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NBI Industrial Finance Company Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

3.8 Provisions, contingent liabilities and contingent assets

Provisions are recognised when the enterprise has a present obligation (legal or constructive) as a result of past events,
and 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.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present
obligation that is not recognized because it is not probable that an outflow of resources will be required to settle the
obligation. A contingent liability also arises in extremely rare, cases where there is a liability that cannot be recognized
because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its
existence in the standalone financial statements.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

3.9 Earnings per share (EPS)

Basic EPS iscalculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted
average number of equity shares outstanding during theyear.

Diluted EPS is determined by adjusting the profit or loss attributable to equity shareholders of the Company by the
weighted average number of equity shares outstanding forthe effects of all dilutive potential equity shares.

3.10 Cash-flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted forthe 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
regular revenue generating, investingand financing activities of the Company are segregated.

Company is an investment and finance company and therefore, purchase and sale of investments are considered as
part of "Cash flow from investing activities" and interest earned (net) and dividend earned are considered as part of
"Cash flow from operating activities".

3.11 Use of estimates, judgements and adjustments

The preparation of the standalone financial statements in conformity with Ind AS requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income, expenses, and disclosures of contingent assets and liabilities at the date of the standalone
financial statements and the results of operations during the reporting period end. Although these estimates are
based upon management''s best knowledge of current events and actions, actual results could differ from these
estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognized in the period in which the estimates are revised and in any future periods affected.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are discussed in the paragraphs that follow.

(i) Useful Economic Livesand Impairmentof Other Assets

The estimated useful life of property, plant and equipment (PPE) is based on a number of factors including the effects
of obsolescence, usage of the asset and other economicfactors (such as known technological advances).

The Company reviews the useful life of PPE at the end of each reporting date and any changes could affect the
depreciation rates prospectively.

The Company also reviews its property, plant and equipment for possible impairment if there are events or changes in
circumstances that indicate that the carrying value of the assets may not be recoverable. In assessing the property,
plant and equipment for impairment, factors leading to significant reduction in profits, such as the Company''s
business plans and changes in regulatory environment are taken into consideration.

(ii) Contingencies and Commitments

In the normal course of business, contingent liabilities may arise from litigation, taxation and other claims against the
Company. Where an outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute
can be made based on management''s assessment of specific circumstances of each dispute and relevant external
advice, management provides for its best estimate of the liability. Such liabilities are disclosed in the notes but are not
provided for in the standalone financial statements.

Although there can be no assurance regarding the final outcome of the legal proceedings, the Company does not
expectthem to have a materially adverse impact on the Company''s financial position or profitability.

(iii) Fair Value Measurements and Valuation Processes

Some of the Company''s assets and liabilities are measured at fair value for financial reporting purposes. In estimating
the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available.
Information about the valuation techniques and inputs used in determining the fair value of various assets and
liabilities are disclosed in the notes to the standalone financial statements.

3.12 Recent Accounting Developments

(i) Ind AS 117 -Insurance Contracts

The Ministry of Corporate Affairs ("MCA") issued a notification dated 12 August 2024, notifying the issue of Ind AS 117 ''insurance
contracts'' and related amendments to other Indian Accounting Standards. Ind AS 117 establishes principles for identification,
recognition, measurement, presentation and disclosure of insurance contracts.

(ii) Ind AS 116-Leases

Ind AS 116 ''Leases'' has been amended to include additional guidance related to sale and leasebacktransactions.

The above amendments are effective from 01 April 2024 however there is no material impact on the financial statements of the
Company.

6.2. The Company has elected an irrevocable option to designate Its investments in quoted equity instruments through FVOCI, as the said investments are
not held for trading and company continues to invest for long term and remain invested in leaders in sectors, which It believes to have potential to
remain accretive over the long term.

6.3. Of the total dividend recognised during the year from investment in equity share designated at FVOCI * 28.37 lakhs (Previous year * 120.03 lakhs) is
relating to investment derecognised during the period and ^ 1,275.82 lakhs (previous year ^ 1,394.92 lakhs) pertains to investment held at the end of
reporting period.

6.4. During the year, total gain of ^ 2,062.47 lakhs (Previous year ^ 1793.43 lakhs) on investment In equity shares designated at FVOCI have been
transferred to retained earnings on derecognition of related investments after adjusting for tax effect thereon .

The Company Is a Non-Banking Financial Company registered with the Reserve Bank of India On account of Its business activities It is exposed to various financial risk:
associated with financials products such as credit or default risk, market risk, interest rate risk, liquidity risk and inflationary risk. However, the Company has a robus
financial risk management system in place to identify, evaluate, manage and mitigate various risks associated with Its financial products to ensure that desired financia
objectives are met The Company''s senior management is responsible for establishing and monitoring the risk management framework within its overall risl
management objectives and strategies, as approved by the Board of Director. Such risk management strategies and objectives are established to identify and analysr
potential risks faced by the Company, set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and assess risl
management performance. Any change in Company''s risk management objectives and policies needs prior approval of it''s Board of Directors.

Credit risk

This risk is common to all Investors who Invest In bonds and debt instruments and it refers to a situation where a particular bond/debenture Issuer is unable to make ttx
expected principal payment interest rate payment, or both. Similarly, a lender bears the risk that the borrower may default in the payment of contractual interest o
principal on Its debt obligation, or both. The entity continuously monitors defaults of the customers and other counterparties and incorporates this information into it
credit risk control.

Market risk:

Market risk is a form of systematic risk associated with the day-to-day fluctuation in the market prices of shares and securities and such market risk affects aH sec untie¹and investors in the same manner. These daily price fluctuations follows its own broad trends and cycles and are more news and transaction driven rather that
fundamentals and many a times, it may affect the returns from an investment. Market risks majoriy comprises of two types - interest rate risk and other price risk, sue)
as equity price risk and commodity risk. Financial instruments affected by market risks Include borrowings and investments.

Interest rate risk

Interest rate risk is a type of systematic risk that particularly affects fixed rate debt instruments Ike bonds and debentures. The value of the fixed-rate debt instrument
generally decline due to rise In Interest rates and vice versa. The rationale Is that a bond Is a promise of a future stream of payments; an investor will offer less for i
bond that pays-out at a rate lower than the rates offered In the current market. A rising Interest rate scenario also affects the Company''s Interest expenetture or
borrowed funds.

The Company monitors the Interest rate scenarios on a regular basis and accordingly takes Investments decisions as whether to invest in fixed rate debt Instruments
shares and securities at a particular point of time.

Price risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments h
equity instruments, bonds, mutual funds etc. The Company Is exposed to price risk arising mainly from investments canked at FVOCI which are valued using quoted price¹in active markets. A sensitivity analysis demonstrating the impact of the change in market prices of these instruments from the prices existing as at the reporting date fc
given below:

Equity instrument through OCI being a component of other equity would increase/deer ease as a result of gain/loss on equity securities classified as fair value through

Other Comprehensive Income.

Liquidity risk:

Liquidity refers to the readiness of the Company to sell and realise its financial assets. Liquidity risk is one of the most critical risk factors for Companies which is into the
business of investments in shares and securities it is the risk of not being able to realise the true price of a financial asset, or is not being able to sel the financial asset al
all because of non-avadability of buyer Unwillingness to lend or restricted lending by Banks and Financial Institutions may also lead to liquidity concerns for the entities.

