-term leases of Buildings (i.e.,
those leases that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). Lease payments on short-term leases are recognized as expense on a straight-line basis over
the lease term.

? GENERAL

1. The figures for the previous year have been regrouped / reclassified / rearranged where ever necessary with
the conformity with the current year figures for facilitating proper comparisons.

2. The Figures are mentioned in lakhs rupees. (Rs. in lakhs)

? CAPITAL MANAGEMENT

For the purpose of the Company''s Capital management, capital includes equity capital and all other reserves.
The Company''s capital management objective is to maximize the total shareholder return by optimizing cost
of capital through flexible capital structure that supports growth.

The Company manages its capital structure and makes adjustments in the light of changes in economic
conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the
Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.
The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Financial Risk Management

In course of its business, the Company is exposed to certain financial risks that could have significant influence on
the Company''s business and operational / financial performance. These include market risk (including interest
rate risk and equity price risk), credit risk and liquidity risk.

The Board of Directors reviews and approves risk management framework and policies for managing these risks
and monitors suitable mitigating actions taken by the management to minimize potential adverse effects and
achieve greater predictability to earnings. In line with the overall risk management framework and policies, the
treasury function provides services to the business, monitors and manages through an analysis of the exposures by
degree and magnitude of risks.

Borrowings, trade payables and other financial liabilities constitute the Company''s primary financial liabilities and
investment in unquoted equity shares, trade receivables, loans, cash and cash equivalents and other financial assets
are the financial assets.

Trade Receivables

Credit risk refers to the risk of default on the receivables to the Company that may result in financial loss. The
maximum exposure from trade receivables amounting to Rs. 29.19 lacs as of March 31, 2025 (Rs.2.81 lacs as of
March 31, 2024 respectively).

Trade receivables mainly constitute receivable from Corporate Borrowers. Credit risk is being managed through
credit approvals, establishing credit limits and monitoring the creditworthiness of customers to allow credit terms
in the normal course of business. In the case of the Company, the credit period offered varies between 30 to 60
days and there have been no significant cases of impairment historically.

Cash And Cash Equivalents and Deposits with Banks

The credit risk on cash and bank balances is limited because the counterparties are banks with high credit ratings.
Therefore, the risk of default is considered to be insignificant.

♦♦♦ Equity Price Risk

Equity price risk is related to the change in market reference price of the investments in quoted equity
securities. In the case of the Company, the sole investment in equity shares is unquoted and does not expose
the Company to equity price risks, however there can be changes in the equity price based on valuations done
at different reporting periods owing to the operations and general business environment in which the investee
operates. In general, the investment is not held for trading purposes.

♦♦♦ Equity Price Sensitivity Analysis

A 1% change in prices of equity instruments held as at March 31, 2025, and March 31, 2024, would result
in an increase / decrease of INR 3.41 lakhs INR 5.31 lakhs in fair value of the equity instrument
respectively.

♦♦♦ Provision For Expected Credit Losses

Financial assets for which loss allowance is measured using life time expected credit losses

The Company''s main customer base is Corporate Borrowers. Historically the risk of default has been
negligible or nil. Further, management believes that the unimpaired amounts that are past due by more than
60 days are still collectible in full, based on historical payment behavior and extensive analysis of customer
credit risk. Hence, no impairment loss has been recognized during the reporting periods in respect of trade
receivables.

Liquidity Risk

The obj ective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as
per requirements. The Company manages liquidity risk through cash credit limits and undrawn borrowing facilities by
continuously monitoring forecast and actual cash flows. The Company invests its surplus funds in bank fixed deposit
which carry minimal mark to market risks.

Currency Risk

The Company is not exposed to any currency risk since it does not have any transactions in any foreign currency.
Sensitivity Analysis

Since the company is not exposed to any currency risk, sensitivity analysis is not applicable.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market risk for the entity comprises two types of risk: currency risk, interest rate risk and equity price
risk. Financial instruments affected by market risk include borrowings and investment in unquoted equity shares. The
objective of market risk management is to manage and control market risk exposures within acceptable parameters, while
optimizing the return.

