Mathew Easow Research Securities Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

3.06 Provisions and contingent liabilities

The Company creates a provision when there is 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 as a contingent liability. 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 but disclosed in the financial statements by way of notes to accounts when an inflow of economic benefits is probable.

3.07 Leases

As a Lessee

Measurement of lease liability

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:

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and

(iii) the Company has the right to direct the use of the asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the
interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates of these leases. Lease liabilities are remeasured with
a corresponding adjustment to the related right of use asset if the Company changes its assessment, whether it will exercise an extension or a termination
option. Lease liability and ROU asset are separately presented in the balance sheet and lease payments are classified as financing cash flows. Lease liability
obligations is presented seperately under the head "Financial Liabilities".

Measurement of Right-of-use assets

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease
arrangements, except for leases with a term of twelve months or less (short-term leases)and low value leases. Forthese 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.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities include
these options considered for arriving at ROU and lease liability when it is reasonably certain that they will be exercised

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated
depreciation and impairment losses.

Modification of lease

Modification of lease due to change in scope or consideration or lease term requires remeasurement of lease liability.

When the lease liability is remeasured, the corresponding adjustment is reflected in the right-of-use asset, or profit and loss if the right-of-use asset is
already reduced to zero.

As a Lessor

The Company has not leased out any assets.

3.08 Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date under current market conditions.

The Company categorizes assets and liabilities measured at fair value into one of three levels depending on the ability to observe inputs employed for such
measurement:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within level 1 that are observable either directly or indirectly for the asset or liability.

Level 3: Inputs for the asset or liability which are not based on observable market data (unobservable inputs).

The Company has an established control framework with respect to the measurement of fair values. This includes a finance team that has overall
responsibility for overseeing all significant fair value measurements who regularly review significant unobservable inputs, valuation adjustments and fair
value hierarchy under which the valuation should be classified.

3.09 Equity share capital

An equity instrument is a contract that evidences residual interest in the assets of the Company after deducting all of its liabilities. Par value of the equity
shares is recorded as share capital and the amount received in excess of par value is classified as securities premium.

Costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

3.10 Earnings per share

Basic earnings per share is computed in accordance with Ind AS 33 ''Earnings Per Share'' by dividing the net profit attributable to the equity holders of the
Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit
attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per share and
also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

3.11 Segment reporting

As the Company has no activities other than those of a Non-Banking Financial Company, the segment reporting under Ind AS 108 is not applicable. The
Company does not have any reportable geographical segment

3.12 Critical accounting judgments, assumptions and key sources of estimation and uncertainty

The preparation of the financial statements in conformity with the measurement principle of Ind AS requires management to make estimates, judgments
and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and
liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during
the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are
made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are
recognized in the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in the
financial statements have been disclosed below. The key assumptions concerning the future and other key sources of estimation uncertainty at the balance
sheet date, that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are
discussed below:

a) Impairment loss allowances of loans and advances [refer note no. 5.1 and note no. 25]

Classification of loans and advances are made as per the guidelines prescribed by RBI. Provision against performing (standard) and non-performing assets
are made as required in terms of prudential norms prescribed by RBI. Further, assets which are considered non recoverable are fully provided for / written
off.

b) Income taxes [refer note no. 31]

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the
provision for income taxes.

c) Provisions and contingencies [refer note no. 26]

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of funds resulting from past operations
or events and the amount of cash outflow can be reliably estimated. The timing of recognition and quantification of the liability requires the application of
judgement to existing facts and circumstances, which can be subject to changeManagement judgment is required for estimating the possible outflow of
resources, if any, in respect of policies / claim / litigations / against the Company as it is not possible to predict the outcome of pending matters with
accuracy.The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of
changing facts and circumstances.

26 Contingent liabilities and commitments:

(to the extent not provided for)

There are no pending litigations and/or proceedings against the Company.

27 In terms of Para 10 of Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015, a
provision of 0.25 percent of the outstanding amount of the standard assets during the year is required to be made. Accordingly, the closing balance thereof is shown as “Provision for
Standard Assets” in these accounts covered in note no. 5.1 respectively.

Fair valuation techniques

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.