The Company maintains a well diversified portfolio of investments in shares and securities . A dedicated team of market experts are monitoring the markets on a
continuous basis, which advises the management for timely purchase or sale of securities. The management ensures to manage its cash flows and asset liabAty patterns
to ensure that the financial obligations are satisfied in timely manner.

Inflationary risk:

Inflationary or purchasing power risk refers to the variation m investor returns caused by inflation. It is the risk that results in increase of the prices of goods and services
which results In decrease of purchasing power of money, and likely negatively Impact the value of Investments. The two Important sources of Inflation are rising costs of
production and excess demand for goods and services in relation to their supply. Inflation and interest rate risks are closely related as interest rates generally go up with
inflation.

The Company closely monitors the inflation data and analyses the reasons for wide fluctuations thereof and Its effect on various sectors and businesses. The main
objective is to avoid inflationary risk and accordingly invest in securities and debt instruments that provides higher returns as compared to the inflation in long-term.

Note 34-Caoltal management

For the purpose of Company''s capital management, capital includes issued equity share capital, other equity reserves and borrowed capital less cash and cash
equivalents. The primary objective of capital management is to maintain an efficient capital structure to reduce the cost of capital, support corporate expansion
strategies and to maximize shareholder''s value.

The entity manages Its capital structure and makes adjustments in light of changes In economic conditions and the requirements of the financial covenants. To maintain
or adjust the capital structure, the entity may adjust the cfividend payment to shareholders, return capital to shareholders or issue new shares. The entity monitors
capital using a gearing ratio, which is net debt divided by total capital plus net debt. The entity''s policy is to keep an optimum gearing ratio. The entity includes within net
debt, interest bearing loans and borrowings less cash and cash equivalents.

Th* company has raviawad all Its pending litigations and procaadlngs and has mad* adequate provisions wharavar raqulrad and disclosed fh* contingent liabilities
wherever applicable, in its financial statements. The company does not reasonably expect the outcome of theses proceedings to have a material Impact on Its financial
statements.

Note 36

(i) The Scheme of Amalgamation of Western India Commercial Co Limited (Transferor Company) into N.B.I. Industrial Finance Company Limited (Transferee Company)
(the âScheme"), both carrying on the business as a Non-Banking Financial Company (NBFC), was sanctioned by the Hon''bie National Company Law Tribunal (NCLT) vide
Its order dated November 28, 2024 (Kofcata Bench). Upon filing of the said order(s) by the respective companies with the Registrar of Companies and compliance with
the other conditions of the Scheme, same has become effective on December 18,2024 and has been given effect from the appointed date, Le. April 1.2022.â

The amalgamation has been accounted as prescribed in the Scheme in accordance with "Pooling of Interest method" as laid down in Appendix C - "Business
Combinations of entities under common control" of Ind AS 103, Le., "Business Combinations", notified under Section 133 of the Companies Act, 2013 read with
Companies (Indbn Accounting Standards) Rules, 2015. Accordingly, the following accounting treatment has been followed to gfve effect to the merger
a) The assets, liabilities and reserves of the Transferor Company have been Incorporated In the financial statements at the carrying values as appearing In the financial
statement of the Transferor Company.

bIntercompany investments held by the Transferee Company In the Transferor Company stand cancelled.

(ii) In consideration of the amalgamation, the shareholders of the Transferor Company (other than for shares already held by the Transferee Company in the Transferor
Company), whose names appear in the register of members as on the Record Date, or their respective heirs, executors, administrators or other legal representatives or
the successorv-irvtitle as the case may be, shall be eligible to receive 94 (ninety four) fully paid up equity shares of face value of INR 5/- each of the Transferee Company
for every 3 (three) ftfly paid up equity shares of face value of INR 100/- each of the Transferor Company held by such shareholder. Accordingly. 4,98.044 equity shares of
Rs. 5 each has been allotted to erstwhile shareholders of Transferor Company in the ratio stated above.

(Hi) Pursuant to the Scheme becoming effective, the defiat amounting to Rs. 8.07 Lakhs, arising on account of ret value of assets, liabilities, reserves of
theTransferor Company acquired and recorded by the Transferee company, over the sum of

a) face of new equity shares issued and allotted to the shareholders of the Transferor Company (ia.,, 4,96,044 equity shares of Rs. 5 each) and

b) the value of investments cancelled balance and balance has been shown as Capital reserve on amalgamation In the financial statements of the Transferee Company

(iv) The financial information in these financial statements in respect of prior period have been restated as if a business combination had occurred from
the appointed date i e. 1st April 2022.

(v) Detailed calcination of capital reserve on account of amalgamation as per Ind AS 103 is annexed herewith
Nof 37

Particulars required under paragraph 31 of Master Direction Reserve Bank of India (Non-Banking Financial Company-Scale Based Regulation) Directions, 2023 are given
in annexure appended hereto

Note 38

The Company entered into cancellable lease arrangements for certain accommodations. Terms of such lease include upto three month''s notice by either party for
cancellation, option for renewal on mutually agreed terms and there are no restrictions Imposed by such lease arrangements. The Company has applied the âshort -term
lease* exemptions for these leases. Rental expenses incurred are disclosed in Note 25 as Rent.

Nota 39: Other statutory Information:

(I) The company has not advanced or given loan or invested funds to any other persons) or entrtyfies), including foreign entitles (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 Group (Ultimate Beneficiaries) or

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

(ii) The Company has not received any fund from any person(s) or entityfies), 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 entitles Identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

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

(iii) As per Master Data of Ministry of Corporate Affairs, there are three old charges outstanding in the name of the Company, records of which are not traceable. The
Company is taking necessary steps to have the same removed or satisfied as the case may be.

Other than the above disclosures, the remaining other disclosures as prescribed in Amended Division III of Schedule III read with section 129 of Companies Act 2013
are either Nil or Not Applicable to the company for the current period.

Note:

(i) A âsignificant instrument/pro duct* is defined as a single instmment/product of group of similar instruments/products which in aggregate amount to more than 1% of
the NBFC-NDSI''s, NSFC-Ds total liabilities and 10% for other non-depostt taking NBFCs.

(ii) Total liabilities has been computed as total assets less equity share capital less reserve & surplus and computed basis extant regulatory AIM guidelines.

(**) Figures are based on gross borrowing outstanding and does not includes accrued interest and other Irad AS adjustments.

