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Notes to Accounts of Finkurve Financial Services Ltd.

Mar 31, 2023

C. Loan repayable on demand from bank - secured Termsof Loan From South Indian Bank:

1. The bank overdraft / cash credit facility is having Sanction limit of Rs. 750 lakhs (as at 31 march 2022 - Rs. 500 Lakhs) and Current Outstanding of Rs. 340.45 lakhs(asat31 March 2022 Rs.439.97 lakhs).

2. Security: Repledge of gold ornaments pledged by Obligors and personalguarantee of one of the director of Company.

3. Rate of interest is 10.50% p.a. to 9.75% p.a.

From City UnionBank:

1. The bank overdraft/cash credit facility is having Sanction limit of Rs. 500 lakhs (as at 31 march 2022 - NIL) and Current Outstanding of Rs. 404.55 Lakhs (as at 31 March 2022-NIL).

2. Security : Lien over the jeweller and properties, money or other asset in the control or custody of Bank and personal guarantee of oneofthedirector of Company.

3. Rate of interest is 9.75% p.a.

FromYesBank:

1. Theoverdraft facility is having Sanction limit of Rs. 200 lakhs (as at31 march 2022-NIL)and Current Outstanding of Rs. 153.93 lakhs (asat31 March 2022- NIL).

2. Security : Lien over fixed deposit of Rs. 200 lakhs held with the bank.

3. Rate of interest is 7.75% p.a.

From CSB Bank:

1. The bank overdraft / cash credit facility is having Sanction limit of Rs. 500 lakhs (as at 31 march 2022 - NIL) and Currently having debit balance of Rs. 1.30 lakhs (as at 31 March 2022- NIL) hence, shown under cash and cash equivalent.

2. Security: Pledge of gold ornaments, gold coins (upto 50gms) including specially minted gold coins sold by banks and branded gold items and personal guaranteeofone of the directorofCompany.

3. Rateofinterestis9.75% p.a. to9.90% p.a.

b. Rights, preferences and restrictions attached to each class of shares:

The Company has only one class of shares referred to as equity shares having a par value of INR 1 each. Every holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining asset of the Company, after distribution of all preferential amounts. The distribution will be in proportiontothe number of equitysharesheld bytheshareholders.

e. The Company does not have any holding or ultimate holding company.

f. During the period of five years immediately preceding the balance sheet date, the Company has not issued any shares without payment being received in cash or by way of bonus shares or shares bought back.

g. The Company have not declared dividend in the current year and preceedingyear.

h. Shares reserved for issue under Employee Stock Option Scheme:

The Company has reserved 2,98,550 equity shares (31 March 2022:404,664) for issue under the Employee Stock Option Scheme2018.

Nature and purpose of other equity :

(a) Securities premium reserve

The amount received in excess of face value of the equity shares is recognised in Securities premium reserve. In case of equity settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

(b) General reserve

Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordancewith the specific requirements of Companies Act, 2013.

(c) Statutory reserve (Pursuant to Section 45-IC of The RBI Act, 1934)

Statutory reserve represents reserve fund created pursuant to Section 45-IC of the RBI Act, 1934 through transfer of specified percentage of net profit every year before any dividend is declared. The reserve fund can be utilised only for limited purposes as specified by RBI from time to time and every such utilisation shall be reported to the RBI withinspecified period of time from the date of such utilisation.

The conditions and restrictions for distribution attached to statutory reserves as specified in Section 45-IC(1) in The Reserve Bank of India Act, 1934:

(1) Every non-banking financial company (NBFC) shall create a reserve fund and transfer therein a sum not less than twenty percent of its net profit every year as disclosed in the profit and loss account and before any dividend is declared.

(2) No appropriation of any sum from the reserve fund shall be made by the NBFC except for the purpose as maybe specified by the RBI from time to time and every such appropriation shall be reported to the RBI within twenty one days from the date of such withdrawal:

Provided that the RBI may, in any particular case and for sufficient cause being shown, extend the period of twenty one days by such further period as it thinks fit or condone anydelay in makingsuch report.

(3) Notwithstanding anything contained in sub-section (1), the Central Government may, on the recommendation of the RBI and having regard to the adequacy of the paid-up capital and reserves of a NBFC in relation to its deposit liabilities, declare by order in writing that the provisions of sub-section (1) shall not be applicable to the NBFC for such period as may be specified in the order:

Provided that no such order shall be made unless the amount in the reserve fund under sub-section (1) together with the amount in the share premium account is not less than the paid-up capital of the NBFC.

(d) Retained earnings

Retained earnings or accumulated surplus represents total of all profits retained since company''s inception. Retained earnings are credited with current year profits, reduced by losses, if any, dividend payouts, transfers to General reserveor any such other appropriations to specific reserves.

(e) Share based payment reserve

Share based payment reserve represents amount of reserve created by recognition of compensation cost at grant date fair value on stock options vested but not exercised by employees and unvested stock options in the Statement of profit and loss in respect of equity-settled share options granted to the eligible employees of the Companyin pursuance ofthe EmployeeStock Option Plan.

(f) Other comprehensive income

Other comprehensive income consist of FVOCI financial assets and financial liabilities and remeasurement of defined benefit assets and liability.

29 Corporate Social Responsibility (CSR) :

a) The CSRactivitiesof the Companyshall include,but not limitedto any or all of thesectors/activitiesas maybe prescribed by Schedule VII of the Companies Act, 2013 amended from time to time.

b) During the year ended31 March2023,the Companyhasincurredan expenditureof Rs. 23.00lakhs (31 March2022: Rs. 10.74 lakhs) towards CSR activities which includes contribution / donations made to the trusts which are engaged in activities prescribed under section 135 of the Companies Act, 2013 read with Schedule VII to the said Act

c) Amount required to be spent and amount spent towards CSR activities by the Company

TheCompanyhasmadeCSRContributionsof Rs. 9 lakhsto related party"Sherryand Diya Foundation"in which,one of the director is trustee (31 March 2022 : Rs. Nil) (refer note no 33).

30 Contingent Liabilities (to the extent not provided for)

The Company does not have any claim to be acknowledged as debts as on 31 March 2023 (as at 31 March 2022 Rs. Nil).

31 Capital Commitments

The Company does not have any Capital Commitments as on 31 March 2023 (as at 31 March 2022 Rs. Nil).

