L. Provisions and Contingent Liabilities:

General

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation. When the Company
expects some or all of a provision to be reimbursed, the expense relating to a provision is presented in the
statement of profit and loss net of any reimbursement.

If the effect of the 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 recognised as a finance cost.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company
or a present obligation that is not recognized because it is not probable that an outflow of resources will be
required to settle the obligation. The Company does not recognize a contingent liability but discloses its
existence in the financial statements. Payments in respect of such liabilities, if any are shown as advances.

M. Accounting for Taxation of Income:

(i) Current Taxes

Income tax expense is recognized in net profit in the statement of profit and loss except to the extent that it
relates to items recognized directly in other comprehensive income or equity, in which case it is recognized in
other comprehensive income or equity respectively. Current income tax is recognized at the amount expected
to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or
substantively enacted by the balance sheet date. The Company offsets, on a year to year basis, the current tax
assets and liabilities, where it has legally enforceable right to do so and where it intends to settle such assets
and liabilities on a net basis.

(ii) Deferred Taxes

Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit and are accounted for
using the Balance Sheet Liability method. Deferred tax liabilities are generally recognized for all taxable
temporary differences, and deferred tax assets are generally recognized for all deductible temporary
differences to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference
arises from goodwill or from the initial recognition (other than in a business combination) of other assets and
liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in
other comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by the same
taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.

N. Fair Value Measurement:

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to settle a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable
or estimated using another valuation technique.

In estimating the fair value of an asset or liability, the Company takes into account the characteristics of the
asset or liability if market participants would use when pricing the asset or liability, assuming that market
participants act in their economic best interest.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the
fair value measurement as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.

The Company's Management determines the policies and procedures for both recurring fair value
measurement, such as derivative instruments and unquoted financial assets measured at fair value, and for
non-recurring measurement, such as assets held for distribution in discontinued operations.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the
relevant notes.

O. Foreign Currency-Transactions and Balances:

The Company's functional currency is INR and accordingly, the financial statements are presented in INR.
Transactions in foreign currencies are initially recorded by the company in their functional currency spot rates
at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot
rates of exchange at the reporting period. Gains and losses arising on account of differences in foreign
exchange rates on settlement/ translation of monetary assets and liabilities are recognised in the Statement of
Profit and Loss except exchange differences on foreign currency borrowings relating to assets under
construction for future productive use, which are included in the cost of those assets when they are regarded
as an adjustment to interest costs on those foreign currency borrowings.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a
foreign currency are translated using the exchange rates at the date when the fair value was determined. The
gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the
recognition of the gain or loss on the change in fair value of the item (i.e. translation differences on items
whose fair value gain or loss is recognised in OCIor profit or loss are also recognised in OCI or profit or loss,
respectively).

P. Borrowing Costs:

General and specific borrowing costs directly attributable to the acquisition, construction or production of
qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their
intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale. All other borrowing costs are recognised in Statement of Profit and Loss in the
period in which they are incurred.

Q. Employee Benefits:

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within
12months after the end of the period in which the employees render the related service are recognised in
respect of employee's services up to the end of the reporting period and are measured at the undiscounted
amounts of the benefits expected to be paid when the liabilities are settled. The liabilities are presented as
current employee benefit obligations in the balance sheet.

R. Earnings Per Share:

Basic Earnings Per Share (EPS) amounts are calculated by dividing the profit for the year attributable to equity
holders bythe weighted average number of equity shares outstanding during the year. Diluted earnings per

share adjusts the figures used in the determination of basic earnings per share to take into account:

• The after income tax effect of interest and other financing costs associated with dilutive potential equity
shares, and

• Weighted average number of equity shares that would have been outstanding assuming the conversion of all
the dilutive potential equity.

S. Cash and Cash Equivalents:

Cash and cash equivalent in the Balance Sheet comprise cash at banks and on hand and short-term deposits
with an original maturity of three months or less from the date of acquisition, which are subject to an
insignificant risk of changes in value.

T. Segment Reporting:

The Company has only finance income. Accordingly, the Company does not have separate reportable business
segment for the quarter and year ended March 31, 2025.

Note: The above dues incudes Rs. (in 000s) 1182.25/- are outstanding from a party, 'AWS Garments LLC' and are
covered by guarantee of Mr. Vipin Rajendra Agarwal. The company had entered into an agreement dated March 7,
2016 with the guarantor, wherein the liability of the guarantor would be irrevocable without any dispute, claim and
litigation. Accordingly, the company has filed suit in June 2017 in the Hon'ble Metropolitan Magistrate's Court,
Andheri under the Hon'bleBombay High Court against the guarantor Mr. Vipin Rajendra Agarwal for the payments
due from importer 'AWS Garment LLC'. The company hopes to recover its dues and therefore, no provision for the
same has been made.

The Company has made a provision for diminution in the value of investment of Rs. 15.00 Lakhs on of its investment in
Preference Shares of Shri Tradco Deesan Private Limited. NCLT has initiated the process of Corporate Insolvency
Resolution Process (CIRP) against the investee company on 15 Feb, 2023 against the application filed by State Bank of
India.

The Company has made a provision for diminution in the value of investment of Rs. 70.00 Lakh in one of its investment
in Preference shares of M/s Honest Derivatives Pvt. Ltd (HDPL) as the company is led to believe that HDPL is not a going
concern.

