m. Provisions, contingent liabilities and
contingent assets

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 reimbursement
is recognised as a separate asset, but only
when the reimbursement is virtually certain.
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.

Contingent liabilities are also disclosed when
there is a possible obligation arising from past
events, the existence of which will be confirmed
only by the occurrence or non-occurrence of
one or more uncertain future events not wholly
within the control of the Company. Claims
against the Company where the possibility of
any outflow of resources in settlement is remote,
are not disclosed as contingent liabilities.

Contingent assets are not recognised in
standalone financial statements since this may
result in the recognition of income that may
never be realised. However, when the realisation
of income is virtually certain, then the related
asset is not a contingent asset and is recognised.

i. Employee Benefits

(i) Short term employee benefits

Short-term employee benefits are expensed
as the related service is provided. A liability
is recognised for the amount expected
to be paid if the Company has a present
legal or constructive obligation to pay this
amount as a result of past service provided
by the employee and the obligation can be
estimated reliably.

(ii) Defined contribution plans (provident
fund, superannuation fund etc.)

A defined contribution plan is a post¬
employment benefit plan under which
an entity pays fixed contributions into
a separate entity and will have no
legal or constructive obligation to pay
further amounts.

Obligations for contributions to defined
contribution plans are expensed as the
related service is provided. Prepaid

contributions are recognised as an asset to
the extent that a cash refund or a reduction
in future payments is available.

(iii) Defined benefit plans (gratuity)

The Company’s net obligation in respect
of defined benefit plans is calculated
separately for each plan by estimating the
amount of future benefit that employees
have earned in the current and prior
periods, discounting that amount and
deducting the fair value of any plan assets.

The calculation of defined benefit obligations
is performed annually by a qualified actuary
using the projected unit credit method.
When the calculation results in a potential
asset for the Company, the recognised asset
is limited to the present value of economic
benefits available in the form of any future
refunds from the plan or reductions in
future contributions to the plan. To calculate
the present value of economic benefits,
consideration is given to any applicable
minimum funding requirements.

Remeasurement of the net defined benefit
liability, which comprise actuarial gains and
losses and the return on plan assets (excluding
interest) and the effect of the asset ceiling
(if any, excluding interest), are recognised
immediately in other comprehensive income
(OCI). Net interest expense (income) on the
net defined liability (assets) is computed by
applying the discount rate, used to measure
the net defined liability (asset). Net interest
expense and other expenses related to
defined benefit plans are recognised in
Statement of Profit and Loss.

When the benefits of a plan are changed or
when a plan is curtailed, the resulting change
in benefit that relates to past service or the
gain or loss on curtailment is recognised
immediately in Statement of Profit and Loss.
The Company recognises gains and losses
on the settlement of a defined benefit plan
when the settlement occurs.

(iv) Other long-term employee benefits (leave
encashment)

The Company’s net obligation in respect
of long-term employee benefits is the
amount of future benefit that employees
have earned in return for their service in

the current and prior periods. That benefit
is discounted to determine its present
value. Remeasurement are recognised in
Statement of Profit and Loss in the period
in which they arise.

o. Earnings per share

The basic Earnings per equity share ("EPS”)
is computed by dividing the net profit / (loss)
after tax for the year attributable to the equity
shareholders by the weighted average number
of equity shares outstanding during the year.

For the purpose of calculating diluted Earnings
per equity share, net profit/(loss) after tax for the
year attributable to the equity shareholders and
the weighted average number of equity shares
outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.

p. Share based payments

The grant date fair value of options granted
to employees is recognized as an employee
expense, with a corresponding increase in
liability towards recharge arrangements with
the Parent, over the period that the employees
become unconditionally entitled to the options.
The expense is recorded for each separately
vesting portion of the award as if the award
was, in substance, multiple awards.. The amount
recognized as an expense is adjusted to reflect
the actual number of stock options that vest.

q. Segment reporting - identification of segments:

An operating segment is a component of the
Company that engages in business activities
from which it may earn revenues and incur
expenses, whose operating results are regularly
reviewed by the Company’s management to
make decisions for which discrete financial
information is available.

r. Financial Instruments

(i) Financial Assets

a) Classification

The Company classifies financial
assets as subsequently measured at
amortised cost, fair value through other
comprehensive income or fair value
through profit or loss on the basis of
its business model for managing the
financial assets and the contractual cash
flow characteristics of the financial asset.

b) Initial recognition and measurement

All financial assets (not measured
subsequently at fair value through
profit or loss) are recognised initially at
fair value plus transaction costs that are
attributable to the acquisition of the
financial asset. Purchases or sales of
financial assets that require delivery of
assets within a time frame established
by regulation or convention in the
market place (regular way trades) are
recognised on the trade date, i.e., the
date that the Company commits to
purchase or sell the asset.

c) Debt instruments at amortised cost

A ‘debt instrument’ is measured at the
amortised cost if both the following
conditions are met:

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

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

After initial measurement, such
financial assets are subsequently
measured at amortised cost using the
effective interest rate (EIR) method.
Amortised cost is calculated by taking
into account any discount or premium
and fees or costs that are an integral
part of the EIR. The EIR amortisation
is included in finance income in the
Statement of Profit and Loss. The
losses arising from impairment are
recognised in the Statement of Profit
and Loss. This category generally
applies to trade and other receivables.

Debt instruments included within
the fair value through profit and loss
(FVTPL) category are measured at fair
value with all changes recognized in
the Statement of Profit and Loss.

d) Equity investments

All equity investments in scope of
Ind-AS 109 are measured at fair value.

Equity instruments which are held for
trading are classified as at FVTPL. For all
other equity instruments, the Company
decides to classify the same either as at
fair value through other comprehensive
income (FVTOCI) or FVTPL. The
Company makes such election on
an instrument-by-instrument basis.
The classification is made on initial
recognition and is irrevocable.

For equity instruments classified as
FVTOCI, all fair value changes on the
instrument, excluding dividends, are
recognized in other comprehensive
income (OCI). There is no recycling of
the amounts from OCI to Statement
of Profit and Loss, even on sale of
such investments.

Equity instruments included within
the FVTPL category are measured at
fair value with all changes recognized
in the Statement of Profit and Loss.

e) Derecognition

A financial asset (or, where applicable,
a part of a financial asset or part
of a Company of similar financial
assets) is primarily derecognised
(i.e. removed from the Company’s
balance sheet) when:

The rights to receive cash flows from
The asset have expired, or

The Company has transferred its rights
to receive cash flows from the asset
or has assumed an obligation to pay
the received cash flows in full without
material delay to a third party under a
‘pass-through’ arrangement; and either:

(a) the Company has transferred
substantially all the risks and
rewards of the asset, or

(b) the Company has neither
transferred nor retained
substantially all the risks and
rewards of the asset, but has
transferred control of the asset.

When the Company has transferred
its rights to receive cash flows from
an asset or has entered into a pass-

through arrangement, it evaluates if
and to what extent it has retained the
risks and rewards of ownership. When
it has neither transferred nor retained
substantially all of the risks and rewards
of the asset, nor transferred control of
the asset, the Company continues to
recognise the transferred asset to the
extent of the Company’s continuing
involvement. In that case, the Company
also recognises an associated liability.
The transferred asset and the associated
liability are measured on a basis that
reflects the rights and obligations that
the Company has retained.

Continuing involvement that takes
the form of a guarantee over the
transferred asset is measured at the
lower of the original carrying amount
of the asset and the maximum amount
of consideration that the Company
could be required to repay.

f) Impairment of financial assets

In accordance with Ind-AS 109, the
Company applies Expected Credit
Loss (ECL) model for measurement
and recognition of impairment loss
on the following financial assets and
credit risk exposure:

a) Financial assets that are debt
instruments, and are measured
at amortised cost e.g., loans,
debt securities, deposits,
and bank balance.

b) Trade receivables.