32 Leases

The Company''s lease asset classes primarily consist of leases of buildings or part thereof taken on lease for offices premises. The Company uses following practical expedient, when applying Ind AS 116 to leases :

(1) The Company didn''t recognised Right of Use and Lease liabilities for lease for which the lease terms ends within 12 months on the date of initial transition and low value assets.

(2) The Company excluded initial direct cost from measurement of the Right of Use assets at the date of initial application.

Note:

1. Related parties are as identified by the Company and relied upon by the Auditors.

2. No amount pertaining to Related Parties have been provided for as doubtful debts / written back.

3. There were no guarantee given or security provided during the year to the related parties.

4. Terms and conditions of transaction with related parties: the transactions among the related parties are in the ordinary course of business based on normal commercial terms, conditions, market rates.

34 EMPLOYEEBENEFITS

I) Defined contributionplan:

The Company makes Provident fund contribution which are defined contribution plans for qualifying employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company have recognised Rs. 3.13 lakhs (31 March 2022: Rs. 2.99 lakhs) for Provident fund contributions inthe Statement of profit and loss.The contributions payable totheplanby the Company isatratesspecifiedin the rulesof the scheme.

ii) Defined benefitgratuityplan:

In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan ("The Gratuity Plan") covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined byactuarial valuation on the reporting date.

Thesensitivityanalysisabovehave beendeterminedbasedon reasonablypossiblechangesof therespectiveassumptionsoccurringat theendof the reportingperiod and may not be representativeof the actualchange.It is based on a change in the key assumptionwhileholdingall other assumptionsconstant. When calculatingthe sensitivityto the assumption,the same method used to calculatethe liability recognisedin the balancesheethas beenapplied.The methodsand typesof assumptionsusedin preparingthe sensitivityanalysisdid not changecomparedwith the previous period.

iii) Employee share based payment plans:

During the year ended 31 March, 2022, the Company implemented Finkurve Employee Stock Option Plan 2018 ("2018 Plan"). The plan was approved by the shareholders in the Company''s 34th AGM held on 29 September, 2018. The 2018 Plan have resulted into creation of ESOP pool of 50 lakhs options resulting into 50 lakhs equity shares of Rs 1 each. Further, the stock options to any single employee under the Plan shall not exceed 1% of fully diluted equity Shares of the Company during the tenure of the Plan, subject to compliance with Applicable Law.

The options granted under 2018 Plan have a maximum vesting period of 4 years from the end of grant date and is excercisable within 5 years of last vesting date. The options granted are based on the performance of the employees during the year of the grant and their continuing to remain in service. The process for determining the eligibility of employees for the grant of stock options under the 2018 Plan shall be determined by the Nomination and Remuneration Committee (Administrator of the 2018 Plan) in consultation with Board and based on employee''s grade, performance rating and such other criteria as may be considered appropriate. The employees shall be entitled to receive one equity share of the Company on exercise of each stock option, subject to performance of the employees and continuation of employment over the vesting period and other terms of the plan. The Board of Directors or the Nomination and Remuneration Committee shall decide the Exercise Price and the discount rate at the time of granting the Options on the basis of per share Market rate of the shares oftheCompany asdefined under2018 Plan.

35 Segment Information

The Company primarily operates in Financing and other activities. Further, all activities are carried out within India. Based onthe ''management approach'' as defined in Ind AS 108,the Chief Operating Decision Maker (CODM), there are no other operating segments which are identified as such and need to be reported.

(b) Fair value hierarchy and method of valuation:

The Company categorises assets and liabilities measured at fair value into one of three levels depending on the ability to observeinputs employed intheir measurement which are described as follows:

Level 1-Inputsare quoted prices(unadjusted) in active marketsforidentical assets orliabilities.

Level 2 - Inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1forthe asset or liability.

Level 3 - Inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Company''s assumptions about pricing by market participants. The management of the Company assessed that loans given, cash and cash equivalents, trade receivables, trade payables, other current financials liabilities, current loans and other financial assets approximate their carrying amounts largely due to the short-term maturities of theseinstruments.

(d) Significant unobservable input(s) for Level 3 hierarchy

The fair value of financial instruments that are not traded in active market is determined by using valuation techniques. The Company uses judgement to select from variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. Significant inputs considred in valution are Terminal Growth rate, Weighted average cost of capital and computation of Net asset value in case of certain investments.

Relationship of unobservable inputs to fair value and sensitivity

Increase or decrease in multiple will result in increase or decrease in valuation.

38 Financial risk management objectives and policies

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 Board of Directors has appropriate financial risk governance framework for the Company. The Board of Directors govern the Company''s financial risk activities by appropriate policies and procedure and that financial risks are identified, measured and managed in accordance with the company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each risk, which are summarised as below.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises 3 types of risk: interest rate risk and currency risk. Financial instruments affected by market risk includes loans, Investment in units of mutual fund, and borrowings.

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk primarily from borrowings. The Company monitors the changes in interest rates and actively regarding finances its debt obligations and/or reevaluate the investment position to achieve an optimal interest rate exposure.

The Company''s borrowings are majorly is at fixed interest rates and accordingly, the company is not exposed to any significant interest rate risk.

Foreign currency risk and sensitivity

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 does not have any foreign currency exposure, accordingly it is not exposed to the foreign currency risks.

Investment price risk

The Company''s exposure in Investment in equity share & mutual funds - Quoted as at 31 March 2023 is INR 0.06 lakhs (31 March 2022 Rs. 0.05 lakhs) and as a result the impact of any price change will not have a material effect on the profit or loss of the Company.

Credit Risk

The Company is exposed to credit risk from their operating activities (primarily Loans given), The Company manage the credit risk by continuously monitoring the creditworthiness of customers. The Company has used a practical expedient by computing the expected credit loss allowance for external trade receivables based on a provision matrix. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix.

Expected credit loss on loans given is Rs. 351.04 lakhs (31 March 2022 - Rs. 774.02 lakhs).

Liquidity Risk

Liquidity risk refers to insufficiency of funds to meet the financial obligations. The Company manages liquidity risk by borrowings, fund infusion by issue of equity shares/ preference shares, continuously monitoring forecast and actual cashflows, and by assessing the maturity profiles of financial assets and liabilities.

The following tables detail the company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the company can be required to pay. The tables include principal cash flows. The contractual maturity is based on the earliest date on which the company may be required to pay.

