Oswal Leasing Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

l) Provisions, contingent assets and contingent liabilities

Provisions are recognized only when there is a present obligation, as a result of past events, and when
a reliable estimate of the amount of obligation can be made at the reporting date. These estimates
are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are
discounted to their present values, where the time value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only by future events not wholly within the control of
the Company or

• Present obligations arising from past events where it is not probable that an outflow of resources
will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot
be made.

Contingent assets are neither recognised nor disclosed except when realisation of income is virtually
certain, related asset is disclosed.

m) Financial instruments

A Financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. Initial recognition and measurement Financial assets and
financial liabilities are recognised when the Company becomes a party to the contractual provisions
of the financial instrument and are measured initially at fair value adjusted for transaction costs.
Subsequent measurement of financial assets and financial liabilities is described below.

Non-derivative financial assets

subsequent measurement

i. Financial assets carried at amortised cost - a financial asset is measured at the amortised cost if
both the following conditions are met:

• The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and

• Contractual terms of the asset give rise on specified dates to cash flows that are solely payments
of principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is
included in interest income in the Statement of Profit and Loss.

ii. Investments in equity instruments - Investments in equity instruments which are held for trading
are classified as at fair value through profit or loss (FVTPL). For all other equity instruments, the
Company makes an irrevocable choice upon initial recognition, on an instrument by instrument
basis, to classify the same either as at fair value through other comprehensive income (FVOCI) or
fair value through profit or loss (FVTPL). Amounts presented in other comprehensive income are not
subsequently transferred to profit or loss. However, the Company transfers the cumulative gain or loss
within equity. Dividends on such investments are recognised in profit or loss unless the dividend clearly
represents a recovery of part of the cost of the investment.

iii. Investments in mutual funds/venture capital funds/alternative investment funds (AIF) -

Investments in mutual funds, venture capital funds and AIF are measured at fair value through profit
and loss (FVTPL).

iv. Investments held for trading purposes - The Company has investments in equity instruments,
mutual funds, debentures, bonds etc. which are held for trading purposes and therefore, classified as
at fair value through profit or loss (FVTPL).

De-recognition of financial assets

Financial assets (or where applicable, a part of financial asset or part of a group of similar financial
assets) are derecognised (i.e. removed from the Company''s balance sheet) when the contractual
rights to receive the cash flows from the financial asset have expired, or when the financial asset and
substantially all the risks and rewards are transferred. Further, if the Company has not retained control,
it shall also derecognise the financial asset and recognise separately as assets or liabilities any rights
and obligations created or retained in the transfer.

Non-derivative financial liabilities

Subsequent measurement

Subsequent to initial recognition, all non-derivative financial liabilities are measured at amortised cost
using the effective interest method.

De-recognition of financial liabilities

Afinancial liability is de-recognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the de-recognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Offsetting of financial instrument

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset the recognised amounts and there is an intention
to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

n) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to
equity shareholders (after deducting attributable taxes) by the weighted average number of equity
shares outstanding during the period. The weighted average number of equity shares outstanding
during the period is adjusted for events including a bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss (interest and other
finance cost associated) for the period attributable to equity shareholders and the weighted average
number of shares outstanding during the period are adjusted for the effects of all dilutive potential
equity shares.

o) Segment reporting

The Company identifies segment basis the internal organization and management structure. The
operating segments are the segments for which separate financial information is available and for
which operating profit/loss amounts are regularly by the executive committee (‘chief operating decision
maker'') in deciding how to allocate resources and in assessing performance. The accounting policies
adopted for segment reporting are in line with the accounting policies of the Company. Segment
revenue, segment expenses, segment assets and segment liabilities have been identified to segments
on the basis of their relationship with the operating activities of the segment.

p) Significant management judgement in applying accounting policies and estimation uncertainty

The preparation of the Company''s financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and the related disclosures. Actual results may differ from these estimates.

Significant management judgements

Recognition of deferred tax assets - The extent to which deferred tax assets can be recognized
is based on an assessment of the probability of the future taxable income against which the deferred
tax assets can be utilized.

Evaluation of indicators for impairment of assets - The evaluation of applicability of indicators of
impairment of assets requires assessment of several external and internal factors which could result
in deterioration of recoverable amount of the assets.

Provisions - At each balance sheet date basis the management judgment, changes in facts
and legal aspects, the Company assesses the requirement of provisions against the outstanding
contingent liabilities. However, the actual future outcome may be different from this judgement.

Significant estimates

Useful lives of depreciable/amortisable assets - Management reviews its estimate of the useful
lives of depreciable/amortisable assets at each reporting date, based on the expected utility of the
assets. Uncertainties in these estimates relate to technical and economic obsolescence that may
change the utility of assets.

Defined benefit obligation (DBO) - Management''s estimate of the DBO is based on a number of
underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of
future salary increases. Variation in these assumptions may significantly impact the DBO amount and
the annual defined benefit expenses.

Fair value measurements - Management applies valuation techniques to determine the fair value of
financial instruments (where active market quotes are not available). This involves developing estimates
and assumptions consistent with how market participants would price the instrument.

12.1 General reserve

The Company has transferred a portion of the net profit of the group before declaring dividend to
general reserve pursuant to the earlier provision of Companies Act 1956. Mandatory transfer to general
reserve is not required under the Companies Act, 2013.

12.2 Retained earnings

All the profits made by the Company are transferred to retained earnings from statement of profit and
loss.

12.3 Reserve Fund u/s 45-IC of RBI Act 1934

The Company creates a reserve fund in accordance with the provisions of section 45-IC of the Reserve
Bank of India Act, 1934 and transfers therein an amount of euqal to/more than twenty per cent of its net
profit of the year, before declaration of dividend.

12.4 Other comprehensive income

(i) The Company has elected to recognise changes in the fair value of certain investments in equity
securities in other comprehensive income. These changes are accumulated within the FVOCI reserve
within equity. The Group transfers amounts from this reserve to retained earnings when the relevant
equity securities are derecognised.