The Board of Directors of the Company have an overall responsibility and oversight for the management of all the risks, including liquidity risk, to which the Company is
exposed lo in the course of conducting its business. The Board approves the governance structure, policies, strategy and the risk limits for the management of liquidity
risk. The Board of Directors approves the constitution of the Risk Management Committee (RMC) for the effective supervision, evaluation, monitoring and review of
various aspects and types ol risks, including liquidity risk, faced by the Company. The meetings of RMC are held at quarterly interval, further, the Board of Directors also
approves constitution of Asset Liability Committee (ALCO), which functions as the strategic decision-making body for the asset liability management of the Company
from rtsk-retum perspective and within the risk appetite and guard-rails approved by the Board. The main objective of ALCO is to assist the Board and BMC In effective
discharge of the responsibilities of asset liability management, market risk management, liquidity and interest rate risk management and also to ensure adherence to risk
toierartee/limlfes set up by the Board. ALCO provides guidance and directions In terms of Interest rate, liquidity, finding sources, and investment of surplus funds. ALCO
meetings are held once in a Quarterly or more frequently as warranted from time to time. The minutes of ALCO meetings are placed before the RMC and the Board of
Directors in its next meeting for its perusal/ approval/ ratification.

Note 46

Disclosure with regard to dues to micro enterprises and small enterprises

(i) The Ministry of micro, small and medium enterprises has issued an office memorandum dated 2b August 2008 which recommends that the micro and small enterprises
should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with
the ''Micro, Small and Medium Enterprise Development Act, 2006 (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises has beer
made in the financial statements based on the information received and available with the Company.

(ii) Based on the information / documents available with the company, no interest provisions / payments has to be made by the Company to micro enterprises and small
enterprises creditors and thus, no related disclosures as required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 are made in these
accounts.

Now 47:

Figures for the previous period have been regrouped and reclassified to conform to the classification of current period wherever necessary,
in terms of our report attached

For R.Kothari& Co LLP For and on behalf of the Board of Directors

chartered Accountants

Firm Registration No. 307069E / E300266

Ashok Bhandari Tapas Kumar Bhattacharya

Chairman Director

CA. Kailash Chandra Soni DIN-00012210 DIN-00711665

Partner

Membership No 057620
place: Kolkata

Sundrapandtyapuram

Date : 22nd May 2025 Plchumanl Kumar Asblsh Fed la

Manager & CFQ Company Secretary

Mar 31, 2024

3.6 Provisions, contingent liabilities and contingent assets

Provisions are recognised when the enterprise has a present obligation (legal or constructive) as a result of past events, and 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.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that Is not recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare, cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

3.7 Earnings per share (EPS)

"Basic EPS is calculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the year.

Diluted EPS is determined by adjusting the profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares.â

Cash flows are reported using the indirect method, whereby profit 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 regular revenue generating, investing and financing activities of the Company are segregated.

Company is an investment and finance company and therefore, purchase and sale of investments are considered as part of âCash flow from investing activitiesâ and interest earned (net) and dividend earned are considered as part of "Cash flow from operating activities".

3.9 Use of estimates, judgementsand adjustments

The preparation of the financial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses, and disclosures of contingent assets and liabilities at the date of the financial statements and the results of operations during the reporting period end. Although these estimates are based upon management''s best knowledge of current events and actions, actual results could differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the paragraphs that follow.

i) Useful Economic Lives and Impairment of Other Assets

The estimated useful life of property, plant and equipment (PPE) is based on a number of factors including the effects of obsolescence, usage of the asset and other economic factors (such as known technological advances).

The Company reviews the useful life of PPE at the end of each reporting date and any changes could affect the depreciation rates prospectively.

The Company also reviews its property, plant and equipment for possible impairment if there are events or changes in circumstances that indicate that the carrying value of the assets may not be recoverable. In assessing the property, plant and equipment for impairment, factors leading to significant reduction in profits, such as the Company''s business plans and changes in regulatory environment are taken into consideration.

ii) Contingencies and Commitments

In the normal course of business, contingent liabilities may arise from litigation, taxation and other claims against the Company. Where an outflow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on management''s assessment of specific circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such liabilities are disclosed in the notes but are not provided for in the financial statements.

Although there can be no assurance regarding the final outcome of the legal proceedings, the Company does not expect them to have a materially adverse impact on the Company''s financial position or profitability.

iii) FairValue Measurements and Valuation Processes

Some of the Company''s assets and liabilities are measured at fair value forfinancial reporting purposes. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Information about the valuation techniques and inputs used in determining the fair value of various assets and liabilities are disclosed in the notes to the financial statements.

Â¦^v) Recognition of Deferred Tax Assets For Carried Forward Tax Losses and Unused Tax Credit

The extent to which deferred tax assets can be recognised based on an assessment of the probability of the Company''s future taxable income against which the deferred tax assets can be utilised. In addition significant judgement is required in assessing the impact of any legal or economic limits.

Capital Reserve

This reserve representthe amount ofshareforefeited Securities premium Reserve

This reserve represents the premium on issue of shares and can be utilized in accordance with the provisions of the Companies Act, 2013.

Statutory reserve

Statutory Reserve represents the Reserve Fund created under Section 45 1C of the Reserve Bank of India Act, 1934. Accordingly an amount representing 20% of Profit for the period is transferred to the fund for the year.

General reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Retained earnings

This reserve represents the cumulative profits of the Company. This reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

Debt instruments through other comprehensive income

This reserve represents the cumulative gains (net of losses) arising on the revaluation of debt instruments measured at fair value through Other Comprehensive Income, net of tax. The amount is transferred from this reserve to the statement of profit and loss when the debt instrument is derecognised.

Equity instruments through other comprehensive income

This represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income,net of tax, under an irrevocable option, net of amount reclassified to retained earnings when such asssets are disposed off,if any.

The details of material accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 3 to the financial statements.

(ii) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed underthe accounting standards.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

(iii) Valuation technique used to determine Fair Value

Specific valuation techniques used to value financial instruments include:

â¢ the fair value of invetsment in quoted equity shares and mutual funds is measured at quoted price or NAV.

â¢ the fair value of level 2 instruments is valued using inputs based on information about market participants assumptions and other data that are available.

(v) Significant estimates

The fair value offinancial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. For details of the key assumptions used and the impact of changes to these assumptions see (ii) above.

(vi) Fair value of assets and liabilities measured atcost/amortised cost

The carrying amount of financial assets and financial liabilities measured at amortised cost are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amount would be significantly different from the values that would be eventually received or settled. Management assessed that fair values of cash and cash equivalents, other bank balances, Other financial assets and other financial liabilities approximate their carrying amounts of these instruments, as discussed below:

The Company is a Non-Banking Financial Company registered with the Reserve Bank of India. On account of its business activities it is exposed to various financial risks associated with financials products such as credit or default risk, market risk, interest rate risk, liquidity risk and inflationary risk. However, the Company has a robust financial risk management system in place to identify, evaluate, manage and mitigate various risks associated with its financial products to ensure that desired financial objectives are met. The Company''s senior management is responsible for establishing and monitoring the risk management framework within its overall risk management objectives and strategies, as approved by the Board of Director. Such risk management strategies and objectives are established to identify and analyse potential risks faced by the Company, set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and assess risk management performance. Any change in Company''s risk management objectives and policies needs prior approval of it''s Board of Directors.

Credit risk

This risk is common to all investors who invest in bonds and debt instruments and it refers to a situation where a particular bond/debenture issuer is unable to make the expected principal payment interest rate payment, or both. Similarly, a lender bears the risk that the borrower may default in the payment of contractual interest or principal on its debt obligation, or both. The entity continuously monitors defaults of the customers and other counterparties and incorporates this information into its credit risk control.