C. Loan repayable on demand from bank - secured Termsof Loan From South Indian Bank:

1. The bank overdraft / cash credit facility is having Sanction limit of Rs. 750 lakhs (as at 31 march 2022 - Rs. 500 Lakhs) and Current Outstanding of Rs. 340.45 lakhs(asat31 March 2022 Rs.439.97 lakhs).

2. Security: Repledge of gold ornaments pledged by Obligors and personalguarantee of one of the director of Company.

3. Rate of interest is 10.50% p.a. to 9.75% p.a.

From City UnionBank:

1. The bank overdraft/cash credit facility is having Sanction limit of Rs. 500 lakhs (as at 31 march 2022 - NIL) and Current Outstanding of Rs. 404.55 Lakhs (as at 31 March 2022-NIL).

2. Security : Lien over the jeweller and properties, money or other asset in the control or custody of Bank and personal guarantee of oneofthedirector of Company.

3. Rate of interest is 9.75% p.a.

FromYesBank:

1. Theoverdraft facility is having Sanction limit of Rs. 200 lakhs (as at31 march 2022-NIL)and Current Outstanding of Rs. 153.93 lakhs (asat31 March 2022- NIL).

2. Security : Lien over fixed deposit of Rs. 200 lakhs held with the bank.

3. Rate of interest is 7.75% p.a.

From CSB Bank:

1. The bank overdraft / cash credit facility is having Sanction limit of Rs. 500 lakhs (as at 31 march 2022 - NIL) and Currently having debit balance of Rs. 1.30 lakhs (as at 31 March 2022- NIL) hence, shown under cash and cash equivalent.

2. Security: Pledge of gold ornaments, gold coins (upto 50gms) including specially minted gold coins sold by banks and branded gold items and personal guaranteeofone of the directorofCompany.

3. Rateofinterestis9.75% p.a. to9.90% p.a.

b. Rights, preferences and restrictions attached to each class of shares:

The Company has only one class of shares referred to as equity shares having a par value of INR 1 each. Every holder of equity shares is entitled to one vote per share.

The Company declares and pays dividends in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining asset of the Company, after distribution of all preferential amounts. The distribution will be in proportiontothe number of equitysharesheld bytheshareholders.

e. The Company does not have any holding or ultimate holding company.

f. During the period of five years immediately preceding the balance sheet date, the Company has not issued any shares without payment being received in cash or by way of bonus shares or shares bought back.

g. The Company have not declared dividend in the current year and preceedingyear.

h. Shares reserved for issue under Employee Stock Option Scheme:

The Company has reserved 2,98,550 equity shares (31 March 2022:404,664) for issue under the Employee Stock Option Scheme2018.

Nature and purpose of other equity :

(a) Securities premium reserve

The amount received in excess of face value of the equity shares is recognised in Securities premium reserve. In case of equity settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

(b) General reserve

Under the erstwhile Companies Act, 1956, general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. Consequent to introduction of Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of the net profit to general reserve has been withdrawn. However, the amount previously transferred to the general reserve can be utilised only in accordancewith the specific requirements of Companies Act, 2013.

(c) Statutory reserve (Pursuant to Section 45-IC of The RBI Act, 1934)

Statutory reserve represents reserve fund created pursuant to Section 45-IC of the RBI Act, 1934 through transfer of specified percentage of net profit every year before any dividend is declared. The reserve fund can be utilised only for limited purposes as specified by RBI from time to time and every such utilisation shall be reported to the RBI withinspecified period of time from the date of such utilisation.

The conditions and restrictions for distribution attached to statutory reserves as specified in Section 45-IC(1) in The Reserve Bank of India Act, 1934:

(1) Every non-banking financial company (NBFC) shall create a reserve fund and transfer therein a sum not less than twenty percent of its net profit every year as disclosed in the profit and loss account and before any dividend is declared.

(2) No appropriation of any sum from the reserve fund shall be made by the NBFC except for the purpose as maybe specified by the RBI from time to time and every such appropriation shall be reported to the RBI within twenty one days from the date of such withdrawal:

Provided that the RBI may, in any particular case and for sufficient cause being shown, extend the period of twenty one days by such further period as it thinks fit or condone anydelay in makingsuch report.

(3) Notwithstanding anything contained in sub-section (1), the Central Government may, on the recommendation of the RBI and having regard to the adequacy of the paid-up capital and reserves of a NBFC in relation to its deposit liabilities, declare by order in writing that the provisions of sub-section (1) shall not be applicable to the NBFC for such period as may be specified in the order:

Provided that no such order shall be made unless the amount in the reserve fund under sub-section (1) together with the amount in the share premium account is not less than the paid-up capital of the NBFC.

(d) Retained earnings

Retained earnings or accumulated surplus represents total of all profits retained since company''s inception. Retained earnings are credited with current year profits, reduced by losses, if any, dividend payouts, transfers to General reserveor any such other appropriations to specific reserves.

(e) Share based payment reserve

Share based payment reserve represents amount of reserve created by recognition of compensation cost at grant date fair value on stock options vested but not exercised by employees and unvested stock options in the Statement of profit and loss in respect of equity-settled share options granted to the eligible employees of the Companyin pursuance ofthe EmployeeStock Option Plan.

(f) Other comprehensive income

Other comprehensive income consist of FVOCI financial assets and financial liabilities and remeasurement of defined benefit assets and liability.

29 Corporate Social Responsibility (CSR) :

a) The CSRactivitiesof the Companyshall include,but not limitedto any or all of thesectors/activitiesas maybe prescribed by Schedule VII of the Companies Act, 2013 amended from time to time.

b) During the year ended31 March2023,the Companyhasincurredan expenditureof Rs. 23.00lakhs (31 March2022: Rs. 10.74 lakhs) towards CSR activities which includes contribution / donations made to the trusts which are engaged in activities prescribed under section 135 of the Companies Act, 2013 read with Schedule VII to the said Act

c) Amount required to be spent and amount spent towards CSR activities by the Company

TheCompanyhasmadeCSRContributionsof Rs. 9 lakhsto related party"Sherryand Diya Foundation"in which,one of the director is trustee (31 March 2022 : Rs. Nil) (refer note no 33).

30 Contingent Liabilities (to the extent not provided for)

The Company does not have any claim to be acknowledged as debts as on 31 March 2023 (as at 31 March 2022 Rs. Nil).