The following methods and assumptions were used to estimate the fair values:

- The fair value of cash and cash equivalents, loans, current trade payables, current financial liabilities and assets approximate their carrying amount largely due to the short-term nature of
these instruments. The management considers that the carrying amounts of financial assets and financial liabilities recognised at nominal cost/amortised cost in the financial statements
approximate their fair values.

- The Company’s long-term debt has been contracted at floating rates of interest. Fair value of variable interest rate borrowings approximates their carrying value subject to adjustments
made for transaction cost. In respect of fixed interest rate borrowings, fair value is determined by using discount rates that reflects the present borrowing rate of the Company.

Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:-

i) Level 1 :- Quoted prices / published NAV (unadjusted) in active markets for identical assets or liabilities. It includes fair value of financial instruments traded in active markets and are
based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance
sheet date.

ii) Level 2 :- Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
It includes fair value of the financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These
valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the Company specific estimates. If all significant inputs required to fair
value an instrument are observable then instrument is included in Level 2.

iii) Level 3 :- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). If one or more of the significant inputs is not based on observable
market data, the instrument is included in Level 3.

The Inputs used in fair valuation measurement are as follows:

Fair valuation of financial assets and liabilities not within the operating cycle of the Company is amortised based on the Effective Interest Rate.

Financial risk factors

The Company''s activities are exposed to variety of financial risks. The key financial risks includes market risk, credit risk and liquidity risk. The Company''s focus is to foresee the
unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The Board of Directors reviews and approves policies for managing these
risks. The risks are governed by appropriate policies and procedures and accordingly financial risks are identified, measured and managed in accordance with the Company’s policies and
risk objectives.

Market risk

Market risk is the risk or uncertainty arising from possible market fluctuations resulting in variation in the fair value of future cash flows of a financial instrument. The major components of
Market risks are currency risk, interest rate risk and other price risk. Financial instruments affected by market risk includes investments and trade and other payables.

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company doesn''t have exposure to the
risk of changes in foreign exchange rates and hence is not subjected to such risk.

Interest rate risk

Interest rate risk arises when there is a mismatch between positions, which are subject to interest rate adjustment within a specified period. The Company’s lending and funding activities
give rise to interest rate risk.

The immediate impact of variation in interest rate is on the Company’s net interest income, while a long term impact is on the Company’s net worth since the economic value of the assets,
liabilities and off-balance sheet exposures are affected. While assessing interest rate risks, signals given to the market by RBI and government departments from time to time and the
financial industry’s reaction to them shall be continuously monitored.

Interest Rate Risk arises due to:

i) Changes in Regulatory or Market Conditions affecting the interest rates

ii) Short term volatility

iii) Prepayment risk translating into a reinvestment risk

iv) Real interest rate risk.

In short run, change in interest rate affects Company’s earnings and in long run it affects Market Value of Equity (MVE) or net worth. It is essential for the Company to not only quantify the
interest rate risk but also to manage it proactively. The Company mitigates its interest rate risk by keeping a balanced portfolio of fixed and variable rate loans and borrowings. Further
Company carries out Earnings at risk analysis and maturity gap analysis at quarterly intervals to quantify the risk.

With all other variables held constant, the following table demonstrates the impact of the Interest Rate on floating rate portion of loans and borrowings and Advances are given as under:

Other price risk

Other price risk of the financial instrument to which the Company is exposed is not expected to be material.

Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from
its operating activities (primarily loans or interest accrued balances). The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The
Company periodically assesses the financial reliability of its borrowers, taking into account the financial condition and current economic trends.

The carrying amount of respective financial assets recognised in the financial statements, (net of impairment losses) represents the Company’s maximum exposure to credit risk.

The Company establishes an allowance for impairment that represents its estimate of incurred losses in respect of doubtful loans and advances. Receivables from its borrowers are
reviewed/evaluated periodically by the management and appropriate provisions are made to the extent recovery there against has been considered to be remote.

Financial assets that are neither past due nor impaired

Cash and cash equivalents are neither past due nor impaired. Cash and cash equivalents with banks are held with reputed and credit worthy banking institutions.

Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s objective is to maintain optimum level
of liquidity to meet it''s cash and collateral requirements at all times. The Company relies on borrowings and internal accruals to meet its fund requirement. The current committed line of
credit are sufficient to meet its short to medium term fund requirement.

