Pyxis Finvest Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

2.17. Provisions, contingent liabilities and contingent assets [Ind AS 37 & Note 9 & 23]

Provisions are recognised only when:

i. an company entity has a present obligation (legal or constructive) as a result of a past event; and

ii. it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and

iii. a reliable estimate can be made of the amount of the obligation

Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money
is material, the carrying amount of the provision is the present value of those cash flows.

Reimbursement expected in respect of expenditure required to settle a provision is recognised only when it is virtually certain
that the reimbursement will be received.

Contingent liability is disclosed in case of:

a. a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle
the obligation; and

b. a present obligation arising from past events, when no reliable estimate is possible.

Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions, contingent liabilities and
contingent assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received
under such contract, the present obligation under the contract is recognised and measured as a provision.

2.18. Statement of cash flows [Ind AS 07]

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

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

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

iii. all other items for which the cash effects are investing or financing cash flows.

Cash and cash equivalents (including bank balances) shown in the Statement of Cash Flows exclude items which are not available
for general use as on the date of Balance Sheet.

2.19. Earnings per share [Ind AS 33 & Note 21 ]

The Company presents basic and diluted earnings per share data for its ordinary shares.

• Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company
by the weighted average number of ordinary shares outstanding during the year.

• Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the
weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive
potential ordinary shares.

2.20. Key source of estimation

The preparation of financial statements in conformity with Ind AS requires that the management of the Company makes estimates
and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and
liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. The estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates include useful lives of property,
plant and equipment & intangible assets, expected credit loss on loan books, future obligations in respect of retirement benefit
plans, fair value measurement etc. Difference, if any, between the actual results and estimates is recognised in the period in
which the results are known.

2.21. Recent Pronouncements

The Ministry of Corporate Affairs (“MCA”) notifies new standards or amendment to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended 31^st March, 2025, MCA has notified Ind
AS - 117 Insurance contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, applicable
w.e.f. April 1, 2024.

The Company has reviewed the new pronouncements based on its evaluation has determined that the said standards are not
applicable to the Company.

2.22. Audit Trail

The Company uses accounting software for maintaining its books of account, which has a feature of recording audit trail (edit
log) facility and that has operated throughout the year for all relevant transactions recorded in this software. However, the audit
trail/logs in respect of direct changes made at the database level, if any, are not enabled. Further, the audit trail records except
for the database-level changes as mentioned above, have been preserved by the Company in accordance with the applicable
statutory requirements relating to the retention of books of account.

Nature and purpose of other equity
Securities premium

Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised in accordance with the
provisions of the Companies Act, 2013.

Other Reserves (Statutory Reserve u/s 45-IC of Reserve Bank of India Act, 1934)

Every year the Company transfers sum of not less than 20% of net profit of that year to this statutory reserve fund created pursuant to
Section 45 IC(1) of the Reserve Bank of India Act, 1934 (“RBI Act”). No appropriation of any sum from the reserve fund is permitted
except for the purpose as may be specified by the Reserve Bank of India from time to time.

An amount of Rs. 30,67,249 has been transferred from net profit to the Statutory Reserve Fund under Section 45-IC of the RBI Act,
out of which Rs. 23,92,624 relates to the shortfall in reserve transfer for FY 2022-23.

Retained earnings

Retained earnings or accumulated surplus represents total of all profits retained since Company’s inception. Retained earnings are
credited with current year profits, reduced by losses, if any, dividend pay-outs, transfers to General reserve or any such other
appropriations to specific reserves.

The Company is regular in depositing applicable undisputed statutory dues including Goods and Services Tax, service tax, cess and
other material statutory dues, with the appropriate authorities during the year. The provisions relating to provident fund, employees''
state insurance, duty of custom, duty of excise, value added tax and sales tax are not applicable to the Company.

No undisputed amounts payable in respect income-tax, Goods and Services Tax, cess and other material statutory dues were in arrears
as at 31^st March, 2025 for a period of more than six months from the date they became payable other than as below:

- Tax and penalty demand of Rs. 79 lac and Rs. 33 lac respectively for AY 2015-16 against which appeal is being filed

- Interest charged by the Income Tax Department for AY 2019-20 of Rs.25 lakh which the company states is adjustable against
refunds of other years held against the demand of AY 2015-16

Note 21: Earning Per Share (EPS)

Basic earnings per share (EPS) is calculated by dividing the net profit for the year attributable to equity holders of Company by the
weighted average number of equity shares outstanding during the year.

