Notes to Accounts of EFC (I) Ltd.

Mar 31, 2025

i) Provision and contingent liability

A provision is recognized when the Company has a present
obligation as a result of past event, and it is probable that
an outflow of resources embodying economic benefits
will be required to settle the obligation that can be reliably
estimated. Provisions are not discounted to its present value
and are determined based on best estimate required to settle
the obligation at the balance sheet date. These estimates are
reviewed at each balance sheet date and adjusted to reflect
the current best estimates.

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.

j) Financial instruments

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

I. Financial assets

All financial assets are recognized initially at fair value.
Transaction costs that are directly attributable to the
acquisition of financial assets (other than financial
assets at fair value through profit or loss) are added
to the fair value measured on initial recognition of
financial asset. Purchase and sale of financial assets are
accounted for at trade date.

(i) Financial instruments at amortized cost

A financial instrument is measured at the amortized
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 amortized cost using
the effective interest rate (EIR) method. Amortized
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
amortization is included in other income in the
statement of profit and loss. The losses arising
from impairment are recognized in the statement
of profit and loss.

(ii) Financial instrument at Fair Value through
Other Comprehensive Income (OCI)

A financial instrument is classified and measured
at fair value through OCI if both of the following
criteria are met:

a) The objective of the business model is
achieved both by collecting contractual cash
flows and selling the financial assets, and

b) The asset''s contractual cash flows represent
solely payments of principal and interest.

Financial instruments included within the OCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in OCI. On derecognition of the asset,
cumulative gain or loss previously recognized in OCI
is reclassified from OCI to statement of profit and loss.

(iii) Financial instrument at Fair Value through
Profit and Loss

Any financial instrument, which does not meet the
criteria for categorization at amortized cost or at
fair value through other comprehensive income,
is classified at fair value through profit and loss.
Financial instruments included in the fair value
through profit and loss category are measured
at fair value with all changes recognized in the
statement of profit and loss.

(iv) De-recognition of financial assets

A financial asset is primarily derecognized when
the rights to receive cash flows from the asset
have expired, or the Company has transferred its
rights to receive cash flows from the asset.

II. Financial liabilities

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

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

(i) Financial liabilities at fair value through profit
or loss

Financial liabilities at fair value through profit or loss
include financial liabilities designated upon initial
recognition as at fair value through profit or loss.

(ii) Financial liabilities at amortised cost

After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortised cost using the Effective Interest Rate
[EIR] method. Gains and losses are recognised in
the statement of profit and loss when the liabilities
are derecognised as well as through the EIR
amortisation process.

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.

(iii) De-recognition of financial liabilities

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial
liability is replaced by another from the same
lender on substantially different terms, or the terms
of an existing liability are substantially modified,
such an exchange or modification is treated as
the derecognition of the original liability and the
recognition of a new liability. The difference in the
respective carrying amounts is recognised in the
statement of profit and loss.

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 recognized amounts and there is an
intention to settle on a net basis, to realize the
assets and settle the liabilities simultaneously.

k) Impairment

(i) Financial assets

The Company recognizes loss allowances using the
expected credit loss (ECL) model for the financial
assets which are not fair valued through profit or loss.
Loss allowance for trade receivables with no significant
financing component is measured at an amount equal
to lifetime ECL. For all other financial assets, expected
credit losses are measured at an amount equal to the
twelve month ECL, unless there has been a significant
increase in credit risk from initial recognition in which
case those are measured at lifetime ECL. The amount of
expected credit losses (or reversal) is recognized as an
impairment loss (or gain) in statement of profit and loss.

(ii) Non-financial assets

At the end of each reporting period, the Company reviews
the carrying amounts of its tangible and intangible
assets to determine whether there is any indication

that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of
the asset is estimated in order to determine the extent
of the impairment loss (if any). Where it is not possible
to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount
of the cash-generating unit to which the asset belongs.
Where a reasonable and consistent basis of allocation
can be identified, corporate assets are also allocated to
individual cash-generating units, or otherwise they are
allocated to the smallest Company of cash-generating
units for which a reasonable and consistent allocation
basis can be identified. Recoverable amount is the
higher of fair value less costs to sell and value in use. In
assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax
discount rate that reflects current market assessments
of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have
not been adjusted. If the recoverable amount of an asset
(or cash-generating unit) is estimated to be less than
its carrying amount, the carrying amount of the asset
(or cash-generating unit) is reduced to its recoverable
amount. An impairment loss is recognized immediately
in the statement of profit and loss.