34 Additional regulatory information required by Schedule III of Companies Act, 2013

(i) Details of Benami property: No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami Transactions (prohibition) Act,
1988 (45 of 1988) and the made thereunder.

(ii) Utilisation of borrowed funds and share premium: The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

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:

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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(iii) Compliance with number of layers of companies: The Company has not invested in any Company , and therefore is not required to comply with the number of layers prescribed under
the Companies Act, 2013.

(iv) Compliance with approved scheme(s) of arrangements: The Company has not entered into any scheme of arrangement which has any accounting impact on current or previous financial
year.

(v) 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 account.

(vi) 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.

(vii) Valuation of PP&E, intangible asset and investment property: : The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or
both during the current or previous year.

35 There are no immovable properties that are held by Company whose title deeds are not held in the name of the Company.

36 Relationship with Struck-off Companies: Based on information available with the Company from the webiste of Ministry of Corporate Affairs. Based on such information there were no
transaction during the current year with such companies.

37 Comparative figures for the previous year have been regrouped wherever applicable to make them comparable with those of the current year’s figure.

38 Events after reporting date: There have been no events after the reporting date that require adjustment/disclosure in the financial statements.

For GGPS and Associates For and on behalf of the Board of Directors of

Chartered Accountants Mathew Easow Research Securities Limited

ICAI Firm Registration No. 032345N CIN No. L74910WB1994PLC064483

Tarun Periwal Beda Nand Choudhary Pritha Sinha Pandey

Partner Whole Time Director Director

Membership No. 447670 DIN - 00080175 DIN - 07016238

Place : Kolkata
Date: 27-May-2025

Rajshree Mundhra
Company Secretary

(Membership No. A56091)

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Mar 31, 2024

K) Provisions, contingent liabilities and contingent assets

Provisions involving substantial degree of estimation in measurement are recognized when there is a legal or constructive obligation as a result of past
events and it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount of obligation. Provisions are not
recognised for future operating losses. The amount recognized as a provision is the best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Contingent liabilities are not recognized and are disclosed by way of notes to the financial statements when there is a possible obligation arising from past
events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the
control of the Company or when there is a present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle the same or a reliable estimate of the amount in this respect cannot be made.

Contingent assets are not recognised but disclosed in the Financial Statements by way of notes to accounts when an inflow of economic benefits is
probable.

L) Employee benefits

Employee benefits are accrued in the year in which services are rendered by the employees. Short term employee benefits are recognized as an expense in
the statement of profit and loss for the year in which the related service is rendered. Contribution to defined contribution plans such as Provident Fund etc,
are recognised as and when incurred.

Contribution to defined contribution schemes such as Provident Fund, Superannuation Fund etc. and are recognized as and when incurred.

Contribution to defined benefit plans consisting of contribution to gratuity are determined at close of the year at present value of the amount payable using
actuarial valuation techniques. Actuarial gain and losses arising from experience adjustments and changes in actuarial assumptions are recognized
immediately in the Balance Sheet with a corresponding debit or credit to Retained Earnings through Other Comprehensive Income ("OCI") in the period in
which they occur.

Other long term employee benefits consisting of Leave Encashment are determined at close of the year at present value of the amount payable using
actuarial valuation techniques. The changes in the amount payable including actuarial gain/loss are recognised in the Statement of profit and loss.

M) Revenue

Interest and Dividend

The Company follows the accrual method of accounting for recognition of Income excepting in cases of uncertainties of collections, which are recognized
on receipt basis.

- Interest Income from financing by way of loan is recognised in terms of the respective agreements with the borrowers using effective interest rate
method.

- Dividend from Investments is accounted for when right to receive the same is established.

In accordance with the guidelines issued by the Reserve Bank of India (RBI), incomes against non-performing assets are recognised on receipt basis.

N) Borrowing costs

Borrowing cost comprises of interest and other costs incurred in connection with the borrowing of the funds. All borrowing costs are recognized in the
Statement of Profit and Loss using the effective interest method. Borrowing cost also includes exchange differences to the extent considered as an
adjustment to the borrowing costs.