Diluted EPS is calculated by dividing the net profit attributable to equity holders of Company (after adjusting for interest on the
convertible preference shares and interest on the convertible bond, in each case, net of tax) by the weighted average number of equity
shares outstanding during the year plus the weighted average number of equity shares that would be issued on the conversion of all
the dilutive potential ordinary shares into ordinary shares.

Note 27: The Effects of Changes in Foreign Exchange Rates [Ind AS 21 ]

The Company did not have any foreign currency exposure during the period ended 31^st March, 2025. (Previous year: Nil)

Note 28: Events Occurring after the Reporting Period [Ind AS 10]

There exist no events occurring after the reporting period and requiring disclosure.

Note 29: Previous Year Comparatives

Figures for the previous year have been regrouped wherever necessary.

Note 30: Additional disclosures as required by the Reserve Bank of India

[Disclosure Template of the Master Direction — Reserve Bank of India (Non-Banking Financial Company — Scale Based Regulation) Directions,
2023]

30.1. Exposure to real estate sector

The Company had no exposure to real estate sector during the year ended 31^st March, 2025

30.2. Exposure to capital markets

During FY 2024-25, the Company had exposure to equity instruments held for trading. The carrying amount as at 31^st March, 2025
was Rs. 2.214 Crore (presented as financial assets measured at FVTPL). Gains/losses were recognised in the Statement of Profit and
Loss under ‘Net gain/(loss) on fair value changes’ and ‘Other income’ as applicable.

As per our report of even date attached

For Bhatter & Co., For and on behalf of the Board

Chartered Accountants Pyxis Finvest Limited

Firm Registration No.: 131092W

Sd/- Sd/- Sd/- Sd/-

D. H. Bhatter Uttam Bharat Bagri Nahar Singh Mahala Yojana R. Pednekar

Proprietor Managing Director Independent Director Company Secretary

Membership No. 016937 DIN 01379841 DIN 02105653

UDIN: 25016937BMISYB1818

Place: Mumbai Date: 30^th May, 2025

---

Mar 31, 2024

n. Provisions, Contingent liabilities and Contingent assets [refer note 23 and 24]

A provision is recognized when an enterprise has a present obligation (legal or constructive) as a result of past event; it is probable
that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions
are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability. These are reviewed at each balance sheet date and adjusted to reflect the
current best estimates.

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.

Contingent assets are neither recognized nor disclosed in the Financial Statements.

o. Earnings per share [refer note 21]

Basic earnings per share is computed by dividing the net profit after tax attributable to the equity shareholders for the year by the
weighted average number of equity shares outstanding for the year.

Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue equity shares were
exercised or converted during the year. Diluted earnings per share is computed by dividing the net profit after tax attributable to
the equity shareholders for the year by weighted average number of equity shares considered for deriving basic earnings per share
and weighted average number of equity shares that could have been issued upon conversion of all potential equity shares.

r. Statement of cash flows

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

Cash and cash equivalents (including bank balances) shown in the Statement of cash flows exclude items which are not available
for general use as at the date of balance sheet.

t. Recent Accounting Policies

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules, 2023 dated 31st
March 2023 to amend the following Ind-AS which are effective for annual periods beginning on or after 1st April 2023. The
Company has applied these amendments for the first time in the financial statements.

i. Amendments to Ind-AS 1 - disclosure of accounting policies

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for
entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and
adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

The amendments have had an impact on the disclosures of accounting policies, but not on the measurement, recognition or
presentation of any items in the financial statements.

ii. Amendments to Ind-AS 8 - definition of accounting estimates

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the
correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates.
The amendments had no impact on these financial statements.

iii. Amendments to Ind-AS 12 - deferred tax related to assets and liabilities arising from a single transaction

The amendments narrow the scope of the initial recognition exception under Ind-AS 12, so that it no longer applies to transactions
that give rise to equal taxable and deductible temporary differences such as leases.

iv. New standards and amendments issued but not effective

There are no such standards which are notified but not yet effective.

v. The other amendments to Ind-AS notified by these rules are primarily in the nature of clarifications.

