Notes to Accounts of Delphi World Money Ltd.

Mar 31, 2023

Note 12.1: Repayment terms and security disclosure for the Inter Corporate Deposits

Inter corporate Deposits are unsecured loans given to the related parties and are repayable on demand. Company charges interest @ 9.50% p.a. on Inter Corporate deposits.

Note 12.2: Loans or advances to specified persons

Disclosures where Loans are granted to the related parties either severally or jointly with any other person, that are either repayable on demand; or without specifying any terms or period of repayment.

Notes 13.2

Historical experience of collecting receivables of the Company is supported by low level of past default and hence the credit risk is perceived to be low. As per Ind AS 109, the Company is required to apply expected credit loss model for recognising theallowance for doubtful debts. After the analysis of ageing of debtors, the Company has concluded that the existing amount of provision in the books is sufficient to cover any doubtful debt/s arising in future. As a result, no allowance for doubtful debts has been recognised by application of expected credit loss model for any of the years considered above.

Restricted Cash Note 15.1:

Bank Deposit includes amount of USD 43.59 Million (PY: USD 43.58 Million ) equivalent value of '' 358.28 Million (PY: '' 330.34 Million) which has been received as collateral security deposits from the Oversees Principals.

Includes deposits of '' 21.08 Million (As on March 31, 2022: '' 21.79 Million) pledged for issuance of Bank Guarantee.

Note 15.2:

Includes deposits of '' 3.40 millions (As on March 31, 2022: '' 5.45 millions) pledged with banks.

d. Terms and rights attached to Equity Shares

The Company has a single class of equity shares having face value of '' 10 per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company''s residual assets. The voting rights of an equity shareholder are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of share on which any call or other sums presently payable have not been paid.

The company declares and pays dividend in Indian rupees. The holders of the equity shares are entitled to receive dividends as declared from time to time. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.

h. Shares reserved for issue under options

The Company has not reserved any shares in relation issue of shares under options.

i. Issue of bonus shares

The Company has not issued any bonus shares in the last five years immediately preceeding the balance sheet date. There are no securities which are convertible into equity shares

j. Buy back of shares and shares allotted as fully paid up pursuant to contract(s) without payment being received in cash:

Buyback was done for 4,36,467 shares on Novermber 8, 2018 and no other buy back was done.

e. Nature and purpose of Reserves General Reserve

General Reserve is created pursuant to demerger of forex business undertaking from then parent company in FY-2010-11 and transfer from retained earnings for appropriate purposes.

Capital Redemption Reserve:

Capital Redemption Reserve is created in accordance with section 68, 69 & 70 of Companies Act, 2013 and the Buyback regulations. Retained Earnings:

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company Other Comprehensive Income:

Other Comprehensive Income includes re-measurement profit/loss on defined benefit plans and Fair Valuation of Quoted and Unquoted Equity Investments, net of taxes that will not be reclassified to profit and loss.

Note 30.1: Revenue from from Foreign currencies

Income from forex services comprises of sale of currency, traveller''s cheques, travel cards etc. In line with established international practice, the income arising from the buying and selling of foreign currencies is included on the basis of margins achieved, since inclusion on the basis of their gross value would not be meaningful and potentially misleading for use as an indicator of the level of the Company''s business.

ii. The Company renders services to the customers domiciled in India, which company considers as one geography. Therefore, revenue disaggregation by geography is not applicable.

iii. The Company generates its entire revenue from contracts with customers for the services at a point in time.

iv. Disclosure of contract balances

Contract assets are recognized when there is excess of revenue earned over billings on contracts. Contract assets are transferred to unbilled revenue when there is an unconditional right to receive cash, and only passage of time is required, as per contractual terms. The contract liabilities primarily relate to the advance consideration received from the customers which are referred as ''advances from customers''. Advance Collections is recognized when payment is received before the related performance obligation is satisfied. This includes advances received from the customer towards tour / holiday packages. Revenue on tours / holiday''s packages are recognized on the completion of the performance obligation which is on the date of departure of the tour.

iv. Information about major customers:

A major customer is defined as a customer that represents 10% or greater of total revenues. As at March 31, 2023 and March 31, 2022, there was no customer with more than 10% of accounts. The Company does not believe that the risk associated with these customers or vendors will have an adverse effect on the business.

B. Diluted Earnings per share

There are no dilutive instruments as at March 31, 2023, and as of March 31, 2022, hence diluted Earning per share is the same as Basic Earning per share.

Note 40: Contingent Liabilities and Committments I. Contingent Liabilities (not provided for in Respect of:			('' in Million)
Particulars		As at	As at
		March 31, 2023	March 31, 2022
i) Demands being disputed by the Company :
a)	Indirect Tax demands (excluding the interest component thereon)	383.70	383.70
b)	Income Tax demands	5.65	5.65
c)	Demand under other regulations {refer to note 40 (II) (a)}	362.22	362.22
ii) Claims against the company not acknowledged as debts :
a)	Income Tax demand on processing of TDS Returns*	-	0.11
b)	In respect of some pending cases of employees and others	Amount not	Amount not
		ascertainable	ascertainable

* The Company has initiated steps for revising the TDS forms to remove various defects due to which demands were raised by authorities and is confident that the demand will be substantially reduced after these rectification.