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade
receivables) and from its financing activities, including Fixed deposits with banks and financial institutions and other
financial instruments.

Trade receivables

Customer credit risk is managed by the Company's established policy, procedures and control relating to customer
credit risk management. Credit quality of a customer is assessed by the management on regular basis with market
information and individual credit limits are defined accordingly. Outstanding receivables are regularly monitored and
any further services to major receivables are approved by the senior management

An impairment analysis is performed at each reporting date on an individual basis for major receivables. In addition, a
large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The
maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in
Note 5.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or
gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The
provision matrix takes into account available external and internal credit risk factors and the Company's historical
experience for customers.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's finance department in
accordance with the Company's policy. Investments of surplus funds are made generally in the fixed deposits and for
funding to subsidiary company. The investment limits are set to minimise the concentration of risks and therefore
mitigate financial loss to make payments for vendors.

The Company's maximum exposure to credit risk for the components of the balance sheet at March 31, 2025 and March
31, 2024 is the carrying amounts as stated in balance sheet.

Liquidity Risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank
loans and unsecured loans. The Company has access to a sufficient variety of sources of funding which can be rolled
over the existing lenders. The Company believes that the working capital is sufficient to meet its current requirements.
The table below provides details regarding the maturities of significant financial liabilities as of March 31, 2025:

Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments are affected by
market risk include loans and borrowings and deposits.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates
primarily to the Company's long-term debt obligations with floating interest rates and interest rates risk on fixed
deposits outstanding as at the year end.

The exposure of the Company to interest rate changes at the end of the reporting period are as under:

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company manages its foreign currency risk by hedging the payables as and when
considered necessary. When a derivative is entered into for the purpose of being a hedge, the Company negotiates the
terms of those derivatives to match the terms of the hedged exposure.

Foreign Currency Sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in foreign exchange rate, with all other
variables held constant. The impact on the Company's profit before tax is due to changes in the fair value of monetary
assets and liabilities.

Equity price risk

The Company's unlisted equity securities are of subsidiary and deemed cost of the same are taken as previous GAAP
carrying value (i.e. cost of acquisition). The value of the financial instruments is not material and accordingly any change
in the value of these investments will not affect materially the profit or loss of the Company

NOTE 31: CAPITAL MANAGEMENT:

For the purpose of the Company's capital management, capital includes issued equity share capital, securities premium
and all other reserves attributable to the equity holders of the Company. The primary objective of the Company's
capital management is to maximise the value of the share and to reduce the cost of capital. The Company 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 Company can adjust the dividend payment to
shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by
total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash
equivalents

NOTE 42: DISCLOSURES IN TERMS OF RBI MASTER DIRECTION FOR NON-BANKING FINANCIAL COMPANY:

Disclosures in terms of RBI Master Direction and SBR Guidelines for Non-Systemically Important Non-Deposit taking
Company have been given under Annexure-I to these financial statements.

NOTE 43: THE FOLLOWING ADDITIONAL INFORMATION (OTHER THAN WHAT IS ALREADY DISCLOSED ELSEWHERE) IS
DISCLOSED IN TERMS OF AMENDMENTS DATED MARCH 24, 2021 IN SCHEDULE III TO THE COMPANIES ACT 2013 WITH
EFFECT FROM 1ST DAY OF APRIL, 2021:

a. There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period as

applicable.

b. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year 2024-25.

c. There is no proceeding has been initiated or pending against the Company for holding any benami property under the

Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

d. The details is not applicable to the Company, related to transactions 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), unless there is
immunity fordisclosure under any scheme and shall also state whether the previously unrecorded income and
related assets have been properly recorded in the books of account during the year.

e. The Company is not declared wilful defaulter by any bank or financial Institution or other lender.

f. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any

othersources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with
the understanding (whether recorded in writing or otherwise) that the Intermediary shall :

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

g. The Company has not received any funds from any other person(s) or entity(ies), including foreign
entities(Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

h. The Compliance with number of layers prescribed under clause (87) of section 2 of the Act read with
Companies(Restriction on number of layers) Rule, 2017 is not applicable as the Company is registered as non¬
banking financialcompany with Reserve Bank India.

i. The Company has no Immovable Properties whose title deeds are not held in name of the Company.

j. The Company has not done transactions with any company which is struck off by Registrar of companies.

k. There are no loans or advances outstanding as on 31-Mar-2025 in the nature of loans to Promoters/Related Parties/

Directors/ KMP which are either repayable on demand or without specifying any terms or period of repayment.

l. The Company has not entered into any Scheme of Arrangements in terms of sections 230 to 237 of the Companies

Act, 2013.

NOTE 44: PREVIOUS YEARS' FIGURES:

The financial statements have been prepared in accordance with the Companies (Indian Accounting Standards) Rules,
2015 (Ind-AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices
and policies to the extent applicable. The previous period's figures have been regrouped or rearranged wherever
necessary.

The Notes referred are an integral part of these financial statements.

For A S A T & Associates For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No.: 130701W

Saket Agrawal Aneel Jain Shashi Jain

Partner Managing Director Director

Membership No. 159691 DIN: 00030742 DIN: 00103505

Place: Mumbai Place: Mumbai Place: Mumbai

Date: May 28, 2025 Date: May 28, 2025 Date: May 28, 2025,

Ramesh Chandra Pusola Gourav Gupta

Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: May 28, 2025 Date: May 28, 2025