(b) Investments

The Company has not made any investment during the year ended March 31, 2024.

(c) Disclosure relating to securitisation

i) The Company has not entered into any securitisation transactions during the year ended March 31, 2024.

(ii) Details of financial assets sold to Securitisation/Reconstruction Company for Asset Reconstruction:

The Company has not sold any financial assets to Securitisation/Reconstruction Company for Asset Reconstruction in the current year

(iii) Details of assignment transactions: There are no assignment transactions undertaken by the Company during the current year

(d) Exposure to real estate sector

The Company has no exposure to real estate sector during the year ended March 31, 2024.

(e) Exposure to capital markets

The Company has no exposure to capital market during the year ended March 31, 2024.

(f) Penalties imposed by RBI and other regulators

No penalties have been imposed by RBI and other regulators during the year ended March 31, 2024.

1. Provisioning norms shall be applicable as prescribed in Systemically Important Non-Banking Financial (Non-Deposit Accepting
or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015 whichever is applicable.

2. All accounting standards and guidance notes issued by ICAI are applicable including for valuation of investments and other
assets as also assets acquired in satisfaction of debt.

3. In respect of investment in property, fair value has been taken on account of amalgamation. For investment in mutual funds,
NAV has been taken for calculation of fair value.

The figures are not netted with provision against standard assets as it is not a specific provision.

Note 25:

a) Additional Information related to Profit & Loss Account

• Company is not covered Under Section 135 for CSR to disclose of expenditure incurred for on corporate social
responsibility activities.

• There is no disclosures in addition to consideration of materiality in respect of income or expenditure which exceeds 1%
of revenue from operation or Rs. 10 Lacs which is higher are Nil.

• The company has no transaction nor recorded in the books of accounts that has surrendered or disclosed as income during
the year in tax assessment under the income Tax Act 1961.

• Company is not traded or invested in crypto currency or virtual currency during the financial year:2023-2024

b) Additional Regulatory Information:

• The company is not holding any immovable property

• Loans or Advances to specified person. No loan is granted to specific person during the year. However earlier year loan
granted was receivable at the time of maturity, refer notes to accounts AS 18

• There is no benami property held by the company.

• The company has not borrowed from bank or financial institution on the basis of security on current assets.

• Since company has not borrowed fund from bank or financial institution hence ‘wilful defaulter’ is not applicable.

• Company has no any transaction with companies struck off under section 248 of the Companies Act 2013 or Section 560
of the Companies Act 1956.

• The company has no registration of charges or satisfaction with registrar of companies.

• Compliance with approved scheme of arrangement are not applicable to company

• Utilization of borrowed fund by the company has not advanced, loaned, or invested by such intermediaries to other
intermediaries for ultimate beneficiary.

Note 28: Disclosure with regard to dues to Micro and Small Enterprises

Based on the information available with the Company and has been relied upon by the auditors, none of the suppliers have confirmed
to be registered under “The Micro, Small and Medium Enterprises Development (‘MSMED’) Act, 2006”. Accordingly, no disclosures
relating to principal amounts unpaid as at the period ended March 31, 2024 together with interest paid /payable are required to be
furnished.

Note 29: The Company did not had any foreign currency exposure during the period ended 31-03-2024. (Previous year: Nil)

Note 30: Events Occurring after the Reporting Period

The RBI vide its letter dated May 10, 2024 has granted prior approval to the Company for proposed (a) Change in shareholding and
(b) Change in Management, whereby 57.13% shareholding of the Company shall be acquired by Mr. Uttam Bharat Bagri from M/s
JBCG Advisory Services Private Limited subject to the compliance of relevant provisions of Master Direction - Reserve Bank of
India (Non-Banking Financial Company - Scale Based Regulation) Directions, 2023 dated October 19, 2023.

Note 31: Previous Year Comparatives

Figures for the previous year have been regrouped wherever necessary.

