Notes to Accounts of Credent Global Finance Ltd.

Mar 31, 2025

(#) In terms of approval of Board of Directors at their meeting held on 18 August, 2023, the Company allotted 33,54,746 equity shares at a Price of Rs. 140 per share (including premium of Rs. 130 per share) to existing shareholder''s on rights basis. Basic and diluted earnings per share for the quarter and year ended 31 March, 2023 have been accordingly adjusted for the effect of Rights Issue.

(b) Rights / preferences / restrictions attached to equity shares

The Company has one class of equity shares having a par value of Rs. 2 per Share for the year ended 31st March 2025 and Rs. 10 per share for the year ended 31st March 2024. Each Shareholder is eligible for one vote per share held. The dividend proposed (if any) by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend(if any). In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Nature and purpose of reserves:

Retained Earning

This reserve represents the cumulative profits of the Company less any transfer to statutory reserve. This can be utilised in accordance with the provision of Companies Act, 2013.

Statutory Reserves as per section 45-IC of the RBI Act, 1934

The Company has to transfer 20% of its profit after tax to the statutory reserves in accordance with the provision of Section 45-IC of Reserve Bank of India Act, 1934. The same will be utilised in accordance with the provisions of the Reserve Bank of India Act, 1934.

Other comprehensive income (OCI)

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVOCI reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

30 Contingent liabilities and capital commitments
		For the year ended For the year ended
		31 March 2025 31 March 2024
(a)	Contingent liabilities
	- Income Tax (Pending before Assessing officer) - Outstanding Bank Guarantees - Claim received but not acknowledged by the Company	- 13.09
(b)	Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	- -
(c)	The Company has commitments for services, purchase of goods and employee benefits, in normal course of business. commitments/contracts including derivative contracts for which there will be any material foreseeable losses.	The Company does not have any long-term

34 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and postemployment received Presidential assent on 28th September 2020 and has been published in the Gazette of India. However, the date on which the provisions of the Code will come into effect has not been notified. Further, related Schemes and Rules are also awaited. The Company will evaluate the impact of the code after it has been notified.

35 In opinion of the Board, the loans & advances and other current assets have a value, which if realized in the ordinary course of business, will not be less than the value stated in the Balance Sheet.

36 The Company has not obtained Actuarial Valuation with regards to Employee’s terminal benefits i.e., Gratuity and Leave Encashment as mandated by Indian Accounting Standard (Ind As 19) issued by the Institute of Chartered Accountants of India. In view of lesser number of employees on rolls, the Company has provided these benefits on actual basis.

37 Balance appearing under loans & advances, trade receivables, trade payables, current assets and current liabilities are subject to confirmations in certain cases.

38 During the year, the Company has conducted physical verification of its property, plant and equipment in order to ensure their location, existence and assess their working condition. No discrepancies have been reported during such verification.

39 All the property, plant & equipment and intangible assets of the Company are fully depreciated in accordance with the provisions of Companies Act, 2013. The minimum residual value is carried in books of accounts.

40 Financial risk management

The Company’s financial liabilities generally comprises of trade payables, borrowing etc. The main purpose of these financial liabilities is to raise finances for the Company. The financial assets held by the Company consist of balance with banks, security deposit etc.

There are various risk involved with the activities of the Company like credit risk, liquidity risk and market risk. The board of directors reviews and agrees policies for managing each of these risks which are summarized below:

(i) Credit Risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. The Company has credit risk from its other Financial Assets.

The customer credit risk is managed subject to the Company’s established policy, procedure and controls relating to customer credit risk management. In order to contain the business risk, prior to acceptance of any contract, feasibility study is carried out considering the various factors like market trends etc. The Company remains vigilant and regularly assesses the credit risk during execution of contracts with a view to limit risks of delays and default. In view of the industry practice, credit risks from receivables are well contained on an overall basis.

(ii) Liquidity risk

The Liquidity risk is the risk that the Company does not have sufficient financial resources to meet its obligations as they fall due, or will have to do so at an excessive cost. The risk arises from mismatchs in the timing of cash flows which is inherent in all finance driven organisation and can be affected by a range of company specific and market-wide events.

(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 prices comprise interest rate risk. Foreign Currency Risk

The Company does not have any exposure to foreign curency Hence, any fluctuations on account of foreign currency has not arises.

Equity Price Risk

The Company is exposed to equity price risk arising from its investments in equity instruments. Equity price risk is related to the change in market reference price of the investment in equity securities.

Interest Rate Risk

The company is not exposed to interest rate risk as it has no borrowings at the Balance sheet date.