II. Other Legal Matters & Regulatory mattersa. Case with Directorate of Enforcement on sale of SGD travel cards

The company has filed an appeal with the Hon''ble Appellate Tribunal for Foreign Exchange (ATFP), against the adjudication order, dated April 27, 2022, passed by the Special Director of Enforcement (''ED'') Southern Regional Office, disputing the monetary penalty of ¹ 327.22 million imposed on the Company for non-compliance with the provisions of Section 3 (A), 10(4) & 10 (5) of FEMA, 1999 & 1 35.00 million on the Principal Officer of the Company under section 42 (1) of FEMA, 1999. The matter is pending to be listed.The said matter has arisen related to the period of pre-acquisition of the Company by the current promoters, i.e. the acquisition by the EbixCash World Money Limited (Holding Company) from the erstwhile promoters of the Company under the Share Purchase Agreement dated December 31, 2018. The company believes that there are good grounds to set aside the adjudication order. Further, the company is covered by the indemnities given by the erstwhile Promoters under the Share Purchase Agreement. Therefore, if any, the liability for the payments shall be reimbursed by the erstwhile Promoters of the Company and would not have any financial impact on the company.

b. Minimum Public Shareholding:

Pursuant to Regulation 38 of the Listing Regulations, read along with Rule 19(2) and 19A of the Securities Contracts (Regulation) Rules, 1957 the Company has been non-compliant with the Minimum Public Shareholding rule. Consequently, both the Stock exchanges, on which the Company is listed, continue to levy the fines till the Company becomes compliant with the regulation.The Company has started assessing various methods prescribed by SEBI for achieving Minimum Public Shareholding and will take the required steps to ensure compliance. The company has paid the fine amounting to INR 7.30 Million in the current year and INR 6.38 Million in the previous year.

(ii) Defined benefit plan :(a) In respect of non funded defined benefit scheme of gratuity (Based on actuarial valuation) :

The gratuity plan is governed by the payment of Gratuity Act,1972. Under the said Act an employee who has completed five years of services is entitled to specific benefit. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee''s salary and the tenure of employment with the Company.

The Company is exposed to various risks in providing the above gratuity benefit which are as follows:

Interest Rate risk : The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

Salary escalation risk : The present value of the defined benefit plan is calculated with the assumption of salary increase 0.50% per annum of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.

Actual mortality & disability : deaths & disability cases proving lower or higher than assumed in the valuation can impact the liabilities.

The current service cost and the net interest expense for the year are included in the ''Employee benefits expense'' line item in the statement of profit & loss. The remeasurement of the net defined benefit liability is included in other comprehensive income.

Sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring as at the balance sheet date.

All sensitives are calculated using the same actuarial method as for the disclosed present value of the defined benefits obligation at year end.

Note 46: Financial instruments - Accounting, classification and fair value measurement I. Financial instruments by category

The criteria for recognition of financial instruments is explained in accounting policies for Company:

II Method and assumptions used to estimate fair values:

1. Fair value of cash and cash equivalents, bank balances other than cash and cash equivalents, trade and other receivables, loans and other current financial assets, short term borrowings from banks and financial institutions, trade and other payables and other current financial liabilities approximate their carrying amounts due to the short-term nature of these instruments.

2. Borrowings (non-current) consists of loans from banks and government authorities, other financial liabilities (non-current) consists of interest accrued but not due on deposits, Loans (non-current) consists of deposits given where the fair value is considered based on the discounted cash flow.

3. The fair value of forward foreign exchange contracts is calculated as the present value determined using forward exchange rates, currency basis spreads between the respective currencies and interest rate curves.

III Fair Value Hierarchy

The fair value of the financial assets and financial 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 following table provides the fair value measurement hierarchy of Company''s asset and liabilities, grouped into Level 1 to Level 3 as described below :-

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of financial instruments subsequent to the reporting dates may be different from the amounts reported at each reporting date. In respect of investments as at the transaction date, the Company has assessed the fair value to be the carrying value of the investments as these companies are in their initial years of operations.

Note 47: Financial Risk Management

The company has in place comprehensive risk management policy in order to identify measure, monitor and mitigate various risks pertaining to its business. Along with the risk management policy, an adequate internal control system, commensurate to the size and complexity of its business, is maintained to align with the philosophy of the company. Together they help in achieving the business goals and objectives consistent with the Company''s strategies to prevent inconsistencies and gaps between its policies and practices. The Board of Directors/committees reviews the adequacy and effectiveness of the risk management policy and internal control system. The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company has exposure to the following risks arising from financial instruments:

• Credit risk

• Liquidity risk and

• Market risk Treasury management

The Company''s treasury function provides services to the business, coordinates access to domestic and international financial markets, and monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyses exposures by degree and magnitude of risks. These risks include market risk (including currency risk and interest rate risk), credit risk and liquidity risk. Treasury management focuses on capital protection, liquidity maintenance and yield maximisation.

I. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from trade receivables, unbilled revenue, cash and cash equivalents and deposits with banks and financial institutions. The carrying amounts of financial assets represent the maximum credit risk exposure. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables.

(i) Trade receivables & Unbilled Revenue

The company provide services related to foreign exchange i.e. sale of foreign currency, prepaid forex card etc. Credit limit of customers are set in the operating software on the basis of review of financials of the customers. A default occurs when in the view of management there is no significant possibility of recovery of receivables after considering all available options for recovery. An impairment analysis is performed at each reporting date. The expected credit losses over lifetime of the asset are estimated by adopting the simplified approach using a provision matrix. The provision matrix takes into account historical credit loss experience and is based on the ageing of the receivable days and the rates as given in the provision matrix. The Company has not experienced any significant impairment losses in respect of trade receivables in the past years.

Unbilled revenue primarily relates to the Company''s right to consideration for sale effected but not billed at the reporting date and have substantially the same risk characteristics as the trade receivables for the same type of contracts.

The ageing analysis of trade receivables (gross) has been considered from the date the invoice falls due:

(ii) Cash and bank balances

The Company held cash and cash equivalent and other bank balance of '' 716.89 Million (PY: '' 795.10 Million). The same are held with bank and financial institution counterparties with good credit rating. Also, company invests its short term surplus funds in bank fixed deposit which carry no market risks for short duration, therefore does not expose the company to credit risk.

(iii) The Company monitors each loans and advances given and makes any specific provision wherever required.

(iv) Others

Other than trade financial assets reported above , the Company has no other financial assets which carries any significant credit risk.

II. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

(i) Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, and excluding contractual interest payments and exclude the impact of netting agreements.

The Company''s activities are exposed to market risk, credit risk and liquidity risk. The Company principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company''s operations. The Company principal financial asset includes loan , trade and other receivables, and cash and other financial assets that arise directly from its operations.

III. 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 three types of risk: interest rate risk, currency risk and other risks, such as regulatory risk and commodity price risk. Financial instruments affected by market risk include loans and borrowings, trade receivables and trade payables involving foreign currency exposure, and inventories.The sensitivity analysis in the following sections relate to the position as at March 31, 2023 and March 31, 2022. The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2023 and March 31, 2022.

(a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As the Company does not have exposure to any floating-interest bearing assets, or any significant long-term fixed interest bearing assets, its interest income and related cash inflows are not affected by changes in market interest rates. Consequently, the Company''s interest rate risk arises mainly from borrowings obligations with floating interest rates.

(b) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. A) The Company used foreign currency forward contracts to hedge its risks associated with foreign currency fluctuations relating to certain firm commitments. The use of foreign currency forward contracts is governed by the Company''s strategy approved by the Board of Directors, which provide principles on the use of such forward contracts consistent with the Company''s Risk Management. The outstanding forward exchange contracts entered into by the company at the year end and thereafter disclosed.

On an ongoing basis the management assess the risk of foreign currency exposure and accordingly buys and sells foreign currencies. The Company will cover this exposure on actual receipt and sales of foreign currency.

Sensitivity analysis -

A reasonably possible strengthening (weakening) of the Indian Rupee, by 5%, against all other currencies would have affected the measurement of financial instruments denominated in a foreign currency profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

For the purpose of the Company''s capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders of the Company. The Company''s capital management is intended to maximize the return to shareholders for meeting the long-term and short-term goals of the Company through the optimization of the debt and equity balance.

The Company manages its capital structure and makes adjustments in light of changes in the financial condition and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders (buy back its shares) or issue new shares. The Capital structure of the company consist of net debt (borrowings offset by cash and bank balances) and equity of the Company (Comprising issued capital, reserves and retained earnings).

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. The Company has complied with these covenants and there have been no breaches in the financial covenants of any interest-bearing loans and borrowings.The Company''s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The primary objective of the Company''s Capital Management is to maximize the shareholder''s value. Management also monitors the return on capital. The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowing and the advantages and security afforded by a sound capital position.

The Company had no outstanding net debt as of the end of March 31, 2023, and March 31, 2022, the amount of which was lower than cash and cash equivalents. Accordingly, the Company has not calculated the gearing ratio or Debt to Equity Ratio.

No changes were made in the objectives, policies or processes for managing capital during the period ended March 31 2023 and year ended March 31, 2022

Note 50: Events occurring after the balance sheet date

No adjusting or significant non adjusting events have occurred between the reporting date and date of authorization of financial statements. Note 51: Offsetting financial instruments

There are no financial instruments which are offset, or subject to enforceable master netting arrangements and other similar agreements but not offset, as at each reporting date.

