Notes to Accounts of CMX Holdings Ltd.

Mar 31, 2025

e. Provisions and contingent liabilities

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash flows
(representing the best estimate of the expenditure required to settle the present obligation at the balance
sheet date) at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability. The unwinding of the discount is recognized as finance cost. Expected future
operating losses are not provided for.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control
of the Company. Where it is not probable that an outflow of economic benefits will be required, or the
amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the
possibility of an outflow of economic benefits is remote.

f. Revenue from operations:

Revenue is recognised on the basis of approved contracts regarding the transfer of goods or services to
a customer for an amount that reflects the consideration to which the entity expects to be entitled in
exchange of those goods or services.

Sale of goods/ services

Revenue from the sale of the goods/services is recognised when deliver}'' has taken place and control
of the goods has been transferred to the customer or obligations of services has been fulfilled
according to the specific term that have been agreed with the customer and when there are no longer
any unfulfilled obligations.

Revenue is measured after deduction of any discounts, price concessions, volume rebates and any
taxes or duties collected on behalf of the government such as goods and services tax, etc. The
Company accrues for such discounts, price concessions and volume rebates based on historical
experience and specific contractual terms with the customer.

g. Cusli uml cash equivalents

for the purpose of presentation in the statement ut cash flows, cash and cash equivalents includes cash on
hand, deposits held at call with financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and which
arc subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities in the balance sheet.

h. Income tax

Income tax comprises current and deferred tax. Current tax expense is recognized in statement of profit or
loss except to the extent that it relates to items recognized directly in other comprehensive income or equity,
in which case it is recognized in other comprehensive income or equity.

/. Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the
year and any adjustment to the tax payable or receivable in respect of previous years. The amount
of current tax reflects the best estimate of the tax amount expected to be paid or received after
considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax
laws) enacted or substantively enacted by the reporting date. Current tax assets and current tax
liabilities are offset only if there is a legally enforceable right to set off the recognised amounts,
and it is intended to realize the asset and settle the liability on a net basis or simultaneously.

i. Earnings per share

Basic earnings per equity share is computed by dividing:

• The net profit attributable to equity shareholders of the company

• By the weighted average number of equity shares outstanding during the financial year, adjusted
for bonus elements in equity shares issued during the year and excluding treasury shares
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account:

• The after-income tax effects of interest and other financial costs associated with dilutive potential
equity shares, and

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

j. New and Amended Standards:

The accounting policies adopted in the preparation of the financial statements are consistent with those
followed in the preparation of the Company''s annual financial statements for the year ended March 31,
2024, except for amendments to the existing Indian Accounting Standards (Ind AS). The Company has
not early adopted any other standard, interpretation or amendment that has been issued but is not yet
effective.

The Ministry of Corporate Affairs notified new standards or amendment to existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time.

The Company applied following amendments for the first-time during the current year which are
effective from 1 April 2024:

Introduction of Ind AS 117

MCA notified Ind AS 117, a comprehensive standard that prescribe, recognition, measurement and
disclosure requirements, to avoid diversities in practice for accounting insurance contracts and it
applies to all companies i.e., to all "insurance contracts" regardless of the issuer. However, Ind AS 117
is not applicable to the entities which are insurance companies registered with IRDAI.

Additionally, amendments have been made to Ind AS 101, First-time Adoption of Indian Accounting
Standards Ind AS 101, Rusiness Combinations, Tnd AS 105, Non-current Assets Held for Sale and
Discontinued Operations, Ind AS 107, Financial Instruments: Disclosures, Ind AS 109, Financial
Instruments and Ind AS 115, Revenue from Contracts with Customers to align them with Ind AS 117.
The amendments also introduce enhanced disclosure requirements, particularly in Ind AS 107, to
provide clarity regarding financial instalments associated with insurance contracts.

Amendments to Ind AS 116 -Lease liability in a sale and leaseback

The amendments require an entity to recognise lease liability including variable lease payments which
are not linked to index or a rate in a way it does not result into gain on Right of use asset it retains.

The Company has reviewed the new pronouncements and based on its evaluation has determined that
these amendments do not have a significant impact on the Company''s Financial Statements.