Interest Rate Risk

The Company is not exposed to any interest rate risk. At the reporting date the interest rate profile of the Company''s
interest-bearing financial instruments is as follows:

Borrowings from Banks & Financial Institutions

The company doesn''t have any borrowings from Banks/Financial Institutions, and no corresponding
report is required to be filed in relation to the same.

Receivables and Payables

The receivables and payables as stated in Current Assets and Current Liabilities and in the opinion of the
management have a value and realization equal to the amount at which they are stated in the Balance Sheet
and no provision for doubtful debts has been made by the company for the year ending March 31, 2023.

Maturities of Financial Liabilities

The Following are the contractual Maturities (principal and interest in the case of loan) of non-derivative financial
liabilities, based on contractual cash flows:

♦♦♦ Transactions With Struck Off Companies

The company doesn''t have any transactions with struck off companies.

♦♦♦ Benami Transactions / Property

No proceedings have been initiated during the year or are pending against the Company as at March 31, 2025 for
holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and
rules made thereunder.

♦♦♦ Registration of charge creation on Property

The company has no charge on its receivables and hence, there are no related registration compliances involved.

♦♦♦ Revaluation Of Plant, Property and Equipment

There was no revaluation of assets during the year 2023-24.

♦♦♦ Undisclosed Income

The company doesn''t have any current or previous transactions that have not been recorded in the books of accounts
and has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1962.

♦♦♦ Willful Defaulter

The Company has not been declared willful defaulter by any bank or financial institution or government
or any government authority.

*♦* Title Deeds of Immovable Property not held in the name of the company

There is no Title Deeds of immovable property held in the name of the Company.

♦♦♦ Scheme Of Arrangement

The company doesn''t have any scheme of arrangements to disclose during the year 2024 - 2025.

♦♦♦ Fair Value Sensitivity Analysis for Fixed-Rate Instruments

The company''s fixed rate instruments are carried at amortized cost. They are therefore not subject to interest
rate risk, since neither the carrying amount nor the future cash flow will fluctuate because of a change in market
interest rates.

? PROVISIONS AND OTHER CONTINGENT LIABILITIES AND CAPITAL
CONTRACTS

When the Company can reliably measure the outflow of economic benefits in relation to a
specific case and considers such outflows to be probable, the Company records a provision
against the case. Where the probability of outflow is considered to be remote, or probable,
but a reliable estimate cannot be made, a contingent liability is disclosed.

Given the subjectivity and uncertainty of determining the probability and amount of losses,
the Company takes into account a number of factors including legal advice, the stage of the

matter and historical evidence from similar incidents. Significant judgment is required to
conclude on these estimates.

? IMPAIRMENT OF NON-FINANCIAL ASSETS

The Company assesses, at each reporting date, whether there is an indication that an asset may
be impaired. If any indication exists, or when annual impairment testing for an asset is
required, the Company estimates the asset’s recoverable amount. An asset’s recoverable
amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of
disposal and its value in use. Recoverable amount is determined for an individual asset, unless
the asset does not generate cash inflows that are largely independent of those from other assets
or Group of assets. When the carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of
money and the risks specific to the asset. In determining fair value less costs of disposal, recent
market transactions are taken into account. If no such transactions can be identified, an
appropriate valuation model is used. These calculations are corroborated by valuation
multiples, quoted share prices for publicly traded companies or other available fair value
indicators.

The Company bases its impairment calculation on detailed budgets and forecast calculations,
which are prepared separately for each of the Company’s CGUs to which the individual assets
are allocated. These budgets and forecast calculations generally cover a period of five years.
For longer periods, a long-term growth rate is calculated and applied to project future cash
flows after the fifth year. To estimate cash flow projections beyond periods covered by the
most recent budgets/forecasts, the Company extrapolates cash flow projections in the budget
using a steady or declining growth rate for subsequent years, unless an increasing rate can be
justified. In any case, this growth rate does not exceed the long-term average growth rate for
the products, industries, or country or countries in which the entity operates, or for the
market in which the asset is used.