An impairment loss is reversed in the statement of profit
and loss if there has been a change in the estimates
used to determine the recoverable amount. The
carrying amount of the asset is increased to its revised
recoverable, amount provided that this amount does
not exceed the carrying amount that would have been
determined (net of any accumulated amortisation
or depreciation) had no impairment loss has been
recognised for the asset in prior years.

l) Segment reporting

An operating segment is a component of the Company that
engages in business activities from which it may earn revenues
and incur expenses, including revenues and expenses
that relate to transactions with any of the Company''s other
components, and for which discrete financial information
is available. Operating segments are reported in a manner
consistent with the internal reporting provided to the chief
operating decision maker (''CODM''). The Company''s Board of
Director''s has been identified as the CODM who is responsible
for financial decision making and assessing performance.

m) Earnings per share (''EPS'')

Basic earnings per share are calculated by dividing the net
profit or loss for the period attributable to equity shareholders
by the weighted average number of equity shares outstanding
during the period including equity shares that will be issued
upon the conversion of a mandatorily convertible instrument.

Diluted EPS amounts are computed by dividing the net profit
attributable to the equity holders of the Company by the
weighted average number of equity shares considered for
deriving basic earnings per share and also the weighted average
number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares. The diluted
potential equity shares are adjusted for the proceeds receivable
had the shares been actually issued at fair value (i.e. the average
market value of the outstanding shares). Dilutive potential equity
shares are deemed converted as at the beginning of the year,
unless issued at a later date. Dilutive potential equity shares are
determined independently for each year presented.

n) Cash and cash equivalents

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

o) Use of estimates and judgments

The preparation of financial statements in conformity with the
recognition and measurement principles of Ind AS requires
management of the Company to make estimates and
judgements that affect the reported balances of assets and
liabilities, disclosures of contingent liabilities as at the date of
standalone financial statements and the reported amounts of
income and expenses for the periods presented.

Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised
and future periods are affected.

The Company uses the following critical accounting
judgements, estimates and assumptions in preparation of its
financial statements:

i. Leases

The Company evaluates if an arrangement qualifies
to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgement.
The Company uses significant judgement in assessing
the lease term (including anticipated renewals) and the
applicable discount rate.

The Company determines the lease term as the non¬
cancellable period of a lease, together with both periods
covered by an option to extend the lease if the Company
is reasonably certain to exercise that option; and periods
covered by an option to terminate the lease if the
Company is reasonably certain not to exercise that option.
In assessing whether the Company is reasonably certain
to exercise an option to extend a lease, or not to exercise
an option to terminate a lease, it considers all relevant facts
and circumstances that create an economic incentive for

the Company to exercise the option to extend the lease,
or not to exercise the option to terminate the lease. The
Company revises the lease term if there is a change in
the non-cancellable period of a lease.

The discount rate is generally based on the
incremental borrowing rate specific to the lease
being evaluated or for a portfolio of leases with similar
characteristics.

ii. Useful lives of property, plant and equipment

The Company reviews the useful life of property, plant
and equipment at the end of each reporting period.
This reassessment may result in change in depreciation
expense in future periods.

iii. Impairment of investments in subsidiaries

The Company reviews its carrying value of investments
carried at cost (net of impairment, if any) annually, or
more frequently when there is indication for impairment.
If the recoverable amount is less than its carrying
amount, the impairment loss is accounted for in the
statement of profit and loss.

iv. Fair value measurement of financial instruments

When the fair value of financial assets and financial liabilities
recorded in the balance sheet cannot be measured based on
quoted prices in active markets, their fair value is measured
using valuation techniques including the Discounted Cash
Flow model. The inputs to these models are taken from
observable markets where possible, but where this is not
feasible, a degree of judgement is required in establishing
fair values. Judgements include considerations of inputs
such as liquidity risk, credit risk and volatility. Changes
in assumptions about these factors could affect the
reported fair value of financial instruments.

v. Impairment of financial assets (other than at fair value)

Measurement of impairment of financial assets require use
of estimates, which have been explained in the note on
financial assets, financial liabilities and equity instruments,
under impairment of financial assets (other than at fair value).

vi. Deferred tax assets

A deferred tax asset is recognised to the extent that it
is probable that future taxable profit will be available
against which the deductible temporary differences and
tax losses can be utilised. Accordingly, the Company
exercises its judgement to reassess the carrying amount
of deferred tax assets at the end of each reporting period.

vii. Provisions and contingent liabilities

The Company estimates the provisions that have
present obligations as a result of past events and it is
probable that outflow of resources will be required to
settle the obligations. These provisions are reviewed
at the end of each reporting period and are adjusted to
reflect the current best estimates.