41 Capital management

The company maintains an actively managed capital base to cover risk inherent in the business which includes issued equity capital and all other equity reserves attributable to equity holders of the Company, The primary objectives of the Company''s capital management is to ensure that the Company complies with extremelly imposed capital requirements and maintains healthy capital ratios in order to support its business and to maximise shareholder value. The Company manages its capital structure and makes adjustments to it according to changes in economic condition and the risk characterestic of its activities, in order to maintain or adjust the capital structure, the Company may adjust the amount of dividend payments to shareholders return capital to shareholders or issues securities.

A As defined in paragraph 2(1)(xii)of the Non Banking Financial Companies acceptance of public deposits (Reserve Bank) directions,1998

B Provisioning norms shall be appliacable as prescribed in Non Banking financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve bank Directions,

2007)

C All Indian Accounting standards (Ind As) and guidance notes issued by ICAI are applicable incuding for valuation of investment and other assets as also assets acquired in satisfaction of debt.However, market value in respect of quoted investment and break up/fair value/NAv in rspect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in(4) above.

Cash and cash equivalents, loans and trade payables have short term maturity (less than twelve months) and thus their carrying amounts are a reasonable approximation of their fair value. The carrying value of investments in unquoted equity instruments and other Financial Assets is a reasonable approximation to their fair values.

44 Statutory Reserve represents the reserve fund created under section 45-IC of the Reserve Bank of India Act, 1934. An amount of Rs. 42.47 lacs (Previous year Rs. 26.41 lacs) representing 20% of net profit transferred to the reserve fund for the year.

45 (i) Provision as per IND-AS 109 (Impairment allowance)

Since all the loan assets are recoverable on demand and accordingly the same has been classified as "Stage One" assets considering the general approach as per IND-AS 109. Further the management is not expecting any default event on a financial instrument that are possible within the 12 months after the reporting date. Therefore, no provision required to be made in the books of account as at the balance sheet date.

(ii) Provision as per IRACP norms (provisions for standard & non performing assets)

Provision for non-performing assets (NPAs) is made in the financials statements according to the prudential Norms prescribed by RBI for NBFCs. The Company also makes additional provisons towards loan assets, based on the management''s best estimate. Additional provison of 0.40% on standard assets has also been made during the year, as per stipulation of RBI on standard assets. Company has made provisions for standard Assets as well Non -performing Assets as per the table below:

49 The Company does not have any exposure to Real estate sector during the year ended 31 March, 2025 and previous year ended 31 March, 2024.

50 Additional regulatory information

(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the Rules made thereunder.

(ii) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.

(iv) The Company has not traded or invested in cryptocurrency or virtual currency during the year.

(v) The Company does not have any charges or satisfaction of charges which are yet to be registered with the Registrar of Companies beyond the statutory period.

(vi) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediary shall, whether directly or indirectly lend or invest in other persons/entities identified in any other 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.

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding party") with the understanding (whether recorded in writing or otherwise) that the Company shall 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.

(viii) The Company does not have any transactions with companies struck off.

(ix) The Company has complied with the requirement with respect to the number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(x) The Company has not entered into any scheme of arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.

(xi) During the year, the Company has not been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, from banks on the basis of security of current assets.

50 The name of the Company has been changed from ''Oracle Credit Limited'' to ''Credent Global Finance Limited'' vide fresh Certificate of Incorporation received from Ministry of Corporate Affairs dated 06 April 2023. Further, BSE Limited has been approved the same on 18 April 2023 and reflected on stock exchange on 24 April 2023

51 In accordance with the Section 123 of the Companies Act, 2013 and applicable rules and regulations, the Board of Directors of the Company have not approved an interim dividend to equity shareholders of the Company for the financial year 2024-25.

Classification of financial assets under various stages

The Company classifies its financial assets in three stages having the following characteristics:

Standard Assets:

Standard Asset is one which which does not carry more than normal risk attached to the business and hence the same is not considered as NPA. Provision on such assets has been made at the rate of 0.40% as per RBI norms. Substandard Assets:

i. An asset has been classified as sub-standard if it remained NPA for a period less than or equal to 18 months.

Provision on substandard assets has been made at 10% as per RBI norms

Doubtful Assets:

An asset is required to be classified as doubtful, if it has remained NPA for more than 18 months.

Provisioning (%)

Doubtful Assets: Unsecured 100%

53 Figures for the previous year have been regrouped/reclassified/reinstated, wherever considered necessary.

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Mar 31, 2024

2.6 Provisions,Contingent Liabilities and Contingent Assets

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event. It is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used the increase in the provision due to the passage of time is recognised as a finance cost.

A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract.

When some or all of the economic benefits required to settle provision are expected to be recovered from a third party, a receivable is recognised as an asset, if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

In case of litigations, provision is recognised once it has been established that the company has a present obligation based on Information available up to the date on which the Company''s financial statements are finalised and may in the some cases entail seeking expert advice the determination on whether there is a present obligation.