Market risk:

Market risk is a form of systematic risk associated with the day-to-day fluctuation in the market prices of shares and securities and such market risk affects all securities and investors in the same manner. These daily price fluctuations follows its own broad trends and cycles and are more news and transaction driven rather than fundamentals and many a times, it may affect the returns from an investment. Market risks majorly comprises of two types - interest rate risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risks include borrowings and investments.

Interest rate risk

Interest rate risk is a type of systematic risk that particularly affects fixed rate debt instruments like bonds and debentures. The value of the fixed-rate debt instruments generally decline due to rise in interest rates and vice versa. The rationale is that a bond is a promise of a future stream of payments; an investor will offer less for a bond that pays-out at a rate lower than the rates offered in the current market. A rising interest rate scenario also affects the Company''s interest expenditure on borrowed funds.

The Company monitors the interest rate scenarios on a regular basis and accordingly takes investments decisions as whether to invest in fixed rate debt instruments, shares and securities at a particular point of time.

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments in equity instruments, bonds, mutual funds etc. The Company is exposed to price risk arising mainly from investments carried at FVOCI which are valued using quoted prices in active markets. A sensitivity analysis demonstrating the impact of the change in market prices of these instruments from the prices existing as at the reporting date is given below:

Liquidity risk:

Liquidity refers to the readiness of the Company to sell and realise its financial assets. Liquidity risk is one of the most critical risk factors for Companies which is into the business of investments in shares and securities. It is the risk of not being able to realise the true price of a financial asset, or is not being able to sell the financial asset at all because of non-availability of buyer Unwillingness to lend or restricted lending by Banks and Financial Institutions may also lead to liquidity concerns for the entities.

The Company maintains a well-diversified portfolio of investments in shares and securities. A dedicated team of market experts are monitoring the markets on a continuous basis, which advises the management for timely purchase or sale of securities. The management ensures to manage its cash flows and asset liability patterns to ensure that the financial obligations are satisfied in timely manner.

The following table shows the remaining contractual maturities of financial liabilities at the reporting date. The amounts reported are on gross and undiscounted basis.

Inflationary risk:

Inflationary or purchasing power risk refers to the variation in investor returns caused by inflation. It is the risk that results in increase of the prices of goods and services which results in decrease of purchasing power of money, and likely negatively impact the value of investments. The two important sources of inflation are rising costs of production and excess demand for goods and services in relation to their supply. Inflation and interest rate risks are closely related as interest rates generally go up with inflation.

The Company closely monitors the inflation data and analyses the reasons for wide fluctuations thereof and its effect on various sectors and businesses. The main objective is to avoid inflationary risk and accordingly invest in securities and debt instruments that provides higher returns as compared to the inflation in long-term.

Note 34-Capital management

For the purpose of Company''s capital management, capital includes issued equity share capital, other equity reserves and borrowed capital less cash and cash equivalents. The primary objective of capital management is to maintain an efficient capital structure to reduce the cost of capital, support corporate expansion strategies and to maximize shareholder''s value.

The entity manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the entity may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The entity monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The entity''s policy is to keep an optimum gearing ratio. The entity includes within net debt, interest bearing loans and borrowings less cash and cash equivalents.

The company has reviewed all its pending litigations and proceedings and has made adequate provisions wherever required and disclosed the contingent liabilities wherever applicable, in its financial statements. The company does not reasonably expect the outcome of theses proceedings to have a material impact on its financial statements.

Note 36

Particulars required under paragraph 31 of Master Direction Reserve Bank of India (Non-Banking Financial Company-Scale Based Regulation) Directions, 2023 are given in annexure appended hereto

Note 37

The Company entered into cancellable lease arrangements for certain accommodations. Terms of such lease include upto three month''s notice by either party for cancellation, option for renewal on mutually agreed terms and there are no restrictions imposed by such lease arrangements. The Company has applied the ''short-term lease'' exemptions for these leases. Rental expenses incurred are disclosed in Note 25 as Rent.

Note 38: Other statutory information:

(i) The company has not advanced or given loan 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 Group (Ultimate Beneficiaries) or

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

(ii) 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:

D) Details of financing of parent company products

The Company does not have a parent company and accordingly no disclosures required.

E) Details of Single Borrower Limit (SBL)/Group Borrower Limit (GBL) exceeded by the NBFC

There are no instances of exceeding the single and group borrowing limit by the Company during the current and previous year.

F) Unsecured Advances

The Company does not have any unsecured advances for which intangible securities such as charge over rights, license, authority, etc. has been taken.

vii) Miscellaneous

A) Registration obtained from other financial sector regulators

The Company has not obtained any registration from otherfinancial sector regulators.

B) Disclosure of Penalties imposed by RBI and other regulators

There have been no penalties imposed on the Company by RBI or other financial sector regulators during the current and previous financial year.

The Board of Directors of the Company have an overall responsibility and oversight for the management of all the risks, including liquidity risk, to which the Company is exposed to in the course of conducting its business. The Board approves the governance structure, policies, strategy and the risk limits for the management of liquidity risk. The Board of Directors approves the constitution of the Risk Management Committee (RMC) for the effective supervision, evaluation, monitoring and review of various aspects and types of risks, including liquidity risk, faced by the Company. The meetings of RMC are held at quarterly interval. Further, the Board of Directors also approves constitution of Asset Liability Committee (ALCO), which functions as the strategic decision-making body for the asset-liability management of the Company from risk-return perspective and within the risk appetite and guard-rails approved by the Board. The main objective of ALCO is to assist the Board and RMC in effective discharge of the responsibilities of asset liability management, market risk management, liquidity and interest rate risk management and also to ensure adherence to risk tolerance/limits set up by the Board. ALCO provides guidance and directions in terms of interest rate, liquidity, funding sources, and investment of surplus funds. ALCO meetings are held once in a Quarterly or more frequently as warranted from time to time. The minutes of ALCO meetings are placed before the RMCand the Board of Directors in its next meeting for its perusal/approval/ ratification.

Note 45

Disclosure with regard to dues to micro enterprises and small enterprises

(i) The Ministry of micro, small and medium enterprises has issued an office memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the ''Micro, Small and Medium Enterprise Development Act, 2006 (''the Act''). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the financial statements based on the information received and available with the Company.

(ii) Based on the information / documents available with the company, no interest provisions / payments has to be made by the Company to micro enterprises and small enterprises creditors and thus, no related disclosures as required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 are made in these accounts.

Note 46

The Board of Directors of the Company at its meeting held on September 21, 2022 has approved the scheme of amalgamation ("Scheme") of Western India Commercial Company Limited ("Transferor Company") with the Company and their respective shareholders and creditors under sections 230 to 232 and other applicable provisions of the Companies Act, 2013 with the Appointed Date being April 1,2022. The Scheme is subject to the required statutory and regulatory approvals.

Note 47;

Figures for the previous period have been regrouped and reclassified to conform to the classification of current period wherever necessary.