Rs. Nil amount (Previous Year Nil Amount) is transferred to Statutory Reserve in compliance with
section 45(IC) of the Reserve Bank of India Act.

N₀t_e: 21 A statement of disclosure in terms of paragraph 13 of Non-Banking Finance Companies (Non¬
^: deposit accepting or holding) Prudential Norms (Reserve Bank) Directions 2016 is annexed.

Note: 22 Provision for Standard assets

In terms of the Reserve Bank Of India Notification RBI/2014-15/299 DNBR (PD) CC.No.
002/03.10.001/2014-15,

The Company has made a general provision of 0.25% on its outstanding Standard Assets as on
31.03.2025.

Note: 23 Segment Reporting

Company has only one Segment.

Note: 24 Related party disclosures

Disclosure of Related Party Transactions as per Ind AS - 24 issued by the Institute of Chartered
Accountants of India.

Previous year figures have been regrouped/recasted/rearranged/reclassified wherever necessary to
make them comparable.

As per our report of even date attached For and on behalf of the board,

For V.V. Bhalla & Co. For Oswal Leasing Limited

Chartered Accountants
FRN: 002928N

Pankaj Bhalla (Kamal Oswal) (Roshan Lal Behl)

Partner Director Director

Membership No. 534281 DIN: 00493213 DIN: 06443747

UDIN: 25534281BMISOA9163

Place : New Delhi Ravi Kumar Mani Saggi

Date : 22.05.2025 Manager cum CFO Company Secretary

B) Fair values hierarchy

Financial assets and financial liabilities are measured at fair value in the financial statements and are
grouped into three Levels of a fair value hierarchy. The three Levels are defined based on the observability
of significant inputs to the measurement, as follows:

The categories used are as follows:

Level 1: Quoted prices (unadjusted) for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than
Level 1 inputs;and

Level 3: Inputs which are not based on observable market data (unobservable inputs).

Valuation methodologies of financial instruments not measured at fair value

Below are the methodologies and assumptions used to determine fair values for the above financial
instruments which are not recorded and measured at fair value in the Company''s financial statements.
These fair values were calculated for disclosure purposes only. The below methodologies and assumptions
relate only to the instruments in the above tables:

Financial assets and liabilities

For financial assets and financial liabilities that have a short-term maturity (less than twelve months), the
carrying amounts, which are net of impairment, are a reasonable approximation of their fair value. Such
instruments include: cash and balances, balances other than cash and cash equivalents, loans,investments
and other financial assets.

Note No. 27 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables.
The main purpose of these financial liabilities is to finance the Company''s operations and to support its
operations. The Company''s financial assets include investment loans, trade other receivables, cash &
cash equivalents and other bank balances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The company''s senior management
oversees the management of these risks. The company''s senior management is supported by a financial
risk committee that advises on financial risks and the appropriate financial risk governance framework for
the Company. This financial risk committee provides assurance to the Company''s senior management
that the Company''s financial risk activities are governed by appropriate policies and procedure and that
financial risks are identified, measured and managed in accordance with the Company''s policies and
risk objectives. The Board of Directors reviews and agrees policies for managing each risk, which are
summarised as below:

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and
other price risks. Financial instruments affected by market risk include loans and borrowings, deposits and
payables/receivables in foreign currencies.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company''s exposure to the risk of changes in market
interest rates relates primarily to the Company''s long term debt obligations with floating interest rates. The
Company is carrying its borrowings primarily at variable rate. The Company expects the variable rate to
decline, accordingly the Company is currently carrying its loans at variable interest rates.

No borrowings has been taken by the company. Accordingly, no such risks exists.

b) Foreign currency risks

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate because
of changes inforeign exchange rates. The Company''s exposure in foreign currency is in Trade payables
denominated in foreign currency.The Company is not restricting its exposure of risk in change in exchange
rates.

The company has no foreign exposure. Accordingly, no such risks exists.

B) Credit risk

Credit risk is the risk that counter party 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 trade receivables) and from its financing activites, including loans to related parties, deposits
with banks and financial institutions, foreign exchange transactions and other financial instruments.

Credit risk management

The Company assesses and manages credit risk based on internal credit rating system. Internal credit
rating is performed for each class of financial instruments with different characteristics. The Company
assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and
factors specific to the class of financial assets.

(i) Low credit risk on reporting date

(ii) Moderate credit risk

(iii) High credit risk

Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly
rated banks and diversifying bank deposits and accounts in different banks across the country.

Loans

Credit risk related to borrower''s are mitigated by considering collateral''s/bank guarantees/letter of credit,
from borrower''s. The Company closely monitors the credit-worthiness of the borrower''s through internal
systems and project appraisal process to assess the credit risk and define credit limits of borrower, thereby,
limiting the credit risk to pre-calculated amounts. These processes include a detailed appraisal methodology,
identification of risks and suitable structuring and credit risk mitigation measures. The Company assesses
increase in credit risk on an ongoing basis for amounts loan receivables that become past due and default is
considered to have occurred when amounts receivable become one year past due.

C ) Liquidity risk

The Company monitors its risk of a shortage of funds by estimating the future cash flows. The Company''s
objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdrafts, cash credit facilities and bank loans.

The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to
be low. The Company has access to a sufficient variety of sources of funding and debt maturity within 12
months can be rolled over with existing lenders.

The company is not subject to any liquidity risk

The table below shows an analysis of assets and liabilities analysed according to when they are expected
to be recovered or settled. With regard to loans and advances to customers, the Group uses the same basis
of expected repayment behaviour as used for estimating the EIR. Issued debt reflect the contractual coupon
amortisations.

Note No. 28 Capital management

The Company''s capital management objectives are

: to ensure the Company''s ability to continue as a going concern

: to comply with externally imposed capital requirement and maintain strong credit ratings
: to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents
as presented on the face of balance sheet

Note : 29 GENERAL

In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary
course of business at least equal to that stated in the Balance Sheet except in case of those shown as
doubtful.