Note 52: Code on Social Security, 2020

The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post employment received Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India and subsequently on 13 November 2020 draft rules were published and invited for stakeholders'' suggestions. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

Note 53: Borrowings secured against the current assets

a. Details of Borrowing secured against the current assets:The Company has obtained working capital limits from banks namely HDFC Bank

and IndusInd Bank. The Company submits periodical statements with Banks, details of which are as follows:

b. Reason for discrepancies :

The Bank returns were prepared and filed before the completion of all quarterly financial statement closure activities including Ind AS related & Foreign currency translation adjustments/ reclassifications, as applicable, which led to these differences between the final books of accounts and the bank return which were based on provisional books of accounts, as noted above.

Note 54: Other Statutory Information

(i) The Company did not have any transactions with struck-off companies under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

(ii) The Company does not have any charges or satisfaction of charges which is yet to be registered with ROC beyond the statutory period, except as below:- In case of IndusInd Bank, the Company is in process of obtaining No Dues Certificate/ No Objection Certificate from the Bank for filing the ROC form for satisfaction of charge.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the period/year.

(iv) The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) any funds 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, 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.

(v) The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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.

(vi) The Company has not raised funds on short term basis which have been utilised for long term purposes.

(vii) The Company does not have any 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) The Company had not been declared a wilful defaulter by any bank or financial institution or other lender (as defined under the Companies Act, 2013) or consortium thereof, in accordance with the guidelines on wilful defaulters issued by the Reserve Bank of India. The company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(ix) 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, as amended.

(x) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

(xi) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Note 55: Other Notes

(i) In the opinion of the Board of Directors, Trade Receivables, other current financial assets, and other current assets have a value on realization in the ordinary course of the company''s business, which is at least equal to the amount at which they are stated in the balance sheet.

(ii) The balances of some of the accounts classified as Trade Payables, Trade Receivables, etc. are in the process of reconciliations/ confirmation. In the opinion of Board of directors, the result of such exercise will not have any material impact on the carrying value.

(iii) The Board of Directors at its meeting held on May 9, 2023, has approved the Financial Statement for the year ended March 31, 2023.

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Mar 31, 2018

Terms / rights attached to equity shares

a. The Company has only one class of Equity Shares having face value of Rs. 10 per share.

b. Each holder of Equity Shares is entitled to one vote per share.

c. In the event of liquidation ofthe Company, the holder of Equity Shares will be entitled to receive the 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.

d. The Company has neither issued any bonus shares nor bought back any equity shares in the last five years immediately preceeding the balance sheet date.

e. There are no securities which are convertible into equity shares

f. The Board of Directors have recommended a dividend of 10 % i.e. Rs.1 per Equity share of Rs. 10 ea ch aggregating to Rs.139.41 lakh including Rs.23.77 lakh dividend distribution tax for the financial year 2017-18.

The description of the nature and purpose of each reserve within equity is as follows:

General Reserve:

General Reserve is created pursuant to demerger offorex business undertaking from then parent company in FY-2010-11 and transfer from retained earnings for appropriate purposes.

Retained Earnings:

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders. Retained Earnings is a free reserve available to the Company

Other Comprehensive Income:

Other Comprehensive income includes re-measurement profit/loss on defined benefit plans and Fair Valuation of Quoted and Unquoted Equity Investments, net of taxes that will not be reclassified to profit and loss

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some ofthe assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end ofthe reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

Risks associated with defined benefit plan

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision. Afall in the discount rate generally increases the mark to market value ofthe assets depending on the duration of asset.

Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary ofthe members more than assumed level will in crease the plan''s liability.

Investment Risk: The present value ofthe defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

Asset Liability Matching Risk: 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.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very less as insurance companies have to follow regulatory guidelines.

1. CAPITAL MANAGEMENT

The Company manages its capital to ensure that it will be able to continue as going concern while maximising the return to stake holders through the optimization of the debts and equity balance

The Capital structure of the company consist of net debt (borrowings as detailed in note no. 2.12, 2.16 and 2.18 offset by cash and bank balances) and equity of the Company (Comprising issued capital, reserves and retained earnings as detailed in notes 2.10 and 2.11).

The company is not subject to any externally imposed capital requirements.

2 The Group has determined following reporting segments based on the information reviewed by the Group’s Chief Operating Decision Maker (‘CODM’).

a Foreign exchange segment comprises of purchase and sale of foreign currencies, notes and paid documents including income received from money transfer business.

b Power segment comprises of generation and sale of wind power energy and sale of renewable energy certificates (REC). c Other segment includes income from travel business, insurance services etc.

3 Primary/secondary segment reporting format:

a The risk-return profile of the Company''s business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for the disclosure of segment information, b The Company predominantly operates in domestic areas hence no geographical segments have been identified.

3 Segment identification:

Business segments have been identified on the basis of the nature of products / services, the risk-return profile of individual businesses, the organisation structure and the internal reporting system of theCompany.