Capital reserve

The 5% Cumulative Redeemable Preference Shares amounting to Rs. 73,000 thousands consisting of 7,30,000 shares of Rs 100 each, were due for
redemption in the month of January, 2007. Based on the offer given to preference shareholders regarding variation in terms of preference shares and
iredemption letter, the Preference Shareholders unanimously approved the offer in their meeting and accordingly, out of Rs 73,000 thousands waiver has
been given for Rs 85 per share amounting to Rs 62,050 thousands and the remaining amount of Rs 15 per share amounting to Rs 10,950 thousands has
been redeemed by way of payment to preference shareholders. Accordingly, Capital Reserve of Rs. 62,050 thousands is created on waiver of Rs. 85 per
share.

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. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up
capital of the Company for that year, then the total dividend distribution is less than the total distributable results for that year. 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 accordance with the specific requirements of Companies Act, 2013.

18 Going Concern

The Company has accumulated losses of Rs. 237,167.21 thousands as on Mar 31,2025 (Rs. 234,644.72 thousands as on March 31,2024) and its net worth has been fully eroded,
the Company has suferred net Losses of Rs.2522.49 thousands and incurred loss of Rs. 1796.84 thousands during the current and previous year respectively and, the Company ''s
current liabilities exceeded its current assets by Rs. 21,095.71 and Rs. 18,324.19 thousands as at the balance sheet date of current year and previous year respectively.The
Company has severely curtailed its operations due to meagreness of funds and adverse market conditions. The Company was not allowed to carry Non-Banking Financial
Business due rejection of its application by the Reserve Bank accordingly,The operations of the Company are restricted to realization of debtors or advances. These conditions,
indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. However, The management is
negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. 1 he accounts ol the company have been prepared on a
“going rnnrern” hasis on an assumption ft promises made hy the management that adequate finances and opportunities would he available in the foreseeable future to enable
the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

20 No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting year. Accordingly no
provision has been made during the reporting period as mandated by “Ind AS 19 on Employees Benefits”.

21 Based on Company''s assessment on current and expected future recoverability of losses, there is no reasonable certainity of realisation of current and accumulated losses,
hence the Company has not recognized deferred tax assets on termporary differnces.

22 Earnings per share (EPS)

Basic and Diluted EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of equity shares
outstanding during the year.

The following reflects the income and share data used in the basic and diluted EPS computations:

The management assessed that cash and cash equivalents, other bank balances, trade receivables, trade payables and other current financial liabilities approximate their
carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is 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.

Fair value hierarchy

All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input
that is insignificant to the fair value measurements as a whole.

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

Level 2 : Valuation techniques for which the lowest level inputs that has a significant effect on the fair value measurement are observable, either directly or indirectly.

Level 3 : Valuation techniques for which the lowest level input which has a significant effect on fair value measurement is not based on observable market data.

25. Financial risk management objectives and policies

The Company’s principal financial liabilities comprise of borrowings, other payables and provisions. The Company’s principal financial assets include
receivables and cash and cash equivalent.

A. Market risk

Market risk is the risk that the fair value of future cash Hows of a financial instrument will fluctuate because of change in market price. Market risk
comprise of interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.

i) 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.
However, as the Company does not have any outstanding floating rate interest bearing long term and short term debts at the balance sheet date.
Therefore, a change in interest rates on the reporting date would neither affect profit or loss nor affect equity.

Fair value sensitivity analysis for fixed rate instruments

The Company does not have any fixed rate financial assets and liabilities at fair value through profit and loss as on date. Therefore, a change in interest
rates at the reporting date would neither affect profit or loss nor affect equity.

B. Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The
Company is exposed to credit risk from its financing activities, including deposits with banks. Management has a credit policy in place and the exposure
to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount.

An impairment analysis is performed at each reporting date on an individual basis. The calculation is based on exchange losses historical data. The
maximum exposure to credit risk at the reporting dale is the carrying value of each class of financial assets disclosed below. The Company does not
hold collateral as security. The Company evaluates the concentration of risk with respect to financing activities as low on the basis of past default rates
of its customers.

C. Liquidity risk

he Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of long term and short term borrowings
and cash credit facilities. The table below summarises the maturity profile of the Company’s financial liabilities based on contracted undiscounted
payments.