Note: 32

Notes 1 to 32 form an integral part of the Balance Sheet and Profit and Loss Account have been duly authenticated
as such.

As per our report of even date attached For and on behalf of the board,

For V.V. Bhalla & Co. For Oswal Leasing Limited

Chartered Accountants
FRN: 002928N

Pankaj Bhalla (Kamal Oswal) (Roshan Lal Behl)

Partner Director Director

Membership No. 534281 DIN: 00493213 DIN: 06443747

UDIN: 25534281BMISOA9163

Place : New Delhi Ravi Kumar Mani Saggi

Date : 22.05.2025 Manager cum CFO Company Secretary

---

Mar 31, 2024

k) Provisions, contingent assets and contingent liabilities

Provisions are recognized only when there is a present obligation, as a result of past events, and when
a reliable estimate of the amount of obligation can be made at the reporting date. These estimates
are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are
discounted to their present values, where the time value of money is material.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only by future events not wholly within the control of the
Company or

• Present obligations arising from past events where it is not probable that an outflow of resources will
be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be
made.

Contingent assets are neither recognised nor disclosed except when realisation of income is virtually
certain, related asset is disclosed.

l) Financial instruments

A Financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. Initial recognition and measurement Financial assets and
financial liabilities are recognised when the Company becomes a party to the contractual provisions of
the financial instrument and are measured initially at fair value adjusted for transaction costs. Subsequent
measurement of financial assets and financial liabilities is described below.

Non-derivative financial assets

Subsequent measurement

i. Financial assets carried at amortised cost - a financial asset is measured at the amortised cost if both
the following conditions are met:

• The asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and

• Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of
principal and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is
included in interest income in the Statement of Profit and Loss.

ii. Investments in equity instruments - Investments in equity instruments which are held for trading are
classified as at fair value through profit or loss (FVTPL). For all other equity instruments, the Company
makes an irrevocable choice upon initial recognition, on an instrument by instrument basis, to classify the
same either as at fair value through other comprehensive income (FVOCI) or fair value through profit or
loss (FVTPL). Amounts presented in other comprehensive income are not subsequently transferred to
profit or loss. However, the Company transfers the cumulative gain or loss within equity. Dividends on
such investments are recognised in profit or loss unless the dividend clearly represents a recovery of part
of the cost of the investment.

iii. Investments in mutual funds/venture capital funds/alternative investment funds (AIF) - Investments
in mutual funds, venture capital funds and AIF are measured at fair value through profit and loss (FVTPL)..

iv. Investments held for trading purposes - The Company has investments in equity instruments, mutual
funds, debentures, bonds etc. which are held for trading purposes and therefore, classified as at fair value
through profit or loss (FVTPL).

De-recognition of financial assets

Financial assets (or where applicable, a part of financial asset or part of a group of similar financial
assets) are derecognised (i.e. removed from the Company''s balance sheet) when the contractual rights to
receive the cash flows from the financial asset have expired, or when the financial asset and substantially
all the risks and rewards are transferred. Further, if the Company has not retained control, it shall also
derecognise the financial asset and recognise separately as assets or liabilities any rights and obligations
created or retained in the transfer.

Non-derivative financial liabilities

Subsequent measurement

Subsequent to initial recognition, all non-derivative financial liabilities are measured at amortised cost
using the effective interest method.

De-recognition of financial liabilities

Afinancial liability is de-recognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the de-recognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss.

Offsetting of financial instrument

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle the liabilities simultaneously.

m) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to
equity shareholders (after deducting attributable taxes) by the weighted average number of equity shares
outstanding during the period. The weighted average number of equity shares outstanding during the
period is adjusted for events including a bonus issue.

For the purpose of calculating diluted earnings per share, the net profit or loss (interest and other finance
cost associated) for the period attributable to equity shareholders and the weighted average number of
shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

n) Segment reporting

The Company identifies segment basis the internal organization and management structure. The operating
segments are the segments for which separate financial information is available and for which operating
profit/loss amounts are regularly by the executive committee (‘chief operating decision maker'') in deciding
how to allocate resources and in assessing performance. The accounting policies adopted for segment
reporting are in line with the accounting policies of the Company. Segment revenue, segment expenses,
segment assets and segment liabilities have been identified to segments on the basis of their relationship
with the operating activities of the segment.

o) Significant management judgement in applying accounting policies and estimation uncertainty

The preparation of the Company''s financial statements requires management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities,
and the related disclosures. Actual results may differ from these estimates.

Significant management judgements

Recognition of deferred tax assets - The extent to which deferred tax assets can be recognized is
based on an assessment of the probability of the future taxable income against which the deferred tax
assets can be utilized.

Evaluation of indicators for impairment of assets - The evaluation of applicability of indicators of
impairment of assets requires assessment of several external and internal factors which could
result in deterioration of recoverable amount of the assets.

Provisions - At each balance sheet date basis the management judgment, changes in facts and
legal aspects, the Company assesses the requirement of provisions against the outstanding
contingent liabilities. However, the actual future outcome may be different from this judgement.

Significant estimates

Useful lives of depreciable/amortisable assets - Management reviews its estimate of the useful lives
of depreciable/amortisable assets at each reporting date, based on the expected utility of the assets.
Uncertainties in these estimates relate to technical and economic obsolescence that may change the
utility of assets.

Defined benefit obligation (DBO) - Management''s estimate of the DBO is based on a number of
underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of
future salary increases. Variation in these assumptions may significantly impact the DBO amount and the
annual defined benefit expenses.

Fair value measurements - Management applies valuation techniques to determine the fair value of
financial instruments (where active market quotes are not available). This involves developing estimates
and assumptions consistent with how market participants would price the instrument.

12.1 General reserve

The Company has transferred a portion of the net profit of the group before declaring dividend to
general reserve pursuant to the earlier provision of Companies Act 1956. Mandatory transfer to general
reserve is not required under the Companies Act, 2013.