Contingent Liabilities

Contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non: occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation Company does not recognised contingent liability but disclose its existence in the financial statements.

Contingent Assets

Contingent assets are not recognised in the financial statements, but are disclosed where an inflow of economic benefits probable.

2.7 Cash and cash equivalents

Cash and cash equivalents comprise of cash on hand, balances with banks, cheques on hand, remittances in transit and short-term Investments with an ordinal maturity or three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.8 Financial instruments

Classification of financial Instruments

The Company Classifies it’s financial into the following measurement categories:

1 Financial assets to be measured at amortised cost

2. Financial assets to be measured at fair value through other comprehensive income

3. Financial assets to be measured at fair value through profit or loss.

The classification depends on these contractual terms of the financial asset cash flows and the Company''s business model for managing financial assets which are explained below

2.9 Business model assessment

The Company determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective.

The Company’s business model is not assessed on an instrument-by instrument basis, but at a higher level of aggregated portfolios.

2.10 The Solely Payments of Principal and Interest (SPPI) test

As a second step of its classification process the Company assesses the contractual terms of financial assets to identify whether they meet the SPPI test.

"Principal” for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there is repayment of principal or amortisation of the (premium/ discount).

In assessing whether the contractual cash flows are SPPI, The Company considers the contractual terms of the instrument. This includes assessing whether the financial assets contain a contractual term that could change the timing or amount of contractual Cash flows such that it would not meet this condition.

The Company classifies is financial liabilities amortised costs unless it has designated liabilities at fair value through the profit and loss account or required to measure liabilities at fair value through profit or loss such as derivative liabilities.

2.11 Recognition of Financial instruments:

Financial assets and financial liabilities are recognised when entity becomes party to the contractual provisions of the instruments. Initial Measurement of Financial Instruments:

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Statement of Profit and Loss.

Subsequent Measurement:

Financial Assets

A financial asset is measured at amortised cost, it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and Interest on the principal amount outstanding.

2.12 Financial Assets at Fair Value through Other Comprehensive (FVTOCI)

A financial assets is measured at FVTOCI, if it is held with a bounds model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flow, that are solely payments of principal and interest on the principal amount outstanding.

2.13 Financial Assets at fair value through Profit & Loss (FVTPL)

Financial assets FTVPL include financial held for trading and financial assets designated upon initial recognition as at FVTPL A financial asset that meets the amortised code criteria or debt Instruments that meet the FVTOCI criteria may be designated as at FVTPL upon initial recognition it such designation eliminates significantly reduces a measurement or recognition inconsistency that would arise measuring assets or liabilities or recognise the Profits and losses on them on different bases.

2.14 Effective interest Rate (EIR) Method:

EIR is a method of calculating the amortised cost at allocating interest income or expenses over the relevant period.

The EIR for financial assets or financial liability is computed

a) At the rate that exactly counts estimated future cash receipts or payment through the expected lie of the financial asset on financial liability to the gross carrying amount of a financial act or to the amortised cost of a financial liability on initial recognition.

b) By considering contractual terms of the financial Instrument in estimating the cash flows.

c) Including all fees received between parties to the contra that are integral part of the effective interest rate, transaction costs and all other premium or discount.

2.15 Derecognise of Financial Assets.

The Comply derecognises a financial assets when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially with and rewards of ownership of the asset to another party,

On derecognise of a financial asset accounted under Ind AS 109 in its entity

a) for financial assets measured at amortised cost the gain or loss in the Statement of Profit and LOSS.

b) for financial sets measured at a value through other comprehensive income the cumulative fair value adjustments previously taken to reserves reclassified to the statement at Profit and Loss unless the asset represents an equity investment in which case the cumulative fair value adjustments previously taken to reserves may be reclassified within Equity.

If the transferred assets is part of a larger financial asset and the part transferred qualifies for derecognition in its entirety, the previous carrying amount of the larger financial asset shall be allotted between the port that continues to be recognised and the part that is derecognised, on the basis of the relative fair values of those parts of the date of the transfer.

If the Company neither transfer nor retains substantially all the risks and rewards at ownership and continues to control the transferred asset it recognises its retained interest in the assets and an associated liability for amounts it may have to pay.

If the Company as substantially all the risks and rewards of ownership of a transferred financial asset, it continues to recognise the financial assets and also recognises a liability for the proceeds received.

2.16 Financial Liabilities & Equity Instruments

Classification a debt or equity financial abilities and equity Instruments, issued are classified according to the substance of the contractual arrangements entered into and the definition official ability and an equity instrument Equity Instrument.

Equity Instruments

An equity instrument is contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Repurchase of the Company''s own equity instrument recognised and deducted directly in equity. No gain or loss is recognised in the statement of Profit und Loss on the purchase sale; ISSUE or cancellation of the Company''s own equity instruments.