27. Mavvana Sugars Limited (The Parent Company) has also entered into a Share Purchase Agreement (SPA) dated February 25, 2021 jointly with Mr.
Prameet Singh Sood and Ms. Aveen Kaur Sood (Acquirer)to sell its entire shareholding i.e. 85,07,814 equity shares of face value of Rs. 10/- each
representing 75% of total paid up equity share capital of the SIEL Financial Services Limited (SFSL), on a mutually agreed price of Rs 0.13 per shares
for a total consideration of Rs 1,110 thousands, which has been received by the Parent Company on February 25, 2021. During the year ended March
31.2022 the above shares are transfered to Acquirer and Mavvana Sugars Limited ceased to Holding Company of the Company

28. No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorization.

29. There are no present obligations requiring provision in accordance with the guiding principles as enunciated in 1ND AS -37, as it is not probable that
an outflow of resources embodying economic benefits will be required.

31. Additional disclosures as required under schedule III of the Companies Act 2013.

(i) Company is not holding any immovable property as of 31/3/2025 and 31/3/2024 and accordingly disclosure related to title deed not held in the name of
company is not applicable.

(ii) The Company is not having any Capital-work-in progress as of 31/3/2025 and 31/3/2024 and accordingly disclosure related to CW1P where completion
is overdue or has exceeded its cost compared to its original plan is not applicable to the company.

(iii) ''fhe company does not hold any Investment Property in its books of accounts, so fair valuation of investment property is not applicable.

(iv) The Company has not revalued any of its Property, Plant & Equipment including Right of use assets and Intangible assets in the current year &.
previous year.

v) The company has not granted any loans or advances to promoters, directors. KM P''s and the related parties that are repayable on demand or without
specifying any terms or period of repayment

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

vii) Company is not having any transaction with the Companies struck off under the Section 248 of the Companies Act 2013 or Section 560 of the
Companies Act 1956.

(viii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

(ix) The company has not been declared as a wilful defaulter by any bank or financial institution or any other lender.

(x) fhe Company has not been sanctioned working capital limits from banks or financial institutions during any point of time of the year on the basis of
security of current assets. Accordingly filing of stock statement is not applicable to the Company.

(xi) flic Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

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

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

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

(xiii) 4 he Company have not received any fund other than above from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

(8lv) Die Company have not any such transaction which is not recorded in the books ot 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

0mu util ii|i|illuilhlu in tin.''
company as per Section 2(45) of the Companies Act,2013.

(xvi) 1 here were no scheme of Arrangements approved by the competent authority during the year in terms of section 230 to 237 of the Companies Act,
2013.

32. Audit frail: The Company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2025 which
does not have a feature of recording audit trail (edit log) facility.

33. Ihe figures of the previous year have been regrouped/recasted. wherever considered necessary, to confirm to the current year classification

''lor S.K. Mehta & Co. For and on behalf of the Board of Directors of

Chartered Accountants For CMX Holdings Limited

Firm Registration No. 000478N (Formerly known as S1EL FINANCIAL SERVICES LIMITED)

Partner /co/ \ J V \ Aveen Kaur Sood^fTTV^v^ Amit Kumar

M. No. 087002 I * 1 _FRN;0004?bNJ *1 Diieclui /Sk''—EMrcciur

\Q \ New Delhi / Y)IN 09757887

M )§

f ter

Place . Gurugram / Sonal Vyas Deepak Kumar Rustagi

Dale : 05/05/2025___Company Secretary_Chief Financial Officer_

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Mar 31, 2024

The management assessed that cash and cash equivalents, other bank balances, trade receivables, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is 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.

Fair value hierarchy

All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is insignificant to the fair value measurements as a whole.

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

Level 2 : Valuation techniques for which the lowest level inputs that has a significant effect on the fair value measurement are observable, either directly or indirectly. Level 3 : Valuation techniques for which the lowest level input which has a significant effect on fair value measurement is not based on observable market data.

28. Financial risk management objectives and policies

The Company''s principal financial liabilities comprise of borrowings, other payables and provisions. The Company''s principal financial assets include receivables and cash and cash equivalent.

A. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market price. Market risk comprise of interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.

i) 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. However, as the Company does not have any outstanding floating rate interest bearing long term and short term debts at the balance sheet date. Therefore, a change in interest rates on the reporting date would neither affect profit or loss nor affect equity.

B. Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities, including deposits with banks. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount.