As per our report of even date attached

For P.D. Saraf & Co. For and on behalf of the Board

Chartered Accountants Pyxis Finvest Limited

Firm Registration No.: 109241W

Sd/- Sd/- Sd/- Sd/-

N L Maheshwari Kumud Ranjan Mohanty Shailendra Apte Purnima Garg

Partner Managing Director Director Company Secretary

Membership No. 011347 DIN 07056917 DIN 00017814

Place: Mumbai
Date: 30-May-2024

---

Mar 31, 2015

- These financial statements have been prepared in accordance with the requirements of Schedule III the Companies Act 2013 as amended. As required by the Act:

- balance is attempted to be maintained between providing excessive detail that may not assist users of financial statements and not providing important information as a result of too much aggregation o the figures appearing in the Financial Statements have been rounded off to the rupee

- Line items, sub-line items and subtotals have been presented as an addition or substitution on the face of the Financial Statements when such presentation is relevant to an understanding of the company's financial position or performance or to cater to industry/ sector specific disclosure requirements or when required for compliance with the amendments to the Companies Act or under the Accounting Standards

- The company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provisioning for bad and doubtful debts as applicable to it in terms of Non-Systemically Important Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2015

- The financial statements have been prepared in line with generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the Accounting Standard(AS) notified form time to time and depending on the applicability

- AS1 - Disclosure of Accounting Policies

- The company follows the fundamental accounting assumptions of Going Concern, Consistency and Accrual o There are no change in the accounting policies which has a material effect in the current period or which is reasonably expected to have a material effect in later periods should be disclosed

- Depreciation, depletion and amortization

- The company does not have any fixed assets

- Treatment of expenditure during construction

- The company is not into construction activity

- Conversion or translation of foreign currency items

- The company does not deal in any foreign currency transactions

- Valuation of inventories

- the company does not have any inventories

- Treatment of goodwill

- there is no goodwill accounted for in the books of the company

- Recognition of profit on long-term contracts

- Not applicable on the company

- Valuation of fixed assets

- There are no fixed assets

- AS 1 - Revenue Recognition

- Revenues are recognized and expenses are accounted for on accrual basis with necessary provisions for all known liabilities and losses. Income from Non- Performing Assets is recognized only when it is realized. Interest on deposits and loans is accounted for on the time proportion basis after considering reasonable certainty that the ultimate collection will be made. Dividend income is recognized when right to receipts is established. Profit or loss on sale of securities is accounted on settlement date basis.

- No revenue recognition has been postponed pending the resolution of any uncertainties

- AS 2 -All investments in securities are current in nature in the form of stock in trade. The carrying amount for current investments is the lower of cost and market/ fair value. Investments are carried individually at the lower of cost and fair value. Any reduction to fair value and any reversals of such reductions are included in the profit and loss statement.

- AS 3 - Accounting for Retirement Benefits - When any employee of the Company is entitled to receive benefits under the provident fund/ Gratuity, the same is accounted for as and when paid.

- AS 4 - Segment Reporting - The Company has only one reportable segment

- AS 5 on "Related Party Disclosures", the following details are provided

1. No other elements of the related party transactions necessary for an understanding of the financial statements

2. No amounts or appropriate proportions of outstanding items pertaining to related parties at the balance sheet date and provisions for doubtful debts due from such parties at that date

3. No amounts written off or written back in the period in respect of debts due from or to related parties

- AS 6 Earnings Per Share - There are no potential equity shares. Therefore the basic and diluted Earnings per share is the same

- AS 7 - Consolidated Financial Statements is not applicable since the company is neither a holding company or a subsidiary company as on 31-Mar-2015

- AS 8 - Accounting for Taxes on Income - Income tax comprises the current tax and net change in deferred tax assets, which are made in accordance with the provisions as per the Income Tax Act, 1961. Deferred Tax resulting from timing differences between accounting income and taxable income for the period is accounted for using the tax rates and laws that have been enacted or substantially enacted as at the balance sheet date. The deferred tax asset is recognized and carried forward only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax asset can be realized.

- AS 9 - Impairment of Assets - The Company assesses at each balance sheet date whether there is any indication that an assets may be impaired. If any such indication exists, the Company estimates the recoverable amount of the asset. If such recoverable amount of the asset or recoverable amount of the cash generating unit to which the assets belongs is less than the carrying amount, the carrying amount is reduced to its recoverable amount. The reduction is treated as impairment loss and is recognized in the profit and loss account. If at the balance date there is an indication that if a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the assets is reflected at the recoverable amount.

- AS 10 - Provisions, Contingent Liabilities and Contingent Assets - The Company recognizes a provision when there is a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. Where there is a possible obligation or a present obligation that the likelihood of outflow of resources is remote, no provision or disclosure is made. When any employee of the Company is entitled to receive benefits under the provident fund/ Gratuity, the same is accounted for as and when paid.

