Summit Securities Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

The Company recognizes provisions when a present
obligation (legal or constructive) as a result of a
past event exists and it is probable that an outflow
of resources embodying economic benefits will be
required to settle such obligation and the amount
of such obligation can be reliably estimated. If the
effect of time value of money is material, provisions
are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognized as
a finance cost. 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 embodying economic benefits or
the amount of such obligation cannot be measured
reliably. When there is a possible obligation or a
present obligation in respect of which likelihood of
outflow of resources embodying economic benefits is
remote, no provision or disclosure is made.

Short-term employee benefits

All employee benefits payable wholly within twelve
months of rendering the service are classified as short¬
term employee benefits and they are recognized in
the period in which the employee renders the related
service. The Company recognizes the undiscounted
amount of short-term employee benefits expected
to be paid in exchange for services rendered as
a liability (accrued expense) after deducting any
amount already paid.

Post-employment benefits

(i) Defined contribution plans

Defined contribution plans are employee state
insurance scheme and Government administered
pension fund scheme for all applicable employees.

Recognition and measurement of defined
contribution plans:

The Company recognises contribution payable to
a defined contribution plan as an expense in the
Statement of profit and loss when the employees
render services to the Company during the reporting
period. If the contributions payable for services
received from employees before the reporting date
exceeds the contributions already paid, the deficit
payable is recognized as a liability after deducting
the contribution already paid. If the contribution
already paid exceeds the contribution due for
services received before the reporting date, the
excess is recognized as an asset to the extent that
the prepayment will lead to, for example, a reduction
in future payments or a cash refund.

(ii) Defined benefits plans
Gratuity scheme

Gratuity is a post-employment benefit and is a
defined benefit plan. The cost of providing defined
benefits is determined using the Projected Unit Credit
method with actuarial valuations being carried out at
each reporting date. The defined benefit obligations
recognized in the Balance sheet represent the present
value of the defined benefit obligations as reduced by
the fair value of plan assets, if any. Any defined benefit
asset (negative defined benefit obligations resulting
from this calculation) is recognized representing the
present value of available refunds and reductions in
future contributions to the plan.

Recognition and measurement of defined benefit
plans

All expenses represented by current service cost,
past service cost, if any, and net interest on the
defined benefit liability / (asset) are recognized in the
Statement of profit and loss. Re-measurements of
the net defined benefit liability / (asset) comprising

actuarial gains and losses and the return on the plan
assets (excluding amounts included in net interest on
the net defined benefit liability/asset), are recognized
in Other Comprehensive Income. Such re¬
measurements are not reclassified to the Statement
of profit and loss in the subsequent periods.

The Company does not present the above liability/
(asset) as current and non-current in the Balance
sheet as per the principles of Division III of Schedule
III to the Act as per MCA''s Notification dated 11th
October, 2018.

(10) Lease accounting

The Company, as a lessee, recognizes a Right-of-
Use (RoU) asset and a lease liability for its leasing
arrangements, if the contract conveys the right to
control the use of an identified asset.

The contract conveys the right to control the use
of an identified asset, if it involves the use of an
identified asset and the Company has substantially
all the economic benefits from use of the asset
and has right to direct the use of the identified
asset. The cost of the RoU asset shall comprise of
the amount of the initial measurement of the lease
liability adjusted for any lease payments made at
or before the commencement date plus any initial
direct costs incurred. The RoU asset is subsequently
measured at cost less any accumulated depreciation,
accumulated impairment losses, if any and adjusted
for any remeasurement of the lease liability. The RoU
asset is depreciated using the straight-line method
from the commencement date over the shorter of
lease term or useful life of RoU asset.

The Company measures the lease liability at the
present value of the lease payments that are not
paid at the commencement date of the lease. The
lease payments are discounted using the interest
rate implicit in the lease, if that rate can be readily
determined. If that rate cannot be readily determined,
the Company uses incremental borrowing rate.

For short-term and low value leases, the Company
recognizes the lease payments as an operating
expense on a straight-line basis over the lease term.

(11) Borrowing Costs

Borrowing cost includes interest, amortization
of ancillary costs incurred in connection with the
arrangement of borrowings and exchange differences
arising from foreign currency borrowings to the extent
they are regarded as an adjustment to the interest
cost. Borrowing costs, if any, directly attributable to
the acquisition, construction or production of an asset
that necessarily takes a substantial period of time to
get ready for its intended use or sale are capitalized,
if any. All other borrowing costs are expensed in the
period in which they occur.

(12) Events after reporting date

Where events occurring after the Balance sheet date
provide evidence of conditions that existed at the end
of the reporting period, the impact of such events is
adjusted within the financial statements. Otherwise,
events after the Balance sheet date of material size
or nature are only disclosed.

(13) Impairment of non-financial assets

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

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

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

net of depreciation, had no impairment loss been
recognised for the asset in prior years. Such reversal
is recognised in the statement of profit or loss unless
the asset is carried at a revalued amount, in which
case, the reversal is treated as a revaluation increase.

(14) Earnings per share (refer note 24)

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 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.

(15) Accounting and reporting of information for
Operating Segments

Operating segments are those components of the
business whose operating results are regularly
reviewed by the chief operating decision making body
in the Company to make decisions for performance
assessment and resource allocation. The reporting
of segment information is the same as provided to
the management for the purpose of the performance
assessment and resource allocation to the segments.
Segment accounting policies are in line with the
accounting policies of the Company.

2 (C) Recent pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year ended
March 31, 2025, MCA has notified Ind AS - 117
Insurance Contracts and amendments to Ind AS 116
- Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f. April 1, 2024. The
Company has reviewed the new pronouncements
and based on its evaluation has determined that it
does not have any significant impact in its financial
statements.

Note 2 : Disclosure pursuant to Note no. S(e) of Division III of Schedule III to the Companies Act, 2013
Terms and rights attached to equity shares

Equity Shares: The Company has issued one class of equity shares having face value of Rs. 10/- per share. Each
shareholder is eligible for one vote per share held.

The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing
Annual General Meeting, except in case of Interim Dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion
to their shareholding.

The shareholders have all other rights as available to the Equity Shareholders as per the provisions of Companies
Act, 2013 read together with the Memorandum of Association and Articles of Association of the Company, as
applicable.

Note 3 : Disclosure pursuant to Note no. S(f) of Division III of Schedule III to the Companies Act, 2013

(i) Swallow Associates LLP is directly holding more than 50% of total paid up share capital of the Company
Note 4 : Disclosure pursuant to Note no. S(g) of Division III of Schedule III to the Companies Act, 2013

(shareholders holding more than 5% shares in the Company)

Nature and purpose of each reserve:

General reserve

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

Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfer to General reserve.
Statutory reserves

The Company is required to create a reserve in accordance with the provisions of Section 45-IC of the Reserve
Bank of India Act, 1934. Accordingly 20% of the profits after tax for the year is transferred to this reserve at the end
of every reporting period.