An impairment analysis is performed at each reporting date on an individual basis. The calculation is based on exchange losses historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed below. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to financing activities as low on the basis of past default rates of its customers.

Based on the historical data, loss on collection of receivable is not material hence no additional provision considered.

C. Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of long term and short term borrowings and cash credit facilities. The table below summarises the maturity profile of the Company''s financial liabilities based on contracted undiscounted payments.

29. Mawana Sugars Limited (The Parent Company) has also entered into a Share Purchase Agreement (SPA) dated February 25, 2021 jointly with Mr. Prameet Singh Sood and Ms. Aveen Kaur Sood (Acquirer)to sell its entire shareholding i.e. 85,07,814 equity shares of face value of Rs. 10/- each representing 75% of total paid up equity share capital of the SIEL Financial Services Limited (SFSL), on a mutually agreed price of Rs 0.13 per shares for a total consideration of Rs 1,110 thousands, which has been received by the Parent Company on February 25, 2021. During the year ended March 31,2022 the above shares are transfered to Acquirer and Mawana Sugars Limited ceased to Holding Company of the Company

30. In fi nancial year 2021-22, the company has planned to enter into the new business/project of Survey reports, Ratings, Financial products, Maintenance worker, etc. This project will provide a platform/Medium for Manufacturers & Suppliers, area partners and consumers for Business networking through many services and products which will be provided to the consumers online and backed by offline support. To start-up the project, the Company has entered into a contract with DAIS world Endeavour Private Limited to develop a software and paid an advance of Rs 1,800 thousands. During the year,the Company has created the provision for this advance.

31. No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorization.

32. There are no present obligations requiring provision in accordance with the guiding principles as enunciated in IND AS -37, as it is not probable that an outflow of resources embodying economic benefits will be required.

34. Other statutory information

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

(ii) The Company do not have any transactions with companies struck off.

(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,

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

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

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

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

(vi) The Company have not received any fund other than above from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

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

(viii) The Company has not been sanctioned working capital limits from banks or financial institutions during any point of time of the year on the basis of security of current assets. Accordingly filing of stock statement is not applicable to the Company.

(ix) The Company have not been declared a willful 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 willful defaulters issued by the Reserve Bank of India.

(x) The Company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2024 which does not have a feature of recording audit trail

35. Previous year figures have been regrouped/reclassified to confirm to current year classifications.

As per our report on even date

For S.S. Kothari Mehta & Co. LLP For and on behalf of the Board of Directors of

Chartered Accountants For CMX Holdings Limited

Firm Registration No. 000756N/N500441 (Formerly known as SIEL FINANCIAL SERVICES LIMITED)

AMIT GOEL Aveen Kaur Sood Amit Kumar

Partner Director Director

Membership No. : 500607 DIN 02638453 DIN 09757887

Place : New Delhi Sonal Vyas Deepak Kumar Rustagi

Data : May 28 ,2024 Company Secretary Chief Financial Officer

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Mar 31, 2015

1. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which are yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a "going concern" basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

2. During the year ended 31st March, 2015, Company has not received any confirmation or intimation from any party that it is covered under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED) accordingly there are no Micro, Small and Medium Enterprises to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. The information required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the company. Accordingly information as required under Micro, Small & Medium Enterprises Development Act, 2006, has not been provided.

3. There were no employees in the company for the year ended 31st March, 2015. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by "Accounting Standard-15 on Employees Benefits", as prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules, 2014.

4. As the Company's business activity falls within a single primary business segment "Financing Operations viz., inter corporate deposits and investments", the disclosure requirements of Accounting Standard (AS 17) "Segment Reporting" as prescribed under Section 133 of the Companies Act, 2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules, 2014 are not required to be furnished.

5. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the foreseeable future, in accordance with Accounting Standard (AS) 22 issued by the Companies (Accounting Standards) Rules, 2006, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the year ending 31st -March -2015.

6. Comparative Figures

Previous year figures have been re-grouped/reclassified, wherever necessary. The figures of current reporting period as well as previous period consist of 12 months ended on 31 March, 2015.

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Mar 31, 2014

1. Contingent liabilities & other Commitments

As at As at March 31,2014 March 31,2013 RS. RS

(i) Unpaid preference dividend 5,91,70,000 5,55,20,000

2. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which are yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a "going concern" basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

3. The Company is a Non-Small and Medium Sized Company (Non-SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, Company has complied with the Accounting Standardsas applicable to a Non-Small and Medium Sized Company.