The Company uses significant judgements to assess
contingent liabilities. Contingent liabilities are disclosed
when there is a possible obligation arising from past
events, the existence of which will be confirmed only
by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable that
an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount cannot
be made. Contingent assets are neither recognised nor
disclosed in the standalone financial statements.

viii. Employee benefits

The accounting of employee benefit plans in the
nature of defined benefit requires the Company to use
assumptions. These assumptions have been explained
under employee benefits note.

p) Recent accounting pronouncement

Ministry of Corporate Affairs ("MCA”) notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to
time. For the year ended 31 March 2025, MCA has notified
Ind AS - 117 Insurance Contracts and amendments to Ind
AS 116 - Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f.1 April 2024. The Company
has reviewed the new pronouncements and based on
its evaluation has determined that it does not have any
significant impact in its financial statements.

q) New and amended standards issued but not effective

On 7 May 2025, MCA notifies the amendments to Ind AS
21 - Effects of Changes in Foreign Exchange Rates. These
amendments aim to provide clearer guidance on assessing
currency exchangeability and estimating exchange
rates when currencies are not readily exchangeable. The
amendments are effective for annual periods beginning
on or after 1 April 2025. The Company is currently
assessing the probable impact of these amendments on its
financial statements.

B. Rights, preferences and restrictions attached to equity shares

The Company has only single class of Equity Shares having a par value of H 2. Accordingly, all equity shares rank equally with regard
to dividends and share in the Company''s residual assets. Each holder of equity shares is entitled to one vote per share. On winding up
of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution
of all preferential amounts in proportion to the number of equity shares held.

C. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting date.

The Company has issued bonus shares in the ratio of 1:1to all eligible shareholders as of the record date, February 11, 2025. A total
of 4,97,76,688 fully paid-up equity shares of INR 2 each have been allotted pursuant to the bonus issue

Nature and purpose of reserves:-
Securities premium account

Where the Company issues shares at a premium, whether for cash or otherwise, a sum equal to the aggregate amount of the premium
received on those shares shall be transferred to "Securities Premium". The Company may issue fully paid-up bonus shares to its
members of out of the securities premium.

Capital Reserve

The Company has created this reserve by transferring certain amount out of the profit at the time of distribution of dividend in the past.
Retained earnings

Amount of retained earnings represents accumulated profit and losses of the Company as on reporting date. Such profits and losses
are after adjustment of payment of dividend, transfer to any reserves as statutorily required and adjustment for realised gain/loss
on derecognition of equity instruments measured at FVTOCI. Actuarial Gain/ Loss arising out of Actuarial valuation is immediately
transferred to Retained Earning.

Item of other Comprehensive Income (Re-Measurement of defined benefit plans):

Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return
on plan assets (excluding net interest), is reflected immediately in the Balance Sheet with a charge or credit recognised in Other
Comprehensive Income (OCI) in the period in which they occur. Re-measurement recognised in OCI will not be reclassified to
Statement of Profit and Loss.

34 Fair value measurements

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale.

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or
unobservable and consists of following:

Measurement of Fair Value

Level 1: Category includes financial assets and liabilities, that are measured in whole or in significant part by reference to published quoted
price (unadjusted) in an active market.

Level 2: Category includes financial assets and liabilities measured using a valuation technique based on assumptions that are supported
by prices from observable current market transactions.

Level 3: Category includes financial assets and liabilities measured using valuation techniques based on non market observable inputs.
This means that fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by
prices from observable current market transactions in the same instrument nor are they based on available market data.

The fair values of non-current loans/borrowings are based on discounted cash flows using a current rate. They are classified as level
3 fair values in the fair value hierarchy due to the use of unobservable inputs, including counterparty/own credit risk.

Fair value of cash and cash equivalent, bank balance other than cash and cash equivalents, trade receivables, trade payables,
and other current financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of
these instruments.

There are no transfers between levels 1 and 2 during the year.

35 Financial risk management

The Company''s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company''s primary focus is to
foresee the unpredictability of financial markets and seek to minimise potential adverse effects on its financial performance.