The Company follows ‘simplified
approach’ for recognition of
impairment loss allowance on trade
receivables which do not contain a
significant financing component.

The application of simplified approach
does not require the Company to
track changes in credit risk. Rather,
it recognises impairment loss
allowance based on lifetime ECLs at
each reporting date, right from its
initial recognition.

a) Classification

The Company classifies all financial
liabilities as subsequently measured
at amortised cost, except for financial
liabilities at fair value through profit
or loss. Such liabilities, including
derivatives that are liabilities, shall be
subsequently measured at fair value

b) Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair
value through profit or loss, loans and
borrowings, payables, or as derivatives
designated as hedging instruments in
an effective hedge, as appropriate.

All financial liabilities are recognised
initially at fair value and, in the
case of loans and borrowings and
payables, net of directly attributable
transaction costs.

The Company’s financial liabilities
include trade and other payables,
loans and borrowings including bank
overdrafts, financial guarantee contracts
and derivative financial instruments.

c) Financial liabilities at fair value
through profit or loss

Financial liabilities at fair value through
profit or loss include financial liabilities
held for trading and financial liabilities
designated upon initial recognition
as at fair value through profit or loss.
Financial liabilities are classified as
held for trading if they are incurred
for the purpose of repurchasing in the
near term. This category also includes
derivative financial instruments
entered into by the Company that are
not designated as hedging instruments
in hedge relationships as defined by
Ind-AS 109. Separated embedded
derivatives are also classified as held
for trading unless they are designated
as effective hedging instruments.

Gains or losses on liabilities held
for trading are recognised in the
Statement of Profit and Loss.

Financial liabilities designated upon
initial recognition at fair value through
profit or loss are designated at the
initial date of recognition, and only if the
criteria in Ind-AS 109 are satisfied. For
liabilities designated as FVTPL, fair value
gains/ losses attributable to changes in
own credit risk are recognized in OCI.
These gains/loss are not subsequently
transferred to Statement of Profit and
Loss. However, the Company may transfer
the cumulative gain or loss within equity.
All other changes in fair value of such
liability are recognised in the Statement
of Profit and Loss. The Company has not
designated any financial liability as at fair
value through profit or loss.

d) Loans and borrowings

After initial recognition, interest-bearing
loans and borrowings are subsequently
measured at amortised cost using the EIR
method. Gains and losses are recognised
in Statement of Profit and Loss when the
liabilities are derecognised.

Amortised cost is calculated by taking
into account any discount or premium
on acquisition and fees or costs that
are an integral part of the EIR. The EIR
amortisation is included as finance costs
in the Statement of Profit and Loss.

This category generally applies to
interest-bearing loans and borrowings.

e) Derecognition

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

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

IV. Derivative financial instruments

The Company uses derivative financial
instruments, such as foreign exchange
forward contracts, interest rate swaps and
currency options to manage its exposure to
interest rate and foreign exchange risks. Such
derivative financial instruments are initially
recognised at fair value on the date on which
a derivative contract is entered into and
are subsequently re-measured at fair value.
Derivatives are carried as financial assets
when the fair value is positive and as financial
liabilities when the fair value is negative.

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, that are readily convertible to
a known amount of cash and subject to an
insignificant risk of changes in value.

For the purpose of the statement of cash flows,
cash and cash equivalents consist of cash and
short-term deposits, as defined above, net of
outstanding bank overdrafts as they are considered
an integral part of the Group’s cash management.

t. Investment in subsidiaries

Investment in subsidiaries is carried at cost less
impairment in the financial statements.

u. 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.
As on the date of approval of these financial
statements, there are no new standards or
amendments to the existing standard, which
are issued but not yet effective and which
are expected to have material impact on the
financial statements of the Company.

15(f): Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares
is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed
by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.

15(g): Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting date.