Financial Liabilities

The Company classifies all financial abilities as subsequently measured at amortised cost, except for financial abilities at fair value through profit or loss.

Derecognition of financial liabilities

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

2.17 Off-setting of financial instruments

Financial assets and liabilities are offset and the het mount is reported in the Balance Sheet when there is a legally enforceable right to offset the recognised amounts and there can intention to settle one at basis of realise the asset and settle the liability simultaneously.

2.18 Earnings Per Share (“EPS")

Basic EPS share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividend, If any, attributable taxes) by the weighted average number of equity shares outstanding during the year For the purpose of calculating diluted earnings per share, the net profit or loss the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares Dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been lived eta later date. In computing the dilutive comings per shares, only potential equity shares that are dilutive and that either reduces the Earnings per share or increases lose the share are included .

2.19 Significant accounting judgements estimates and assumptions

The preparation of financial statements in conformity with the Ind AS requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities the accompanying disclosure and the disclosure of contingent liabilities at the end of the reporting period. Estimates and underlying assumptions are reviewed on an Ongoing basis. Revisions to accounting, estimates are recognized in the period in what the estimates are revised and future periods are affected. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amount of assets or liabilities in future periods.

In particular information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements included in the following notes

2.20 Impairment of financial instruments

Equity instruments are not subject to impairment under Ind AS 109.

The Company recognises lifetime expected credit losses (ECL) when there has been a significant increase in credit risk since initial recognition and when the financial instrument is credit impaired. If the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12 month ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition. 12 month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

When determining whether credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, including on historical experience and forwardlooking information.

Nature and purpose of reserves:

Retained Earning

This reserve represents the cumulative profits of the Company less any transfer to statutory reserve. This can be utilised in accordance with the provision of Companies Act, 2013.

Statutory Reserves as per section 45-IC of the RBI Act, 1934

The Company has to transfer 20% of its profit after tax to the statutory reserves in accordance with the provision of Section 45-IC of Reserve Bank of India Act, 1934. The same will be utilised in accordance with the provisions of the Reserve Bank of India Act, 1934.

Other comprehensive income (OCI)

(a) The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVOCI reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

(b) The Company has recognised remeasrement of defined benefits plans through other comprehensive income.

38 The Company has not obtained Actuarial Valuation with regards to Employee’s terminal benefits i.e., Gratuity and Leave Encashment as mandated by Indian Accounting Standard (Ind As 19) issued by the Institute of Chartered Accountants of India. In view of lesser number of employees on rolls, the Company has provided these benefits on actual basis.

39 Balance appearing under loans & advances, trade receivables, trade payables, current assets and current liabilities are subject to confirmations in certain cases.

40 During the year, the Company has conducted physical verification of its property, plant and equipment in order to ensure their location, existence and assess their working condition. No discrepancies have been reported during such verification.

41 All the property, plant & equipment and intangible assets of the Company are fully depreciated in accordance with the provisions of Companies Act, 2013. The minimum residual value is carried in books of accounts.

42 Management’s assessment on impact of COVID-19

The outbreak of Corona virus disease (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The management has considered the possible effects that may result from the pandemic on the carrying amount of receivables, loans/advances, investments and other assets / liabilities. Based on the current indicators of future economic conditions, the management expects to recover the carrying amount of these assets. However, the management will continue to closely monitor any material changes to future economic conditions.

43 Financial risk management

The Company’s financial liabilities generally comprises of trade payables, borrowing etc. The main purpose of these financial liabilities is to raise finances for the Company. The financial assets held by the Company consist of balance with banks, security deposit etc.

There are various risk involved with the activities of the Company like credit risk, liquidity risk and market risk. The board of directors reviews and agrees policies for managing each of these risks which are summarized below:

(i) Credit Risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. The Company has credit risk from its other Financial Assets.

The customer credit risk is managed subject to the Company’s established policy, procedure and controls relating to customer credit risk management. In order to contain the business risk, prior to acceptance of any contract, feasibility study is carried out considering the various factors like market trends etc. The Company remains vigilant and regularly assesses the credit risk during execution of contracts with a view to limit risks of delays and default. In view of the industry practice, credit risks from receivables are well contained on an overall basis.

(ii) Liquidity risk

The Liquidity risk is the risk that the Company does not have sufficient financial resources to meet its obligations as they fall due, or will have to do so at an excessive cost. The risk arises from mismatchs in the timing of cash flows which is inherent in all finance driven organisation and can be affected by a range of company specific and market-wide events.