12.2 Retained earnings

All the profits made by the Company are transferred to retained earnings from statement of profit and
loss.

12.3 Reserve Fund u/s 45-IC of RBI Act 1934

The Company creates a reserve fund in accordance with the provisions of section 45-IC of the Reserve
Bank of India Act, 1934 and transfers therein an amount of euqal to/more than twenty per cent of its net
profit of the year, before declaration of dividend.

12.4 Other comprehensive income

(i) The Company has elected to recognise changes in the fair value of certain investments in equity
securities in other comprehensive income. These changes are accumulated within the FVOCI reserve
within equity. The Group transfers amounts from this reserve to retained earnings when the relevant
equity securities are derecognised.

Previous year figures have been regrouped/recasted/rearranged/reclassified wherever necessary to
make them comparable.

As per our report of even date attached For and on behalf of the board,

For V.V. Bhalla & Co. For Oswal Leasing Limited

Chartered Accountants
FRN:002928N

Pankaj Bhalla (Kamal Oswal) (Roshan Lal Behl)

Partner Director Director

Membership No. 534281 DIN: 00493213 DIN: 06443747

UDIN: 24534281BKBUQM2057

Place : New Delhi Ravi Kumar Mani Saggi

Date : 22.05.2024 Manager cum CFO Company Secretary

B) Fair values hierarchy

Financial assets and financial liabilities are measured at fair value in the financial statements and are
grouped into three Levels of a fair value hierarchy. The three Levels are defined based on the observability
of significant inputs to the measurement, as follows:

The categories used are as follows:

Level 1: Quoted prices (unadjusted) for identical instruments in an active market;

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than
Level 1 inputs;and

Level 3: Inputs which are not based on observable market data (unobservable inputs).

Valuation Techniques for fair value disclosures (Level 1 , Level 2 and Level 3)

a) Investment in Quoted Equity Investments - Level 1 - Investment in listed equity instruments are measured
at their readily available quoted price in the market.

b) Investment in Unquoted Equity Investments - Level 3 - the Company has used earning capitalisation
method (fair value approach) discounted at a rate to reflect the risk involved in the business.

Fair value of instruments measured at amortised cost

Fair value of instruments measured at amortised cost for which fair value is disclosed is as follows, these fair
values are calculated using Level 3 inputs:

Valuation methodologies of financial instruments not measured at fair value

Below are the methodologies and assumptions used to determine fair values for the above financial
instruments which are not recorded and measured at fair value in the Company''s financial statements.
These fair values were calculated for disclosure purposes only. The below methodologies and assumptions
relate only to the instruments in the above tables:

Financial assets and liabilities

For financial assets and financial liabilities that have a short-term maturity (less than twelve months), the
carrying amounts, which are net of impairment, are a reasonable approximation of their fair value. Such
instruments include: cash and balances, balances other than cash and cash equivalents, loans,investments
and other financial assets

Note No. 28 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables.
The main purpose of these financial liabilities is to finance the Company''s operations and to support its
operations. The Company''s financial assets include investment loans, trade other receivables, cash & cash
equivalents and other bank balances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The company''s senior management
oversees the management of these risks. The company''s senior management is supported by a financial
risk committee that advises on financial risks and the appropriate financial risk governance framework for
the Company. This financial risk committee provides assurance to the Company''s senior management that
the Company''s financial risk activities are governed by appropriate policies and procedure and that financial
risks are identified, measured and managed in accordance with the Company''s policies and risk objectives.
The Board of Directors reviews and agrees policies for managing each risk, which are summarised as below:

(A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and
other price risks. Financial instruments affected by market risk include loans and borrowings, deposits
and payables/receivables in foreign currencies.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company''s exposure to the risk of changes in market
interest rates relates primarily to the Company''s long term debt obligations with floating interest rates.
The Company is carrying its borrowings primarily at variable rate. The Company expects the variable
rate to decline, accordingly the Company is currently carrying its loans at variable interest rates.

No borrowings has been taken by the company. Accordingly, no such risks exists.

b) Foreign currency risks

Foreign currency risk is the risk that the fair value of future cash flows of an exposure will fluctuate
because of changes inforeign exchange rates. The Company''s exposure in foreign currency is in Trade
payables denominated in foreign currency.The Company is not restricting its exposure of risk in change
in exchange rates.

The company has no foreign exposure. Accordingly, no such risks exists.

B) Credit risk

Credit risk is the risk that counter party 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 trade receivables) and from its financing activites, including loans to related parties, deposits
with banks and financial institutions, foreign exchange transactions and other financial instruments.

Credit risk management

The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating
is performed for each class of financial instruments with different characteristics. The Company assigns
the following credit ratings to each class of financial assets based on the assumptions, inputs and factors
specific to the class of financial assets.

Cash and cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly
rated banks and diversifying bank deposits and accounts in different banks across the country.

Loans

Credit risk related to borrower''s are mitigated by considering collateral''s/bank guarantees/letter of credit,
from borrower''s. The Company closely monitors the credit-worthiness of the borrower''s through internal
systems and project appraisal process to assess the credit risk and define credit limits of borrower, thereby,
limiting the credit risk to pre-calculated amounts. These processes include a detailed appraisal methodology,
identification of risks and suitable structuring and credit risk mitigation measures. The Company assesses
increase in credit risk on an ongoing basis for amounts loan receivables that become past due and default is
considered to have occurred when amounts receivable become one year past due.

C ) Liquidity risk

The Company monitors its risk of a shortage of funds by estimating the future cash flows. The Company''s
objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdrafts, cash credit facilities and bank loans.

The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to
be low. The Company has access to a sufficient variety of sources of funding and debt maturity within 12
months can be rolled over with existing lenders.

The company is not subject to any liquidity risk

The table below shows an analysis of assets and liabilities analysed according to when they are expected
to be recovered or settled. With regard to loans and advances to customers, the Group uses the same basis
of expected repayment behaviour as used for estimating the EIR. Issued debt reflect the contractual coupon
amortisations.