The Company has not issued any bonus shares, shares for consideration other than cash during the period of five years
immediately preceding the reporting date.

(B) Provisions

The closing balance of provisions as of 31 March 2025 aggregates Rs 100.00 Lakhs (Previous year Rs. 121 lakhs)
This includes provision of Rs. 100.00 Lakhs relating adjudication proceedings initiated by Regulator / Government
agencies pertaining to certain Credit ratings assigned by the Company to its clients, which is still in the process
of being completed. In previous year the Company has created provision of Rs. 21 lakhs on accounts of regulatory
matter which is paid during the year.

Further, the Company has assessed the probability of outflow of resources on account of other pending litigations
and has concluded that the likelihood of outflow of resources in relation to such litigations is remote.

Note 30: Capital and other commitments

The amounts pending on account of contracts remaining to be executed on capital account, not provided for is Rs.
695.51 Lakhs (March 31, 2024 - 110.70 Lakhs).

The Company has a process whereby periodically all long-term contracts are assessed for material foreseeable losses.
At the year end, the Company has reviewed and ensured that adequate provision as required under any law/accounting
standards for material foreseeable losses on such long-term contracts has been made in the books of account.

Note 31: Employee benefits

A. Defined benefit plans: Gratuity:

The gratuity payable to employees is based on the employee’s service and last drawn salary at the time of leaving
the services of the Company and is in accordance with the rules of the Company for payment of gratuity. The
Company accounts for the liability based on actuarial valuation. The Company has created a trust for future
payment of gratuities which is funded through gratuity-cum-life insurance scheme of LIC of India.

Inherent risk on above:

The plan is defined in nature which is sponsored by the Company and hence it underwrites all the risks pertaining
to the plan. In particular, this exposes the Company to actuarial risk such as adverse salary growth, change in
demographic experience, inadequate return on underlying plan assets. This may result in an increase in cost of
providing these benefits to the employees in future. Since the benefits are lump sum in nature, the plan is not
subject to any longevity risk.

xi. Basis used to determine expected rate of return on plan assets:

Expected rate of return on Plan Assets is based on expectation of the average long-term rate of return
expected on investments of the fund during the estimated term of the obligations.

xii. Salary escalation rate:

Salary escalation rates are determined considering seniority, promotion, inflation and other relevant factors.

xiii. Asset liability matching (ALM) strategy:

The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule 101 of
Income Tax Rules, 1962, this generally reduces ALM risk.

xiv. The Company’s expected contribution during next year is 253.02 Lakhs.

B. Compensated absences:

The compensated absences cover the Company’s liability for earned leave. Long term compensated absences
are determined on the basis of actuarial valuation made at the end of each financial year using the projected unit
credit method. Short term compensated absences are provided for based on estimates. Amount recognized as an
expense in respect of Compensated Absences is Rs. 250.67 Lakhs (March 31, 2024 - Rs. 301.93 Lakhs).

C. Defined contribution plans:

Amount recognized as an expense and included in Note 25 under the head "Contribution to Provident and other
Funds” of Statement of Profit and Loss is Rs. 519.98 Lakhs (March 31, 2024- Rs. 390.00 Lakhs).

D. Superannuation benefits:

Superannuation Benefits is contributed by the Company to Life Insurance Corporation of India (LIC) @ 10% of
basic salary with respect to certain employees.

Contribution to Superannuation Fund charged to Statement of Profit and Loss in Note 25 under the head
"Contribution to Provident and other Funds” is Rs. 45.14 Lakhs (March 31,2024 - Rs. 43.22 Lakhs).

E. Long term incentive:

Amount recognized as an expense and included in Note 25 under the head "Salaries and other allowances ” of
Statement of Profit and Loss is Rs. 138.62 Lakhs (March 31, 2024 - Rs. 126.58 Lakhs).

Note 37: Fair value measurement:

The fair values of the Financial assets and liabilities are included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to
valuation techniques used to measure fair value of financial instruments are:

Level 1:

This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities.