31 Capital Commitments

The Company does not have any Capital Commitments as on 31 March 2023 (as at 31 March 2022 Rs. Nil).

32 Leases

The Company''s lease asset classes primarily consist of leases of buildings or part thereof taken on lease for offices premises. The Company uses following practical expedient, when applying Ind AS 116 to leases :

(1) The Company didn''t recognised Right of Use and Lease liabilities for lease for which the lease terms ends within 12 months on the date of initial transition and low value assets.

(2) The Company excluded initial direct cost from measurement of the Right of Use assets at the date of initial application.

Note:

1. Related parties are as identified by the Company and relied upon by the Auditors.

2. No amount pertaining to Related Parties have been provided for as doubtful debts / written back.

3. There were no guarantee given or security provided during the year to the related parties.

4. Terms and conditions of transaction with related parties: the transactions among the related parties are in the ordinary course of business based on normal commercial terms, conditions, market rates.

34 EMPLOYEEBENEFITS I) Defined contributionplan:

The Company makes Provident fund contribution which are defined contribution plans for qualifying employees. Under the scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company have recognised Rs. 3.13 lakhs (31 March 2022: Rs. 2.99 lakhs) for Provident fund contributions inthe Statement of profit and loss.The contributions payable totheplanby the Company isatratesspecifiedin the rulesof the scheme.

ii) Defined benefitgratuityplan:

In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan ("The Gratuity Plan") covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined byactuarial valuation on the reporting date.

Thesensitivityanalysisabovehave beendeterminedbasedon reasonablypossiblechangesof therespectiveassumptionsoccurringat theendof the reportingperiod and may not be representativeof the actualchange.It is based on a change in the key assumptionwhileholdingall other assumptionsconstant. When calculatingthe sensitivityto the assumption,the same method used to calculatethe liability recognisedin the balancesheethas beenapplied.The methodsand typesof assumptionsusedin preparingthe sensitivityanalysisdid not changecomparedwith the previous period.

iii) Employee share based payment plans:

During the year ended 31 March, 2022, the Company implemented Finkurve Employee Stock Option Plan 2018 ("2018 Plan"). The plan was approved by the shareholders in the Company''s 34th AGM held on 29 September, 2018. The 2018 Plan have resulted into creation of ESOP pool of 50 lakhs options resulting into 50 lakhs equity shares of Rs 1 each. Further, the stock options to any single employee under the Plan shall not exceed 1% of fully diluted equity Shares of the Company during the tenure of the Plan, subject to compliance with Applicable Law.

The options granted under 2018 Plan have a maximum vesting period of 4 years from the end of grant date and is excercisable within 5 years of last vesting date. The options granted are based on the performance of the employees during the year of the grant and their continuing to remain in service. The process for determining the eligibility of employees for the grant of stock options under the 2018 Plan shall be determined by the Nomination and Remuneration Committee (Administrator of the 2018 Plan) in consultation with Board and based on employee''s grade, performance rating and such other criteria as may be considered appropriate. The employees shall be entitled to receive one equity share of the Company on exercise of each stock option, subject to performance of the employees and continuation of employment over the vesting period and other terms of the plan. The Board of Directors or the Nomination and Remuneration Committee shall decide the Exercise Price and the discount rate at the time of granting the Options on the basis of per share Market rate of the shares oftheCompany asdefined under2018 Plan.

35 Segment Information

The Company primarily operates in Financing and other activities. Further, all activities are carried out within India. Based onthe ''management approach'' as defined in Ind AS 108,the Chief Operating Decision Maker (CODM), there are no other operating segments which are identified as such and need to be reported.

(b) Fair value hierarchy and method of valuation:

The Company categorises assets and liabilities measured at fair value into one of three levels depending on the ability to observeinputs employed intheir measurement which are described as follows:

Level 1-Inputsare quoted prices(unadjusted) in active marketsforidentical assets orliabilities.

Level 2 - Inputs are inputs that are observable, either directly or indirectly, other than quoted prices included within level 1forthe asset or liability.

Level 3 - Inputs are unobservable inputs for the asset or liability reflecting significant modifications to observable related market data or Company''s assumptions about pricing by market participants. The management of the Company assessed that loans given, cash and cash equivalents, trade receivables, trade payables, other current financials liabilities, current loans and other financial assets approximate their carrying amounts largely due to the short-term maturities of theseinstruments.

(d) Significant unobservable input(s) for Level 3 hierarchy

The fair value of financial instruments that are not traded in active market is determined by using valuation techniques. The Company uses judgement to select from variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. Significant inputs considred in valution are Terminal Growth rate, Weighted average cost of capital and computation of Net asset value in case of certain investments.

Relationship of unobservable inputs to fair value and sensitivity

Increase or decrease in multiple will result in increase or decrease in valuation.

38 Financial risk management objectives and policies

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 Board of Directors has appropriate financial risk governance framework for the Company. The Board of Directors govern the Company''s financial risk activities by appropriate policies and procedure and that financial risks are identified, measured and managed in accordance with the company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each risk, which are summarised as below.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises 3 types of risk: interest rate risk and currency risk. Financial instruments affected by market risk includes loans, Investment in units of mutual fund, and borrowings.

Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk primarily from borrowings. The Company monitors the changes in interest rates and actively regarding finances its debt obligations and/or reevaluate the investment position to achieve an optimal interest rate exposure.

The Company''s borrowings are majorly is at fixed interest rates and accordingly, the company is not exposed to any significant interest rate risk.

Foreign currency risk and sensitivity

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 does not have any foreign currency exposure, accordingly it is not exposed to the foreign currency risks.

Investment price risk

The Company''s exposure in Investment in equity share & mutual funds - Quoted as at 31 March 2023 is INR 0.06 lakhs (31 March 2022 Rs. 0.05 lakhs) and as a result the impact of any price change will not have a material effect on the profit or loss of the Company.

Credit Risk

The Company is exposed to credit risk from their operating activities (primarily Loans given), The Company manage the credit risk by continuously monitoring the creditworthiness of customers. The Company has used a practical expedient by computing the expected credit loss allowance for external trade receivables based on a provision matrix. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix.

Expected credit loss on loans given is Rs. 351.04 lakhs (31 March 2022 - Rs. 774.02 lakhs).