O) Taxes on Income

Income tax expense representing the sum of current tax expenses and the net charge of the deferred taxes is recognized in the income statement except to
the extent that it relates to items recognized directly in equity or other comprehensive income

Current income tax is provided on the taxable income and recognized at the amount expected to be paid to or recovered from the tax authorities, using the
tax rates and tax laws that have been enacted by the end of the reporting period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the
corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences.
Deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is probable that taxable profits will be available
against which those deductible temporary differences can be utilized.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized,
based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets include Minimum Alternative Tax (MAT) measured in accordance with the tax laws in India, which is likely to give future economic
benefits in the form of availability of set off against future income tax liability and such benefit can be measured reliably and it is probable that the future
economic benefit associated with same will be realized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilized.

P) Earnings per share

Basic earnings per share are computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of
equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit attributable to the equity holders of the
company by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of
equity shares that could have been issued upon conversion of all dilutive potential equity shares.

Q) Segment reporting

Operating segments are identified and reported taking into account the different risk and return, organisation structure and the internal reporting provided
to the chief-operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Segment manager who allocates resources and assess the operating activities, financial results, forecasts, or
plans for the segment.

4 Critical accounting judgments, assumptions and key sources of estimation and uncertainty

The preparation of the financial statements in conformity with the measurement principle of Ind AS requires management to make estimates, judgments
and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and
liabilities, the disclosures ofcontingent assets and liabilities at the date ofthe financial statements and reported amounts ofrevenues and expenses during
the period. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are
made as management becomes aware of changes in circumstances surrounding the estimates. Differences between the actual results and estimates are
recognized in the year in which the results are known / materialized and, if material, their effects are disclosed in the notes to the financial statements.

Application of accounting policies that require significant areas of estimation, uncertainty and critical judgments and the use of assumptions in the
financial statements have been disclosed below. The key assumptions concerning the future and other key sources ofestimation uncertainty at the balance
sheet date, that have a significant risk ofcausing a material adjustment to the carrying amount ofassets and liabilities within the next financial year are
discussed below:

a) Depreciation / amortization and impairment on property, plant and equipment / intangible assets

Property, plant and equipment and intangible assets are depreciated/ amortized on written down value based on the estimated useful lives (or lease term if
shorter) in accordance with Schedule II of the Companies Act, 2013, taking into account the estimated residual value, wherever applicable.

The company reviews its carrying value of its Tangible and Intangible Assets whenever there is objective evidence that the assets are impaired. In such
situation, Assets'' recoverable amount is estimated which is higher of asset''s or cash generating units (CGU) fair value less cost of disposal and its value in
use. In assessing value in use the estimated future cash flows are discounted using pre-tax discount rate which reflect the current assessment oftime value
ofmoney. In determining fair value less cost ofdisposal, recent market realisations are considered or otherwise in absence ofsuch transactions appropriate
valuations are adopted. The Company reviews the estimated useful lives of the assets regularly in order to determine the amount of depreciation /
amortization and amount of impairment expense to be recorded during any reporting period. This reassessment may result in change estimated in future
periods.

b) Impairment loss allowances of loans and advances

Classification of loans and advances are made as per the guidelines prescribed by RBI. Provision against performing (standard) and non-performing assets
are made as required in terms of prudential norms prescribed by RBI. Further, assets which are considered non recoverable are fully provided for / written
off.

c) Income taxes

Significant judgment is required in determination of taxability of certain income and deductibility of certain expenses during the estimation of the
provision for income taxes.

d) Provisions and Contingencies

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow offunds resulting from past operations
or events and the amount ofcash outflow can be reliably estimated. The timing ofrecognition and quantification ofthe liability requires the application of
judgement to existing facts and circumstances, which can be subject to change.

Management judgment is required for estimating the possible outflow of resources, if any, in respect of contingencies/claim/litigations/ against the
Company as it is not possible to predict the outcome of pending matters with accuracy.

The carrying amounts of provisions and liabilities and estimation for contingencies are reviewed regularly and revised to take account of changing facts
and circumstances.

27 Contingent Liabilities and Commitments:

(to the extent not provided for)

The Company’s pending litigations comprised of claims against the company and proceedings pending with Statutory / Government Authorities. There are no pending litigations and/or
proceedings against the company.

28 In view of the above, the Company operates in a single primary business and secondary geographical segment and hence, disclosure requirements of Ind AS 108 on Operating Segments
are not applicable to it.