4. DISCLOSURE PURSUANT TO REGULATION 34(3) READ WITH SCHEDULE V TO SEBI LISTING REGULATIONS, 2015

(a) Loans and advances to subsidiary companies : Rs.Nil

(b) Loans and advances to associate companies : Rs.44.82 lakh

Notes:

The Company has prepared its financial statements to comply with Ind AS for the year ending 31st March, 2018, together with comparative information for the year ended 31st March, 2017. In preparing these financial statements, the Company’s opening balance sheet was prepared as at 1st April, 2016, the Company’s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1st April, 2016 and the financial statements as at and for the year ended 31stMarch,2016.

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

A. Exemptions Availed:

i. Business C ombinations

Ind AS 101 provides the option to apply Ind AS 103 prospectivelyfrom the transition date or from a specific date prior to the transition date. This provides relief from full retrospective application that would require restatement of all business combinations prior to the transition date. The Company elected to apply Ind AS 103 prospectively to business combinations occurring after its transition date.

ii. Deemed c ost

IndAS 101 allows a first time adopter to continue with the carrying value for all its Property, Plant and Equipmentand Intangible Assets as recognised in its previous GAAP financials on the date of transition.

The Company has opted for this exemption and decided to carry its Property, Plant and Equipment and Intangible assets at Carrying value as per Indian GAAP on the date of transition i.e. April 1,2016."

iii. Investment in Associates

Ind AS 101 allows a First time adopter to account for its Investments in Associates either at cost or in accordance with Ind AS 109. The Company has elected to account for its investments in Associate at cost, which is equal to the deemed cost as per the Previous GAAP on the date of transition.

B. Mandatory E xemptions

i. Estimates

An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with Previous GAAP.

ii. Classification and measurement of financial assets

Ind AS 101 provides exemptions to certain classification and measurement requirements of financial assets under Ind AS 109, where these are impracticable to implement. The Company has elected to classify and measure financial assets as per the Previous GAAP on the date of transition.

C. Fair valuation of Investments

Under Indian GAAP, Non-current investments were carried at cost less provision for other than temporary decline in the value of such investments. Under Ind AS, the Company has valued its Investments (other than investment in Associates, which are accounted at cost), at fair value in accordance with IndAS 109. Impact of fair value changes as on the date of transition, is recognised in opening reserves and changes thereafter are recognised in Other Comprehensive Income.

D. Deferred Tax

Under IndAS, deferred tax has been recognised on the adjustments made on transition to IndAS.

E. Remeasurements of post-employment benefit obligation

Under Previous GAAP the Company recognised actuarial gains and losses in the Statement of Profit and Loss. Under Ind AS, remeasurements, i.e., actuarial gains and losses, the return on plan assets excluding amounts included in net interest on the net defined benefit liability are recognised in Other Comprehensive Income instead of Statements of Profit and Loss.

F. Other Adjustments

To comply with the Companies (Indian Accounting Standards) Rules, 2015, certain account balances have been regrouped as per the format prescribed under Division II of Schedule III to theAct.

5. DISCLOSURE PURSUANT TO INDIAN ACCOUNTING STANDARD (IndAS) 107, FINANCIAL INSTRUMENTS-DISCLOSURES

i. All F inancial I nstruments are initially recognised and subsequently re-measured at fair value as detailed below

a. The Fair Value of investment in Quoted equity shares, Government securities and mutual funds is measured at quoted price or NAV

b. The Fair Value of investment of unquoted equity shares in other than Associate is determined by valuing such investee companies at their respective fair values by considering in each of such investee companies, the value of immovable properties considered by revenue authorities for determining the stamp duty amount, the quoted equity shares at their quoted price, and for unquoted equity shares by adopting the method of determination as above i.e. finding the fair value of such unquoted entities and other assets and liabilities at their carrying costs.

iv. Liquidity R isk Management

The objective of liquidity risk management is to maintian sufficient liquidity and ensure that funds are available for use as per requirements. Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, Company’s treasury maintains flexibility in funding by maintaining sufficient cash and bank balances available to meet the working capital requirements. Given the need to fund diverse businesses, the Company maintains flexibility in funding by maintaining availability under committed credit lines to meet obligations when due.

v. Credit Risk Management

The company is exposed to credit risk, which is the risk that counterparty will default on its contractual obligation resulting in a financial loss to the company. To manage this, the company periodically assesses the financial reliability of customers, taking into account the financial conditions, current economic trends, analysis of historical bad debts and ageing of accounts receivable as at different reporting periods.