The Company''s financial liabilities comprise of borrowings, trade payable and other liabilities to manage its operation and financial assets
include trade receivables, security deposits, loans and advances, etc, arises from its operation.

The Company''s senior management oversees the management of these risks. The Company''s senior management ensures 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. The Board of Directors reviews and agrees policies for
managing each of these risks, which are summarised below.

A. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligation.

The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,
including deposits with banks and financial institutions and other financial instruments.

34 Fair value measurements (Contd..)

Credit risk is managed on an entity level basis. The Company has adopted a policy of dealing only with creditworthy counterparties and
obtaining sufficient collateral, where appropriate, as a means of mitigating risk of financial loss from defaults. The Company invests only
in those instruments issued by high rated banks/ institutions and government agencies. The Company assesses the credit quality of the
customer, taking into account its financial position, past experience and other factors. The Company''s loans are considered to have
low credit risk.

The Company periodically monitors the recoverability and credit risks of its other financials assets including security deposits and
other receivables. The Company evaluates 12 month expected credit losses for all the financial assets for which credit risk has not
increased. In case credit risk has increased significantly, the Company considers life time expected credit losses for the purpose of
impairment provisioning.

The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision
matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward looking information. The expected
credit loss allowance is based on the ageing of the days for which the receivables are due and the expected loss rates as given in the
provision matrix.

There is one customers that individually represented 13.32% of the Company''s revenue for the year ended 31 March 2025 and one
customers that individually represented 1.61% of the Company''s accounts receivable balance as at 31 March 2025.

There was one customers that individually represented 21.69 % of the Company''s revenue for the year ended 31 March 2024 and
one customers that individually represented 15.06% of the Company''s accounts receivable balance as at 31 March 2024.

35 Financial risk management (Contd..)

B. Liquidity risk

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

C. Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises three types of risk: interest rate risk, currency risk and other price risk. The above risks may affect the Company''s
income and expenses, or the value of its financial instruments. The Company''s exposure to and management of these risks are
explained below.

Interest rate risk

Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in
market interest rate risks. The Company does not have any interest rate risk as it has no variable rate borrowings as at any of the
reporting date.

Currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. There are no material currency risk affecting the financial position of the Company as there are no material transactions
in currency other than functional currency of the Company.

Price risk

The Company''s exposure to price risk arises from investments held and classified in the balance sheet at fair value through profit or
loss. The Company does not have any material price risk as at any of the reporting date.

36 Capital management

The Company''s capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company.

The Company objectives when managing capital are to:

- Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and for other
stakeholders, and

- Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to
shareholders or issue new shares.

The Company monitors capital using a gearing ratio, which is net debt divided by total equity. Net debt comprises of long term and short
term borrowings less cash and bank balances, equity includes equity share capital and reserves that are managed as capital. The gearing
at the end of the reporting period was as follows.

40 Employee benefits

Employee benefit expense of the Company includes various short term employee expenses, defined benefits expenses, expenses toward
defined contribution on plans and other long-term employee benefits.

(a) Defined contribution plans

The Company makes provident fund contributions to defined benefit plan for qualifying employees. Under the Schemes, the
Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The contributions payable to these
plans by the Company are at rates specified in the rules of the schemes.

40 Employee benefits (Contd..)

(b) Defined Benefit Plans

The Company has unfunded defined benefit plan for payment of gratuity to all eligible employees calculated at specified number of
days of last drawn salary depending upon the tenure of service for each year of completed service subject to minimum service of five
years payable at the time of separation upon superannuation or on exit otherwise. These defined benefit gratuity plans are governed
by Payment of Gratuity Act, 1972.

Interest rates risk: While calculating the defined benefit obligation a discount rate based on government bonds yields of matching
tenure is used to arrive at the present value of future obligations. If the bond yield falls, the defined benefit obligation will tend to
increase and plan assets will decrease.

Salary risk: Higher than expected increases in salary will increase the defined benefit obligation

Demographic risks: Demographic assumptions are required to assess the timing and probability of a payment taking place. The
effects of this decrement on the DBO depend upon the combination salary increase, discount rate, and vesting criteria and therefore
not very straight forward.

42 Corporate social responsibility (CSR)

During the year, section 135 regarding Corporate Social Responsibility of the Act is not applicable to the company.

