Notes to Accounts of Easun Capital Markets Ltd.

Mar 31, 2025

C) There are no shares in the preceding 5 Years alloted as fully paid up without payment being received in cash/bonus shares/bought back.

D) There are no shares reserved for issue under options and contracts/commitments for the sale of shares or disinvestment.

E) Rights, preferences and restrictions attached to Shares:-

Equity Shares:- The Company has one class of equity shares having a face value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of Interim Dividend. In the event of Liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after . distribution of all preferntial amounts, in proportion to their shareholding. V

General Reserve: General Reserve is a free reserve which Is used from time to time to transfer profits from/to Retained earnings for appropriation purposes. ^

Securities Premium: Securities Premium Account is used to record premium received upon issuance of shares. This can be utilised in accordance with the provisions of Companies Act, 2013.

Special Reserve: Special reserve represents the reserve created pursuant to Sec.45-IC of the Reserve Bank of India Act, 1934 (the "RBI Act"). No appropriation of any sum from this Reserve Fund shall be made by the company except for the purposes as specified by RBI from time to time.

Retained Earnings: Retained FarninGs represents the undistributed accumulative profits of the Company, This can be utilised in accordance with the provisions of the Companies Act, 2013.

OCI Reserve: It represents the cumulative gains/ (losses) arrising on the revaluation of Equity Shares (Other than investments in Subsidiaries and Associates, which are carried at cost) measured at fair value through OCI, net of amounts reclassified to Retained Earnings on disposal of such insturmonts. ''

26 Contingent Liabilities and Commitments:-

Commitments:-

Estimated amount of contracts remaining to be executed on capital account and not provided for-'' Nil (Previous Year -'' Nil).

Contingent Liabilities:* Contingent Liabilities not provided for-'' Nil (Previous Year - * Nil).

27 The Company does not own any Investment Property as on the Balance Sheet Date. Properties held for earning Rentals and/or Capital appreciation are classified as Investment Properties. .

29 Segment Reporting:

The company’s Operating Segment includes primarily Financing activity and Investment activity. This in context of Ind AS 108 on Segment Reporting-Operating Segment reporting, in the opinion of the management, are considered to constitute reportable segment.

31 As per the Company''s policy , Investment in Equity of Subsidiaries/Associates are valued at cost and all other Equity Investments are valued at FVTOCI in accordance with the relevant Indian Accounting Standards.

As Market Value of some of the shares are not available on 31.03.2025 due to delisting or non trading, hence value of such stocks has been taken as per last year.

32 Expenditure in Foreign Currency and Earnings in Foreign Currency:'' Nil (Previous Year- '' Nil)

33 The Company has classified its assets in accordance with the Prudential Norms as prescribed by the Reserve Bank of India. The Company does not have any non performing assets as on the Balance Sheet Date.

34 “Employee Benefits” as per Indian Accounting Standard 19:

Short-term Employee Benefits are recognised as an expense at the undiscounted amount in the statement of Profit & toss to the year in which the related services are rendered.

As per management, Provision of the Gratuity Act are not applicable to the Company at present

35 There is no amount outstanding and payable to Investors'' Education and Protection Fund as on 31.03.2025

36 There is no amount outstanding and payable to Small Scale Industrial Undertaking as on 31.03.2025

37 In terms of Notification No, RBI/20''14-15/299 dated 10.11.2014 issued by the Reserve Bank of India, provision for contigency have been provided Rs. 0.83 Lakh on Standard Assets of Rs. 332.48 Lakh on the outstanding balance as on 31.03.2025.

38 Previous year''s figures have been regrouped & rearranged wherever necessary to confirm with this year''s classification.

(B) Fair Value Hierarchy

The following table provides the fair value measurement hierarchy of the Company’s assets and liabilities. The financial instruments are catagorized into three levels based on the inputs used to arrive at fair value measurements as described below:

Quoted prices in an active market (Level 1): Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period.

Valuation techniques with observable inputs (Level 2); The fair value of financial instruments that are not traded in an active market (for example over-the counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Valuation techniques with significant unobservable inputs (Level 3): If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unquoted preference shares and unquoted equity shares (rights) carried at FVTPL and unquoted equity securities canned at FVTOCI included in level 3.