Impairment losses of continuing operations are recognized in the statement of profit and loss.
For assets excluding goodwill, an assessment is made at each reporting date to determine
whether there is an indication that previously recognized impairment losses no longer exist or
have decreased. If such indication exists, the Company estimates the asset’s or CGU’s
recoverable amount. A previously recognized impairment loss is reversed only if there has
been a change in the assumptions used to determine the asset’s recoverable amount since the
last impairment loss was recognized. The reversal is limited so that the carrying amount of the
asset does not exceed its recoverable amount, nor exceed the carrying amount that would
have been determined, net of depreciation, had no impairment loss been recognized for the

asset in prior years. Such reversal is recognized in the statement of profit or loss unless the
asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation
increase.

? SEGMENT INFORMATION

An operating segment is a component of the Company that engages in the business activities
from which it may earn revenues and incur expenses, whose operating results are regularly
reviewed by Company’s executive vice president and Chief Financial officer (“Chief operating
decision maker”).

The Company is engaged primarily in one segment; accordingly segment reporting is not
applicable.

? PERSONNEL

During the year under review, no employee was in receipt of remuneration in excess of limits
laid down under the companies act other than below:-

There are no employees employed throughout the financial year were in receipt of
remuneration which in aggregate was more that Rs. 60,00,000/- per annum;
Rs. 5,00,000/- per month.

? CASH AND CASH EQUIVALENTS (FOR PURPOSES OF CASH FLOW
STATEMENT)

Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short¬
term balances, (with original maturity of three months or less from the date of acquisition),
highly liquid investments that are readily convertible into known amounts of cash and which
are subject to insignificant risk of changes in value.

Cash flows are reported using the indirect method, whereby profit / (loss) before
extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and
any deferrals or accruals of past or future cash receipts or payments. The cash flows from
operating, investing and financing activities of the Company are segregated based on the
available information.

? LEASES

The Company’s lease asset consists of leases for buildings. The Company assesses whether a
contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether:

a. The contract involves the use of an identified asset

b. The Company has substantially all of the economic benefits from the use of the asset
through the period of the lease and

c. The Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-to-use asset and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases
with a term of twelve months or less (short-term leases) and low value leases. For these short
term and low value leases, the Company recognizes the lease payments as an operating
expense on a straight-line basis over the term of the lease.

The right-to-use asset is initially recognized at cost which comprises of the initial amount of
lease liability adjusted for lease payments made or prior to commencement date plus any
direct cost i.e. lease incentives. They are subsequently measured at cost less accumulated
depreciation and impairment loss if any.

The Company applies the short-term lease recognition exemption to its short-term leases of
Buildings (i.e., those leases that have a lease term of 12 months or less from the
commencement date and do not contain a purchase option). Lease payments on short-term
leases are recognized as expense on a straight-line basis over the lease term.

? GENERAL

1. The figures for the previous year have been regrouped / reclassified / rearranged where ever
necessary with the conformity with the current year figures for facilitating proper
comparisons.

2. The Figures are mentioned in lakhs rupees. (Rs. in lakhs)

? CAPITAL MANAGEMENT

For the purpose of the Company’s Capital management, capital includes equity capital and all
other reserves. The Company’s capital management objective is to maximize the total
shareholder return by optimizing cost of capital through flexible capital structure that supports
growth.

The Company manages its capital structure and makes adjustments in the light of changes in
economic conditions and the requirements of the financial covenants. To maintain or adjust the
capital structure, the Company may adjust the dividend payment to shareholders, return capital
to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which
is net debt divided by total capital plus net debt.

Financial Risk Management

In course of its business, the Company is exposed to certain financial risks that could have
significant influence on the Company’s business and operational / financial performance. These
include market risk (including interest rate risk and equity price risk), credit risk and liquidity risk.

The Board of Directors reviews and approves risk management framework and policies for
managing these risks and monitors suitable mitigating actions taken by the management to
minimize potential adverse effects and achieve greater predictability to earnings. In line with the
overall risk management framework and policies, the treasury function provides services to the
business, monitors and manages through an analysis of the exposures by degree and magnitude of
risks.