Other Comprehensive Income (OCI)

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

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised directly in other comprehensive income.

(b) Fair value hierarchy

The Group determines fair values of its financial instruments according to the following hierarchy:

Level 1: Valuation based on quoted market price: Financial instruments with quoted prices for identical
instruments in active markets that the Company can access at the measurement date.

Level 2: Valuation based on using observable inputs: Financial instruments with quoted prices for similar
instruments in active markets or quoted prices for identical or similar instruments in inactive markets and
financial instruments valued using models where all significant inputs are observable.

Level 3: Valuation technique with significant unobservable inputs: - financial instruments valued using valuation
techniques where one or more significant inputs are unobservable.

32 Financial risk management

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

(a) Credit risk

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

Financial instruments

Risk concentration is minimized by investing in highly rated, investment grade bonds and debt instruments,
which has the least risk of default. These investments are reviewed by the Board of Directors on a regular
basis.

(b) Market risk:

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

(i) Price risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market
traded price. It arises from financial assets such as investments in equity instruments, bonds, mutual
funds etc. The Company is exposed to price risk arising mainly from investments carried at fair value
through FVTPL or FVTOCI which are valued using quoted prices in active markets (level 1 investments).
A sensitivity analysis demonstrating the impact of change in market prices of these instruments from the
prices existing as at the reporting date is given below:

(ii) Interest rate risk

Risk of exposure to interest rate risk is not material.

(c) Liquidity risk:

Liquidity refers to the readiness of the Company to sell and realise its financial assets. Liquidity risk is one of
the most critical risk factors for Companies which is into the business of investments in shares and securities.
It is the risk of not being able to realise the true price of a financial asset, or is not being able to sell the financial
asset at all because of non-availability of buyers.

The Company maintains a well-diversified portfolio of investments in shares and securities which are saleable
at any given point of time. A dedicated team of market experts are monitoring the markets on a continuous
basis, which advises the management for timely purchase or sale of securities. The Company is currently
having a mix of both short-term and long-term investments.

For disclosures pursuant to master direction - RBI (NBFC scale based regulation) Direction 2023, Annex
VI dated 19^th October 2023 that enables the market participants to make an informed judgment about the
soundness of its liquidity risk management framework and liquidity position, refer note no 37.

33 Capital management

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

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

13 Restructured accounts for the year ended March 31,2025: Not applicable

14 Provision under prudential norms of income recognition, asset classification and provisioning (IRACP) as at
March 31,2025: Not applicable

15 Liquidity Risk Management: Refer Note no. 32(c). Liquidity Risk

35: Disclosures given pursuant to Annexure VII of the Master Direction - Reserve Bank of India (Non-Banking
Financial Company - Scale Based Regulation) Directions, 2023

(i) Sectoral exposure: Nil

(ii) Intra-group exposures: Nil

(iii) Unhedged foreign currency exposure : The Company do not have any Unhedged foreign currency exposure
in Current year & previous year.

(iv) Related Party Disclosures : Details of all related party disclosures are given in note 27.

(v) Disclosure of Complaints:

a) No Complaints has been received during the Current year & previous year.

b) Top five grounds of complaints received by the NBFCs from customers- Not Applicable

(vi) Miscellaneous - Additional disclosures pursuant to the RBI circular RBI/2021-22/112 DOR.CRE.REC.No.60/

03.10.001/2021-22 dated October 22, 2021

a) Disclosures relating to Corporate Governance Report containing composition and category of directors,
shareholding of non-executive directors, etc: - Details relating to Corporate Governance Report containing
composition and category of directors, shareholding of non-executive directors etc are covered under
Corporate Governance Report, which forms part of the Annual Report.

b) Disclosure on modified opinion, if any, expressed by auditors, its impact on various financial items and
views of management on audit qualifications: - The Auditors has not expressed any modified opinion
during the current financial year ended 31 March 2025.

c) Disclosures relating to items of income and expenditure of exceptional nature - During the financial year
2024-2025, the company sold its entire 100% stake step down subsidiary to another company. This
transaction is classified as exceptional in nature due to its one-time and significant impact on the financial
results.

d) Disclosures relating to breaches in terms of covenants in respect of loans availed by the Company or debt
securities issued by the Company including incidence/s of default -There are no such instance during the
Financial Year 2024-2025.

e) Disclosures relating to Divergence in asset classification and provisioning above a certain threshold to be
decided by the Reserve Bank: -There are no such instance during the Financial Year 2024-2025.

f) Related Party Disclosure - Refer Point No. 27.

(vii) Institutional set-up for Liquidity Risk Management

The Board of Directors holds overall responsibility for overseeing the management of all risks, including
liquidity risk, arising from the Company''s business operations. It formulates and approves the relevant policies
and strategies, and regularly reviews their implementation either directly or through designated committees.
To support this, the Board has constituted a Risk Management Committee (RMC) comprising select members
of the Board and Senior Management, as detailed in the Terms of Reference outlined in the Corporate
Governance section of the Annual Report. Additionally, an Asset Liability Management Committee (ALCO),
consisting of members from the Senior Management, has been established in accordance with its Terms of
Reference. This Committee, in coordination with the RMC, specifically oversees the implementation of the
Company''s Liquidity Risk Management Framework.

36 (i) Disclosures pursuant to Reserve Bank of India notification no. DOR (NBFC).CC.PD.
No.109/22.10.106/2019-20 dated 13 March 2020 on implementation of IndAS by Non-Banking Financial
Companies: Nil

39 On 23rd April, 2024, the Company''s wholly-owned subsidiary, Instant Holdings Limited (IHL) has entered into a
MOU to sell its entire shareholding in its subsidiary, Sudarshan Electronics and TV Limited (SETVL), inter alia to
conculsion of a Share Purchase Agrrement (SPA). The SPA has since been entered into, on 07th May, 2024. Post
the aforesaid SPA, SETVL ceased to be a subsidiary of IHL and the Company.

40 Based on the information available with the Company and confirmations received from suppliers regarding their
registration under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006, the Company has
identified certain vendors as registered under the said Act. However, as at 31st March, 2025, there are no amounts
due and outstanding to such suppliers for a period exceeding 45 days. Accordingly, no interest is payable or has
been paid under the terms of the MSMED Act, 2006 during the year.

41 No significant adjusting event occurred between balance sheet date and the date of the approval of these
standalone financial statements by the Board of Directors requiring adjustments on disclosures.