In terms of our report attached For and on behalf of the Board of Directors

ForChaturvedi & Company

Chartered Accountants Firm Registration No. 302137E

Ashok Bhandari Tapas Kumar Bhattacharya

Chairman Director

Nfllma Josh! din - 00012210 DFN-00711665

Partner

Membership No. 052122 UDIN; 24052122BKGPTZ2636

Place: Kolkata Sundrapandiyapuram

Piehumani Kumar Ashish Kedia

Date J 16th May 2024 Manager & CFO Company Secretary

Mar 31, 2023

1. The market value of investments is equal to the book value.

2. The Company has elected an irrevocable option to designate its investments in quoted equity instruments through FVOCI, as the said investments are not held for trading and company continues to invest for long term and remain invested in leaders in sectors, which it believes to have potential to remain accretive overthe long term.

3. Of the total dividend recognised during the year from investment in equity share designated at FVOCI ? 1.33 lakhs (Previous year ? 3.65 lakhs) is relating to investment derecognised during the period and ? 1,006.35 lakhs (previous year ? 1,072.57 lakhs) pertains to investment held at the end of reporting period.

4. During the year, total loss of ? 4.42 lakhs (Previous year gain ? 156.80 lakhs) on investment in equity shares designated at FVOCI have been transferred to retained earnings on derecognition of related investments after adjusting for tax effect thereon.

5. The other disclosure regarding fair value and risk arising from financial instruments are explained in Note No.31 and 32.

(i) The Ministry of micro, small and medium enterprises has issued an office memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the âMicro, Small and Medium Enterprise Development Act, 2006 (''the Actâ). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the financial statements based on the information received and available with the Company.

(ii) Based on the information / documents available with the company, no interest provisions / payments has to be made by the Company to micro enterprises and small enterprises creditors and thus, no related disclosures as required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 are made in these accounts.

16.1 Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 5/- per share (Previous year Rs.5/- each). Each holder of equity share is entitled to one vote per share. Dividend, if any, proposed by the Board of Directors is subject to approval of the shareholders in the ensuing AGM. In the event of liquidation of the company, the holders of equity shares will be entitled to any of the remaining assets of the company after distribution of all preferential amounts in proportion to the no. of equity shares held by them.

16.3 The Company is a non-banking finance company, the objective of the Company is to invest in long term investments and granting of loans to ensure sustainable growth. The Companyâs objective is to maintain appropriate levels of capital to support its business strategy taking into account the regulatory, economic and commercial environment.

Capital Reserve

This reserve represent the amount of share forfeited Securities premium Reserve

This reserve represents the premium on issue of shares and can be utilized in accordance with the provisions of the Companies Act, 2013.

Statutory reserve

Statutory Reserve represents the Reserve Fund created under Section 45IC of the Reserve Bank of India Act, 1934. Accordingly an amount representing 20% of Profit for the period is transferred to the fund for the year.

General reserve

Retained earnings

This reserve represents the cumulative profits of the Company. This reserve can be utilized in accordance with the provisions of the Companies Act, 2013.

Debt instruments through other comprehensive income

Equity instruments through other comprehensive income

This represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value through other comprehensive income, net of tax, under an irrevocable option, net of amount reclassified to retained earnings when such assets are disposed off, if any.

Defined benefit plan

The employee gratuity scheme of the company is unfunded. The present value of obligation is determined based on the actuarial valuation using the projected unit credit method as on 31 st March 2023, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The company''s gratuity expense is recognized underthe head - "Gratuity" in note 22.

Movement of defined benefit obligation

The amounts recognised in the balance sheet and the movements in the net defined benefit obligation over the year are as follows:

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The discounting rate is considered based on market yield on government bonds having currency and terms consistent with the currency in terms of the post employment benefit obligations.

The above information is certified by an actuary. Provision for gratuity in the preceding year was made by the management on an estimated basis in accordance with the formula prescribed under Payment of Gratuity Act 1972. The opening liability as determined by the actuary is not at significant variance to that calculated in the previous year.

Note 31Disclosure on financial instruments

The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in note 3 to the financial statements.

(ii) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortized cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standards.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

(iii) Valuation technique used to determine Fair Value

Specific valuation techniques used to value financial instruments include:

â¢ the fairvalue of investment in quoted equity shares and mutual funds is measured at quoted price or NAV.

â¢ the fair value of level 2 instruments is valued using inputs based on information about market participants assumptions and other data that are available.

(v) Significant estimates

The fairvalue of financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. For details of the key assumptions used and the impact of changes to these assumptions see (ii) above.

(vi) Fairvalue of assets and liabilities measured at cost/amortised cost

Note 32

Financial risk management

Credit risk

Market risk:

Interest rate risk

Price risk

Equity instrument through OCI being a component of other equity would increase/decrease as a result of gain/loss on equity securities classified as fairvalue through Other Comprehensive Income.

Liquidity risk:

Liquidity refers to the readiness of the Company to sell and realise its financial assets. Liquidity risk is one of the most critical risk factors for Companies which is into the business of investments in shares and securities. It is the risk of not being able to realise the true price of a financial asset, or is not being able to sell the financial asset at all because of non-availability of buyer Unwillingness to lend or restricted lending by Banks and Financial Institutions may also lead to liquidity concerns for the entities.

The Company maintains a well-diversified portfolio of investments in shares and securities . A dedicated team of market experts are monitoring the markets on a continuous basis, which advises the management for timely purchase or sale of securities. The management ensures to manage its cash flows and asset liability patterns to ensure that the financial obligations are satisfied in timely manner.

The following table shows the remaining contractual maturities of financial liabilities at the reporting date. The amounts reported are on gross and undiscounted basis.

Inflationary risk:

Note 33-Capital management

For the purpose of Company''s capital management, capital includes issued equity share capital, other equity reserves and borrowed capital less cash and cash equivalents. The primary objective of capital management is to maintain an efficient capital structure to reduce the cost of capital, support corporate expansion strategies and to maximize shareholder''s value.

Note 35

Particulars required under paragraph 19 of master directions Non-Banking Financial company -Systemically important non deposit taking company (Reserve Bank) Directions, 2016 are given in annexure appended hereto

Note 36

The Company entered into cancellable lease arrangements for certain accommodations. Terms of such lease include upto three month''s notice by either party for cancellation, option for renewal on mutually agreed terms and there are no restrictions imposed by such lease arrangements. The Company has applied the âshort -term lease'' exemptions for these leases. Rental expenses incurred are disclosed in Note 24 as Rent.

Note 37: Other statutory information:

(i) The company has not advanced or given loan 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 Group (Ultimate Beneficiaries) or

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

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

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

Other than the above disclosures, the remaining other disclosures as prescribed in Amended Division 111 of Schedule III read with section 129 of Companies Act 2013 are either NIL or Not Applicable to the company for the current period.

E) Details of Single Borrower Limit (SBL)/Group Borrower Limit (GBL) exceeded by the NBFC

There are no instances of exceeding the single and group borrowing limit by the Company during the current and previous year.

F) Unsecured Advances

The Company does not have any unsecured advances for which intangible securities such as charge over rights, license, authority, etc. has been taken.

vii) Miscellaneous

A) Registration obtained from otherfinancial sector regulators

The Company has not obtained any registration from otherfinancial sector regulators.

B) Disclosure of Penalties imposed by RBI and other regulators

There have been no penalties imposed on the Company by RBI or other financial sector regulators during the current and previous financial year.