Borrowings, trade payables and other financial liabilities constitute the Company''s primary
financial liabilities and investment in unquoted equity shares, trade receivables, loans, cash and
cash equivalents and other financial assets are the financial assets.

Trade Receivables

Credit risk refers to the risk of default on the receivables to the Company that may result in
financial loss. The maximum exposure from trade receivables amounting to Rs. 12.89 lacs as of
March 31, 2023 (Rs.61.04 lacs as of March 31, 2022 respectively).

Trade receivables mainly constitute receivable from Corporate Borrowers. Credit risk is being
managed through credit approvals, establishing credit limits and monitoring the creditworthiness
of customers to allow credit terms in the normal course of business. In the case of the Company,
the credit period offered varies between 30 to 60 days and there have been no significant cases of
impairment historically.

Cash and Cash Equivalents And Deposits With Banks

The credit risk on cash and bank balances is limited because the counterparties are banks with high
credit ratings. Therefore the risk of default is considered to be insignificant.

♦♦♦ Equity Price Risk

Equity price risk is related to the change in market reference price of the investments in quoted
equity securities. In the case of the Company, the sole investment in equity shares is unquoted and
does not expose the Company to equity price risks, however there can be changes in the equity
price based on valuations done at different reporting periods owing to the operations and general
business environment in which the investee operates. In general, the investment is not held for
trading purposes.

♦♦♦ Equity Price Sensitivity Analysis

A 1% change in prices of equity instruments held as at March 31, 2024, and March 31,

2023, would result in an increase / decrease of INR 5.31 lakhs INR 3.86 lakhs in fair value
of the equity instrument respectively.

♦♦♦ Provision For Expected Credit Losses

Financial assets for which loss allowance is measured using life time expected
credit losses

The Company''s main customer base is Corporate Borrowers. Historically the risk of default
has been negligible or nil. Further, management believes that the unimpaired amounts that
are past due by more than 60 days are still collectible in full, based on historical payment
behavior and extensive analysis of customer credit risk. Hence, no impairment loss has been
recognized during the reporting periods in respect of trade receivables.

Liquidity Risk

The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds
are available for use as per requirements. The Company manages liquidity risk through cash credit
limits and undrawn borrowing facilities by continuously monitoring forecast and actual cash flows.
The Company invests its surplus funds in bank fixed deposit which carry minimal mark to market
risks.

Currency Risk

The Company is not exposed to any currency risk since it does not have any transactions in any
foreign currency.

Sensitivity Analysis

Since the company is not exposed to any currency risk, sensitivity analysis is not applicable.
Maturities of Financial Liabilities

The Following are the contractual Maturities (principal and interest in the case of loan) of non¬
derivative financial liabilities, based on contractual cash flows:

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in market prices. Market risk for the entity comprises two types of
risk: currency risk, interest rate risk and equity price risk. Financial instruments affected by
market risk include borrowings and investment in unquoted equity shares. The objective of
market risk management is to manage and control market risk exposures within acceptable
parameters, while optimizing the return.

Interest Rate Risk

The Company is not exposed to any interest rate risk. At the reporting date the interest rate
profile of the Company’s interest-bearing financial instruments is as follows:

Borrowings from Banks & Financial Institutions

The company doesn’t have any borrowings from Banks/Financial Institutions and no
corresponding report is required to be filed in relation to the same.

Receivables and Payables

The receivables and payables as stated in Current Assets and Current Liabilities and in the
opinion of the management have a value and realization equal to the amount at which they are
stated in the Balance Sheet and no provision for doubtful debts has been made by the company
for the year ending March 31, 2023.

♦♦♦ Benami Transactions / Property

No proceedings have been initiated during the year or are pending against the Company as at
March 31, 2024 for holding any Benami property under the Benami Transactions (Prohibition)
Act, 1988 (as amended in 2016) and rules made thereunder.

♦♦♦ Registration Of Charge Creation On Property

The company has no charge on its receivables and hence, there are no related registration
compliances involved.