42 Segment reporting

As per the requirement of Ind AS 108, Operating Segments, based on evaluation of financial information for
allocation of resources and assessing performance, the Group identified as single segments, i.e., holding and
investing with focus on earning income through dividends, interest and gains from investments and operates in
India. Accordingly, there are no separate reportable segments as per the Standard.

43 Enhancing Accountability and Transparency: Implementation of Audit Trail

The company had implemented an audit trail system within our company''s software which has impact on books
of accounts with effect from 1st April 2023. This implementation underscores our commitment to transparency,
accountability, and data integrity. Audittrail hasbeen implemented forall transactions recorded in the software throughout
the year. By capturing and documenting critical events and activities within our systems, we ensure a comprehensive
record that enhances security, facilitates compliance, and supports effective decision-making. In addition, audit
trail data is preserved in the system as per statutory requirement for record retention. The company''s dedication
to maintain a robust audit trail reflects ongoing efforts to uphold the highest standards of governance and security
across all aspects of business operations.

44 Backup Schedule and Data Preservation

The company follows a well-defined backup schedule and data preservation protocol to ensure the integrity and
availability of critical information assets. Regular and systematic backups are conducted to protect against potential
data loss or corruption. This proactive approach ensures that vital data remains secure and accessible in the event
of unforeseen incidents.

45 Other Regulatory Information:

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.

(ii) The Company does not have any transactions with struck off Companies.

(iii) The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read
with Companies (Restriction on number of Layers) Rules, 2017.

(iv) The Company has not advanced or given loan or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

(v) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the company shall:

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

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

(vi) The Company does not have any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

(vii) The Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

(viii) There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

45 Amount shown as ? 0.00 represents amount below ? 500 (Rupees Five Hundred).

46 Figures or the previous year have been regrouped wherever necessary.

Signatures to Notes 1 to 46

D M K H & Co For and on behalf of the Board of Directors

Chartered Accountants Summit Securities Limited

Firm''s Registration No. 116886W
by the hand of

Parin Shah H N Singh Rajpoot A.V. Nerurkar

Partner Director Director

Membership No. 606667 DIN: 00080836 DIN: 00045309

Place: Mumbai Arvind Dhumal Anand Rathi Jiya Gangwani

Date: 05th May, 2025 Manager Chief Financial Officer Company Secretary

---

Mar 31, 2024

(8) Provisions and contingencies (refer note 10)

The Company recognizes provisions when a present obligation (legal or constructive) as a result of a past event exists and it is probable that an outflow of resources embodying economic benefits will be required to settle such obligation and the amount of such obligation can be reliably estimated. If the effect of time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. 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 embodying economic benefits or the amount of such obligation cannot be measured reliably. When there is a possible obligation or a present obligation in respect of which likelihood of outflow of resources embodying economic benefits is remote, no provision or disclosure is made.

(9) Employee Benefits (refer notes 19 & 26)

Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits and they are recognized in the period in which the employee renders the related service. The Company recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for services rendered as a liability (accrued expense) after deducting any amount already paid.

Post-employment benefits

(i) Defined contribution plans

Defined contribution plans are employee state insurance scheme and Government administered pension fund scheme for all applicable employees.

Recognition and measurement of defined contribution plans:

The Company recognises contribution payable to a defined contribution plan as an expense in the Statement of profit and loss when the employees render services to the Company during the reporting period. If the contributions payable for services received from employees before the reporting date exceeds the contributions already paid, the deficit payable is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the reporting date, the excess is recognized as an asset to the extent that the prepayment will lead to, for example, a reduction in future payments or a cash refund.

(ii) Defined benefits plans Gratuity scheme

Gratuity is a post-employment benefit and is a defined benefit plan. The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at each reporting date. The defined benefit obligations recognized in the Balance sheet represent the present value of the defined benefit obligations as reduced by the fair value of plan assets, if any. Any defined benefit asset (negative defined benefit obligations resulting from this calculation) is recognized representing the present value of available refunds and reductions in future contributions to the plan.

Recognition and measurement of defined benefit plans

All expenses represented by current service cost, past service cost, If any, and net Interest on the defined benefit liability / (asset) are recognized in the Statement of profit and loss. Re-measurements of the net defined benefit liability / (asset) comprising actuarial gains and losses and the return on the plan assets (excluding amounts included in net interest on the net defined benefit liability/asset), are recognized in Other Comprehensive Income. Such remeasurements are not reclassified to the Statement of profit and loss in the subsequent periods.

The Company does not present the above liability/(asset) as current and non-current in the Balance sheet as per the principles of Division III of Schedule III to the Act as per MCA''s Notification dated 11th October, 2018.

(10) Lease accounting

The Company, as a lessee, recognizes a Right-of-Use (Roll) asset and a lease liability for its leasing arrangements, if the contract conveys the right to control the use of an identified asset.

The contract conveys the right to control the use of an identified asset, if it involves the use of an identified asset and the Company has substantially all the economic benefits from use of the asset and has right to direct the use of the identified asset. The cost of the RoU asset shall comprise of the amount of the initial measurement of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs incurred. The RoU asset is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. The RoU asset is depreciated using the straight-line method from the commencement date over the shorter of lease term or useful life of RoU asset.

The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate.

For short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the lease term.

(11) Borrowing Costs

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost. Borrowing costs, if any, directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized, if any. All other borrowing costs are expensed in the period in which they occur.

(12) Events after reporting date

Where events occurring after the Balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance sheet date of material size or nature are only disclosed.

(13) Impairment of non-financial assets

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

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

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset''s or CGU''s

recoverable amount, A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset''s recoverable amount since the last impairment loss was recognised, The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years, Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase,

(14) Earnings per share (refer note 24)

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 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,

(15) Accounting and reporting of information for Operating Segments

Operating segments are those components of the business whose operating results are regularly reviewed by the chief operating decision making body in the Company to make decisions for performance assessment and resource allocation, The reporting of segment information is the same as provided to the management for the purpose of the performance assessment and resource allocation to the segments, Segment accounting policies are in line with the accounting policies of the Company,

2(C) 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,

The Company has previously recognized deferred tax on leases on a net basis, As a result of these amendments, the Company has recognized a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets, Since these balances qualify for offset as per the requirements of paragraph 74 of Ind AS 12, there is no impact on the balance sheet, There was also no impact on the opening retained earnings as at 1st April, 2022,

(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,

Note 2 : Disclosure pursuant to Note no. S(e) of Division III of Schedule III to the Companies Act, 2013 Terms and rights attached to equity shares

Equity Shares: The Company has issued one class of equity shares having face value of '' 10/- per share. Each shareholder is eligible for one vote per share held.