Liquidity Risk

Liquidity risk refers to insufficiency of funds to meet the financial obligations. The Company manages liquidity risk by borrowings, fund infusion by issue of equity shares/ preference shares, continuously monitoring forecast and actual cashflows, and by assessing the maturity profiles of financial assets and liabilities.

The following tables detail the company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the company can be required to pay. The tables include principal cash flows. The contractual maturity is based on the earliest date on which the company may be required to pay.

39 Capital management Risk management

The Company''s objectives when managing capital are to

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for otherstakeholders, and

• maintainan optimal capital structureto reducethe cost of capital.

The Company monitors capital using a capital adequacy ratioas prescribed by Reserve BankofIndia.

40 Transactions in the nature of change in ownershipinother entities

Pursuance to the resolution passed by the Board of Directors, during the year 2021-22, the Company have acquired balance 1,47,000 (one lakh fourty seven thousand) i.e. 16.80% equity shares of Arvog Forex Private Limited (formerly known as Supama Forex Private Limited), a material subsidiary company resulting into Arvog Forex Private Limited (formerly known as Supama Forex Private Limited) became 100%subsidiaryof company.

Subsequently, pursuance to the special resolution passed by the members of the company in annual general meeting held on 20 September 2021, the Board of Directors have entered into agreement with Revolut Payments India Private Limited for disinvestments and sale of 8,75,000 (eight lakh seventy five thousands) i.e. 100% equity shares of Arvog Forex Private Limited (formerly known as Supama Forex Private Limited) held by the Company. The transaction have been completed during the year 2021-22 and on this sale transaction, the Company recognised a pre-tax profit of Rs. 2,095.22 lakhs on a standalone basis. Such profit is disclosed under exceptional item in the Statement of profit and loss for the year ended 31 March 2023 which was disclosed under the revenue in the statement of profit and loss for the yearended 31March 2022.

Consequent to above, Arvog Forex Private Limited (formerly known as Supama Forex Private Limited) ceases to be subsidiaryofthe Company with effective from 11February2022.

41 Recent accountingandotherpronouncements:

A) NewStandards issued oramendmentstothe existing standard but notyet effective:

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. On March 31, 2023, MCA amended the Companies(Indian Accounting Standards) Amendment Rules, 2023, as below:

(a) Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and the impact of theamendment isinsignificantinthefinancial statements.

(b) Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of ''accounting estimates'' and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its financial statements.

(c) Ind AS 12 - Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendmentandthereisnoimpacton its financial statement.

B) other recent pronouncements :

On August 10,2022, the Reserve Bank of India (RBI) had issued Press Release "Recommendations of the Working Group on Digital Lending - Implementation" and have issued detailed guidlines vide circular no RBI/2022-23/111 DOR.CRE.REC.66/21.07.001/2022-23 dated September 2, 2022, requiring the company to follow the norms of Digital Lending. Accordingly, the Company, considering such guidlines and subsequently issued FAQ''s have adopted the recomendations and made required changes in process and policies.

39 Capital management Risk management

The Company''s objectives when managing capital are to

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for otherstakeholders, and

• maintainan optimal capital structureto reducethe cost of capital.

The Company monitors capital using a capital adequacy ratioas prescribed by Reserve BankofIndia.

40 Transactions in the nature of change in ownershipinother entities

Pursuance to the resolution passed by the Board of Directors, during the year 2021-22, the Company have acquired balance 1,47,000 (one lakh fourty seven thousand) i.e. 16.80% equity shares of Arvog Forex Private Limited (formerly known as Supama Forex Private Limited), a material subsidiary company resulting into Arvog Forex Private Limited (formerly known as Supama Forex Private Limited) became 100%subsidiaryof company.

Subsequently, pursuance to the special resolution passed by the members of the company in annual general meeting held on 20 September 2021, the Board of Directors have entered into agreement with Revolut Payments India Private Limited for disinvestments and sale of 8,75,000 (eight lakh seventy five thousands) i.e. 100% equity shares of Arvog Forex Private Limited (formerly known as Supama Forex Private Limited) held by the Company. The transaction have been completed during the year 2021-22 and on this sale transaction, the Company recognised a pre-tax profit of Rs. 2,095.22 lakhs on a standalone basis. Such profit is disclosed under exceptional item in the Statement of profit and loss for the year ended 31 March 2023 which was disclosed under the revenue in the statement of profit and loss for the yearended 31March 2022.

Consequent to above, Arvog Forex Private Limited (formerly known as Supama Forex Private Limited) ceases to be subsidiaryofthe Company with effective from 11February2022.

41 Recent accountingandotherpronouncements:

A) NewStandards issued oramendmentstothe existing standard but notyet effective:

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. On March 31, 2023, MCA amended the Companies(Indian Accounting Standards) Amendment Rules, 2023, as below:

(a) Ind AS 1 - Presentation of Financial Statements - This amendment requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and the impact of theamendment isinsignificantinthefinancial statements.

(b) Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - This amendment has introduced a definition of ''accounting estimates'' and included amendments to Ind AS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendment and there is no impact on its financial statements.

(c) Ind AS 12 - Income Taxes - This amendment has narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2023. The Company has evaluated the amendmentandthereisnoimpacton its financial statement.

B) other recent pronouncements :

On August 10,2022, the Reserve Bank of India (RBI) had issued Press Release "Recommendations of the Working Group on Digital Lending - Implementation" and have issued detailed guidlines vide circular no RBI/2022-23/111 DOR.CRE.REC.66/21.07.001/2022-23 dated September 2, 2022, requiring the company to follow the norms of Digital Lending. Accordingly, the Company, considering such guidlines and subsequently issued FAQ''s have adopted the recomendations and made required changes in process and policies.

44 Note on Covid

The significant increase in economic activities post easing of lockdown by the state governments due to Covid-19 had resulted in improvement in business operations of the Company. The Company''s management is continuously monitoring the situation and the economic factors affecting the operations of the Company.

45 Registration of charges or satisfaction with Registrar of Companies (ROC)

All charges or satisfaction are registered with ROC within the statutory period for the financial years ended 31 March 2023 and 31 March 2022. No charges or satisfactions are yet to be registered with ROC beyond the statutory period.

46 Event after reportingdate

There have been no events after the reporting date.

47 Compliance with numberoflayersofcompanies

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 for the financial years ended 31 March 2023 and 31 March 2022.