The Company''s capital management objectives are
: to ensure the Company''s ability to continue as a going concern

: to comply with externally imposed capital requirement and maintain strong credit ratings
: to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents
as presented on the face of balance sheet

Note : 30 GENERAL

In the opinion of the Board, the value of Current Assets, Loans and Advances have a value in the ordinary
course of business at least equal to that stated in the Balance Sheet except in case of those shown as
doubtful.

Notes 1 to 33 form an integral part of the Balance Sheet and Profit and Loss Account have been duly authenticated
as such.

As per our report of even date attached For and on behalf of the board,

For V.V. Bhalla & Co. For Oswal Leasing Limited

Chartered Accountants
FRN:002928N

Pankaj Bhalla (Kamal Oswal) (Roshan Lal Behl)

Partner Director Director

Membership No. 534281 DIN: 00493213 DIN: 06443747

UDIN: 24534281BKBUQM2057

Place : New Delhi Ravi Kumar Mani Saggi

Date : 22.05.2024 Manager cum CFO Company Secretary

---

Mar 31, 2014

Not Available

---

Mar 31, 2013

1.1 The unamortized expenditure represents the processing fees Rs. 117,978 paid to stock exchanges and professional charges Rs. 56,180 paid on account of fair valuation for the purpose of amalgamation of M/s Vanaik Spinning Mills Limited with M/s Oswal Leasing Limited.

Note-2 TRANSFER TO STATUTORY RESERVE

An amount of Rs. 287000/- (Previous year Rs. 275000/-) is transferred to Statutory Reserve in compliance with Section 45(IC) of the Reserve Bank of India Act.

Note-3 A Statement of disclosure in terms of paragraph 13 of Non-Banking Finance Companies (Non-deposit accepting or holding) Prudential Norms (Reserve Bank) Directions 2007 is annexed.

Note-4 Provision for Standard assets

In terms of the Reserve Bank of India Notification RBI/2010-11/370-DNBS-PD.CC.No 207/03.02.002/ 2010-11 dated 17th January 2011, the Company has made a general provision of 0.25% on its outstanding Standard Assets on 31.03.2013.

Note-5 RELATED PARTY DISCLOSURES

Disclosure of Related Party Transactions as per Accounting Standard - 18 issued by the Institute of Chartered Accountants of India

Related Parties

Subsidiaries None

Associate Oswal Woollen Mills Limited

Key Managerial Personnel The company does not have any key managerial personnel.

The affairs of the company are managed by the Board of Directors of the company. The Directors of the Company are as under :-

1. Mr. Kamal Oswal 3. Mr. Vijay Gupta

2. Mr. Dinesh Gogna 4. Mr. Navdeep Sharma

Notes :

1) Companies in the same group means companies under the same management as per Section 370(1B) of the Companies Act, 1956.

2) For investments in case of unquoted shares, it is assumed that market value is same as book value.

---

Mar 31, 2012

Note-1 TRANSFER TO STATUTORY RESERVE

An amount of Rs. 275000/- (Previous year Rs. 240000/-) is transferred to Statutory Reserve in compliance withSection 45(IC) of the Reserve Bank of India Act.

Note-2 A Statement of disclosure in terms of paragraph 13 of Non-Banking Finance Companies (Non-deposit accepting or holding) Prudential Norms (Reserve Bank) Directions 2007 is annexed.

Note-3 RELATED PARTY DISCLOSURES

Disclosure of Related Party Transactions as per Accounting Standard -18 issued by the Institute of Chartered Accountants of India

Note-4 PRESENTATION AND DISCLOSURE OF FINANCIAL STATEMENTS

In compliance with the Ministry of Corporate Affairs Notification No. F No. 2/6/2008-C L-V dated 30 March 2011, the financial statements of the company for the year ended 31 March 2012 have been drawn up in accordance with the terms of the revised Schedule VI to the Companies Act. The adoption of the revised Schedule VI does not impact the measurement and recognition principles followed for the preparation of financial statements. However, it has significant impact on the presentation of and disclosures made in the financial statements. The company has also recast the previous year''s figures to meet the requirements of the revised Schedule VI.

Notes:

1) Companies in the same group means companies under the same management as per Section 370(1 B) of the Companies Act, 1956.

2) For investments in case of unquoted shares, it is assumed that market value is same as book value.

---

Mar 31, 2011

1. SEGMENT INFORMATION

The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

2. A sum of Rs. 240,000/- (Previous year Rs. 200,000/-) has been transferred from Profit & Loss Account to Statutory Reserve Account in compliance with the provisions of Section 45IC of the Reserve Bank of India Act.

3. RELATED PARTY DISCLOSURES

Disclosure of Related Party Transactions as per Accounting Standard -18 issued by the Institute of Chartered Accountants of India

Related Parties

Subsidiaries None

Associate Oswal Woollen Mills Limited

Key Managerial The company does not have any key managerial Personnel personnel.The affairs of the company are managed by the Board of Directors of the company. The Directors of the Company are as under :-

1. Mr. Kamal Oswal 3. Mr. Vijay Gupta

2. Mr. Dinesh Gogna 4. Mr. Navdeep Sharma

Enterprises over which key Managerial is able to exercise significant influence N.A.

7.DISCLOSURE OF DETAILS AS REQUIRED IN TERMS OF PARAGRAPH 13 OF NONBANKING FINANCIAL (NON-DEPOSIT ACCEPTING OR HOLDING) COMPANIES PRUDENTIAL NORMS (RESERVE BANK) DIRECTIONS, 2007.

7. Other Information

Notes :

1) Companies in the same group means companies under the same management as per Section 370(1 B) of the Companies Act, 1956.

8. Previous Year''s figures have been regrouped / rearranged wherever necessary to make them comparable.

9. Schedules 1 to 9 form an integral part of the accounts and have been duly authenticated.

---

Mar 31, 2010

1. SEGMENT INFORMATION

The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

2. A sum of Rs. 200,000/- (Previous year Rs. 180,000/-) has been transferred from Profit & Loss Account to Statutory Reserve Account in compliance with the provisions of Section 45 IC of the Reserve Bank of India Act.