The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The shareholders have all other rights as available to the Equity Shareholders as per the provisions of Companies Act, 2013 read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

Note 3 : Disclosure pursuant to Note no. S(f) of Division III of Schedule III to the Companies Act, 2013

(i) Swallow Associates LLP is directly holding more than 50% of total paid up share capital of the Company.

General reserve

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

Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfer to General reserve. Statutory reserves

The Company is required to create a reserve in accordance with the provisions of Section 45-IC of the Reserve Bank of India Act, 1934. Accordingly 20% of the profits after tax for the year is transferred to this reserve at the end of every reporting period.

Other Comprehensive Income (OCI)

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

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised directly in other comprehensive income.

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

(a) Credit risk

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

Financial instruments

Risk concentration is minimized by investing in highly rated, investment grade bonds and debt instruments, which has the least risk of default. The Company lends to borrowers with a good credit score and generally most of the lending is secured against assets pledged by the borrower in favour of the Company. These investments and loans are reviewed by the Board of Directors on a regular basis.

(b) Market risk:

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

(i) Price risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments in equity instruments, bonds, mutual funds etc. The Company is exposed to price risk arising mainly from investments carried at fair value through FVTPL or FVTOCI which are valued using quoted prices in active markets (level 1 investments). A sensitivity analysis demonstrating the impact of change in market prices of these instruments from the prices existing as at the reporting date is given below:

(c) Liquidity risk:

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

The Company maintains a well-diversified portfolio of investments in shares and securities which are saleable at any given point of time. A dedicated team of market experts are monitoring the markets on a continuous basis, which advises the management for timely purchase or sale of securities. The Company is currently having a mix of both short-term and long-term investments. The management ensures to manage it''s cash flows and asset liability patterns to ensure that the financial obligations are satisfied in timely manner.

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

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

(vii) Institutional set-up for Liquidity Risk Management

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

39. On 23rd April, 2024, the Company''s wholly-owned subsidiary, instant Holdings Limited (IHL) has entered into a MOU to sell its entire shareholding in its step-down subsidiary, Sudarshan Electronics and TV Limited (SETVL), inter alia to conculsion of a Share Purchase Agrrement (SPA). The SPA has since been entered into, on 07th May, 2024. Post the aforesaid SPA, SETVL ceased to be a subsidiary of IHL and the Company.

40. 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 disclosure relating to principal amounts unpaid as at the period ended 31st March, 2024 together with interest paid/payable are required to be furnished.

41 No significant adjusting event occurred between balance sheet date and the date of the approval of these standalone financial statements by the Board of Directors requiring adjustments on disclosures.

42 Segment reporting

As per the requirement of Ind AS 108, Operating Segments, based on evaluation of financial information for allocation of resources and assessing performance, the Group identified as single segments, i.e., holding and investing with focus on earning income through dividends, interest and gains from investments and operates in India. Accordingly, there are no separate reportable segments as per the Standard.

43 Amount shown as ? 0.00 represents amount below ? 5,000 (Rupees Five Thousand).

44 Figures or the previous year have been regrouped wherever necessary.

Signatures to Notes 1 to 44

As per our report attached

SHARP & TANNAN For and on behalf of the Board of Directors

Chartered Accountants Summit Securities Limited

Firm''s Registration No. 109982W

by the hand of

Edwin Paul Augustine H N Singh Rajpoot A.V. Nerurkar

Partner Director Director

Membership No. 043385 DIN: 00080836 DIN: 00045309

Place: Mumbai Arvind Dhumal Anand Rathi Jiya Gangwani

Date: 16^th May, 2024 Manager Chief Financial Officer Company Secretary

---

Mar 31, 2023

Note 2 : Disclosure pursuant to Note no. S(e) of Division III of Schedule III to the Companies Act, 2013 Terms and rights attached to equity shares

Equity Shares: The Company has issued one class of equity shares having face value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held.

The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The shareholders have all other rights as available to the Equity Shareholders as per the provisions of Companies Act, 2013 read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

Note 3 : Disclosure pursuant to Note no. S(f) of Division III of Schedule III to the Companies Act, 2013

(i) Swallow Associates LLP is directly holding more than 50% of total paid up share capital of the Company. Note 4 : Disclosure pursuant to Note no. S(g) of Division III of Schedule III to the Companies Act, 2013

Nature and purpose of each reserve:General reserve

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

Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfer to General reserve. Statutory reserves

The Company is required to create a reserve in accordance with the provisions of Section 45-IC of the Reserve Bank of India Act, 1934. Accordingly 20% of the profits after tax for the year is transferred to this reserve at the end of every reporting period.

Other Comprehensive Income (OCI)

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

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised directly in other comprehensive income.

Undisclosed income

There are no transactions which are not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessment under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

Details of Crypto Currency or Virtual Currency

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

The major components of income tax expense and the reconciliation of expense based on the domestic tax rate of 29.12% and 29.12% for financial year ended 31^st March, 2023 and 31^st March, 2022 respectively and the reported tax expense in Statement of profit and loss are as follows:

25 Contingent liabilities and commitments		'' lakhs
	As at 31st March, 2023	As at 31st March, 2022
(a) Contingent liabilities (not provided for) Income tax Civil suits	0.33 140.14	3.31 140.14
	140.47	143.45
(b) Capital commitments Capital commitments towards investments	33.24	273.24

26 Employee benefits plans(a) Defined benefits plans - Gratuity (unfunded)

Gratuity plan is a defined benefit plan that provides for lump sum gratuity payment to employees made at the time of their exit by the way of retirement (on superannuation or otherwise), death or disability. The benefits are defined on the basis of their final salary and period of service and such benefits paid under the plan is not subject to the ceiling limit specified in the Payment of Gratuity Act, 1972. Liability as on the Balance Sheet date is provided based on actuarial valuation done by a certified actuary using projected unit credit method.

Pay as you go risk For unfunded schemes, financial planning could be difficult as the benefits payable will directly affect the revenue and this could be widely fluctuating from year to year. Moreover there may be an opportunity cost of better investment returns affecting

_adversely the cost of the scheme._

Salary risk The present value of the defined benefit liability is calculated by reference to the

future salaries of plan participants. As such, an increase in salary of the plan

_participants will increase the plan''s liability._

Investment risk The present value of the defined benefit liability is calculated using a discount rate

which is determined by reference to market yields at the end of the reporting period

_on government bonds._

Longevity risk The present value of the defined benefit liability is calculated by reference to the

best estimate of the mortality plan of the participants both during and after their employment. An increase in the life expectancy of the plan participants will increase _the plan''s liability._

(a) Defined benefits plans - Gratuity (unfunded) (continued)

The following tables summarise the components of defined benefit expense recognised in the Statement of profit and loss/OCI and amounts recognised in the Balance sheet for the respective plan:

Methods and assumptions used in preparing sensitivity analysis and their limitations:

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the Balance Sheet.