6. DISCLOSURES PURSUANT TO INDIAN ACCOUNTING STANDARD (IndAS) 17, LEASES

(a) Where thee ompany is a lessee

Operating L eases

The company has entered into cancellable as well as non-cancellable operating lease agreements for premises

i Future minimum rental payables under non-cancellable operating leases

ii. Lease rental expense in respect of operating leases: Rs.1,798.06 lakhs (previous year Rs.1,623.26 lakhs)

iii. Contingent rent recognised in the Statement of Profit and Loss: Rs.Nil (previous year Rs.Nil)

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

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Mar 31, 2017

Terms / rights attached to equity shares

a. The Company has only one class of Equity Shares having face value of '' 10 per share.

b. Each holder of Equity Shares is entitled to one vote per share.

c. The dividend on Equity Shares proposed by Board of Directors is subject to approval of shareholders in the ensuring Annual General Meeting.

d. In the event of liquidation of the Company, the holder of Equity Shares will be entitled to receive the 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.

e. The Company has neither issued any bonus shares nor bought back any equity shares in the last five years immediately preceeding the balance sheet date.

1. DISCLOSURE PURSUANT TO ACCOUNTING STANDARD (AS) 15 EMPLOYEE BENEFITS:

The Employee’s Gratuity Fund Scheme managed by Life Insurance Corporation of India (LIC) is a defined benefit plan. The present value of obligation is determined based on valuation using the Projected Unit Credit method.

Reconciliation of changes in defined benefit obligation

Segment reporting : Segment identification, reportable segments and definition of each reportable segment :

2. Primary / secondary segment reporting format :

(a) The risk-return profile of the Company’s business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for the disclosure of segment information.

(b) The Company predominantly operates in domestic areas hence no geographical segments have been identified.

3. Segment identification :

Business segments have been identified on the basis of the nature of products / services, the risk-return profile of individual businesses, the organization structure and the internal reporting system of the Company.

4. Reportable segments :

Reportable segments have been identified as per the criteria specified in Accounting Standard ( AS ) 17 " Segment Reporting".

5. Segment composition :

Foreign exchange segment comprises of purchase and sale of foreign currencies, notes and paid documents including income received from money transfer business.

Power segment comprises of generation and sale of wind power energy. Other segment includes income from sale of airtime, travel business, insurance services etc.

6. Previous Year''s figures have been regrouped wherever necessary.

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Mar 31, 2016

1. DISCLOSURES PURSUANT TO ACCOUNTING STANDARD (AS) 15 EMPLOYEE BENEFITS

The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation of India (LIC) is a defined benefit plan. The present value of obligation is determined based on valuation using the Projected Unit Credit method.

Segment reporting : Segment identification, reportable segments and definition of each reportable segment :

1. Primary / secondary segment reporting format :

(a) The risk-return profile of the Company''s business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for the disclosure of segment information.

(b) The Company predominantly operates in domestic areas hence no geographical segments have been identified.

2. Segment identification :

Business segments have been identified on the basis of the nature of products / services, the risk-return profile of individual businesses, the organization structure and the internal reporting system of the Company.

3. Reportable segments :

Reportable segments have been identified as per the criteria specified in Accounting Standard ( AS ) 17 " Segment Reporting".

4. Segment composition :

Foreign exchange segment comprises of purchase and sale of foreign currencies, notes and paid documents including income received from money transfer business.

Power segment comprises of generation and sale of wind power energy.

Other segment includes income from sale of airtime, travel business, insurance services etc.

Note : - Above figures has been based on unaudited financials up to March 31, 2016 certified by the management. The assets and liabilities, both monetary and non-monetary of the non-integral foreign operation are translated at the closing rate and income and expenses are translated at the average rate.

5. DISCLOSURES AS PER REGULATION 34 (3) READ WITH SCHEDULE V OF SEBI LISTING REGULATIONS, 2015

(a) Loans and advances to Subsidiary Companies Rs. Nil

(b) Loans and advances to Associate Companies Rs. 494.87 lakh

(c) Loans and advances to Associate Companies / firms in which directors are interested (excluding Subsidiary and Associate Companies): NIL

6. The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

7. The Company has carried out CSR expenditure during the year 2015-16

(a) Gross amount required to be spent by the Company during the year : Rs.61 Lakhs.

(b) Amount spent during the year on :

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

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Mar 31, 2015

1. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

Rs. lakh

Name As at March 31, Maximum Balance 2015 Outstanding during the year

(a) Contingent liabilities

Corporate guarantees issued on behalf of 2,071.54 2,250.61 Group company and Joint Venture

(b) Commitments - -

2. The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

3. The Company has carried out CSR expenditure during the year 2014-15.

(a) Gross amount required to be spent by the Company during the year : Rs. 60 Lakhs.

(b) Amount spent during the year on :

4. The Company has in place an Anti Sexual Harrasment Policy, compliance committee and process of redressal of complaints in line with the requirements of The Sexual Harassment of Women at the Workplace ( Prevention, Prohibition and Redressal ) Act, 2013. During the year no complaints were received.

5. Previous Year''s figures have been regrouped wherever necessary.

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Mar 31, 2014

1.0 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD (AS) 17 SEGMENT REPORTING

Segment reporting : Segment identification, reportable segments and definition of each reportable segment :

1. Primary / secondary segment reporting format :

(a) The risk-return profile of the Company''s business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for the disclosure of segment information.