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. The following methods and assumptions were used to estimate the fair values:

1) The fair values of the quoted equity shares are based on prce quotations at the reporting date or the last quoted price as available on the reporting date.

2) The valuation of unquoted preference shares and unquoted debentures requires management to make certain assumptions about the model inputs, including forecast of cash flows, discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in management’s estimate of fair value for these unquoted preference shares and bonds. In case of instruments having option to convert with the Company, the management has assigned probable likelihood of conversion depending on equity stake in the target entity, domain of operation and liquidity. Wherever, the probability is low, valuation has been done based on redemption assumptions.

3) Investment in units of mutual funds are measured based on their published.net asset value (NAV), taking into account redemption and/or other restrictions. Such instruments are

generally Level 1. Equity instruments in non-listed entities are initially recognised at transaction price and re-rmeasured (to the extent information is available) and valued on a case by case and classified as Level 3.

41. Financial instruments and related disclosures (continued)

(C) Financial risk management objectives and policies

The Company’s principal financial assets include Loans, Investments at Fair Value, Inventory and Cash and Cash Equivalents.

The Company is exposed to market risk and credit risk. The Company’s senior management oversees the management of these risks and is supported by V. professional manager who advises on financial risks and assist in preparing the appropriate financial risk governance framework for the Company. It provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. . it is the Company’s policy that no trading in derivatives for speculative purposes can be undertaken. The Board.of Directors reviews and agrees policies for managing each of these risks which are summarized below:

(a) Market risk

Market risk is the risk when the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity price risk. Financial instruments affected by market risk include borrowings, deposits, derivative financial instruments, FVTPL Investments, etc.

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. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s long-term debt obligations with floating Interest rates. The Company manages Its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

Currency Risk: Currency risk is the risk that the future Gash flows of a financial instrument will change becauseof changes in currency rates. During the period under review, the company did not fact currency risk.

Price Risk: Equity price risk is related to change in market reference price of investments in equity securities held by the Company. The fair value of quoted investments held by the Company exposes the Company to equity price risks. In general, these investments are not held for trading purposes.

The fair value of quoted investments in equity, classified as fair value through Other Comprehensive Income as at March 31, 2025 is Rs. 173.97 Lakh (March 31, 2024: Rs. 3.61 Lakh).

An 1% change in prices of these equity instruments held as at March 31, 2025 and March 31, 2024 would result in an impact of Rs. 1.74 Lakh and Rs. 0.04 Lakh respectively.

(b) Liquidity Risk

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. This risk arises from mismatches in the timing of cash flows which is inherent in all finance driven organisations and can be affected by a range of Company-specific and market-wide events.

(c) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks. Pledge obligation risk is the risk that may

occur iri case of default on part of Pledgee company which may immediately amount to loss of assets of Company. The Company has adopted a policy of ^ only dealing with creditworthy counterparties to mitigating the risk of financial loss from defaults^ Company’s credit risk arises principally from loans and cash & cash equivalents.

(d) Dividend Income risk

Dividend income risk refers to the risk of changes in the Dividend income due to dip in the performance of the investee companies .

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

All charges or satisfaction are registered with ROC within the statutory period for the financial years ended March 31, 2025 and March 31, 2024. No charges or satisfactions are yet to be registered with ROC beyond the statutory period.

46 Compliance with number of layers of companies

The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 for the financial years ended March 31,2025 and March 31, 2024.

47 Undisclosed income

There are no transactions which remains undisclosed in the books of accounts for the financial years ended March 31,2025 and March 31, 2024.

48 Details of Crypto Currency or Virtual Currency

The company has not traded or invested in Crypto currency or Virtual currency during the financial years ended March 31,2025 and March 31, 2024.

49 Details of Benami Property held

No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,

1088 (46 of 1088) and rules made thereunder in the financial years ended March 31,2025 and March 31, 2024.