(b) Fair value hierarchyThe Group determines fair values of its financial instruments according to the following hierarchy:

Level 1: Valuation based on quoted market price: Financial instruments with quoted prices for identical instruments in active markets that the Company can access at the measurement date.

Level 2: Valuation based on using observable inputs: Financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant inputs are observable.

Level 3: Valuation technique with significant unobservable inputs: - financial instruments valued using valuation techniques where one or more significant inputs are unobservable.

(c) Fair value of assets and liabilities measured at oost/amortised cost

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

31 Disclosure pursuant to ind-AS 7 “Statement of Cash Flows” - Changes in liabilities arising from financing activities - Nil32 Financial risk management

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

(a) Credit risk

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

Financial instruments

Risk concentration is minimized by investing in highly rated, investment grade bonds and debt instruments, which has the least risk of default. The Company lends to borrowers with a good credit score and generally most of the lending is secured against assets pledged by the borrower in favour of the Company. These investments and loans are reviewed by the Board of Directors on a regular basis.

(b) Market risk:

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

(i) Price risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments in equity instruments, bonds, mutual funds etc. The Company is exposed to price risk arising mainly from investments carried at fair value through FVTPL or FVTOCI which are valued using quoted prices in active markets (level 1 investments). A sensitivity analysis demonstrating the impact of change in market prices of these instruments from the prices existing as at the reporting date is given below:

(ii) Interest Rate Risk

Risk of exposure to interest rate risk is not material.

(c) Liquidity risk:

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

The Company maintains a well-diversified portfolio of investments in shares and securities which are saleable at any given point of time. A dedicated team of market experts are monitoring the markets on a continuous basis, which advises the management for timely purchase or sale of securities. The Company is currently having a mix of both short-term and long-term investments. The management ensures to manage it''s cash flows and asset liability patterns to ensure that the financial obligations are satisfied in timely manner.

33 Capital management

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

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

(vii) institutional set-up for Liquidity Risk Management

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

39. 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 disclosure relating to principal amounts unpaid as at the period ended 31^st March, 2023 together with interest paid/payable are required to be furnished.

40. No significant adjusting event occurred between balance sheet date and the date of the approval of these standalone financial statements by the Board of Directors requiring adjustments on disclosures.

41 Segment reporting

As per the requirement of Ind AS 108, Operating Segments, based on evaluation of financial information for allocation of resources and assessing performance, the Group identified as single segments, i.e., holding and investing with focus on earning income through dividends, interest and gains from investments and operates in India. Accordingly, there are no separate reportable segments as per the Standard.

42 Amount shown as ? 0.00 represents amount below ? 5,000 (Rupees Five Thousand).

43 Figures or the previous year have been regrouped wherever necessary.

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Mar 31, 2018

NOTES FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018

(All amounts in Rs Lakhs unless otherwise stated)

22. Related Party Transactions:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: Related Party Relationship (As identified and certified by the management and relied upon by auditors); Holding Entity

Swallow Associates LLP

Subsidiary Company

Instant Holdings Limited, (wholly owned Subsidiary Company) Sudarshan Electronics &T.V. Limited (Step down Subsidiary)

Key Managerial Personnel

Mr. Rohin Bomanji (Manager)

Mr. Parasmal Rakhecha (Chief Financial Officer)

Ms. Shruti Joshi (Manager up to August 04, 2016)

Details of Transactions and Related Balance are disclosed excluding reimbursement: (Amount in Rs lakhs)

Transactions during the year	As at March 31, 201 8	As at March 31, 201 7
Key Managerial Personnel
Salary-Shruti Joshi	-	0.02
Salary- Rohin Bomanji	0.06	0.04
Salary- Parasmal Rakhecha	39.16	36.10
Subsidiary Company
Income from sale of Investments (Sudarshan Electronics & T.V. Limited)	7,311.32	-
Advance Given (Instant Holdings limited)	1000.00	-
Advance Repaid (Instant Holdings Limited)	1000.00	-

23. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

24. Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification.

25. Exceptional Items Represent Related to F.Y. 2016-17

i. Investment in CFL Capital Financial Services Limited (CFL) of Rs 244.30 Lakhs was written off. High Court of Calcutta has vide its order dated October 6, 2015 approved liquidation of CFL. Board has reviewed the progress of liquidation proceedings. CFL''s liabilities are substantially higher than the assets. Board does not expect any realization of this investment in CFL on the conclusion of liquidation proceedings and hence, approved the write off of this investment.

ii. Sales tax liabilities of amount of Rs 320.11 Lakhs was written off and related deposit of Rs 29.44 Lakhs was written back up to the year 1995-96 in respect of division earlier demerged under the various schemes of arrangement, as it is considered that they are no longer payable/ receivable. 26 Annexure to Notes to Accounts:

Disclosure of details as required by Paragraph 13 of Non-Banking Financial Company - Systemically Important Non- Depoist taking and Depoist taking Company (Reserve Bank) Directions, 2016 (as applicable to non banking financial Company Systemically Non-Deposit taking Company).

		(Amount in Rs lakhs)
Particulars Liabilities Side:		Amount outstanding	Amount overdue
26.1 Loans and advances availed by the NBFCs inclus (a) Debentures : Secured	sive of interest accrued thereon but not paid:	NIL	NIL
: Unsecured		NIL	NIL
(Other than falling within the meaning of public deposit) (b) Deferred Credits		NIL	NIL
(c) Term Loans		NIL	NIL
(d) Inter-corporate loans and borrowings		NIL	NIL
(e) Commercial Paper		NIL	NIL
(f) Other Loans (specify nature)		NIL	NIL

Assets side :	Amount outstanding
26.2 Break-up of Loans and Advances including bills receivables [other than those included in (4) below]: (a) Secured	NIL
(b) Unsecured	3.35
26.3 Break up of Leased Assets and stock on hire and other assets counting towards AFC activities (i) Lease assets including lease rentals under sundry debtors: (a) Financial lease	NA
(b) Operating lease	NA
(ii) Stock on hire including hire charges under sundry debtors: (a) Assets on hire	NA
(b) Repossessed Assets	NA
(iii) Other loans counting towards AFC activities (a) Loans where assets have been repossessed	NA
(b) Loans other than (a) above	NA
26.4 Break up of Investments :
Current Investments :
1 Quoted :
(i) Shares : (a) Equity	NIL
(b) Preference	NIL
(ii) Debentures and Bonds	NIL
(iii) Units of mutual funds	NIL
(iv) Government Securities	NIL
(v) Others (please specify)	NIL
2 Unquoted :
(i) Shares : (a) Equity	NIL
(b) Preference	NIL
(ii) Debentures and Bonds	NIL
(iii) Units of mutual funds	NIL
(iv) Government Securities	NIL
(v) Others (please specify)	NIL
Long Term investments:
1 Quoted :
(i) Shares : (a) Equity	10,032.59
(b) Preference	NIL
(ii) Debentures and Bonds	NIL
(iii) Units of mutual funds	858.53
(iv) Government Securities	NIL
(v) Others (please specify)	NIL
2 Unquoted :
(i) Shares : (a) Equity	41,036.71
(b) Preference	NIL
(ii) Debentures and Bonds	NIL
(iii) Units of mutual funds	NIL
(iv) Government Securities	NIL
(v) Others (please specify)	NIL