29 In terms of Para 10 of Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015, a
provision of 0.25 percent of the outstanding amount of the standard assets during the year is required to be made. Accordingly, the closing balance thereof is shown as “Provision for
Standard Assets” in these accounts covered in Note 6.1 respectively.

30 The Company as per the professional advice received on application of RBI Circular No. DNBR (PD) CC.No.002/03.10.001/2014-15 dated November 10, 2014 (the Circular) and
notifications issued by RBI on March 27, 2015 and April 10, 2015 for implementation thereof, has been classified as Non-Systemically Important Company. Various provisions and
directions have accordingly been complied with and reported upon from time to time. In terms of the said advice, the Circular read with notifications as above dealing with aggregation of
the assets of all the NBFC of the Group for the purpose of classification has not yet been made effective and as such is not applicable to the Company.

# Additional regulatory information required by Schedule III of Companies Act, 2013

(i) Details of Benami property: No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami Transactions (prohibi

(ii) Utilisation of borrowed funds and share premium: The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

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 other

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

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

(iii) Compliance with number of layers of companies: The Company has not invested in any company , and therefore is not required to comply with the number of layers prescrib

(iv) Compliance with approved scheme(s) of arrangements: The Company has not entered into any scheme of arrangement which has any accounting impact on current or previou

(v) 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 ]

(vi) 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.

(vii) Valuation of PP&E, intangible asset and investment property: : The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible

# There are no immovable properties that are held by company whose title deeds are not held in the name of the Company.

# Relationship with Struck-off Companies: Based on information available with the company from the webiste of Ministry of Corporate Affairs. Based on such information
there were no transaction during the current year with such companies.

# Schedule III to the Companies Act, 2013 vide notification dated March 24, 2021 issued by Ministry of Corporate Affairs has been amended with effect from April 01, 2021 and
these financial statement have been prepared giving effect to the said amendments. Accordingly, comparative figures for the previous year have been regrouped wherever

# These financial statements have been approved by the Board of Directors of the Company on May 28, 2024 for issue to the shareholders for their adoption.

For Gupta & Manglik For and on behalf of the Board of Directors of

Chartered Accountants Mathew Easow Research Securities Limited

ICAI Firm Registration No. 311118E CIN No. L74910WB1994PLC064483

Rahul Gupta Beda Nand Choudhary Pritha Sinha Pandey

Partner Whole Time Director Director

Membership No. 065761 DIN - 00080175 DIN - 07016238

UDIN:24065761BKEOSZ1151

Place : Kolkata

Date: 28th day of May, 2024

Rajshree Mundhra
Company Secretary

(Membership No. A56091)

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Mar 31, 2015

Not Available

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Mar 31, 2014

A. CONTINGENT LIABILITIES not provided for in respect of

As at 31.3.2014 As at 31.3.2013

Un-expired bank Guarantee Rs.2,00,000/- NIL*

* The bank guarantee has expired but the lein on Term Deposit has not been released by the bank.

B. As the Company has no activities other than those of an Non-Banking Financial Company, the segment reporting under Accounting Standard 17 - "Segment Reporting" is not applicable. The Company does not have any reportable geographical segment.

C. There is no liability towards Gratuity, leave pay, PF, ESI and/or any other type of retirement benefits. Hence, the requirements prescribed under Accounting Standard-15 have not been complied.

D. Separate disclosures for the amount due to Small Scale Industrial undertakings under the head Current Liabilities/ Creditors could not be made as the Company does not posses the requisite information.

E. The Micro, Small and Medium Enterprises Development Act, 2006 mandates disclosure related to payment and accrual of interest on delayed payments to suppliers classified as Micro, Small and Medium Enterprises under the Act. The Company has not received intimation from any of its suppliers regarding the status of their registration under the said Act and hence separate disclosures could not be made.

F. Information given in accordance with the requirements of Accounting Standard-18 on Related Party Disclosures issued by Institute of Chartered Accountants of India:

List of Related Parties Nature of Relationship

i. Aditya Doshi Key Managerial Personnel

ii. Beda Nand Choudhary Key Managerial Personnel

iii. Mathew Easow Fiscal Services Ltd Company under common management

Note: Related party relationship is as identified by the Company and relied upon by the Auditors.