43 The Parliament has approved the Code on Social Security, 2020 which may impact the contribution by the Company towards

Provident Fund and Gratuity. The effective date from which the Code and its provisions would be applicable is yet to be notified
and the rules which would provide the details based on which financial impact can be determined are yet to be notified after which
the financial impact can be ascertained. The Company will complete its evaluation and will give appropriate impact in the financial
statements following the Code becoming effective and the related rules to determine the financial impact being notified.

44 Additional disclosure with respect to amendments to Schedule III

a. The Company has not been declared as Wilful defaulter by any lenders.

b. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

c. The provision related to number of layers as prescribed under section 2(87) of the Companies Act read with Companies (Restriction

on number of Layers) Rules, 2017 is not applicable to Company.

d. The Company has not entered into any scheme of arrangement which has an accounting impact on the current or previous financial year.

44 Additional disclosure with respect to amendments to Schedule III (Contd..)

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

f. The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year and any of the
previous financial years.

g. The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

h. The Company did not enter into any transaction with Companies struck off from ROC records for the period ended 31 March 2025
and 31 March 2024.

i. No Funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the company to or in any other person(s) or entity(ies) 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
or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries

j. No funds have been received by the Company from or in any other person(s) or entity(is) including foreign entities (funding parties)
with the understanding, whether recorded in writing or otherwise, that the Company shall, whether 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;

45 Merger

The Board of Directors of EFC Limited (a wholly-owned subsidiary), in its meeting held on 24th December 2024, have approved a
Scheme of Arrangement ("the Scheme”) u/s 233 of the Companies Act, 2013 for Demerger of Single Tenant Managed / Serviced Office
Business with Owned Property (Demerged Undertaking 1), Multiple Tenants Managed Office Business with Owned Property (Demerged
Undertaking 2) and Straight Lease Business with Owned Property (Demerged Undertaking 3) into EFC Estate Marisoft 14 Private Limited
(Resulting Company 1), EFC Estate Marisoft 23 Private Limited (Resulting Company 2) and EFC Estate Wakadewadi Private Limited
(Resulting Company 3) respectively. The Resulting Companies shall pre and post demerger remain part of the Group. It will be subject to
approvals from the applicable regulatory authorities, no adjustments have been recorded in the financial statements for the year ended
31st March 2025.

46 Demerger

The Board of Directors, in its meeting held on 24th December 2024, have approved a Scheme of Arrangement ("the Scheme”) u/s
233 of the Companies Act, 2013 for Demerger of Single Tenant Managed / Serviced Office Business with Owned Property (Demerged
Undertaking 1), Multiple Tenants Managed Office Business with Owned Property (Demerged Undertaking 2) and Straight Lease Business
with Owned Property (Demerged Undertaking 3) into EFC Estate Marisoft 14 Private Limited (Resulting Company 1), EFC Estate Marisoft
23 Private Limited (Resulting Company 2) and EFC Estate Wakadewadi Private Limited (Resulting Company 3) respectively. The Resulting
Companies shall pre and post demerger remain part of the Group. Pending regulatory and other approvals, no adjustments have been
recorded in the financial statements of the Group for the year ended 31st March 2025.

As per our report of even date For and on behalf of the Board of Directors

For Mehra Goel & Co. of EFC (I) Limited

Chartered Accountants
Firm Registration Number: 000517N

Roshan Daultani Umesh Kumar Sahay Nikhil Dilipbhai Bhuta

Partner Chairman and Managing Director Whole-time Director

Membership number: 137405 DIN: 01733060 DIN: 02111646

Place: Pune
Date: 29 May 2025

Uday Tushar Vora Aman Gupta

Chief Financial Officer Company Secretary

Membership number : F10931

---

Mar 31, 2024

(m) Provision and contingent liability

A provision is recognized when the Company has a present obligation as a result of past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation that can be reliably

estimated. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These estimates are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for onerous contracts are measured at the present value of lower of the expected net cost of fulfilling the contract and the expected cost of terminating the contract.

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.

(n) Financial instruments

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

I. Financial assets

All financial assets are recognized initially at fair value. Transaction costs that are directly attributable to the acquisition of financial assets (other than financial assets at fair value through profit or loss) are added to the fair value measured on initial recognition of financial asset. Purchase and sale of financial assets are accounted for at trade date.

(i) Financial instruments at amortized cost

A financial instrument is measured at the amortized

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 amortized cost using the effective interest

rate (EIR) method. Amortized 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 amortization is included in other income in the statement of profit and loss. The losses arising from impairment are recognized in the statement of profit and loss. This category includes cash and bank balances, loans, unbilled revenue, trade and other receivables.