C) Related Party Transactions

Details of all material related party transactions are disclosed in Note 29.

D) Ratings assigned by credit rating agencies and migration of ratings during the year

Not applicable

E) Remuneration of Directors

Details relating to remuneration of directors are disclosed in Note 29. All pecuniary relationship or transactions of the Non Executive Directors vis avis have been disclosed in the Annual Report.

F) Management

The management discussion and analysis report for the year ended March 31, 2023 forms part of the Annual Report.

(vi) Institutional set-up for Liquidity Risk Management

The Board of Directors of the Company have an overall responsibility and oversight for the management of all the risks, including liquidity risk, to which the Company is exposed to in the course of conducting its business. The Board approves the governance structure, policies, strategy and the risk limits for the management of liquidity risk. The Board of Directors approves the constitution of the Risk Management Committee (RMC) for the effective supervision, evaluation, monitoring and review of various aspects and types of risks, including liquidity risk, faced by the Company. The meetings of RMC are held at quarterly interval. Further, the Board of Directors also approves constitution of Asset Liability Committee (ALCO), which functions as the strategic decision-making body for the asset-liability management of the Company from risk-return perspective and within the risk appetite and guard-rails approved by the Board. The main objective of ALCO is to assist the Board and RMC in effective discharge of the responsibilities of asset liability management, market risk management, liquidity and interest rate risk management and also to ensure adherence to risk tolerance/limits set up by the Board. ALCO provides guidance and directions in terms of interest rate, liquidity, funding sources, and investment of surplus funds. ALCO meetings are held once in a Quarterly or more frequently as warranted from time to time. The minutes of ALCO meetings are placed before the RMC and the Board of Directors in its next meeting for its perusal/approval/ ratification.

(vii) RBI moratorium & restructuring

No restructuring of loans/borrowings has been taken place during the current year and previous year. Note 41

The Board of Directors of the Company at its meeting held on September 21, 2022 has approved the scheme of amalgamation ("Scheme") of Western India Commercial Company Limited (âTransferor Companyâ) with the Company and their respective shareholders and creditors under sections 230 to 232 and other applicable provisions of the Companies Act, 2013 with the Appointed Date being April 1,2022. The Scheme is subject to the required statutory and regulatory approvals.

Note 43:

Figures for the previous period have been regrouped and reclassified to conform to the classification of current period wherever necessary

Mar 31, 2021

NOTE 28-DISCLOSURE WITH REGARD TO DUES TO MICRO ENTERPRISES AND SMALL ENTERPRISES

Based on the information available with the Company, there is no supplier in the aforesaid company. Thus no disclosures relating to principal amounts unpaid as at the period ended 31st March, 2021 together with interest paid /payable are required to be furnished.

NOTE 29:-CAPITAL MANAGEMENT

The primary objective of the Company''s capital management policy is to ensure that the Company complies with externally imposed capital requirements and maintains strong credit ratings and healthy capital ratios in order to support its business and to maximise shareholder value.

NOTE 30:-RISK MANAGEMENT

The Company has a system-based approach to risk management, anchored to policies & procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities.

Accordingly, the Company''s risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulations. It also seeks to drive accountability in this regard.

The Company''s financial liabilities includes Other Financial Liabilities- comprising of general expenses. The Company''s principal financial assets include Investments, Cash and Cash Equivalents and Other Financial Assets that are derived directly from its operations.

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

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the underlying business, the Company maintains sufficient cash and liquid investments available to meet its obligation.

Management monitors rolling forecasts of the Company''s liquidity position (comprising the undrawn borrowing facilities below) and cash and cash equivalents on the basis of expected cash flows. The management also considers the cash flow projections and level of liquid assets necessary to meet these on a regular basis.

NOTE 31:-DISCLOSURE ON FINANCIAL INSTRUMENTS

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

(ii) Valuation Methodology

Specific valuation techniques used to value financial instruments include:

â¢ the fair value of invetsment in quoted equity shares and mutual funds is measured at quoted price or NAV.

â¢ the fair value of level 3 instruments is valued using inputs based on information about market participants assumptions and other data that are available.

The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. For details of the key assumptions used and the impact of changes to these assumptions see (ii) above.

NOTE 321-

Due to outbreak of COVID 19 globally and in lndia, the Company''s management has made initial assessment of likely adverse impact on business and financial risks, and believes that the impact is likely to be short term in nature. The management does not see any medium to long term risks in the Company''s ability to continue as going concern and meeting its liabilities as and when they fall due.

Due to the nature of the pandemic, the Company will continue to monitor developments to identify significant uncertainties relating to revenue in future periods.

NOTE 33:-

The previous year figures have been reclassified and regrouped where considered necessary to confirm to this year''s presentations.

NOTE 34:-

Particulars required under Paragraph 18 of the Master Direction Non-Banking Financial Company- Non- Sytemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 are given in the Annexure appended hereto.

The accompanying notes are an integral part of the financial statements.

Mar 31, 2018

NOTES TO THE FINANCIAL STATEMENTS

Particulars		As at 31st March, 2018 (Rs)	As at 31st March, 2017 (Rs)
Note 9 Deferred Tax Assets
Deferred Tax Asset
On Provision for Gratutiy		770,578	776,154
On Provision for Leave Salary		219,273	219,183
On Difference between Book and Tax Depreciation		29,839	34,494
Deferred Tax Asset		1,019,690	1,029,831
Note: Deferred tax asset has reduced due to change in rate of tax from 30% to 25%
Note 10 Long Term Loans and Advances (Unsecured, considered good) Security deposits		30,800	30,800
	Total	30,800	30,800

Note 11 Other Non- Current Assets (Unsecured, considered good)
Fixed Deposit accounts with maturity of more than 12 months			15,000,000
Interest Receivable on Deposits		.	977,696
	Total	.	15,977,696
Note 13 Cash and Bank Balances
Cash and Cash Equivalents
(a) Cash on hand		200,103	200,103
(b) Balances with Scheduled banks In current accounts		361,900	4,682,777
(c) In Fixed deposit accounts - maturity less than three months		16,112,642	1,403,888
	Total	16,674,645	6,286,768
Note 14 Short-Term Loans and Advances
(Unsecured, considered good) Advances to employees		5,000	67,000
Loan to Body Corporates		-	1,300,000
Income Tax Advances (Net of Provisions)		1,633,124	-
Advances for Expenses		225,494	229,906
Advance against Investments		428,877	132,000,000
	Total	2,292,495	133,596,906
Note 15 Other Current Assets
(Unsecured, considered good)
Interest accrued on Deposits		2,114,437	13,965
Interest accrued On Loans		.	1,494,148
	Total	2,114,437	1,508,113

Note 12 Current Investments

Particulars	As at 31st March, 2018			As at 31st March, 2017 \|
	Face Value (Rs.)	Number	Value (Rs.)	Number	Value (Rs.)
Investment in Equity Shares
Quoted (Fully Paid-Up)
Unquoted
Investment in Mutual Funds
UTI Floating Rate Fund STP Regular Plan -Growth Plan	1,000	3,703.963	10,333,537	88,744.767	233,939,071
UTI Spread Fund - Dividend	10	-	-	5,694,378.132	90,000,000
UTI Treasury Advantage Fund	1,000	-	-	1,896,484	4,000,000
Total of Current Investments			10,333,537		327,939,071
Total of Current Investments			10,333,537		327,939,071