3. RELATED PARTY DISCLOSURES

Disclosure of Related Party Transactions as per Accounting Standard -18 issued by the Institute of Chartered Accountants of India

Related Parties

Subsidiaries None

Associate Oswal Woollen Mills Limited

Key Managerial Personnel The company does not have any key managerial personnel. The affairs of the company are managed by the Board of Directors of the company. The Directors of the Company are as under :-

1. Mr. Kamal Oswal 4. Mr. Vijay Gupta

2. Mr. Amarjeet Singh 5. Mr. Navdeep Sharma

3. Mr. Dinesh Gogna

Enterprises over which key Managerial is able to exercise significant influence N.A.

4. Previous Years figures have been regrouped / rearranged vyherever necessary to make them comparable.

5. Schedules 1 to 10 form an integral part ofthe accounts and have been duly authenticated. As per our report of even date attached

INSTRUCTIONS FOR FILING NOMINATION FORM

1. Please read the instructions given below very carefully and follow the same to the letter. If the form is not filled as per instructions, the same will be rejected.

2. The nomination can be made by individuals only. Non individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family, holder of Power of Attorney cannot nominate. If the shares are held jointly, all joint holders will sign (as per the specimen registered with the Company) the nomination form.

3. A minor can be nominated by a holder of shares and in that event the name and address of the Guardian shall be given by the holders.

4. The nominee shall not be a trust, society, body corporate, partnership firm, Karta of Hindu Undivided Family or a Power of Attorney holder.

5. Transfer of shares in favour of nominee and repayment of amount to nominee shall be a valid discharge by the Company against the legal heir.

6. Only one person can be nominated for a given folio.

7. Details of all holders in a folio need to be filled; else the request shall be rejected.

8. The nominations will be registered only when it is complete in all respects including the signatures of (a) all registered holders (as per specimen lodged with the company) and (b) the nominee.

9. Whenever the shares in the given folio are entirely transferred or transposed with some other folio, this nomination will stand rescinded.

10. Upon receipt of a duly executed nomination form, the Company will register the form and allot a registration number. This number and folio no. should be quoted by the nominee in all future correspondence(s).

11. The nomination can be varied or cancelled by executing a fresh nomination form.

12. The Company will not entertain any claims other than those of a registered nominee, unless so directed by a Competent Court.

---

Mar 31, 2009

1. SEGMENT INFORMATION

The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

2. A sum of Rs. 180,000/- (Previous year Rs. 160,000/-) has been transferred from Profit & Loss Account to Statutory Reserve Account in compliance to the provisions of Section 45 IC of the Reserve Bank of India Act.

3. During the year an amount of Rs. 135625/- has been transferred to Capital Reserve from allotment and call money a/c (with Bank).

4. RELATED PARTY DISCLOSURES

Disclosure of Related Party Transactions as per Accounting Standard -18 issued by the Institute of Chartered Accountants of India

Related Parties

Subsidiaries None Associate Oswal Woollen Mills Limited

Key Managerial Personnel

The company does not have any key managerial personnel. The affairs of the company are managed by the Board of Directors of the company. The Directors of the Company are as under :-

1. Mr. Kamal Oswal 4. Mr. Vijay Gupta

2. Mr. Amarjeet Singh 5. Mr. Navdeep Sharma

3. Mr. Dinesh Gogna 6. Mr. Narinder Kumar Tyagi

5. Previous Years figures have been regrouped / rearranged wherever necessary to make them comparable.

---

Mar 31, 2008

1. SEGMENT INFORMATION

; The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

2 A sum of Rs. 160,000/-(Previous year Rs. 132,000/-) has been transferred from Profits, Loss Account to Statutory Reserve Account in compliance to the provisions of Section 45 IC of the Reserve Bank of India Act.

3. I RELATED PARTY DISCLOSURES

Disclosure of Related Party Transactions as per Accounting Standard -18 issued by the Institute of Chartered Accountants of India

4. Previous Years figures have been regrouped / rearranged wherever necessary to make them comparable.

---

Mar 31, 2007

1 SEGMENT INFORMATION

The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

2 A sum of Rs. 132.000/- (Previous year Rs. 130.000/-) has been transferred from Profit & Loss Account to Special -Reserve Account in compliance to the provisions of Section 45 1C of the Reserve Bank of India Act

3. Previous Years figures have been regrouped / rearranged wherever necessary to make them comparable.

---

Mar 31, 2006

ANNUAL REPORT 2005-2006

NOTES ON ACCOUNTS

1. ACCOUNTING POLICIES a. All the costs, revenues, assets and liabilities are accounted for on accrual basis.

b. All fixed assets are valued at historical cost less depreciation. All costs relating to the acquisition of fixed assets are capitalised.

c. Depreciation is provided on the Written Down Value Method as per the rates specified in Schedule XIV to the Companies Act, 1956.

d. Provision for current tax is made after taking into consideration the benefits available under the provisions of the Income Tax Act, 1961. Deferred Tax resulting from the 'timing difference' between the book and taxable profit is accounted for using the tax rates and laws that have been enacted as on the date of the balance sheet.

2. Calls in Arrears from Others Rs.16,125/- (Previous Year Rs.16,125/-) as per the records of the Company. However, the bank has already remitted Rs.1,51,750/- clubbed under the other liabilities, which is subject to reconciliation for want of information from the bank.

3. SEGMENT INFORMATION The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

4. A sum of Rs. 130,000/- (Previous year Rs. 135,000/-) has been transferred from Profit & Loss Account to Special Reserve Account in compliance to the provisions of Section 45 IC of the Reserve Bank of India Act.