(ii) Financial instrument at Fair Value through Other Comprehensive Income (OCI)

A financial instrument is classified and measured at fair value through OCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset''s contractual cash flows represent solely payments of principal and interest. Financial instruments included within the OCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in OCI. On derecognition of the asset, cumulative gain or loss previously recognized in OCI is reclassified from OCI to statement of profit and loss.

(iii) Financial instrument at Fair Value through Profit and Loss

Any financial instrument, which does not meet the criteria for categorization at amortized cost or at fair value through other comprehensive income, is classified at fair value through profit and loss. Financial instruments included in the fair value through profit and loss category are measured at fair value with all changes recognized in the statement of profit and loss.

(iv) De-recognition of financial assets

A financial asset is primarily derecognized when the rights to receive cash flows from the asset have expired, or the Company has transferred its rights to receive cash flows from the asset.

II. Financial liabilities

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

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

(i) Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as at fair value through profit or loss.

(ii) Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective Interest Rate [EIR] method. Gains and losses are recognised in the statement of profit and loss when the liabilities are derecognised as well as through the EIR amortisation process.

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.

(iii) De-recognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.

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 recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(o) Impairment

(i) Financial assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the twelve month ECL, unless there has been a significant increase in credit risk from initial recognition in which

case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized is recognized as an impairment gain or loss in statement of profit and loss.

(ii) Non-financial assets

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cashgenerating units, or otherwise they are allocated to the smallest Company of cash-generating units for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable, amount provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation or depreciation) had no impairment loss has been recognised for the asset in prior years.

(p) Segment reporting

An operating segment is a component of the Company

that engages in business activities from which it may

earn revenues and incur expenses, including revenues

and expenses that relate to transactions with any of the

Company''s other components, and for which discrete financial information is available. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (''CODM'').

The Company''s Board of Director''s has been identified as the CODM who is responsible for financial decision making and assessing performance. The Company has a single operating segment as the operating results of the Company are reviewed on an overall basis by the CODM.

(q) Earnings per share (''EPS'')

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

Diluted EPS amounts are computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. the average market value of the outstanding shares). Dilutive potential equity shares are deemed converted as at the beginning of the year, unless issued at a later date. Dilutive potential equity shares are determined independently for each year presented.

(r) Cash and cash equivalents

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

For the purpose of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdraft as they are considered an integral part of the Company''s cash management.

(s) Government Grants

The Company recognizes grants in the financial statements as a reduction from cost of sales to match them with the expenditures for which they are intended to compensate or as other income in cases where grants is not linked to expenditure incurred. Grants are recognized in the financial statements when there is reasonable assurance that the Company will comply with the conditions for their receipt and a reasonable expectation that the funds will be received. In certain circumstances, the receipt of an grant may not be subject to any condition or requirement to incur further costs, in which case the grant is recognized in the financial statements for the period in which it becomes receivable

after claim is filed or company has finalized amounts that would be available.

(s) Use of estimates and judgments

The preparation of the Company''s financial statements requires Management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period are discussed below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

(i) Useful lives of property, plant and equipment

Management estimates the useful lives of these property, plant and equipment to be within 5 to 7 years. The carrying amount of the Company''s property, plant and equipment at March 31, 2023 was INR [March 31, 2022: INR ]. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised.

(ii) Impairment of non-financial assets

The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date. Non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable.

When value in use calculations are undertaken, Management must estimate the expected future cash flows from the asset or cash generating unit and chose a suitable discount rate in order to calculate the present value of those cash flows.

(iii) Employee share options

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on

the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 12 (e) & (f).

(iv) Impairment of financial assets

The Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

(v) Percentage of completion of contracts

The Company uses the percentage of completion method using the input (effort expended) method to measure progress towards completion in respect of fixed price contracts. Percentage of completion method relies on estimates of total expected efforts to complete the project. These estimates are assessed continually during the term of the contracts and the recognized revenue and profit are subject to revision as the contract progresses to completion. When estimates indicate that a loss will be incurred, the loss is provided for in the period in which the loss becomes probable.

Contracts with customers often include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately or together requires significant judgment based on nature

of the contract, transfer of control over the service, ability of the service to benefit the customer on its own or together with other readily available resources and the ability of service to be separately identifiable from other promises in the contract.