50 Wilful defaulter

The company has not been declared as a wilful defaulter by any bank or financial institution or other lender in the financial years ended March 31, 2025 and March 31, 2024. ,

51 Relationship with Struck off Companies

There are no transactions with companies whose names have been struck off ender section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956 in the financial years ended March 31,2025 and March 31, 2024.

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Mar 31, 2024

Provisions

General

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually
certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted at a current pre-tax rate that reflects 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.

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of
another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit
or loss, transaction costs that are attributable to the acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three categories:

(a) Debt instruments at amortised cost

(b) Debt instruments, derivatives, equity instruments and mutual fund investments at fair value through profit or loss (FVTPL)

(c) Equity instruments measured at fair value through other comprehensive income (FVTOCI)

Debt instruments at amortised cost

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

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

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

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR)
method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included in interest income in the profit or loss.

Debt instruments, derivatives, equity instruments and mutual fund investments at fair value through profit or loss (FVTPL)

All derivatives and mutual fund investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held
for trading are classified as at FVTPL. Equity instruments included within the FVTPL category are measured at fair value with all
changes recognized in the Statement of Profit & Loss.

Equity instruments measured at fair value through other comprehensive income (FVTOCI)

For all equity instruments other than the ones classified as at FVTPL, the Company may make an irrevocable election to present in
other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument-by¬
instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding
dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to Profit &Loss, even on sale of investment.
However, the Company may transfer the cumulative gain or loss within equity
Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the balance sheet) when the rights to receive cash flows from the asset have expired.

Impairment of financial assets

The Company measures the expected credit loss associated with its assets based on historical trend, industry practices and the
business environment in which the entity operates or any other appropriate basis. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings, financial guarantee contract payables, or derivative instruments.

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

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are
incurred for the purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are recognised in the statement of profit or loss.

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

Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently
measured at amortised cost using the EIR method.

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

Offsetting of financial instruments

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

Cash and Cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value.

Contingent Liabilities

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 beyond the control of the Company or a present obligation that is not
recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability
also arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The
Company does not recognize a contingent liability but discloses its existence in the financial statements.

General Reserve: General Reserve is a free reserve which is used from time to time to transfer profits from/to Retained earnings for
appropriation purposes.

Securities Premium: Securities Premium Account is used to record premium received upon issuance of shares. This can be utilised in
accordance with the provisions of Companies Act, 2013.

Special Reserve: Special reserve represents the reserve created pursuant to Sec.45-IC of the Reserve Bank of India Act, 1934 (the "RBI
Act"). No appropriation of any sum from this Reserve Fund shall be made by the company except for the purposes as specified by RBI from
time to time.

Retained Earnings: Retained Earnings represents the undistributed accumulative profits of the Company. This can be utilised in accordance
with the provisions of the Companies Act, 2013.

OCI Reserve: It represents the cumulative gains/ (losses) arrising on the revaluation of Equity Shares (Other than investments in
Subsidiaries and Associates, which are carried at cost) measured at fair value through OCI, net of amounts reclassified to Retained Earnings
on disposal of such insturments.

26 Contingent Liabilities and Commitments:-
Commitments:¬
* Estimated amount of contracts remaining to be executed on capital account and not provided for - '' Nil (Previous Year - '' Nil).

Contingent Liabilities:¬
* Contingent Liabilities not provided for - '' Nil (Previous Year - '' Nil).

27 The Company does not own any Investment Property as on the Balance Sheet Date. Properties held for earning Rentals and/or Capital appreciation are classified as
Investment Properties.

31 As per the Company''s policy , Investment in Equity of Subsidiaries/Associates are valued at cost and all other Equity Investments are valued at FVTOCI in accordance
with the relevant Indian Accounting Standards.

As Market Value of some of the shares are not available on 31.03.2022 due to delisting or non trading, hence value of such stocks has been taken as per last year.

32 Expenditure in Foreign Currency and Earnings in Foreign Currency: '' Nil (Previous Year- '' Nil)

33 The Company has classified its assets in accordance with the Prudential Norms as prescribed by the Reserve Bank of India. The Company does not have any non
performing assets as on the Balance Sheet Date.