(b) The Company predominantly operates in domestic areas hence no geographical segments have been identified.

2. Segment identification :

Business segments have been identified on the basis of the nature of products / services, the risk-return profile of individual businesses, the organisation structure and the internal reporting system of the Company.

3. Reportable segments :

Reportable segments have been identified as per the criteria specified in Accounting Standard ( AS ) 17 " Segment Reporting".

4. Segment composition :

Foreign exchange segment comparises of purchase and sale of foreign currencies, notes and paid documents including income received from money transfer business.

Power segment comparises of generation and sale of wind power energy.

Other segment includes sale and purchase of airtime, travel business, insurance services etc.

1.2 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD (AS) 18 RELATED PARTY DISCLOSURES

(a) Related parties and their relationship:

Joint Venture

Horizon Remit Sdn. Bhd. (Country - Malaysia )

Associates

Batot Hydro Power Limited (w.e.f. 06-04-2013)

Brahmanvel Energy Limited (w.e.f. 06-04-2013)

Khandesh Energy Projects Limited (w.e.f. 06-04-2013)

Weizmann Corporate Services Limited (w.e.f. 16-04-2013)

Key Management Personnel

Mr. B. S. Shetty Managing Director

Nature of Transaction

Subscription to equity capital Receipt of interest Rent payment Managerial remuneration

(b) Transactions with related parties:

Party Name

Horizon Remit Sdn. Bhd. Batot Hydro Power Limited Weizmann Corporate Services Ltd. Mr. B. S. Shetty

Relationship

Joint Venture

Associate

Associate

Key Management Personnel

2.31 DISCLOSURES PURSUANT TO ACCOUNTING STANDARD (AS) 27 FINANCIAL REPORTING OF INTERESTS IN JOINT VENTURE

Jointly controlled entity by the company

2.32 DISCLOSURES AS PER CLAUSE 32 OF THE LISTING AGREEMENT

(a) Loans and advances to subsidiary companies : < Nil

(b) Loans and advances to associate companies : < 3.83 lakh

(c) Loans and advances to associate companies / firms in which directors are interested (excluding subsidiary and associate companies):

1.3 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)



As at March 31, 2014 2013

(a) Contingent liabilities

Corporate guarantees issued on behalf of Group company and Joint Venture 2,250.61 2,334.15

(b) Commitments - -

1.4 The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

1.5 Previous Year''s / Period''s figures have been regrouped wherever necessary.

The accompanying note 1 and 2 form an integral part of the financial statements

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Mar 31, 2013

1.1 DISCLOSURES AS PER CLAUSE 32 OF THE LISTING AGREEMENT

(a) Loans and advances to subsidiary companies : Rs Nil

(b) Loans and advances to associate companies : Rs Nil

1.2 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

Rs in lakh As at March 31, 2013 2012 (a) Contingent liabilities

Corporate guarantees issued on behalf of Group company and Joint Venture 2,334.15 2,308.00

(b) Commitments - -



1.3 The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

1.4 Previous Year''s / Period''s fi gures have been regrouped wherever necessary.

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Mar 31, 2012

Terms / rights attached to equity shares

a. The Company has only one class of Equity Shares having par value of Rs. 10 per share.

b. Each holder of Equity Shares is entitled to one vote per share.

c. The dividend on Equity Shares proposed by Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting.

d. In the event of liquidation of the Company, the holder of Equity Shares will be entitled to receive the 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.

e. The Company has neither issued any bonus shares nor bought back any equity shares in the last five years immediately preceeding the balance sheet date.

f. The Company in financial year 2010-11 had issued 11514357 equity shares of face value of Rs. 10 each pursuant to Composite Scheme of Arrangement under Sections 391 to 394 of the Companies Act 1956, sanctioned by the Hon''ble High Court of Bombay on October 29, 2010, pursuant to which the forex business undertaking of the de-merged Company Weizmann Limited stood vested in the Company with effect from de-merge Appointed date April 1,2010 and the Shares were issued in the proportion of 2 equity shares of face value of Rs. 10 each of the Company for every 3 equity shares held by the Shareholders in the de-merged Company Weizmann Limited.

The Board of Directors has recommended a dividend of Rs. 2 per share for the year ended March 31, 2012 (Previous year Rs. 2 per share) on the number of shares outstanding as on the record date. The provision for dividend has been made in the books of account for 11,564,357 equity shares outstanding as at March 31, 2012 amounting to Rs. 231.29 lakh.

[Note : Based on the information of status of suppliers to the extent received by the Company, there are no micro and small enterprises included in trade payables to whom the payments are outstanding for a period of more than 45 days. Further, the Company has not received any Memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status. Consequently, the amount paid / payable to these during the year is Rs. Nil; ( Previous year: Rs. Nil)]_

[Note: Some of the advances, trade receivables, trade payables are subject to confirmation / reconciliations, if any. In respect of trade receivables overdue for six months, the Company has initiated suitable legal actions in all major cases and does not envisage the need for any provision against the same. In the opinion of management the balances as appearing in the books of account are fully realisable in the normal course of business]

Segment reporting : Segment identification, reportable segments and definition of each reportable segment :

1. Primary / secondary segment reporting format :

(a) The risk-return profile of the Company''s business is determined predominantly by the nature of its products and services. Accordingly, the business segments constitute the primary segments for the disclosure of segment information.