Classification of financial assets under various stages

The Company classifies its financial assets in three stages having the following characteristics:

Standard Assets:

Standard Asset is one which which does not carry more than normal risk attached to the business and hence the same is not considered as NPA. Provision on such assets has been made at the rate of 0.40% as per RBI norms. Substandard Assets:

i. An asset has been classified as sub-standard if it remained NPA for a period less than or equal to 18 months.

Provision on substandard assets has been made at 10% as per RBI norms

Doubtful Assets:

An asset is required to be classified as doubtful, if it has remained NPA for more than 18 months.

Provisioning (%)

Doubtful Assets: Unsecured 100%

59 Figures for the previous year have been regrouped/reclassified/reinstated, wherever considered necessary.

See accompanying notes to the financial statements

In terms of our report attached For Kapish Jain & Associates,

Chartered A ccountants For and on behalf of the Board of Directors

Firm Registration No.: 022743N Credent Global Finance Limited

(Formerly known as Oracle Credit Limited)

Kapish Jain Aditya Vikram Kanoria Mohit K Chheda

Partner Managing Director & CFO Director

Membership No: 514162 DIN: 07002410 DIN: 06594845

Place: New Delhi Place: Rio Brazil Place: Mumbai

Date: May 30, 2024 Date: May 30, 2024 Date: May 30, 2024

Preeti Sethi

Company Secretary Membership No. A65331 Place: New Delhi Date: May 30, 2024

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Mar 31, 2023

2.6 Provisions,Contingent Liabilities and Contingent Assets

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event. It is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used the increase in the provision due to the passage of time is recognised as a finance cost.

A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract.

When some or all of the economic benefits required to settle provision are expected to be recovered from a third party, a receivable is recognised as an asset, if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

In case of litigations, provision is recognised once it has been established that the company has a present obligation based on Information available up to the date on which the Company''s financial statements are finalised and may in the some cases entail seeking expert advice the determination on whether there is a present obligation.

Contingent Liabilities

Contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non: occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation Company does not recognised contingent liability but disclose its existence in the financial statements.

Contingent Assets

Contingent assets are not recognised in the financial statements, but are disclosed where an inflow of economic benefits probable.

2.7 Cash and cash equivalents

Cash and cash equivalents comprise of cash on hand, balances with banks, cheques on hand, remittances in transit and short-term Investments with an ordinal maturity or three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.8 Financial instruments

Classification of financial Instruments

The Company Classifies it’s financial into the following measurement categories:

1 Financial assets to be measured at amortised cost

2. Financial assets to be measured at fair value through other comprehensive income

3. Financial assets to be measured at fair value through profit or loss.

The classification depends on these contractual terms of the financial asset cash flows and the Company''s business model for managing financial assets which are explained below

2.9 Business model assessment

The Company determines its business model at the level that best reflects how it manages groups of financial assets to achieve its business objective.

The Company’s business model is not assessed on an instrument-by instrument basis, but at a higher level of aggregated portfolios.

2.10 The Solely Payments of Principal and Interest (SPPI) test

As a second step of its classification process the Company assesses the contractual terms of financial assets to identify whether they meet the SPPI test.

"Principal” for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset (for example, if there is repayment of principal or amortisation of the (premium/ discount).

In assessing whether the contractual cash flows are SPPI, The Company considers the contractual terms of the instrument. This includes assessing whether the financial assets contain a contractual term that could change the timing or amount of contractual Cash flows such that it would not meet this condition.

The Company classifies is financial liabilities amortised costs unless it has designated liabilities at fair value through the profit and loss account or required to measure liabilities at fair value through profit or loss such as derivative liabilities.

2.11 Recognition of Financial instruments:

Financial assets and financial liabilities are recognised when entity becomes party to the contractual provisions of the instruments. Initial Measurement of Financial Instruments:

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Statement of Profit and Loss.

Subsequent Measurement:

Financial Assets

A financial asset is measured at amortised cost, it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and Interest on the principal amount outstanding.

2.12 Financial Assets at Fair Value through Other Comprehensive (FVTOCI)

A financial assets is measured at FVTOCI, if it is held with a bounds model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flow, that are solely payments of principal and interest on the principal amount outstanding.

2.13 Financial Assets at fair value through Profit & Loss (FVTPL)

Financial assets FTVPL include financial held for trading and financial assets designated upon initial recognition as at FVTPL A financial asset that meets the amortised code criteria or debt Instruments that meet the FVTOCI criteria may be designated as at FVTPL upon initial recognition it such designation eliminates significantly reduces a measurement or recognition inconsistency that would arise measuring assets or liabilities or recognise the Profits and losses on them on different bases.

2.14 Effective interest Rate (EIR) Method:

EIR is a method of calculating the amortised cost at allocating interest income or expenses over the relevant period.