48 Utilisation of Borrowed funds and share premium

The Company, as part of its normal business, grants loans and advances, makes investment and obtains borrowings from bank and other entities. These transactions are part of Company''s normal non-banking finance business, which is conducted ensuring adherence toall regulatory requirements.

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 persons or entities, including foreign entities ("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has also not received any fund from any parties (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide anyguarantee, securityorthelike on behalfof the Ultimate Beneficiaries.

49 Compliance with approved Scheme(s) of Arrangements

There is no any scheme of Arrangement or Amalgamation initiated or approved by the Board of Directors and / or Shareholders of the Company or competent authority during the year ended 31 March 2023 and 31 March 2022 or in earlier years.

50 Undisclosedincome

There are no transactions which have not been recorded inthe books of accounts.

51 The Company is yet to receive balance confirmations in respect of certain financial assets and financial liabilities. The Management does not expect any material difference affecting the current year''s financial statements due to the same.

52 Title deeds of Immovable Properties not held in nameofthe Company

The Company does not possess any immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) during the financial year ended 31 March 2023 and 31 March 2022.

55 Detailsof Crypto CurrencyorVirtualCurrency

The Company has not traded or invested in Crypto currency or Virtual currency during the current or preceeding financialyear.

56 Details of Benami Property Held

No proceedings have been initiated during the financial year or pending as at the end of the financial year against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules madethereunder.

57 Wilful Defaulter

The Company has not been declared as a wilful defaulter by any bank or financial institution or other lender in the current or preceeding financial year.

58 Relationship with Struck off Companies

The Company have not entered into any transaction during the current or previous financial year with the companies whose names have been struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956 and there is no outstanding receivable from / payable to such companies as at the end of year.

59 Liquidity risk

Public Disclosure on Liquidity Risk for the year ended 31 March 2023 pursuant to RBI circular no. RBI/2019-20/88 DOR.NBFC (PD ) CC. No.102/03.10.001/2019-20dated 4 November 2019 on Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies:

vi) Institutional set-up for liquidity risk management

The ultimate responsibility for liquidity risk management rests with the Board of directors, which has established Asset and Liability Management Committee (ALCO) for the management of the Company''s short, medium and long- term funding and liquidity management requirements. The ALCO meets regularly to review the liquidity position based on future cash flows. The Company manages liquidity risk by continuously monitoring forecast and actual cash flows and by matching the maturity profiles of financial assets and liabilities. The Company also maintains adequate liquid assets, banking facilities and reserve borrowingfacilitiesto hedge againstunexpected requirements.

In order to achive above, the Company also has an Investment Policy to ensure that safety, liquidity and return on the surplus funds are given appropriate weightages and are placed in that order of priority. The Investment Committee frames the strategy, sets the operational parameters and framework within the limits as may be set by the Board for investment. The Committee approaches the Board for revising the limit as and when required. The policy is also reviewed periodically in the background of developments in the money markets and the Investment Committee depending on the external factors proactively to reduce the risk in the investments. A well-defined front and back office mechanism is in place to ensure a system of checks and balances.

Definition of terms as used in the table above:

1) Significant counterparty is defined as a single counterparty orgroup of connected or affiliated counterparties accounting in aggregate for more than 1% of the NBFC-NDSI''s, NBFC-D''s total liabilities and 10% for other non-deposit taking NBFCs as defined in RBI Circular RBI/2019-20/88 DOR.NBFC (PD) CC .No.102/03.10.001/2019-20 dated 4 November 2019 on Liquidity Risk Management Framework for Non-Banking Financial Companies and Core InvestmentCompanies.

2) Significantinstrument/productisdefinedasa singleinstrument/productofgroupofsimilarinstruments/productswhich in aggregate amount to more than 1% of the NBFC-NDSI''s, NBFC-Ds total liabilities and 10% for other non-deposit taking NBFCs, as defined in RBI Circular RBI/2019-20/88 DOR.NBFC (PD) CC .No.102/03.10.001/2019-20 dated 4 November 2019 on Liquidity Risk Management Frameworkfor Non-Banking Financial Companiesand Core Investment Companies.

3) Total Liabilities has been computed assum of all liabilities (Total of Balance Sheet less Total Equity).

4) Public funds include funds raised either directly or indirectly through public deposits, inter-corporate deposits, bank finance and all funds received from outside sources such as funds raised by issue of Commercial Papers, debentures etc. but excludes funds raised by issue of instruments compulsorily convertible into equity shares within a period not exceeding 5 years from the date of issue, as defined in Master Direction - Non-Banking Financial Company - Non Systemically Important Non-Deposit taking Company (Reserve Bank) Direction, 2016.

5) Other short-term liabilities include all short-term borrowings other than Commercial papers (if any) and Nonconvertible debentures with original maturitylessthanoneyear(ifany).

6) Theamount stated inthis disclosure is based on the audited financial statements.

Further Guidelines prescribed by Reserve Bank of India vide above circular on Maintenance of Liquidity Coverage Ratio (LCR) is applicable for all non-deposittakingNBFCswith assetsize ofRs. 5,000 crore and above, andall deposit taking NBFCs irrespective of their asset size. As the Company is Non-Systematically Important, Non-Deposit Accepting NBFC, such guidlinesare notapplicabletoCompany.


Mar 31, 2018

NOTE: 1

A. BACKGROUND

The company, Finkurve Financial Services Limited, formerly known as Sanjay Leasing Limited had changed it''s name during the financial year 2011-12 by passing the necessary resolution and other compliances and have been issued new certificate of incorporation by the registrar of companies, Maharashtra, Mumbai on 28th March 2012.

The Company is a registered Non Banking Financial Company (NBFC) and is carrying on the business activity of NBFC.

(ii) Terms/rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 1 per share. Each holder of Equity Shares is entitled to one vote per share. 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.

2. Contingent liabilities, commitments and event occurring after the balance sheet date:

The management of Company does not anticipate any contingent liability or commitments having material effect on the position stated in the balance sheet at the year-end.

To the best of knowledge of the management, there are no events occurring after the Balance sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

3. The information as required to be disclosed in accordance with the provisions of Schedule III of the Companies Act, 2013 have been disclosed to the extent applicable to the Company. In view of the nature of business activity of the Company being of Non Banking Financial Company, other information as required under Schedule III of Companies Act, 2013 are either nil or not applicable to the company for the period under consideration.