(b) The Company predominantly operates in domestic areas hence no geographical segments have been identified.

2. Segment identification :

Business segments have been identified on the basis of the nature of products / services, the risk-return profile of individual businesses, the organisation structure and the internal reporting system of the Company.

3. Reportable segments :

Reportable segments have been identified as per the criteria specified in Accounting Standard ( AS ) 17 " Segment Reporting".

4. Segment composition :

Foreign exchange segment comparises of purchase and sale of foreign currencies, notes and paid documents including income received from money transfer business.

Power segment comparises of generation and sale of wind power energy.

Other segment includes sale and purchase of airtime, travel business, insurance services etc.

1.1 DISCLOSURES AS PER CLAUSE 32 OF THE LISTING AGREEMENT

(a) Loans and advances to subsidiary companies : Rs. Nil

(b) Loans and advances to associate companies : Rs. Nil

(c) Loans and advances to associate companies / firms in which directors are interested (excluding subsidiary and associate companies):

1.2 CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

Rs. in Lakh

As At As At March 31, 2012 March 31, 2011

(a) Contingent liabilities

Corporate guarantees issued on behalf of Group company and Joint Venture 2,308.00 2,469.00

(b) Commitments - -

1.3 The Company uses forward exchange contracts to hedge against its foreign currency exposures related to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

1.4 During the year ended March 31, 2012, the Revised Schedule VI notified under the Companies Act, 1956 has become applicable to the Company. The Company has reclassified previous years figures to confirm to this years classification. It significantly impacts presentation and disclosures made in the financial statements, particularly presentation of the Balance sheet. However it does not impact recognition and measurement principals followed for the preparation of the financial statements.

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Mar 31, 2011

1. Pursuant to the Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956, sanctioned by the Honorable High Court of Bombay on 29th October, 2010, the forex business undertaking of Weizmann Limited stands demerged into the Resultant Company - Chanakya Holdings Limited, w.e.f., 1st April, 2010. Accordingly, the assets and liabilities of the said forex business undertaking as at 1st April, 2010 stands vested in the Company and the transactions post 1st April, 2010 have been incorporated in the financials of the Company. As per the Composite Scheme of Arrangement, the Company has issued and alloted 11,514,357 equity shares in the ratio of two equity shares of face value of Rs.10 each for every three equity shares held by the shareholders in the demerged company - Weizmann Limited. Consequently, the figures for the year are not comparable with those of the previous year.

2. Consequent to an approval received from the Registrar of Companies, Maharashtra, Mumbai and as envisaged in the Composite Scheme of Arrangement, during the year, the Company has changed its name from ''Chanakya Holdings Limited'' to ''Weizmann Forex Limited'' w.e.f., 29th December, 2010.

3. Estimated amounts of contracts remaining to be executed on capital account not provided for (net of advances) Rs. Nil; (Previous year: Rs. Nil).

4. Contingent liabilities

Rs. in Lakh

Particulars As at As at 31st March 31st March 2011 2010

Corporate guarantees issued 2,469.00 -

5. Some of the advances, debtors, sundry creditors are subject to confirmation / reconciliations, if any. In respect of debtors outstanding for more than six months, the Company has initiated suitable legal actions in all major cases and does not envisage the need for any provision against the same. In the opinion of management the balances as appearing in the books are fully realisable in the normal course of business.

6.There are no amounts due and outstanding to be credited to Investors Education and Protection Fund as at 31st March, 2011.

7. Based on the information of status of suppliers to the extent received by the Company, there are no micro, small and medium enterprises included in sundry creditors to whom the payments are outstanding for a period of more than 45 days. Further, the Company has not received any Memorandum (as required to be filed by the suppliers with the notified authority under the Micro, Small and Medium Enterprises Development Act, 2006) claiming their status. Consequently, the amount paid / payable to these during the year is Rs. Nil ( Previous year: Rs. Nil ).

8.As the Company is not a manufacturing Company, information required under paragraphs 3 and 4 of Schedule VI of the Companies Act, 1956 is not given.

9.Disclosure pursuant to Accounting Standard (AS) 15 Employee Benefits The Employee''s Gratuity Fund Scheme managed by Life Insurance Corporation of India is a defined benefit plan. The present value of obligation is determined based on valuation using the projected unit credit method as per the LIC Certificate."

10. As per the Accounting Standard (AS) 28 Impairment of Assets, the Company has reviewed the potential generation of economic benefits from fixed assets. Accordingly, no impairment loss has been provided during the year. (Previous year: Rs. Nil).

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