Particulars		For the year ended 31st March, 2018	For the year ended 31st March. 2017
		Rs	Rs.
Note 16 Revenue From Operations
INTEREST INCOME
on Loan		78,254	2.360,884
on Income Tax Refund		-	1 1,237
on Fixed Deposits with Bank		1,351,311	1.249,836
		1,429,565	3,621,957
Net gain on sale of Investments:
Current investments		4,881,254	5,992,249
Long-term investments		(707,629)	898,162.103
		4,173,625	904,154,352
Dividend income:
From current investments		1,850,673	1.234.754
From long-term investments		49,802,012	99,864,365
		51,652,685	101,099,1 19
	Total	57,255,875	1,008,875.428
Note 17 Employee Benefits Expense
Salaries and Allowances		4,218,497	4,010,681
Contribution to Provident Fund		314,952	274,357
Gratuity		480,710	449.184
Leave Salary		142,218	126.631
Staff Welfare expenses		125,644	224,243
	Total	5,282,021	5,085,096
Note 18A Corporate Social Responsibility
Gross Amount required to be spent		6,131,466	-
Amount spent during the year		6,141,000	-
Note 18B Other Expenses
Rent		119,880	111,600
Repairs & Maintenance - Others		35,927	46,989
Rates and taxes		4,650	6.892
Service Tax		-	6,307
Goods & Services Tax		735,834
Communication Expenses		371,838	217,766
Travelling and Conveyance		31,811	40,363
Printing and stationery		446,080	366,050
Advertisement		52,898	39,280
Directors Sitting Fee		67,100	42,050
Legal and professional		4,521,868	938,938
Custodial Fees		27,215	26,360
Listing Fees		259,500	862.500
Payments to auditors
For - statutory audit		42,000	46,000
For - tax audit fees		7,400	8.050
For other services		21,980	33.700
Miscellaneous expenses		167,888	114,349
	Total	6,913,869	2,907,194
Note 19 Earnings Per Share (EPS)
Nominal value per Equity share		5/-	10/-
Net Profit after Tax		38,349,631	806,767,964
Weighted average number of Equity Shares		2,456,806	1.228,403
Basic and diluted Earning per share		15.61	656 76

20 There are no separate reportable segments as per Accounting Standard 17.

21 Related Party Disclosures (In accordance with AS-18)

Name	Relationshio
Key Management Personnel-
Mr. S. P. Kumar	Manager and CFO
Details of Transactions	2017-18	2016-17
Remuneration	Rs. 12,22,788/-	Rs. 12,54,086/-

Employee Benefit Expenses appearing in the Statement of Profit and Loss are net of service charges received from others Rs. 24000/- (Previous year- 24000/-)

22 Unabsorbed MAT for which future credit may be available amounts to Rs. 37,37,177/- (Previous Year Rs. 43,06,250/-)

Contigent Provision for Standard Assets was created in the earlier years at 0.25% of the standard assets in terms of the Notification No.DNBS.223/CGM (US) - 2011 dated 17th January 2011, issued by the Reserve Bank of India.

24 There is no amount due to Micro, Medium and Small enterprises nor there has been any delay in payment to such enterprises.

25 Previous year''s figures have been regrouped/ rearranged wherever necessary.

In terms of our report attached.
For D. K. Chhajer & Co.
Chartered Accountants
Firm Registration No. 304138E
		Ashok Bhandari	R. N. Mundhra
		Chairman	Director
		DIN -00012210	DIN - 00424392
Tapan Kumar Mukhopadhyay
Partner
Membership No. 017483
			B. L. Gaggar
Place : Kolkata	Priyanka Mishra	S.P. Kumar	Directors
Date : 30.05.2018	Company Secretary	Manager & CFO	DIN -00404123

Mar 31, 2016

1 Depreciation for the previous year includes a sum of Rs. 201/- on account of transition to Schedule-II of Companies Act, 2013 where the remaining useful life of the asset was nil.

2 Effective 1st April, 2014, the estimated useful lives of fixed assets were revised in keeping with the provisions of Schedule II to the Companies Act, 2013. Pursuant to the said revision in useful lives, depreciation expense for the previous year was higher and the profit before tax was lower by Rs. 10985/-.

3 There are no separate reportable segments as per Accounting Standard 17.

4 Employee Benefit Expenses appearing in the Statement of Profit and Loss are net of service charges received from others Rs. 24000/- (Previous year- 24000/-)

5 Unabsorbed MAT for which future credit may be available amounts to Rs. 5067713/- (Previous Year Rs. 5168949/-)

6 Contingent Provision for Standard Assets was created in the earlier years at 0.25% of the standard assets in terms of the Notification No.DNBS.223/CGM (US) - 2011 dated 17th January 2011, issued by the Reserve Bank of India.

7 There is no amount due to Micro, Medium and Small enterprises nor there has been any delay in payment to such enterprises.

8 Previous year''s figures have been regrouped/ rearranged wherever necessary.

9 Particulars required under Paragraph 13 of the Non Systematically Important Non-Banking Financial Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 are given in the Annexure appended hereto.

Mar 31, 2014

1. There are no separate reportable segments as per Accounting Standard 17.

2. Contingent Liability not provided for Uncalled liability on Partly Paid up Shares =Rs. Nil/-(Previous Year Rs. 1012500/-)

3. Employee Benefit Expenses appearing in the Statement of Profit and Loss are net of service charges received from others.

4. Unabsorbed MAT for which future credit may be available amounts to Rs. 558469/- (Previous Year Rs. 558469/-)

5. Contingent Provision for Standard Assets was created at 0.25% in the previous year of the standard assets in terms of the Notification No. DNBS. 223/CGM (US) - 2011 dated 17th January 2011, issued by the Reserve Bank of India.

6. Micro, Small and Medium Enterprises Development Act, 2006

There is no amount due to Micro, Medium and Small enterprises nor there has been any delay in payment to such enterprises.

7. Previous year''s figures have been regrouped/ rearranged wherever necessary.

8. Statement required under paragraph 13 of Non Banking (Non- Deposit Acceptance or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 is enclosed.

Mar 31, 2013

1. The Company has during the year transferred out of General Reserve to liability a sum of Rs. 138928/-payable to shareholders who have opted to withdraw under the Scheme of Capital Reduction approved by the High Court earlier payable as and when payments are claimed.

2. There are no separate reportable segments as per Accounting Standard 17.

3. Contingent Liability not provided for Uncalled liability on Partly Paid up Shares =Rs. 1012500/- (Previous Year Rs. 1012500/-)

4. Employee Benefit Expenses appearing in the Statement of Profit and Loss are net of service charges received from others.

5. Unabsorbed MAT for which future credit may be available amounts to Rs. 558469/- (Previous Year Rs. 667270/-)

6. Contingent Provision for Standard Assets was created at 0.25% in the previous year of the standard assets in terms of the Notification No. DNBS. 223/CGM (US) - 2011 dated 17th January 2011, issued by the Reserve Bank of India.