4. Investment shown in the Balance Sheet is net closing balance of Rs. 98,000/- in M/s Kevin & Mike Consultancy and Rs. 30,000/- in M/s Pratvick Hospitality LLP (Fixed Capital Account).

Details of Partnership Firm and LLP in which the company is a partner, as required under Schedule III of the Companies Act, 2013

DISCLOSURES UNDER ACCOUNTING STANDARDS

5. Segment Information:

The Company has only one reportable business segment, i.e., Financing and other related Activities therefore, no separate disclosure is required in accordance with Accounting Standard [AS]-17 on ''Segment Reporting'' notified by Companies [Accounting Standards] Rules, 2006.

6. In the opinion of the management, the current assets and loans and advances are not less than as stated, if realised in the ordinary course of business.

7. The Company has followed the guidelines of RBI for Prudential norms wherever applicable.

8. Previous year''s figure have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2016

1. Contingent liabilities, commitments and event occurring after the balance sheet date:

The management of Company does not anticipate any contingent liability or commitments having material effect on the position stated in the balance sheet at the year-end.

To the best of knowledge of the management, there are no events occurring after the Balance sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

2. The information as required to be disclosed in accordance with the provisions of Schedule III of the Companies Act, 2013 have been disclosed to the extent applicable to the Company. In view of the nature of business activity of the Company being of Non Banking Financial Company, other information as required under Schedule III of Companies Act, 2013 are either nil or not applicable to the company for the period under consideration.

DISCLOSURES UNDER ACCOUNTING STANDARDS

3. Segment Information:

The Company has only one reportable business segment, i.e., Financing and other related Activities therefore, no separate disclosure is required in accordance with Accounting Standard [AS]-17 on ''Segment Reporting'' notified by Companies [Accounting Standards] Rules, 2006.


Mar 31, 2015

1. Contingent liabilities, commitments and event occurring after the balance sheet date:

The management of Company does not anticipate any contingent liability or commitments having material effect on the position stated in the balance sheet at the year-end.

To the best of knowledge of the management, there are no events occurring after the Balance sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

2. The information as required to be disclosed in accordance with the provisions of Schedule III of the Companies Act, 2013 have been disclosed to the extent applicable to the Company. In view of the nature of business activity of the Company being of Non Banking Financial Company, other information as required under Schedule III of Companies Act, 2013 are either nil or not applicable to the company for the period under consideration.

3. Segment Information:

The Company has only one reportable business segment, i.e., Financing and other related Activities therefore, no separate disclosure is required in accordance with Accounting Standard [AS]-17 on 'Segment Reporting' notified by Companies [Accounting Standards] Rules, 2006.

4. In the opinion of the management, the current assets and loans and advances are not less than as stated, if realized in the ordinary course of business.

5. The Company has followed the guidelines of RBI for Prudential norms wherever applicable.

6. Previous year,s figure have been regrouped / reclassified wherever necessary to correspond with the current year,s classification / disclosure.


Mar 31, 2014

1. BACKGROUND

The company Finkurve Financial Services Limited, formerly known as Sanjay Leasing Limited had changed it''s name during the previous financial year by passing the necessary resolution and other compliances and have been issued new certificate of incorporation by the registrar of companies, Maharashtra, Mumbai on 28th March, 2012.

The Company is a registered Non Banking Financial Company (NBFC) and is carrying on the business activity of NBFC.

Note 2 :

Share Capital

Particulars As at As at 31st March, 2014 31st March, 2013

Authorised:

9.70.00.000 (P.Yr. 15,00,000) 97,000,000 15,000,000 equity shares of Rs. 1/- each (P.Yr. Rs. 10/- each) with voting rights

TOTAL 97,000,000 15,000,000

Issued, Subscribed and Paid up:

9.66.00.000 (P.Yr. 13,80,000) 96,600,000 13,800,000 equity shares of Rs. 1/- each (P.Yr. Rs. 10/- each) with voting rights, fully paid up

TOTAL 96,600,000 13,800,000

ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENTS

3. Contingent Liabilities, commitments and event occurring after the Balance Sheet date:

The management of Company does not anticipate any contingent liability or commitments having material effect on the position stated in the Balance Sheet at the year-end.

To the best of knowledge of the management, there are no events occurring after the Balance Sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

4. The information as required to be disclosed in accordance with the provisions of Schedule VI of the Companies Act, 1956 have been disclosed to the extent applicable to the Company. In view of the nature of business activity of the Company being of Non Banking Financial Company, other information as required under Schedule VI of Companies Act, 1956 are either nil or not applicable to the Company for the period under consideration.

DISCLOSURES UNDER ACCOUNTING STANDARDS

5. Segment Information:

The Company has only one reportable business segment, i.e., Financing and other related Activities therefore, no separate disclosure is required in accordance with Accounting Standard [AS]-17 on ''Segment Reporting'' notified by Companies [Accounting Standards] Rules, 2006.

6. Related Party Disclosure:

a) List of Related Parties & Relationship where control exists:

7. In the opinion of the management, the current assets and loans and advances are not less than as stated, if realised in the ordinary course of business.

8. The Company has followed the guidelines of RBI for Prudential norms wherever applicable.

9. Previous year''s figure have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

NOTE : 1

A. BACKGROUND

The Company Finkurve Financial Services Limited, formerly known as Sanjay Leasing Limited had changed it''s name during the previous financial year by passing the necessary resolution and other compliances and have been issued new Certificate of Incorporation by the Registrar of Companies, Maharashtra, Mumbai on 28th March, 2012.

The Company is a registered Non Banking Financial Company (NBFC) and is carrying on the business activity of NBFC.

2. Contingent Liabilities, commitments and event occurring after the Balance Sheet date:

The management of Company does not anticipate any contingent liability or commitments having material effect on the position stated in the Balance Sheet at the year-end.

To the best of knowledge of the management, there are no events occurring after the Balance Sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

3. The information as required to be disclosed in accordance with the provisions of Schedule VI of the Companies Act, 1956 have been disclosed to the extent applicable to the Company. In view of the nature of business activity of the Company being of Non Banking Financial Company, other information as required under Schedule VI of Companies Act, 1956 are either nil or not applicable to the Company for the period under consideration.

DISCLOSURES UNDER ACCOUNTING STANDARDS

4. Segment Information:

The Company has only one reportable business segment, i.e., Financing and other related Activities therefore, no separate disclosure is required in accordance with Accounting Standard [AS]-17 on ''Segment Reporting'' notified by Companies [Accounting Standards] Rules, 2006.