4. During the year ended 31st March,2014,Company has not received any Medium Enterprises Development Act, 2006 (MSMED) accordingly there are no Micro, Small and Medium Enterprises to whom the company owes dues which are outstanding for more than 45 days as on the Balance Sheet date. The information required to be disclosed under the Micro, Small & Medium Enterprises Development Act, 2006, has been determined to the extent such parties have been identified on the basis of information available with the company. Accordingly information as required under Micro, Small & Medium Enterprises Development Act, 2006, has not been provided.

5. There were no employees in the company for the year ended 31st March, 2014. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by "Accounting Standard-15 on Employees Benefits", issued by Institute of Chartered Accountants of India.

6. As the Company''s business activity falls within a single primary business segment "Financing Operations viz., inter corporate deposits and investments", the disclosure requirements of Accounting Standard (AS 17) "Segment Reporting" ssue6 by Institute of Chartered Accountants of India are not required to be furnished.

7. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the forseeable future, in accordance with Accounting Standard (AS) 22 issued by the Companies (Accounting Standards) Rules, 2006, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the year ending 31st March -2014.

8. Comparative Figures

Previous year figures have been re-grouped/reclassified, wherever necessary. The figures of current reporting period as well as previous period consist of 12 months ended on 31 March, 2014.

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Mar 31, 2013

1. Contingent liabilities & other Commitments

As at As at March 31, 2013 March 31, 2012 RS. RS.

(i) Unpaid preference dividend 5,55,20,000 5,18,70,000

(ii) Disputed Income tax demands - 1,76,95,278*

''This amount has charged off to Profit & Loss in current financial year.

2. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which are yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a "going concern" basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

3. The company had no outstanding dues to suppliers under The Micro, Small and Medium Enterprises Development Act, 2006, (MSMED Act) as at March 31,2013.

4. There were no employees in the company for the period of twelve months ended 31 st March, 2013. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by "Accounting Standard-15 on Employees Benefits", issued by Institute of Chartered Accountants of India.

5. As the Company''s business activity falls within a single primary business segment "Financing Operations viz., inter corporate deposits and investments", the disclosure requirements of Accounting Standard (AS 17) "Segment Reporting"''issued by Institute of Chartered Accountants of India are not applicable.

6. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the forseeable future, in accordance with Accounting Standard (AS) 22 issued by the Companies (Accounting Standards) Rules, 2006, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the financial year ending31-March-2013.

7. Pursuant to the Scheme of Amalgamation of erstwhile Siel Financial Services Limited (erstwhile SFSL), a Non banking financial company with the Company i.e. Shriram Agro-Tech Industries Limited (since renamed as Siel Financial Services Limited) under section 391 and 394 of the Companies Act, 1956 as approved by the High Court of Madhya Pradesh and Delhi vide its Order dated November 11,1997 respectively which became effective on January 8,1998 on filing of the certified copy of the Order of the High Court of Delhi with the Registrar of Companies, Delhi and Haryana, all the properties, assets movable or immovable, rights and power together with all present and future liabilities, including contingent liabilities, obligations and reserves of the erstwhile SFSL were transferred to and vested in the Company with effect from the effective date i.e. April 1,1996 being the transfer date.

8. Comparative Figures

Previous Period''s figures have been re-grouped/reclassified, wherever necessary. The figures of current reporting period as well as previous period consist of 12 months ended on 31 March, 2013.

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Mar 31, 2012

(i) Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, holder of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in propotionate to the number of equity shares held by the shareholders

(ii) Shares held by its holding company and their subsidiary:

Out of the equity shares issued by the Company, shares held by its holding and their subsidiaries are as below:

(vii) The 5% Cumulative Redeemable Preference Shares of Rs. 100 each, allotted on January 13,1998 are redeemable at par at the option of the Company at any time not later than the ninth year from the date of the issue. So, these shares are overdue for repayment on 12-January, 2007. However, due to losses & paucity of funds, capital redemption reserve could not be created & appropriate number of equity funds could not be brought in & accordingly the said shares could not be redeemed. The management of the Company intends to redeem it & efforts are being made to redeem the same.