♦♦♦ Revaluation Of Plant, Property And Equipment

There was no revaluation of assets during the year 2023-24.

♦♦♦ Un Disclosed Income

The company doesn’t have any current or previous transactions that have not been recorded in the
books of accounts and has been surrendered or disclosed as income during the year in the tax
assessments under the Income Tax Act, 1962.

♦♦♦ Willful Defaulter

The Company has not been declared willful defaulter by any bank or financial institution or
government or any government authority.

Title Deeds Of Immovable Property Not Held In The Name Of The company

There are no Title Deeds of immovable property held in the name of the Company.

♦♦♦ Scheme Of Arrangement

The company doesn’t have any scheme of arrangements to disclose during the year 2023-2024.

♦♦♦ Fair Value Sensitivity Analysis For Fixed-Rate Instruments

The company’s fixed rate instruments are carried at amortized cost. They are therefore not
subject to interest rate risk, since neither the carrying amount nor the future cash flows will
fluctuate because of a change in market interest rates.

♦♦♦ Crypto Currency

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

? GENERAL

1. The figures for the previous year have been regrouped / reclassified / rearranged where
ever necessary with the conformity with the current year figures for facilitating proper
comparisons.

2. There are no unexecuted capital contracts which are outstanding or remaining to be
performed for the current year.

3. The figures have been rounded off and mentioned in Rs. In Lakhs.

Signatories To Schedule 1 To 20

For and on behalf of the Board of Directors ^{As per}”^y R^? ^of ^Even

Date Attached

^Sd/- Sd/_- For Darpan & Associates

S^ang^{ita Tatia} M. Thadhalingam CWe^ ^Acc°u^ntants

Whole Time Director FRN 016156S

Chief Financial Officer

DIN. 06932448 Sd/-

Sd/- Darpan Kumar Jain

Tatia Jain Pannalal Sampathlal , ^Partner

_Director ^{Mr Ra}g^huvender M.No.235817

_DIN. 0₁₂089₁3 ^Comp^any ^Secretary UDIN: 4235817BKFAZG3065

Place: Chennai
Date: 28/05/2024

Brief description of the Company and its Business

M/S. ASHRAM ONLINE . COM LIMITED was incorporated in India, and is engaged in the Business of building high class infrastructure for promoting health, sports , tourism, and providing wide range of infrastructure facilities for the corporate and business organisations.

A. RELATED PARTY DISCLOSURES

The Company had no transactions with the related parties during the year under review other than temporary current account transactions

B. IMPAIRMENT OF ASSETS

As required by AS-28 issued by the Institute of Chartered Accountants of India, provision for impairment loss of Assets is not required to be made as the estimated realizable value of such assets will be more or equal to the carrying amount stated in the Balance Sheet-

C, SEGMENTAL REPORTING

The company is engaged primarily in the one segment, accordingly there are no separate reportable segment as per the accounting standard 17 (Segmental Reporting ) issue by the Institute of Chartered Accountants of India

D.DUES TO SMES

Management has determined mat there were no balances outstanding as at the beginning of the year and no transactions entered with micro. small and medium enterprises as defined under Micro. Small and Medium Enterprises Development Act. 2006, during the current year, based on the information available with the company as at March 31,2010.

E.GENERAL

a The figures for the previous year have been regrouped / reclassified / rearranged where ever necessary with the conformity with the current year figures for facilitating proper comparisons.

b The figures have been rounded off to the nearest rupee.

ASHRAM ONLINE.COM LIMITED was incorporated in India, and is engaged in the Business Of building high class Infrastructure for promoting health, sports, tourism and providing wide range of infrastructure facilities for the Corporate and business organisations.

A. DUES TO SHES

Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with micro, small and medium enterprises as defined under Micro, small and Medium Enterprises Development Act, 2006, during the current year, based on the information available with the company as at March 31,2009.

B. GENERAL

a. The figures for the previous year have been regrouped ! reclassified / rearranged where ever necessary with the conformity with the current year figures for facilitating proper comparisons

b. The figures have been rounded off to the nearest rupee.