5. In the opinion of the management, the current assets and loans and advances are not less than as stated, if realised in the ordinary course of business.

6. The Company has followed the guidelines of RBI for Prudential norms wherever applicable.

7. Previous year''s figure have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2012

COMPANY OVERVIEW

The company Finkurve Financial Services Limited, formerly known as Sanjay Leasing Limited have changed it's name during the year by passing the necessary resolution and other compliances and have been issued new certificate of incorporation by the Registrarof Companies, Maharashtra, Mumbai on 28,h March 2012.

The Company is a Registered Non Banking Financial Company (NBFC) and is carrying on the business activity of NBFC.

1.1 Contingent liabilities, commitments and event occurring afterthe Balance Sheet date:

The management of Company does not anticipate any contingent liability or commitments having material effect on the position stated in the balance sheet at the year-end.

To the best of knowledge of the management, there are no events occurring after the Balance sheet date that provide additional information materially affecting the determination of the amount relating to the conditions existing at the Balance Sheet date that requires adjustment to the Assets or Liabilities of the Company.

1.2 Disclosure underSection 22 of the Micro, Small and Medium Enterprises Development Act, 2006:

Based on the information available with the Company and verbal confirmation obtained from the parties, there were no Micro, Small and Medium Enterprises as defined under "The Micro, Small and Medium Enterprises Development Act, 2006" to whom company owes any sum which is outstanding for more than 30 days or there is no delay in payment to such an undertaking during the year.

1.3 The information as required to be disclosed in accordance with the provisions of Schedule VI of the CompaniesAct, 1956 have been disclosed to the extent applicable to the Company. In view of the nature of business activity of the Company being of Non Banking Financial Company, other information as required under Schedule VI of CompaniesAct, 1956 are either nil or not applicable to the company for the period under consideration.

2. DISCLOSURES UNDER ACCOUNTING STANDARDS

2.1 Segment Information:

The Company has only one reportable business segment, i.e., Financing and other related Activities therefore, no separate disclosure is required in accordance with Accounting Standard [AS]-17 on 'Segment Reporting' notified by Companies [Accounting Standards] Rules, 2006.

The company has recognised deferred tax assets on unabsorbed depreciation and brought forward business losses based on the Management's estimates of future activity and profits of the company and based on virtual certainty that the assets will be realised in future.

2.2 The balances of Unsecured Loans, Creditors, Debtors and Loans and Advances are subject to confirmation and reconciliation, ifany.

2.3 In the opinion of the management, the current assets and loans and advances are not less than as stated, if realised in the ordinary course of business. ,

2.4 The Company has followed the guidelines of RBI for Prudential norms wherever applicable.

2.5 The revised Schedule VI has become effective from 1st April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figure have been regrouped / reclassified wherever necessary to correspond with the current year's classification /disclosure.


Mar 31, 2010

1. Claims against the company not acknowledged, as debts are Rs. Nil.

2. Expenditure in Foreign Currency- Rs. Nil.

3. Earnings in Foreign Currency - Rs. Nil.

4. The company does not carry on any manufacturing activities hence particulars as required by para 4C and 4D of part II of Schedule Vl of the Companies Act,1956 are not given.

5. In the opinion of the Board of Directors;

(a) The Current Assets and Loans and Advances are approximately of the value stated, if realised in the ordinary course of business.

(b) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

6. The Company has followed the guidelines of RBI for Prudential norms wherever applicable.

7. In line with Accounting Standard on Segment Reporting (AS-17) the Company has identified Financing and Real Estate as reportable business segment taking into account organization structure, Financing Business comprise of Lending, Hire Purchase financing etc. & Real Estate business comprises of Purchase, Sale, and investment in real estate.

8. Related Party Disclosures

a) List of Related Parties and Relationships

Nature of Relationship Party Category A : Key Management Personel Mr. Narpatraj B. Mehta Mr. Rajeev H. Surana Mr. Kamlesh B. Jain Mr. Sanjay P. Bafna Mr. Chintain B. Seth Category B : Companies in which individuals Shivsita Garments Pvt. Ltd referred to in category A is Director Veesita Estate Pvt. Ltd Sisodiya Investments Pvt. Ltd

Category C : Concern in which individuals referred Siddhant Investment to in category A is proprietor/Partner. Navkar Associates India

9. Figures relating to previous year have been rearranged and regrouped wherever necessary to make them comparable with the current years figure


Mar 31, 2003

1. Claims against the company not acknowledged as debts are Rs.Nil.

2. Expenditure in Foreign Currency - Rs. Nil.

3. Earnings in Foreign Currency - Rs. Nil.

4. The company does not carry on any manufacturing activities hence particulars as required by para 4C and 4D of part II of Schedule VI of the Companies Act, 1956 are not given.

5. In the opinion of the Board of Directors;

(a) The Current Assets and Loans and Advances are approximately of the value stated, if realised in the ordinary course of business.

(b) The provision for depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

6. The Company has followed the guidlines of RBI for Prudential norms wherever applicable.

7. In line with Accounting Standard on Segment Reporting (AS-17) the Company has identified Financing and Real Estate as reportable business segment taking into account organization structure, Financing Business comprise of Lending, Hire Purchase financing etc. & Real Estate business comprises of Purchase, Sales, and investment in real estate.

8. Releated Party Disclosures a) List of Related Parties and Realtionship

Nature of Relationship Party

Category A: Key Management Personnel Mr. Narpatraj B. Mehta Mr. Rajeev H. Surana Mr. Lalit G. Singhvi Mr. Sanjay P. Bafna

Category B : Relatives of Key Management Personal Mr. Pukhraj C. Bafna Mrs. Sobha R. Surana Mrs. Sita P. Bafna Mr. Ajay P. Bafna

Category C : Companies in which Mehul Estate Pvt. Ltd individuals referred to Kastur B. Industries Pvt. Ltd. in catgeory B is Harisita Hotel Pvt. Ltd. Director Rocky S. Fashion Ltd. Sisodiya Investments Pvt. Ltd.

Category D : Proprietary Concern in Vee Pee Enterprises which individuals referred to in category B is proprietor.

9. Figured relating to previous year have been rearranged and regrouped wherever necessary to make them comparable with the current years figure.

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