For financial instruments other than covered above, their carrying values approximate their fair values.

There has been no transfers between level 1, level 2 and level 3 for the year ended March 31, 2025 and March 31, 2024.
The following methods and assumptions were used to estimate the fair values:

• The fair values of the quoted investments/units of mutual fund schemes are based on market price/net asset value
at the reporting date.

• The valuation of investments in equity shares of 2 companies classified as Fair Value through Other Comprehensive
Income have been determined with reference to the market multiples derived from quoted prices of companies
comparable to the investees and expected revenue of the investees. The estimate is adjusted for the effect of
non marketability of the relevant equity securities. There were no significant unobservable inputs other the
adjustment for the effect of non marketability. The estimated fair value would reduce in case the adjustment for
non marketability is increased and vice versa.

Note 38: Financial risk management objectives and policies:

The Company is a Debt Free Company. The principal financial liabilities of the Company comprise of other liabilities
and Provisions which arise on account of normal course of business. The Company’s principal financial assets include
investments, trade receivables, cash and cash equivalents, other bank balances, loans and other financial assets.

The Company is exposed to Market Risk, Credit Risk, and Liquidity Risk. The Company’s senior management oversees
the management of these risks. The Company’s senior management ensures that the Company’s financial risk activities
are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in
accordance with the Company’s policies and risk objectives.

The Management of the Company updates its Board of Directors on periodic basis about various risks to the business
and status of various activities planned to mitigate the risk.

The Company has exposure to the following risks arising from financial instruments:

(A) Market Risk

Market risk is the risk that the fair value or future cash flows of such financial instrument will be impacted because
of various financial and non financial market factors. The financial instruments affected by market risk include the
investment in Mutual Funds and investment in Equity Shares of companies incorporated and operating outside India.

There is no Interest rate risk since the Company does not hold any financial instrument whose fair value or future
cash flows will fluctuate because of changes in market interest rates.

Foreign currency exchange rate risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and loss
and other comprehensive income and equity, where any transaction references more than one currency or where
assets / liabilities are denominated in a currency other than the functional currency of the Company. Considering
the countries and economic environment in which the Company operates, its operations are subject to risks arising
from fluctuations in exchange rates in those countries. The company evaluates the impact of foreign exchange rate
fluctuations by assessing its exposure to exchange rate risks.

The following table shows foreign currency exposures in USD, MRF and MUR on financial instruments at the end
of the reporting period. The exposure to foreign currency for all other currencies are not material. The Company
does not hedge its foreign currency exposure.

(B) Credit Risk

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 (primarily Trade
receivables), investing and financing activities including Mutual Fund Investments, Investment in Debt Securities,
Bank Balance, Deposits with Bank, Security Deposits, Loans to Employees and other financial instruments.

The Company measures and manages its Credit Risk by diversification of its surplus funds into various mutual fund
schemes based on its investment policy.

Total Trade receivable as on March 31, 2025 is Rs.2,247.51 Lakhs (March 31, 2024 - Rs.1, 470.77 Lakhs). The Company
does not have higher concentration of credit risks to a single customer.

As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a
provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date
wherever outstanding is for longer period and involves higher risk.

(C) Liquidity Risk

Investments, Cash and Cash Equivalent and Bank Deposit:

Credit Risk on cash and cash equivalent, deposits with the banks/financial institutions is generally low as the said
deposits have been made with the PSU Banks. Investments of surplus funds are made only based on Investment
Policy of the Company. Investments primarily include investment in units of mutual funds, Bonds issued by
Government/ Semi Government Agencies/ PSU etc. These Mutual Funds and Counterparties have low credit risk.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The cash
flows and liquidity of Company is monitored under the control of the management. The objective is to ensure that
Company’s surplus funds are not kept idle and invested in the financial instruments only after adequate review of
such instrument and approval of the management.

The Company manages liquidity risk by maintaining adequate reserves, continuously monitoring forecasted
and actual periodic cash requirement and matching the maturity profiles of financial assets and liabilities.