The EIR for financial assets or financial liability is computed

a) At the rate that exactly counts estimated future cash receipts or payment through the expected lie of the financial asset on financial liability to the gross carrying amount of a financial act or to the amortised cost of a financial liability on initial recognition.

b) By considering contractual terms of the financial Instrument in estimating the cash flows. c) Including all fees received between parties to the contra that are integral part of the effective interest rate, transaction costs and all other premium or discount.

2.15 Derecognise of Financial Assets.

The Comply derecognises a financial assets when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially with and rewards of ownership of the asset to another party,

On derecognise of a financial asset accounted under Ind AS 109 in its entity

a) for financial assets measured at amortised cost the gain or loss in the Statement of Profit and LOSS.

b] for financial sets measured at a value through other comprehensive income the cumulative fair value adjustments previously taken to reserves reclassified to the statement at Profit and Loss unless the asset represents an equity investment in which case the cumulative fair value adjustments previously taken to reserves may be reclassified within Equity.

If the transferred assets is part of a larger financial asset and the part transferred qualifies for derecognition in its entirety, the previous carrying amount of the larger financial asset shall be allotted between the port that continues to be recognised and the part that is derecognised, on the basis of the relative fair values of those parts of the date of the transfer.

If the Company neither transfer nor retains substantially all the risks and rewards at ownership and continues to control the transferred asset it recognises its retained interest in the assets and an associated liability for amounts it may have to pay.

If the Company as substantially all the risks and rewards of ownership of a transferred financial asset, it continues to recognise the financial assets and also recognises a liability for the proceeds received.

2.16 Financial Liabilities & Equity Instruments

Classification a debt or equity financial abilities and equity Instruments, issued are classified according to the substance of the contractual arrangements entered into and the definition official ability and an equity instrument Equity Instrument.

Equity Instruments

An equity instrument is contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Repurchase of the Company''s own equity instrument recognised and deducted directly in equity. No gain or loss is recognised in the statement of Profit und Loss on the purchase sale; ISSUE or cancellation of the Company''s own equity instruments.

Financial Liabilities

The Company classifies all financial abilities as subsequently measured at amortised cost, except for financial abilities at fair value through profit or loss.

Derecognition of financial liabilities

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

2.17 Off-setting of financial instruments

Financial assets and liabilities are offset and the het mount is reported in the Balance Sheet when there is a legally enforceable right to offset the recognised amounts and there can intention to settle one at basis of realise the asset and settle the liability simultaneously.

2.18 Earnings Per Share (“EPS")

Basic EPS share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting preference dividend, If any, attributable taxes) by the weighted average number of equity shares outstanding during the year For the purpose of calculating diluted earnings per share, the net profit or loss the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares Dilutive potential equity shares are deemed converted as of the beginning of the period, unless they have been lived eta later date. In computing the dilutive comings per shares, only potential equity shares that are dilutive and that either reduces the Earnings per share or increases lose the share are included .

2.19 Significant accounting judgements estimates and assumptions

The preparation of financial statements in conformity with the Ind AS requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities the accompanying disclosure and the disclosure of contingent liabilities at the end of the reporting period. Estimates and underlying assumptions are reviewed on an Ongoing basis. Revisions to accounting, estimates are recognized in the period in what the estimates are revised and future periods are affected. Although these estimates are based on the management''s best knowledge of current events and actions, uncertainty about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amount of assets or liabilities in future periods.

In particular information about significant areas of estimation uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements included in the following notes

2.20 Impairment of financial instruments

Equity instruments are not subject to impairment under Ind AS 109.

The Company recognises lifetime expected credit losses (ECL) when there has been a significant increase in credit risk since initial recognition and when the financial instrument is credit impaired. If the credit risk on the financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12 month ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition. 12 month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.

When determining whether credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, including on historical experience and forwardlooking information.

# The details of amounts outstanding to micro and small enterprises under the Micro, Small and Medium Enterprises Development A ct, 2006 are as per available information with the Company.

37 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and postemployment received Presidential assent on 28th September 2020 and has been published in the Gazette of India. However, the date on which the provisions of the Code will come into effect has not been notified. Further, related Schemes and Rules are also awaited. The Company will evaluate the impact of the code after it has been notified.

38 In opinion of the Board, the loans & advances and other current assets have a value, which if realized in the ordinary course of business, will not be less than the value stated in the Balance Sheet.

39 The Company has not obtained Actuarial Valuation with regards to Employee’s terminal benefits i.e., Gratuity and Leave Encashment as mandated by Indian Accounting Standard (Ind As 19) issued by the Institute of Chartered Accountants of India. In view of lesser number of employees on rolls, the Company has provided these benefits on actual basis.

40 Balance appearing under loans & advances, trade receivables, trade payables, current assets and current liabilities are subject to confirmations in certain cases.

41 During the year, the Company has conducted physical verification of its property, plant and equipment in order to ensure their location, existence and assess their working condition. No discrepancies have been reported during such verification.