- The management has asked for confirmation from its suppliers regarding their registration with competent authorities under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED). However, No one has confirmed their registration under the Act. Accordingly no further information is submitted in this regards. The Auditors have relied on the said submission of the management. Details are therefore Nil

- Preliminary expenses of Rs. 30.95 lakh have is being written off over a period of five years from FY 2011-12 to FY 2015-16 at the rate of Rs. 6.19 lakh per year

---

Mar 31, 2014

1. There are no calls remaining unpaid as on March 31,2014, hence no disclosure is required pursuant to Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956.

2. "Terms/rights attached to Equity 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."

3. Disclosure under Accounting Standard

As per Accounting Standard (AS) 17 on "Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

4. Related

Related parties and their relationship

i. Individuals (directly/indirectly) having control over the reporting enterprise / Key Managerial Persons

a. Mr. Bharat Bagri, Chairman

b. Mr. Uttam Bagri, Managing Director

c. Mr. Kalpesh Ranka, Director

d. Mr. Suresh Ahiya, Director

Others:

Enterprises over which Key Management Personnel are able to exercise significant influence:

a. BCB Brokerage Private Limited

b. Ratnakar Securities Private Limited*

c. Ratnakar Commodities Private Limited*

d. Tumus Electric Corporation Limited

e. Bharat Bagri HUF

f. Uttam Bagri HUF

* Managing Director Uttam Bagri has declared that he holds substantial interest (49%)in Ratnakar Securities Private Limited, holding Company of Ratnakar Commodities Private Limited, but does not have control or significant influence/ directorship/ managerial position in the same under AS18

Relatives of the individuals mentioned at (i) with whom transactions have taken place during the period/ year

Sr. No. Name

1 Ankita Bagri

A) Transactions with related parties during the year ended 31st March, 2014:

1. Ratnakar Commodities Private Limited

Loans given - Rs.2,50,00,000/

Loans repaid - Rs.2,50,00,000/

Interest Received - Rs 97,516/-

Margins placed as broker - Rs. 1,30,75,000

Margins refunded as broker - Rs. 1,30,75,000

Interest received in margins placed 49,735 Brokerage paid - Rs.46.950/-

2. Bharat Bagri - Salary given - Rs. 24 lakh

3. Uttam Bagri - Salary given - Rs. 24 lakh

4. Ankita Bagri - Salary given - Rs. 12 lakh

5. BCB Brokerage Private Limited Brokerage paid - Rs.5,550/-

6. Ratnakar Securities Private Limited Margins placed as broker- Rs. 1,00,00,000/- Margins refunded as broker- Rs. 1,00,00,000/- Brokerage paid - Rs.50/-

Interest received - 1,57,019

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recasted / restated to confirm to the classification of the current period.

---

Mar 31, 2013

1 As per Accounting Standard (AS) 17 on "Segment Reporting", Segment information has not been provided as the Company has only one reportable segment.

2 An earnings per share is calculated by dividing the Profit / (Loss) attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. The numbers used in calculating the basic and diluted earnings per share are stated below:

3 Related party transactions:

A) Related parties and their relationship

i. Individuals (directly/indirectly) having control over the reporting enterprise / Key Managerial Persons

a. Mr. Bharat Bagri, Chairman

b. Mr. Uttam Bagri, Managing Director

c. Mr. Kalpesh Ranka, Director

d. Mr. Haresh Sanghvi, Director (Holding Directorship till 11th February, 2013)

e. Mr. Suresh Ahiya, Director

Others:

Enterprises over which Key Management Personnel are able to exercise significant influence:

a. BCB Brokerage Private Limited

b. Ratnakar Securities Private Limited*

c. Ratnakar Commodities Private Limited*

d. Tumus Electric Corporation Limited

e. Bharat Bagri HUF

f. Uttam Bagri HUF

* Managing Director Uttam Bagri has declared that he holds substantial interest (49%) in Ratnakar Securities Private Limited, holding company of Ratnakar Commodities Private Limited, but does not have control or significant influence/ directorship/ managerial position in the same under AS18

Note: Figures in brackets are of previous year.

4 These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous period figures have been recasted / restated to confirm to the classification of the current period.