5. RELATED PARTY DISCLOSURES Disclosure of Related Party Transactions as per Accounting Standard-18 issued by the Institute of Chartered Accountants of India Related Parties:

Subsidiaries : None

Associate : Oswal Woollen Mills Limited

Key Managerial Personnel : The company does not have any key managerial personnel. The affairs of the company are managed by the Board of Directors. The Directors of the Company are as under: 1. Mr. Kamal Oswal 2. Mr. Amarjeet Singh 3. Mr. Dinesh Gogna 4 Mr. Vijay Gupta 5 Mr. Navdeep Sharma 6. Mr. Narinder Kumar Tyagi

Enterprises over which key Managerial Personnel is able to exercise significant influence : N. A.

Transactions with Related Parties/Associates:

THIS YEAR PREVIOUS YEAR RUPEES RUPEES Inter Corporate Deposit with Oswal Woollen Mills Ltd.

Balance Outstanding at the beginning of the year 14,479,832 13,852,249

Deposit Placed during the year - -

Deposit Realised during the year 350,000 450,000

Interest accrued during the year 1,287,911 1,362,477

Tax deducted at Source on the Interest Accrued 289,007 284,894

Balance outstanding at the Close of the year 15,128,736 14,479,832

Professional fee paid to Director - 30,000

6. Earning per Share:

Net Profit After Tax 643,451 649,368

No. of Equity Shares 500,000 500,000

Earning per Share:

Basic 1.29 1.30 Diluted 1.29 1.30

7. Deffered Tax Liability Deffered Tax assets arising of timing (1,369) 613 difference of depreciation

8. Additional information pursuant to the provisions of para 3 & 4 of part II of schedule - VI of the Companies Act, 1956.

a. Expenditure in Foreign Currency NIL NIL b. Earning in Foreign Exchange NIL NIL

9. Previous Year's figures have been regrouped/rearranged wherever necessary to make them comparable.

10. Schedules 1 to 9 form an integral part of the accounts and have been duly authenticated.

FOR AND ON BEHALF OF THE BOARD

Place: NEW DELHI (Kamal Oswal) (Navdeep Sharma) Dated: 31.08.2006 CHAIRMAN DIRECTOR

---

Mar 31, 2005

1. SEGMENT INFORMATION

The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

2. A sum of Rs. 135,000/-(Previous year Rs. 145, 000/-) has been transferred from Profits Loss Account to Special Reserve Account in compliance to the provisions of Section 45 1C of the Reserve Bank of India Act.

6. Transactions with Related Parties/Associates

THIS YEAR PREVIOUS YEAR RUPEES RUPEES

Inter Corporate Deposit with Oswal Woollen Mills Ltd.

Balance Outstanding at the beginning of the year 13,852,249 13,156,141

Deposit Placed during the year - -

Deposit Realised during the year 450,000 435,000

Interest accrued during the year 1,362,477 1,422,777

Tax deducted at Source on the Interest Accrued 284,894 291,669

Balance outstanding at the Close of the year 14,479,832 13,852,249

Professional Fees Paid to a Director 30,000 30,000

THIS YEAR PREVIOUS YEAR

7. Earning per Share

Net Profit After Tax 649,368 712,431

No. of Equity Shares 500,000 500,000

Earning per Share

Basic 1.30 1.42

Diluted 1.30 1.42

8. Deffered Tax Liability

Deffered Tax assets arising of timing 613 1000 difference of depreciation

9. Additional information pursuant to the provisions of para 3 & 4 of part II of schedule-VI of the Companies Act, 1956.

a. Expenditure in Foreign Exchange : NIL

b. Earning in Foreign Exchange : NIL

10. Previous Years figures have been regrouped/rearranged wherever necessary to make them comparable.

---

Mar 31, 2004

1. Calls in Arrears from Others Rs.16,125/- (Previous Year Rs.16,125/-) as per the records of the Company. Howerver, the bank has already remitted Rs.1,51,750/- clubbed under the other liabilities, which is subject to reconciliation for want of information from the bank

2. SEGMENT INFORMATION

The Company has one reportable primary segment of Finance. Hence Segment Reporting is not applicable.

3. Demands raised by the Income Tax Department but not provided for Rs. 37917/- as the matter is under appeal before the Income Tax Appellate Tribunal. The company is of due hope that such demand will be deleted by the appellate authorities. The company has paid Rs. 26,076/- against such demand clubbed under the head Advances Recoverable vide Schedule 5

4. A sum of Rs. 145,000/- (Previous year Rs. 620,000/-) has been transferred from Profit & Loss Account to Special Reserve Account in compliance to the provisions of Section 45 1C of the Reserve Bank of India Act.

5. RELATED PARTY DISCLOSURES

Disclosure of Related Party Transactions as per Accounting Standard-18 issued by the Institute of Chartered Accountants of India

Related Parties

Subsidiaries : None

Associate : Oswal Woollen Mills Limited

Key Managerial Personnel : The company does not have any key managerial personnel. The affairs of the company are managed by the Board of Directors The Directors of the Company are as under :-

1. Mr. Kamal Oswal 4. Mr. Vijay Gupta

2. Mr. Amarjeet Singh 5. Mr. Navdeep Sharma

3. Mr. Dinesh Gogna 6. Mr. Narinder Kumar Tyagi

Enterprises over which key Managerial Personnel is able to exercise significant influence: None

Transactions with Related Parties/Associates

THIS YEAR PREVIOUS YEAR RUPEES RUPEES

Inter Corporate Deposit with Oswal Woollen Mills Ltd.