42 All the property, plant & equipment and intangible assets of the Company are fully depreciated in accordance with the provisions of Companies Act, 2013. The minimum residual value is carried in books of accounts.

Notes forming part of the Standalone financial statements for the year ended 31 March 2023

(A ll amounts in f lacs, unless otherwise stated)

43 Management’s assessment on impact of COVID-19

The outbreak of Corona virus disease (COVID-19) pandemic globally and in India is causing significant disturbance and slowdown of economic activity. The management has considered the possible effects that may result from the pandemic on the carrying amount of receivables, loans/advances, investments and other assets / liabilities. Based on the current indicators of future economic conditions, the management expects to recover the carrying amount of these assets. However, the management will continue to closely monitor any material changes to future economic conditions.

44 Financial risk management

The Company’s financial liabilities generally comprises of trade payables, borrowing etc. The main purpose of these financial liabilities is to raise finances for the Company. The financial assets held by the Company consist of balance with banks, security deposit etc.

There are various risk involved with the activities of the Company like credit risk, liquidity risk and market risk. The board of directors reviews and agrees policies for managing each of these risks which are summarized below:

(i) Credit Risk

Credit risk arises when a counterparty defaults on its contractual obligations to pay resulting in financial loss to the Company. The Company has credit risk from its other Financial Assets.

The customer credit risk is managed subject to the Company’s established policy, procedure and controls relating to customer credit risk management. In order to contain the business risk, prior to acceptance of any contract, feasibility study is carried out considering the various factors like market trends etc. The Company remains vigilant and regularly assesses the credit risk during execution of contracts with a view to limit risks of delays and default. In view of the industry practice, credit risks from receivables are well contained on an overall basis.

(ii) Liquidity risk

The Liquidity risk is the risk that the Company does not have sufficient financial resources to meet its obligations as they fall due, or will have to do so at an excessive cost. The risk arises from mismatchs in the timing of cash flows which is inherent in all finance driven organisation and can be affected by a range of company specific and market-wide events.

52 The Company does not have any exposure to Real estate sector during the year ended 31 March, 2023 and previous year ended 31 March, 2022.

53 Additional regulatory information

(i) The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the Rules made thereunder.

(ii) The Company has not been declared a wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iii) There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 (such as search or survey), that has not been recorded in the books of account.

(iv) The Company has not traded or invested in cryptocurrency or virtual currency during the year.

(v) The Company does not have any charges or satisfaction of charges which are yet to be registered with the Registrar of Companies beyond the statutory period.

(vi) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediary shall, whether directly or indirectly lend or invest in other persons/entities identified in any other 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.

(vii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding party") with the understanding (whether recorded in writing or otherwise) that the Company shall 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.

(viii The Company does not have any transactions with companies struck off.

(ix) The Company has complied with the requirement with respect to the number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

56 As per the provisions of Section 62(1)(c), 23 and 42 of the Companies Act, 2013 and other applicable provisions, the Company has also made a preferential issue for consideration other than cash under non-promoter category with a swap of equity shares at a ratio of 1:1 in exchange of every one equity share of Credent Assets Management Services Private Limited ("Subsidiary Company"), one equity share of the Company has been issued. Accordingly, the Company has issued 5,58,687 equity shares worth Rs. 268.17 lacs with a face value of Rs. 10 per share and at a premium of Rs. 38 per share against 5,58,687 equity shares acquired of the Subsidiary Company.

57 In accordance with the Section 123 of the Companies Act, 2013 and applicable rules and regulations, the Board of Directors of the Company have approved an interim dividend of Rs. 0.50 per equity share to equity shareholders of the Company for the financial year 2022-23. Further, the promoter''s of the Company have waived off their right to receive the said interim dividend, accordingly the Company has paid a total dividend of Rs 18.68 lacs for the year.

58 Figures for the previous year have been regrouped/reclassified/reinstated, wherever considered necessary.

This is the summary of significant accounting policies and other explanatory information referred to in our report of even date.

For Kapish Jain & Associates

Chartered Accountants For and on behalf of the Board of Directors

Firm Registration No.: 022743N Credent Global Finance Limited

(Formerly known as Oracle Credit Limited)

Kapish Jain Aditya Vikram Kanoria Mohit K Chheda

Partner Managing Director & CFO Director

Membership No: 514162 DIN: 07002410 DIN: 06594845

Place: New Delhi Place: Milan, Italy Place: Mumbai

Date: 29-05-2023 Date: 29-05-2023 Date: 29-05-2023

Preeti Sethi

Company Secretary Membership No. A65331 Place: Mumbai Date: 29-05-2023

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Mar 31, 2015

1 Corporate information

Oracle Credit Limited is a public company m India and incorporated under the provisions of the Companies Act. 2013 (erstwhile Companies Act, 1956). The company is engaged in the business of investment and finance.