Note - 1A

Reserve Fund maintained pursuant to section 45-IC of the Reserve Bank of India (Amendment) Act, 1997, is no longer required and the same has been transferred to General Reserve during financial year ended 31.03.2012.

Notes

2A Company has obtained interest free corporate deposit of Rs 1,20,00,000 & unsecured advance on current account of Rs 2,45,87,613 from Mawana Sugars Limited (formerly known as SIEL Limited) which is its Holding Company. The same shall be adjusted or paid as per mutually agreed terms.

Notes 3A The Company had obtained interest bearing Inter Corporate Deposit of Rs 1,57,00,000 from SFSL Investments Limited which was step down subsidiary of its holding company. SFSL Investments Limited, the step down subsidiary of its holding i.e. Mawana Sugars Limited, has been disposed off by holding company on 31st January, 2011 and is no longer a step down subsidiary of its holding company from 31 st January, 2011. The Company is not paying interest from last few years. The Company is negotiating with SFSL Investments Limited for waiver of interest amounting to Rs. 2,29,09,000 (including Rs. 2,10,25,000 upto 31st March, 2011) payable on the said inter corporate deposit. Accordingly, no provision for the same has been made in these accounts in the financial year ending 31 -March-2012.

1. Contingent liabilities & other Commitments_ As at As at March 31,2012 March 31,2011 RS; RS;

Unpaid preference dividend 5,18,70,000 4,82,20,000

Disputed Income tax demands 1,76,95,278 4,21,20,810

Disputed Interest tax demand - 1,30,537

Against the disputed income tax demand the company has been deposited Rs 1,76,95,278/-. .

2. The Company has severely curtailed its operations due to paucity of funds and adverse market conditions. The operations of the Company are restricted to realization of debtors or advances. Besides, the Company has also invested in deposits with banks which is yielding interest income. The management is negotiating with certain parties for realizing some of the assets and is hopeful of generating funds for this business. The accounts of the company have been prepared on a “going concern” basis on an assumption & premises made by the management that adequate finances and opportunities would be available in the foreseeable future to enable the company to start operating on a profitable basis. In view of the above, the accounts of the Company have been prepared on a going concern basis.

3. The company had no outstanding dues to suppliers under The Micro, Small and Medium Enterprises Development Act, 2006, (MSMED Act) as at March 31,2012.

4. There were no employees in the company during the financial year ended 31st March, 2012. No Employee Benefits Schemes such as Gratuity, Provident Fund & other staff welfare schemes are applicable on the Company during the reporting period. Accordingly no provision has been made during the reporting period as mandated by ‘Accounting Standard-15 on Employees Benefits”, issued by Institute of Chartered Accountants of India.

5. As the Company's business activity falls within a single primary business segment “Financing Operations viz., inter corporate deposits and investments”, the disclosure requirements of Accounting Standard (AS 17) ‘Segment Reporting" issued by Institute of Chartered Accountants of India are not applicable.

6. As the Company has substantial unabsorbed depreciation and carry forward losses under the Income Tax Act, 1961 and is unlikely to have taxable income in the forseeable future, in accordance with Accounting Standard (AS) 22 issued by the Institute of Chartered Accountants of India, the net deferred tax assets has not been recognized in these accounts. No Deferred Tax Liabilities has been determined during the financial year ending 31-March-2012.

7. Pursuant to the Scheme of Amalgamation of erstwhile Siel Financial Services Limited (erstwhile SFSL), a Non banking financial company with the Company i.e. Shriram Agro-Tech Industries Limited (since renamed as Siel Financial Services Limited) under section 391 and 394 of the Companies Act, 1956 as approved by the High Court of Madhya Pradesh and Delhi vide its Order dated November 11,1997 respectively which became effective on January 8,1998 on filing of the certified copy of the Order of the High Court of Delhi with the Registrar of Companies, Delhi and Haryana, all the properties, assets movable or immovable, rights and power together with all present and future liabilities, including contingent liabilities, obligations and reserves of the erstwhile SFSL were transferred to and vested in the Company with effect from the effective date i.e. April 1,1996 being the transfer date.

8. During the previous year ended 31s March, 2011, Mawana Sugar Limited became subsidiary of Usha International Limited. Accordingly, the company has also become step down subsidiary of Usha International Limited.

9. Comparative Figures

Previous year's figures have been re-grouped/reclassified, wherever necessary.