34 “Employee Benefits” as per Indian Accounting Standard 19:

Short-term Employee Benefits are recognised as an expense at the undiscounted amount in the statement of Profit & Loss to the year in which the related services are
rendered.

As per management, Provision of the Gratuity Act are not applicable to the Company at present.

35 There is no amount outstanding and payable to Investors'' Education and Protection Fund as on 31.03.2024

36 There is no amount outstanding and payable to Small Scale Industrial Undertaking as on 31.03.2024

37 In terms of Notification No. RBI/2014-15/299 dated 10.11.2014 issued by the Reseive Bank of India, provision for contigency have been provided Rs. 76,829.00 on
Standard Assets of Rs. 3,07,31,770.00 on the outstanding balance as on 31.03.2024.

38 Previous year''s figures have been regrouped & rearranged wherever necessary to confirm with this year''s classification.

41. Financial Instruments and related disclosures (continued)

(C) Financial risk management objectives and policies

The Company’s principal financial assets include Loans, Investments at Fair Value, Inventory and Cash and Cash Equivalents.

The Company is exposed to market risk and credit risk. The Company’s senior management oversees the management of these risks and is supported by
professional manager who advises on financial risks and assist in preparing the appropriate financial risk governance framework for the Company. It
provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate policies and
procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives. . It is the
Company’s policy that no trading in derivatives for speculative purposes can be undertaken. The Board of Directors reviews and agrees policies for
managing each of these risks which are summarized below:

(a) Market risk

Market risk is the risk when the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk
comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity price risk. Financial instruments
affected by market risk include borrowings, deposits, derivative financial instruments, FVTPL Investments, etc.

Interest Rate Risk: Interest rate risk is the riskthatthe fair value or future cash flows of a financial instrumentwill fluctuate because of changes in market
interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarilyto the Company’s long-term debt obligationswith
floating interest rates. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

Currency Risk: Currency risk is the risk that the future cash flows of a financial instrumentwill change becauseof changes in currency rates. During the
period under review, the company did not fact currency risk.

Price Risk: Equity price risk is related to change in market reference price of investments in equity securities held bythe Company. The fairvalue ofquoted
investments held by the Company exposes the Company to equity price risks. In general, these investments are not held for trading purposes.

The fair value of quoted investments in equity, classified as fairvalue through Other Comprehensive Income as at March 31, 2024 is Rs. 3.61 Lakh (March
31,2023: Rs. 3.61 Lakh).

An 1% change in prices of these equity instruments held as at March 31,2024 and March 31, 2023 would result in an impact of Rs. 0.04 Lakh and Rs. 0.04
Lakh respectively.

(b) Liquidity Risk

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. This risk arises from mismatches in the timing of cash flows which is inherent in all finance driven organisations and can be affected bya
range of Company-specific and market-wide events.

(c) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk encompasses
of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration risks. Pledge obligation risk is the risk that may
occur in case of default on part of Pledgee company which may immediately amount to loss of assets of Company. The Company has adopted a policy of
only dealing with creditworthy counterparties to mitigating the risk of financial loss from defaults. Company’s credit risk arises principally from loans and cash
& cash equivalents.

(d) Dividend Income risk

Dividend income risk refers to the risk of changes in the Dividend income due to dip in the performance of the investee companies

Note:-

*There is an increase in Provisions (Numerator) due to fresh Loan given during the year.

44. Figures pertaining to the previous year have been rearranged / regrouped, wherever necessary, to make them comparable with those of current year.

For Rakesh Ram & Associates For and on behalf of the Board of Directors

Chartered Accountants EASUN CAPITAL MARKETS LTD.

Firm Reg. No. : 325145E

^Sd/- sd-

Aditya Sadani Apurva Salarpuria

Wholetime Director Director

DIN - 09023418 DIN - 00058357

Rakesh Agarwal

Partner

Membership No. 061525

^Sd/- sd-

Dated :29th Day of May''2024 Gaurav Bansal Swati Modi

UDIN: 24061525BKBWHN5806 Chief Financial Officer Company Secretary