26.5	Borrower group- wise classification of assets financed as in (2) and (3) above:
	Category	Amount net of provisions
		Secured Unsecured Total
	1 . Related Parties
	(a) Subsidiaries	.
	(b) Companies in the same group (c) Other related parties	-
	2. Other than related parties	3.35	3.35
	Total -	3.35	3.35
26.6	Investor group-wise classification of all investments (current and long term) in shares and securities (both quoted and unquoted) :
	Category	Market value / break up Book value or fair value or NAV (net of provisions)
	1 . Related Parties** (a) Subsidiaries (Unquoted, hence disclosed at break up value)	40,269.24	40,269.24
	(b) Companies in the same group	169,372.59	10,799.56
	(c) Other related parties	NIL NIL
	2. Other than related parties	898.92	859.03
	Total	210,540.75	51,927.83
26.7	** As per Accounting Standard of ICAI Other information
	Particulars	Amount Rs in Lakhs
	(i) Gross Non-Performing Assets (a) Related parties
	(b) Other than related parties	-
	(ii) Net Non-Performing Assets (a) Related parties
	(b) Other than related parties	-
	(iii) Assets acquired in satisfaction of debt	-
26.8	Capital
	Particulars	March 31 , 2018	March 31 , 2017
	i) CRAR(%)	94.70	78.73
	ii)CRAR-Tier I Capital (%)	94.70 78.73
	iii)CRAR-Tierll Capital (%)	-
	iv) Amount of subordinated debt raised as Tier- II capital	-
	v) Amount raised by issue of Perpetual Debt Instruments -	-
26.9	Investments
	Particulars	March 31, 2018	March 31, 201 7
	Value of Investments (i) Gross Value of Investments
	(a) In India	51,927.83	44,772.81
	(b) Outside India	-

Particulars	March 31, 201 8	March 31, 201 7
(ii) Provision for Depreciation
(a) In India	-	-
(b) Outside India	-	-
(iii) Net Value of Investments
(a) In India	51,927.83	44,772.81
(b) Outside India	-	-
(2) Movement of Provisions held towards depreciation on Investments.
(i) Opening balance	-	-
(ii) Add: Provision made during the year	-	-
(iii) Less : written off/ write back of excess provision during the year	-	-
(iv) Closing balance	-	-

26.10 Derivatives

The Company did not deal into any derivatives transaction during the F.Y 2017-18.

26.11 Details of Assignments transaction undertaken by the applicable NBFCs The Company has not assigned any transaction during the F.Y 2017-18.

26.12 Details of non-performing financial assets purchased/sold

The Company has not incurred any purchase and sale transaction of NPA

26.13 Asset Liability Management Maturity pattern of certain items of assets and liabilities.

	1 Day to 30/31 days	Over 1 Month to 2 Months	Over 2 Months to 3 Months	Over 3 Months to 6 Months	Over 6 Months to 1 Year	Over 1 Year to 3 Years	Over 3 Years to 5 Years	Over 5 Years	Total
Liabilities
Borrowing from Banks	-	-	-	-	-	-	-	-	-
Market Borrowings	-	-	-	-	-	-	-	-	-
Assets
Advances	-	-	-	-	-	2.00	0.10	749.43	751 .53
Investments	-	-	-	-	-	-	-	51,927.83	51,927.83

26.14 Exposures

Exposures to Real Estate Sector

	Category	March 31 , 2018	March 31 , 201 7
a) (i)	Direct exposure Residential Mortgages - Lending fully secured by mortgages on residential property that is or will be occupied by the borrower or that is rented ; (Individual housing loans up to Rs 15 Lakhs may be shown separately)	Nil	Nil

Category	March 31 , 2018	March 31 , 201 7
(ii) Commercial Real Estate -	Nil	Nil
Lending secured by mortgages on Commercial Real Estates (office buildings, retail space, multipurpose commercial premises, multifamily residential buildings, multi-tenanted commercial premises, industrial or warehouse space, hotels, land acquisition development and construction, etc.) Exposure would also include non-fund based (NFS) limits (iii) Investments in Mortgage Backed securities (MBS) and other securitied exposure
a. Residential	Nil	Nil
b. Commercial Real Estate	Nil	Nil
b) Indirect Exposure Fund based and non-fund based exposures on National Housing Bank (NHB) and Housing Finance Companies (HFC''s)	NIl	Nil
26.14.1 Exposure to Capital market
Category	March 31, 2018	March 31, 2017
i) Direct investment in equity shares, convertible bonds, convertible debentures and units of equity-oriented mutual funds the corpus of which is not exclusively invested in corporate debt.	Nil	Nil
ii) Advances against shares / bonds / debentures or other securities or on clean basis to individuals for investment in shares (including IPOs / ESOPs), convertible bonds, convertible debentures, and units of equity-oriented mutual funds.	NIl	Nil
iii) Advances for any other purposes where shares or convertible bonds or convertible debentures or units of equity oriented mutual funds are taken as primary security.	NIl	Nil
iv) Advances for any other purposes to the extent secured by the collateral security of shares or convertible bonds or convertible debentures or units of equity oriented mutual funds i.e. where the primary security other than shares / convertible bonds / convertible debentures / units of equity oriented mutual funds does not fully cover the advances.	NIl	Nil
v) Bridge loans to companies against expected equity flows / issues	NIl	Nil
Total Exposure to Capital Market	Nil	Nil
26.15 Disclosure of Penalties imposed by the RBI and Other regulators No penalty has been imposed on the Company during the year.
26.16 Related Party Transaction

Name	Relation
Rohin Bomanji	Manager
Parasmal Rakhecha	Chief Financial Officer
Instant Holdings Limited	Wholly owned subsidiary
Sudarshan Electronics & T. V. Limited	Wholly owned step down subsidiary