G. Previous year''s figures have been regrouped/rearranged where necessary to conform to this years'' classification.

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Mar 31, 2013

A. There is no liability towards Gratuity, leave pay, PF, ESI and/or any other type of retirement benefits. Hence, the requirements prescribed under Accounting Standard-15 have not been complied.

B. Separate disclosures for the amount due to Small Scale Industrial undertakings under the head Current Liabilities/ Creditors could not be made as the Company does not posses the requisite information.

C. The Micro, Small and Medium Enterprises Development Act, 2006 mandates disclosure related to payment and accrual of interest on delayed payments to suppliers classified as Micro, Small and Medium Enterprises under the Act. The Company has not received intimation from any of its suppliers regarding the status of their registration under the said Act and hence separate disclosures could not be made.

Previous year''s figures have been regrouped/rearranged where necessary to conform to this years'' classification.

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Mar 31, 2012

A. The tax expense for the year' comprising of the current tax and deferred tax is included in determining the net profit/loss for the year. Provision for the current tax is based on tax liability computed in accordance with relevant tax rates and tax laws. Provision on deferred tax is made for all timing differences arising between taxable incomes and accounting income at rates that have been enacted or substantively enacted as of the Balance Sheet date The breakup of Net Deferred Tax is as follows:

B. As the Company has no activities other than those of an Non-Banking Financial Company' the segment reporting under Accounting Standard 17 "Segment Reporting" is not applicable. The Company does not have any reportable geographical segment.

C information given in accordance with the requirements of Accounting Standard-18 on Related Party Disclosures issued by Institute of Chartered Accountants of India

List of Related Parties Nature of Relationship

i Beda Nand Choudhary Key Managerial Personnel

li Mathew Easow Fiscal Services Ltd Company under common management

Transaction with Related Parties Nil

D. There is no liability towards Gratuity' leave pay' PF' ESI and/or any other type of retirement benefits. Hence' the requirements prescribed under Accounting Standard-15 have not been complied.

E. Separate disclosures for the amount due to Small Scale Industrial undertakings under the head Current Liabilities/ Creditors could not be made as the Company does not posses the requisite information.

F. The Micro' Small and Medium Enterprises Development Act' 2006 mandates disclosure related to payment and accrual of interest on delayed payments to suppliers classified as Micro' Small and Medium Enterprises under the Act. The Company has not received intimation from any of its suppliers regarding the status of their registration under the said Act and hence separate disclosures could not be made.

G. Previous year's figures have been regrouped/rearranged where necessary to conform to this years' classification

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Mar 31, 2010

A. Segment reporting as per Accounting Standard-17 is not relevant as the entire operations of the Company relates to only one segment i.e. Capital and Financial Markets and also the company did not have any overseas operations during the year.

B. Information given in accordance with the requirements of Accounting Standard-18 on Related Party Disclosures issued by Institute of Chartered Accountants of India:

List of Related Parties Nature of Relationship

I. Mathew Easow Chairman cum Managing Director

li. Valsa Mathew Director

iii. Bibhas Bangal Director

iv. Dilip Cherian Director

v. Shekhar Shukla Director

vi. Beda Nand Choudhary Director

vii. Mathew Easow Financial Services Proprietary concern of Managing Director

viii.Mathew Easow Fiscal Services Ltd Company under common management

ix. Cindy Marketing Private Limited Company under common management

x. Express Plastichem Limited Company under common management



C. There is no liability towards Gratuity, leave pay, PF, ESI and/or any other type of retirement benefits. Hence, the requirements prescribed under Accounting Standard-15 have not been complied.

D. Separate disclosures for the amount due to Small Scale Industrial undertakings under the head Current Liabilities/ Creditors could not be made as the Company does not posses the requisite information.

E, The Micro, Small and Medium Enterprises Development Act, 2006 mandates disclosure related to payment and accrual of interest on delayed payments to suppliers classified as Micro, Small and Medium Enterprises under the Act. The Company has not received intimation from any of its suppliers regarding the status of their registration under the said Act and hence separate disclosures could not be made.

F. The comparative figures of the previous year appearing in the financial statements have been audited by the Companys previous auditor M/s. S.P.Chatterjee & Co. .Chartered Accountants, Kolkata.

G. Previous years figures have been regrouped/rearranged where necessary to conform to this years classification.