7. Micro, Small and Medium Enterprises Development Act, 2006

There is no amount due to Micro, Medium and Small enterprises nor there has been any delay in payment to such enterprises.

8. Previous year''s figures have been regrouped/ rearranged wherever necessary.

9. Statement required under paragraph 13 of Non Banking ( Non- Deposit Acceptance or Holding ) Companies Prudential Norms (Reserve Bank) Directions ,2007 is enclosed.

Mar 31, 2012

b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. Dividend, if any, proposed by the board of directors is subject to approval of the shareholders in the ensuing AGM. In the event of liquidation of the company, the holders of equity shares will be entitled to any of the remaining assets of the company after distribution of all preferential amounts in proportion to the no. of equity shares held by them.

1. The Company has not paid any amount during the year out of General Reserve to the Shareholders who had opted to withdraw under the Scheme of Capital Reduction approved by the High Court. General Reserve will be further reduced by Rs.1,38,928/- as and when payments are claimed.

2. There are no separate reportable segments as per Accounting Standard 17.

3. Contingent Liability not provided for Uncalled liability on Partly Paid up Shares =Rs 1012500/- (Previous Year Rs.1012500/-)

4. Employees Benefit Expenses appearing in the Statement of Profit and Loss are net of service charges received from others.

5. Unabsorbed MAT for which future credit may be available amounts to Rs. 667270/- (Previous Year Rs. 355263/-)

6. Contingent Provision for Standard Assets has been created at 0.25% of the standard assets in terms of the Notification No. DNBS. 223/CGM (US) - 2011 dated 17th January 2011, issued by the Reserve Bank of India.

7. Micro, Small and Medium Enterprises Development Act, 2006

There is no amount due to Micro, Medium and Small enterprises nor there has been any delay in payment to such enterprises.

8. Previous yearâs figures :

The Company has reclassified the previous year''s figures in accordance with the requirements applicable in the current year as required by Revised Schedule VI.

^9. Statement required under paragraph 13 of Non Banking ( Non- Deposit Acceptance or Holding ) Companies Prudential Norms (Reserve Bank) Directions, 2007 is enclosed.

Mar 31, 2009

1. The Company has not paid any amount during the year out of General Reserve to the Shareholders who had opted to withdraw under the Scheme of Capital Reduction approved by the High Court. General Reserve will be further reduced by Rs.1,38,928/- as and when payments are claimed.

2. There are no separate reportable segments as per Accounting Standard 17.

3. Particulars required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit accepting or holding) Companies Prudential Norms (Reserve Bank) Directions 2007 issued by Reserve Bank of India are appended to the Balance Sheet as Schedule 15.

4. During the year the company has re-issued the forfeited Equity Shares and the capital profit arising on re-issue of forfeited Equity shares amounting to Rs.55,255/- has been transferred to Capital Reserve a/c.

5. Figures of the Previous year have been recast and regrouped wherever necessary.

6. Figures have been rounded off to the nearest rupee.

Mar 31, 2008

1. The Company has not paid any amount during the year out of General Reserve to the Shareholders who had opted to withdraw under the Scheme of Capital Reduction approved by the High Court. General Reserve will be further reduced by Rs. 138,928/- as and when payments are claimed.

2. There are no separate reportable segments as per Accounting Standard 17.

3. Particulars required in terms of Paragraph 13 of Non-Banking Financial (Non-Deposit accepting or holding) Companies Prudential Norms (Reserve Bank) Directions 2007 issued by Reserve Bank of India are appended to the Balance Sheet as Schedule 15.

4. Figures of the Previous year have been recast and regrouped wherever necessary.

5. Figures have been rounded off to the nearest rupee.

Mar 31, 2002

1. No provision has been made in respect of Bad & Doubtful Loans & Advances and Debts due from Sundry Debtors amounting to Rs. 16,21,119/- and interest Rs. 4,56,741/- considered doubtful. Out of the above, the company has filed suits for the recovery of Loans & Advances, amounting to Rs. 4,00,000/- and interest Rs. 4,56,741/-.

2. The Company has not paid any amount during the year out of General Reserve to the shareholder who has opted to withdraw under the Scheme of Capital Reduction approved by the High Court. General Reserve will be further reduced by Rs. 1,38,928/- as and when payment is claimed.

3. Liability in respect of Leave Encashment Benefit on retirement has not been ascertained and provided for. These will be accounted for as and when paid.

4. Income Tax Assessment made upto A. Y. 2000-01. Income Tax for the A. Y. 1991-92, 1992-93 and 1998-99 are being contested in appeals. As the company expects refunds no liability for tax demand has been provided. The Assessment for A. Y. 1989-90 and 1990-91 referred back to the Assessing Officer by I. T. A. T. have been completed.

5. There are no separate reportable segments as per Accounting Standard 17.

6. The Company has carried forward losses and unabsorbed depreciation as on 01.04.2001. In absence of virtual certainty of sufficient future taxable income, Net Deferred Tax Assets has not been recognised by way of prudence in accordance with Accounting Standard 22.

7. Balances shown under Sundry Debtors and Loans & Advances are subject to confirmation from parties.

8. Figures of the Previous year have been recast and regrouped wherever necessary.

9. Figures have been rounded off to the nearest rupee.

Mar 31, 2000

1. Figures of the Previous year have been recast and regrouped wherever necessary.

2. Figures have been rounded off to the nearest rupee.

Mar 31, 1999

As details are collected from 1999-2000 annual reports information is not available.

Mar 31, 1996

No provision has been made in respect of Loans & Advances, Bills of Exchange, debts due from Sundry Debtors and Stock on Hire Purchase amounting to Rs.58,92,918/- and interest Rs.39,88,994/- considered doubtful. Out of the above the company has filed suits for the recovery of Loans & Advances, amounting to Rs.28,47,500/- and interest Rs.25,31,465/-

2. The Company has not paid any amount during the year out of General Reserve to the shareholders who have opted to withdraw under the Scheme of Capital Reduction approved by the High Court. General Reserve will be further reduced by Rs.1,39,346/- as and when payment is claimed.

3. No Provision has been made for accruing gratuity liability in the accounts as the same is being accounted for on cash basis. Accrued Gratuity liability as at 31st March, 1996 calculated in respect of each employee (on the basis of last drawn salary and for a period of fifteen days for each completed year of service or part thereof in excess of six months amounted to Rs.1,33,400/- (Previous year Rs.1,17,778/-).

4. Income Tax Assessment made upto A.Y. 1994-95 are being contested in appeals/rectification proceedings are pending and the Company has claimed refunds. However, as a matter of abundant caution a provision of Rs.3,25,000/- (Previous Year Rs. 7,50,000) has been made to meet any likely demand that may arise.

5. Contingent Liability for Sales Tax demand disputed in appeal Rs.26,710/- (Previous Year Rs. 26,710/-).

6. Balances shown under Sundry Debtors and Loans & Advances are subject to, confirmation from parties.

7. Figures of the previous year have been recast and regrouped wherever necessary.

8. Figures have been rounded off to the nearest rupee.

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