Particulars	March 31, 2018	March 31, 2017
Shruti Joshi	-	0.02
Rohin Bomanji	0.06	0.04
Parasmal Rakhecha	39.16	36.10
Income from sale of Investments	7,311.32	-
Advance Given	1,000.00	-
Advance Refunded	1,000.00	-
26.17 Provision and Contingencies
Break up of ''Provision and Contingencies'' shown under the head Expenditure in Profit and Loss Account	March 31, 2018	March 31, 2017
Provision made towards Income tax	1,581.70	14.29
Provision for Standard Assets	0.02	(0.07)

26.18 Disclosure of Customer Complaints

a) No. of Complaints pending at the beginning of the year.

b) No. of Complaints received during the year

c) No. of Compalints redressed during the year

d) No. of Compalints pending at the end of year

As per our report attached	For and on behalf of Board of Directors
For Chaturvedi & Shah
Chartered Accountants
Firm Registration No.: 101720W
	H N Singh Rajpoot	A V Nerurkar
	Director	Director
Amit Chaturvedi	DIN:00080836	DIN:00045309
Partner
Membership No.: 103141	Parasmal Rakhecha	Jiya Gangwani
	Chief Financial Officer	Company Secretary
Place: Mumbai	Rohin Bomanji
Date : May 23, 2018	Manager

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Mar 31, 2016

1. Related Party Transactions:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below:

Related Party Relationship (As identified and certified by the management and relied upon by auditors);

Holding Entity

Swallow Associates LLP

Subsidiary Company

Instant Holdings Limited, (wholly owned Subsidiary Company)

Sudarshan Electronics and T.V. Limited, (Step down Subsidiary)

Key Managerial Personnel

Ms. Shruti Joshi (Manager)

Mr. Parasmal Rakhecha (CFO)

2. Company has an equity investment of ''244.30 Lacs In CFL Capital Financial Services Limited (CFL), a listed company as at 31st March,2016. Pursuant to the application by a creditor of CFL, Hon''ble High Court of Calcutta has, vide its Order dated 6th October,2015 approved liquidation and accordingly appointed the official liquidator. The carrying value of these investments in the books of the Company as at 31st March,2016 is lower than the last price quoted on the Stock Exchange. In the opinion of the Board adjustment in the value of Investment would be carried out as per final order of Calcutta High Court.

3. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 “Segment Reporting”.

4. Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification.

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Mar 31, 2015

As at As at March 31,2015 March 31,2014

1. Contingent Liabilities Not Provided For

Income Tax - 109.83

Civil Suits (excluding interest - Amount indeterminable)* 140.14 140.14

*The above litigations are not expected to have any material adverse effect on the financial position of the Company.

2. There are no outstanding to parties covered under the Micro and Small Enterprises as per Micro Small Medium Enterprises Development Act, 2008.

Defined Benefit Plan

The employee's gratuity scheme is a defined benefit plan. The present value of obligations are determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the obligation. The obligation for Leave Encashment is recognized in the same manner as gratuity.

3. Related Party Transactions:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: Related Party Relationship (As identified and certified by the management and relied upon by auditors); Holding Entity

Swallow Associates LLP Subsidiary Company

Instant Holdings Limited, (Wholly Owned Subsidiary Company)

Sudarshan Electronics & TV Limited, (Step down Subsidiary)

Key Managerial Personnel

Ms. Shruti Joshi (Manager and Company Secretary)

Mr. Parasmal Rakhecha (CFO)

4. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting".

5. Exceptional Items

Exceptional Item represents interim liability of NIL (PY Rs. 20,39,200) payable to the landlord of a leased property as per court order.

6. Previous year's figures have been regrouped wherever necessary to conform to current year's classification.

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Mar 31, 2014

(All amounts in Rs. Lacs unless otherwise stated) As at March 31, 2014 As at March 31, 2013

1. Contingent Liabilities Not Provided For

Income Tax 109.83 177.98

Civil Suits (excluding interest-Amount indeterminable) 140.14 158.86

2. The disclosure required under Accounting Standard 15 related to "Employee Benefits" notified in the Companies (Accounting Standards) Rules 2006, are given below:

Defined Benefit Plan

The employee''s gratuity scheme is a defined benefit plan. The present value of obligations are determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the obligation. The obligation for Leave Encashment is recognized in the same manner as gratuity.

3. Related Party Transactions:

Related Party Relationship (As identified and certified by the management and relied upon by auditors);

Swallow Associates LLP (directly holding more than 50% shareholding w.e.f October 31, 2012)

Subsidiary Company

Instant Holdings Limited, (wholly owned Subsidiary Company)

Sudarshan Electronics & I V. Limited, (Step down Subsidiary w.e.f March 06, 2013)

Key Managerial Personnel

Ms. Shruti Joshi

Details of Transactions and Related Balance are disclosed excluding reimbursement

4. Exceptional Items

Exceptional Item represents interim liability of Rs. 20.39 Lacs payable to the landlord of a leased property as per court order.

5. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

6. Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification.

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Mar 31, 2013

1. Contingent liabilities not provided for:

Rs. Lacs

Particulars As at 31.03.2013 As at 31.03.2012

Income Tax 177.98 366.94

Civil Suits (excluding interest – Amount indeterminable) 158.86 138.81

2. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006.

3. Related Party Transactions:

Related Party Relationship (As identifed and certifed by the management);

Swallow Associates Limited *(Holding Company upto October 30, 2012)

Swallow Associates LLP (directly holding more than 50% shareholding with effect from October 31, 2012)

Instant Holdings Limited (Instant), Wholly owned Subsidiary Company

Sudarshan Electronics & T.V. Limited,

- Subsidiary Company upto March 05, 2013.

- Step Down Subsidiary w.e.f March 06, 2013.

- Converted to a Limited Liability partnership and is now known as Swallow Associates LLP with effect from October 31, 2012. Key Managerial Personnel: Ms. Shruti Joshi

4 The disclosures required under Accounting Standard 15 related to "Employee Benefts" notifed in the Companies (Accounting Standards) Rules 2006,are given below :

Defned Beneft Scheme

The employee''s gratuity scheme is a defned beneft plan.The present value of obligations are determined based on acturial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee beneft entitlement and measures each unit seperately to build up the obligation.The obligation for Leave Encashment is recognised in the same manner as gratuity.

5. Revenue from operations include Dividend Income Rs. 689.11 Lacs for FY 2012-13 (PY Rs. 627.13 Lacs)

6. Other Income Includes Interest on Income Tax Refund related to earlier years.

7. During the year Company had recognized MAT credit for Rs. 17.50 lacs to the extent of its virtual certainty available as per prevailing Tax law.

8. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defned by Accounting Standard -17 "Segment Reporting" as notifed by the Companies (Accounting Standards) Rules, 2006.