Balance Outstanding at the beginning of the year 13,156,141 12,557,191

Deposit Placed during the year - -

Deposit Realised during the year 435,000 473,000

Interest accrued during the year 1,422,777 1,356,899

Tax deducted at Source on the

Interest Accrued 291,669 284,949

Balance outstanding at the Close

of the year 13,852,249 13,156,141

Professional Fees Paid to a Director Mr. Narinder Kumar Tyagi 30,000 30,000

7. Earning per Share

Net Profit After Tax 712,431 686,877

No. of Equity Shares 5,00,000 5,00,000

Earning per Share

Basic 1.42 1.37

Diluted 1.42 1.37

8. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PARA 3 & 4 OF PART II OF SCHEDULE-VI OF THE COMPANIES ACT, 1956.

a. EXPENDITURE IN FOREIGN CURRENCY NIL

b. EARNING IN FOREIGN EXCHANGE NIL

9. Previous Years figures have been regrouped/rearranged wherever necessary to make them comparable.

10. Schedules 1 to 9 form an integral part of the accounts and have been duly authenticated.

---

Mar 31, 2003

Enterprises over which key Managerial Personnel is able to exercise significant influence None

THIS YEAR PREVIOUS YEAR RUPEES RUPEES

Transactions with Related Parties/Associates Inter Corporate Deposit with Oswal Woollen Mills Ltd.

Balance Outstanding at the beginning of the year 12,557,191 11,651,782

Deposit Placed during the year - -

Deposit Realised during the year 473,000 375,000

Interest accrued during the year 1,356,899 1,608,554

Tax deducted at Source on the Interest Accrued 284,949 328,145

Balance outstanding at the Close of the year 13,156,141 12,557,191

Professional Fees Paid to a Director Mr. Narinder Kumar Tyagi 30,000 -

2. Earning per Share

Net Profit After Tax 686,877 881,006

No. of Equity Shares 5,00,000 5,00,000 Earning per Share

Basic 1.37 1.76

Diluted 1.37 1.76

3. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PARA 3 & 4 OF PART II OF SCHEDULE-VI OF THE COMPANIES ACT, 1956.

a. EXPENDITURE IN FOREIGN CURRENCY NIL

b. EARNING IN FOREIGN CURRENCY NIL

4. Previous Years figures have been regrouped/rearranged wherever necessary to make them comparable.

5. Schedules 1 to 8 form an integral part of the accounts and have been duly authenticated.

FOR AND ON BEHALF OF THE BOARD Place: NEW DELHI (Kamal Oswal) (Vijay Gupta) Date: 30.08.2003 CHAIRMAN DIRECTOR

---

Mar 31, 2002

1. Equity Share Application Money Refundable account; Rs 85,814/- (Previous Year Rs 85,814/-) is subject to reconciliation for want of certain information from the bank.

2. The Unpaid Dividend account; Rs 7,469/- (Previous Year Rs 7,469/-) is subject to reconciliation for want of information from bank and therefore it has not been transferred to the Central Government account.

3. Calls in Arrears from Others Rs 16,125/- (Previous Year Rs 16,125/-) as per the records of the Company. However, the bank has already remitted Rs 1,51,750/- clubbed under the other liabilities, which is subject to reconciliation for want of information from the bank.

4. Segment Information

The Company has one reportable primary segment of finance. Hence Segment Reporting is not applicable.

5. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PARA 3 & 4 OF PART II OF SCHEDULE - VI OF THE COMPANIES ACT, 1956.

a. EXPENDITURE IN FOREIGN CURRENCY: NIL

b. EARNING IN FOREIGN EXCHANGE: NIL

6. Previous Years figures have been regrouped/rearranged wherever necessary to make them comparable.

---

Mar 31, 2000

1. Equity Shares Applicable Money Refundable account; Rs. 85,814/- (Previous year Rs 85,814/-) is subject to reconciliation for want of certain information from the bank.

2. The Unpaid Dividend account; Rs. 7,469/- (Previous Year Rs. 7,469/-) is subject to reconciliation for want of information from bank and therefore it has not been transferred to the Central Govt. account.

3. Calls in Arrears from Others Rs. 16,125/- (Previous Year Rs. 16,125/-) as per the records of the Company. However, the bank as already remitted Rs, 1,51,750/- clubbed under the other liabilities, which is subject to reconciliation for want of information from the bank.

4. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PARA 3 & 4 OF PART II OF SCHEDULE - VI OF THE COMPANIES ACT, 1956

a. EXPENDITURE IN FOREIGN CURRENCY NIL

b. EARNING IN FOREIGN EXCHANGE NIL

5. The Reserve Bank of India vide circular No. DNBS. 138/CGM (VSNM)-2000 dated January 13 2000 has exempted the non banking financial companies; which are not accepting deposits from the public, from the provisions of Section 451A, Section 451B and Section 451C of th e Reserve Bank of India Act, 1934. As the Company is neither accepting deposits from the public nor holding deposits from the public, no special reserve has been created during the year pursuant to section 451C of the Reserve Bank of India Act, 1934 and also such reserve created in earlier years has been transfered to the General Meeting.

6. Previous Year's figures have been regrouped/rearranged wherever necessary to make them comparable.

7. Schedule 1 to 8 form an integral part of the accounts and have been duly authenticated.

---

Mar 31, 1999

1. Equity Share Application Money Refundable account; Rs. 85,814/- (Previous Year Rs. 85,814/- is subject to reconciliation for want of certain information from the bank.

2. The Unpaid Dividend account; Rs. 7,469/- (Previous Year Rs. 7,469/-) is subject to reconciliation for want of information from bank and therefore it has not been transferred to the Central Govt. account.

3. Calls in Arrears from Others Rs. 16,125/- (Previous Year Rs. 16,125/-) as per the records of the Company. However, the bank has already remitted Rs. 1,51,750/- clubbed under the other liabilities, which is subject to reconciliation for want of information from the bank.

4. An amount of Rs. 1,30,000/- (previous year Rs. 1,40,000/-) has been transferred to special reserve in order to comply with directions of Reserve Bank of India Act under section 45-Ic.

5. The Books of account of the company consisting of cash book and ledger for the period 1.4.1998 to 10.2.1999 had been seized by the Income Tax Department. Later on the company has obtained photocopies of the such books of account from the Income Tax Department. Therefore, the audit for the period 1.4.1998 to 10.2.1999 has been conducted on the basis of photocopies of the books of account.

6. Previous Years figures have been regrouped/rearranged wherever necessary to make them comparable.