The Company generally has investments and liquids funds more than its forecasted and current liabilities and has
not faced shortage of funds at any point of time. The Liquidity risk on the Group is very less.

The table below summarizes the maturity profile of the Company’s financial liabilities & financial assets based on
contractual undiscounted payments.

Note 40: Capital management:

The Company has a cash surplus position and has no capital other than Equity. The Company is not exposed to any
regulatory imposed capital requirements.

The cash surplus is currently invested in income generating Mutual funds units, Fixed Deposits and Government
Securities which in line with its Investment Policy. Safety of Capital is of prime importance to ensure availability of
capital for operations. Investment objective is to provide safety and adequate return on surplus funds.

The Company does not have any borrowings.

Note 41: Micro, small and medium enterprises

Under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) which came into force from October
2, 2006, certain disclosures are required to be made relating to Micro, Small and Medium enterprises.

Note 44: Disclosure as per Section 186(4) of the Companies Act, 2013
A. Details of Inter-Corporate Loans / Guarantees granted during the year as below:

The company had granted unsecured loan amounting to its wholly owned subsidiary CARE Analytics and Advisory
Private Limited formerly known as CARE Risk Solutions Private Limited for meeting working capital requirements
& for increase in authorised capital. During the year no repayment has been made (previous year = Rs. 150 Lakhs).
The rate of interest was to be determined with reference to specific benchmark rates. There are no specified
repayment dates for these loans.

Note 46:

(a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(b) No funds have been received by the company from any person(s) or entity(ies), including foreign entities ("Funding
Parties”), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 47: Segment reporting:

In accordance with the requirements of Ind AS 108 "Operating Segments", the Company has disclosed details in the
consolidated financial statements.

Note 48: Impairment

Impairment loss of non current assets are as follows:
a) Impairment of Investment in subsidiaries

Impairment of Investment in subsidiaries - During the year ended March 31, 2025, the Company has not recognized
an impairment loss in relation to investments in subsidiaries (FY 24 Rs. 350.00 Lakhs).

During the year ended March 31, 2024, the performance of a subsidiary company along with relevant economic
conditions and conditions of the market in which the entity operates, resulted in indicators of impairment.
Accordingly, the Company determined the recoverable amount of the entity i.e. Rs. 4,663.00 Lakhs which is based
on fair value less cost of disposal and recorded an impairment loss of Rs. 350.00 lakhs for the year ended March
31, 2024. The valuation of investment is considered in the nature of level 3 valuation. The value in use calculation
use discount rate of 15% on median EV / Revenue multiple of the comparable companies.

Note 50: Additional regulatory information pursuant to the requirement in Division II of Schedule
III to the Companies Act 2013

(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 companies struck off

(iii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year

(v) The Company has not advanced or loaned 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

(vi) 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

vii) The Company has not 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

Viii) None of the entities in the Company have been declared wilful defaulter by any bank or financial institution or
government or any government authority

(ix) The Company has complied with the number of layers prescribed under the Companies Act, 2013

(x) The Company has not entered into any scheme of arrangement which has an accounting impact on current year.

(xi) The Company does not have borrowings from bank & financial institutions on the basis of security of current assets.
The accompanying notes are an integral part of the standalone financial statements.

As per our attached report of even date For and on behalf of the Board of Directors of CARE Ratings Limited
For B S R & Co. LLP

Chartered Accountants Najib Shah Mehul Pandya Venkatadri Chandrasekaran

Firm registration No.: 101248W/W-100022 Chairman Managing Director & Group CEO Independent Director

DIN No. - 08120210 DIN No. - 07610232 DIN No. - 03126243

Ajit Viswanath

Partner

Membership No. 067114 Jinesh Shah Manoj Kumar CV

Chief Financial Officer Company Secretary
M No.- 117833 M No.- A15140

Mumbai Mumbai

Date : May 12, 2025 Date : May 12, 2025