9. General Instructions for preparation of Balance Sheet and Proft and Loss Statement as per Schedule VI are given to the extent they are applicable to the Company.

10. Previous year''s fgures have been regrouped wherever necessary to conform to current year''s classifcation.

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Mar 31, 2012

(a) Terms / rights attached to equity shares

The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Shareholders have all other rights as available to Equity Shareholders as per the provisions of the Companies Act, 1956, read together with the Memorandum of Association and Articles of Association of the Company, as applicable.

* Provision made as required under the prudential norms prescribed by Reserve Bank of India for Non-Banking Financial Companies. Contingent Provisions against Standard Assets of Rs. Nil (previous year Rs. 2.21 lacs).

# Others includes sales tax deposits, deposit for consumer forum litigation.

1. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006.

2. Disclosure as required under clause 32 of listing agreement:

i. Loans and advances in the nature of Loans to Associates - Rs. Nil (PY - Rs. Nil).

ii. Loans and advances in the nature of Loans where there is no repayment schedule or no interest or interest below Section-372A of Companies Act, 1956 - Rs. Nil (PY - Rs. Nil).

iii. Loans and advances in the nature of Loans to firms/Companies in which Directors are interested - Rs. Nil (Previous year - Rs. Nil).

iv. Investment by the Loanee in shares of the Company as at March 31, 2012 - Nil (Previous year - Rs. Nil).

3. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

4. General Instructions for preparation of Balance Sheet and Profit and Loss Statement as per Revised Schedule VI are given to the extent they are applicable to the Company.

5. Previous year's figures have been regrouped wherever necessary to conform to current year's classification.

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Mar 31, 2011

1. Contingent liabilities not provided for:

(Rs in '000)

As at As at Particulars 31.03.2011 31.03. 2010

Income Tax 67,285.22 1,41,421.20

Civil Suits (excluding interest 11,875.90 9,352.00 – Amount indeterminable)

2. Contracts remaining to be executed:

Partly paid Convertible Warrants of CEAT Limited: Rs 75,546.99 thousand (previous year – Rs. nil)

Investments Commitment: Rs. 40,494.52 thousand (previous year – Rs. nil)

Related Party Transactions:

Related Party Relationship (As identified and certified by the management);

Instant Holdings Limited, Subsidiary Company

Sudarshan Electronics & T.V. Limited, Subsidiary Company

FGP Limited, Holding Company (till 5th June, 2009)

RIFL Benefit Trust, Benefit Trust (till 2nd January, 2010)

RPG Cellular Investments and Holdings Private Limited, Holding Company (during 5th June, 2009 to 29th March, 2010)

Goodluck Dealcom Private Limited, Subsidiary Company, (from August 11, 2010 till September 6, 2010)

Ujala Agency Private Limited, Subsidiary Company, (from August 11, 2010 till September 6, 2010)

Goodhope Sales Private Limited, Subsidiary Company (w.e.f. September 6, 2010)

Idea Tracom Private Limited, Subsidiary Company (w.e.f. September 6, 2010)

Key Managerial Personnel: Ms. Shruti Joshi

3. Disclosure as required under clause 32 of listing agreement:

i. Loans and advances in the nature of Loans to Associates - Rs. Nil (Previous year Rs. Nil).

ii. Loans and advances in the nature of Loans where there is no repayment schedule, or no interest or interest below Section 372A of Companies Act, 1956 – Rs. Nil (Previous year Rs. Nil).

iii. Loans and advances in the nature of Loans to firms/ Companies in which Directors are interested – Rs. Nil (Previous year Rs. Nil).

iv. Investment by the Loanee in shares of the Company as at March 31, 2011 – Rs. Nil (Previous year Rs. Nil).

4. During the year, the Company has transferred certain listed companies shares to its wholly owned subsidiary company at book value based on the fair valuation report obtained by the Company.

5. The Company is a NBFC and primarily engaged in investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

6. Company's cash and bank balance and current liabilities include Rs. 6,619.18 thousand which represents dues payable to the shareholders who are entitled for fractional entitlement as per the Scheme of Arrangement as approved by the Hon'ble High Court of Judicature at Bombay, Maharashtra on December 18, 2009.

7. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006.

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

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Mar 31, 2010

1. The Scheme of Arrangement between erstwhile Summit Securities Limited and Brabourne Enterprises Limited and Octav Investments Limited and CHI Investments Limited (Transferor Companies) with the Company

In accordance with the Scheme of Arrangement (the Scheme) between Transferor Companies and the Company as approved by the shareholders at the Court convened meetings held on 23rd and 26th of October, 2009 and subsequently sanctioned by Honble High Court of Judicature at Bombay, Maharashtra, under the provisions of the Companies Act, 1956 vide its Order dated 18th December, 2009 and which has been filed with Registrar of Companies on 23rd December, 2009 and with Reserve Bank of India on 24th December, 2009, the entire business of Transferor Companies as defined in the Scheme have been vested in the Company retrospectively with effect from the Appointed Date i.e. 31st March, 2009. The Scheme has accordingly been given effect to in the previous accounting year.

2. Contingent liabilities not provided for:

(Rs in 000)

As at As at Particulars 31.03.2010 31.03.2009

Income Tax 141,421.20 111,531.00

Civil Suits (excluding interest 9,352.00 2,970.00 - Amount indeterminable)

Central Excise Act -- 232.04

3. Related Party Transactions:

Related Party Relationship (As identified and certified by the management);

Instant Holdings Limited (Formerly known as KEC Holdings Limited), Subsidiary Company (w.e.f. 31st March, 2009)

Sudarshan Electronics & T. V. Limited, Subsidiary Company (w.e.f. 25th June, 2009)

RIFL Benefit Trust, Benefit Trust (till 2nd January, 2010)

FGP Limited, Holding Company (till 5th June, 2009)

RPG Cellular Investments and Holdings Private Limited, Holding Company (during 5th June, 2009 to 29th March, 2010)

RPG Cellular Investments and Holdings Private Limited, Associate Company (w.e.f. 29th March, 2010)

Key Managerial Personnel: Ms. Shruti Joshi

4. The Company is a NBFC and primarily engaged in the investment in securities which is considered as one segment. As such, there is no other separate reportable segment as defined by Accounting Standard -17 "Segment Reporting" as notified by the Companies (Accounting Standards) Rules, 2006.

5. The disclosure required as per paragraph 13 of the Non Banking Financial (Non Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 has been attached in a separate annexure.

6. There are no outstanding to parties covered under the Micro, Small and Medium Enterprises as per Micro Small Medium Enterprises Development Act, 2006. This information has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the Auditors.

7. Previous years figures have been regrouped wherever necessary. Current year figures, are not comparable with those of previous year on account of Scheme of Arrangement.