2 Basis of preparation

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the accounting standards notifiedunder the Companies (Accounting Standards) Rules. 2006,(as amended) and the other relevant provisions of the Companies Act. 2013. All assets and liabilities have been classified as Current or non-current as per the Company's normal operating cycle and other criteria set put in the Schedule IT to the Companies Act, 2013

3. Terms/ rights and restrictions attached to equity shares

The company has only one class of equity shares having a par value of INR tO per share Each holder of equity share is entitled to one vote per share The company declares and pays dividend in Indian, rupees The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting

In the event of liquidation of the company, the holders of equity shares will be entitled to receive 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.

4. During the current year,there is deferred tax asset on account of depreciation.Losses/ B/f Losses Thus appropriate provision regarding it has been treated in the books as per AS-22. in view of the fact that it is certain that sufficient taxable income will be available against which deferred tax asset can be realized.

5. In the opinion of the Hoard of Directors , the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities has been made.

6. The entire operation of the company relates to only one segment investment and finance Hence as per AS-17 issued by ICAI , there is no Reportable Segment.

7. Previous year figures have been, regrouped / rearranged wherever considered necessary.

8. Schedules 1 to 25 arc annexed and forming part of balance sheet as at 31.3.2015 and Profit and loss accnunt for the year ended an that date

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Mar 31, 2014

1. Corporate information

Oracle Credit Limited is a public company in India and incorporated under the provisions of the Companies Act. 1956 The company is engaged in investment and finance

2. Basis of preparation

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the accounting standards notified under the Companies (Accounting Standards) Rules. 2006,(as amended) and the other relevant provisions of the Companies Act, 1956 All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Schedule VI to the (. ompames Act. 1956

3. Terms/ rights and restrictions attached to equity shares

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

In the event of liquidation of the company, the holders of equity shares will be entililed to receive 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.

4. AS-22. in view of the fact that it is not certain that sufficient taxable income will be available against which deferred tax asset can be realised

5. In the opinion of the Board of Directors , the current assets. loans and advances have a value on realisation at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities has been made

6. The entire operation of the company relates to only one segment investment and finance. Hence as per AS-17 issued by ICAI . there is no Reportable Segment

7. Previous year figures have been regrouped / rearranged wherever considered necessary

8. Schedules I to 25 are annexed and forming part of balance sheet as at 31 3,2014 and Profit and Loss account for the year ended on that date

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Mar 31, 2013

1. Corporate information

Oracle Credit Limited is a public company in India and incorporated under the provisions of the Companies Act. 1956 The company is engaged in investment and finance

2. Basis of preparation

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the accounting standards notified under the Companies (Accounting Standards) Rules. 2006,(as amended) and the other relevant provisions of the Companies Act, 1956 All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Schedule VI to the (. ompames Act. 1956

3. Terms/ rights and restrictions attached to equity shares

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

In the event of liquidation of the company, the holders of equity shares will be entililed to receive 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.

4. AS-22. in view of the fact that it is not certain that sufficient taxable income will be available against which deferred tax asset can be realised

5. In the opinion of the Board of Directors , the current assets. loans and advances have a value on realisation at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities has been made

6. The entire operation of the company relates to only one segment investment and finance. Hence as per AS-17 issued by ICAI . there is no Reportable Segment

7. Previous year figures have been regrouped / rearranged wherever considered necessary

8. Schedules I to 25 are annexed and forming part of balance sheet as at 31 3,2014 and Profit and Loss account for the year ended on that date

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Mar 31, 2012

1. Corporate information

Oracle Credit Limited is a public company in India and incorporated under the provisions of the Companies Act. 1956 The company is engaged in investment and finance

2. Basis of preparation

These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. These financial statements have been prepared to comply in all material aspects with the accounting standards notified under the Companies (Accounting Standards) Rules. 2006,(as amended) and the other relevant provisions of the Companies Act, 1956 All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Schedule VI to the (. ompames Act. 1956

3. Terms/ rights and restrictions attached to equity shares

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

In the event of liquidation of the company, the holders of equity shares will be entililed to receive 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.

4. AS-22. in view of the fact that it is not certain that sufficient taxable income will be available against which deferred tax asset can be realised

5. In the opinion of the Board of Directors , the current assets. loans and advances have a value on realisation at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities has been made

6. The entire operation of the company relates to only one segment investment and finance. Hence as per AS-17 issued by ICAI . there is no Reportable Segment

7. Previous year figures have been regrouped / rearranged wherever considered necessary

8. Schedules I to 25 are annexed and forming part of balance sheet as at 31 3,2014 and Profit and Loss account for the year ended on that date