(t) Judgments made in applying accounting policies

In the process of applying the Company''s accounting policies, Management has made the following judgments, apart from those involving estimations, which has the most significant effect on the amounts recognised in the financial statements:

Income taxes

Significant judgment is involved in determining the Company''s provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

Determination of functional currency

The determination of functional currency often requires significant judgment where the primary economic environment in which they operate may not be clear. In determining the functional currency, judgment is required to determine the currency that mainly influences sales prices for goods and services and of the country whose competitive forces and regulations mainly determines the sales prices of its goods and services. This is based on Management''s assessment of the economic environment in which the Company operates.

35.Leases

The Ministry of Corporate Affairs ("MCA”) through Companies (Indian Accounting Standards) Amendment Rules, 2019 and Companies (Indian Accounting Standards) Second Amendment Rules, had notified Ind AS 116 - Leases which replaced the erstwhile standard and its interpretations. Ind AS 116 had outlined the principles for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors thereby introducing a single, on-balance sheet lease accounting model for lessees.

The Company''s lease asset classes primarily consist of leases for office spaces. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether : (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of 12 months or less (short-term leases) and low value leases. For these short-term and low-value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related ROU asset if the Company changes its assessment of whether it will exercise an extension or a termination option.The incremental borrowing rate used was 8.85% depending on the amount involved and tenure of the lease agreement.

37. Financial Risk Management

The Company''s activities expose it to credit risk, liquidity risk and market risk. The Company''s principal financial liabilities comprise of trade payables and security deposit. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations. The Company''s principal financial assets includes trade receivables, cash and cash equivalents, inter company deposit, loan to employees and security deposit.

The Company''s senior level management assess these risks and is supported by Treasury department that advises on the appropriate financial risk governance framework. All derivative activities for risk management purposes are carried out in line with the policy duly approved by board of directors. The execution of the policy is done by treasury department which has appropriate skills, experience and supervision. The policy provides that the Company should hedge all possible risks of foreign currency through natural hedge available and arrangement with the vendor. It also prohibits any hedging for speculative transactions.

i. Credit Risk

Credit risk is the risk of financial loss arising from failure of the customer to repay according to the contractual terms or obligations. Credit risk includes primarily the risk of default and a possibility of erosion in creditworthiness of the customer, thereby impacting the future business of the Company. Credit risk is managed by Business Controllers with specific policies for analysing credit limits and creditworthiness of customers. Such reviews are done on a continuous basis. Such credit limits which are reviewed in line with the credit limits are also maintained in the ERP system as well wherein the sales beyond credit limits are held back by system unless specifically approved.

Financial instruments that are subject to concentration of credit risk principally consists of trade receivables. None of the financial instruments of the Company result in material concentration of credit risk.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was INR 397.95 lacs as on March 31, 2024 and INR 20.02 lacs as on March 31, 2023, being the total of the carrying amount of balances with trade receivables.

ii. Liquidity Risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company''s objective is to, at all times maintain optimum levels of liquidity to meet its cash and collateral requirements. Due to the dynamic nature of the underlying business, the Company''s treasury maintains flexibility in funding by maintaining availability under committed credit lines. The company requires funds both for short term operational needs as well as for long term investment programs mainly in growth projects. The Company closely monitors its liquidity position and deploys a robust cash management system. It aims to minimise these risks by generating sufficient cash flows from its current operations, which in addition to the available cash and cash equivalents and sufficient committed fund facilities, will provide liquidity.

The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company believes that the working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived. The Company aims to maintain the level of its working capital at an amount in excess of expected cash outflows on account of financial liability over the next six months.

The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle trade payables is about 74 days. The other payables are with short term durations. The carrying amounts are assumed to be reasonable approximation of fair value. The table below summarises the maturity profile of the company''s financial liabilities based on contractual undiscounted payments:

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. Such changes in the values of financial instruments may result in interest rate risk and exchange rate risk. Financial instruments affected by market risk include borrowings, receivables, payables, advances and other financial instruments.

(a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to any major risk of changes in market interest rates on the term loan.

(b) Exchange rate risk

The fluctuation in foreign currency exchange rate may have potential impact on the statement of profit or loss and other comprehensive income and equity, where any transaction references more than one currency or where assets and liabilities are denominated in a currency other than the functional currency of the company. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.

The company do not have foreign currency exposure during 2023-24 and 2022-23.

38. Capital Management

i) Risk management

The Company''s capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The Company objectives when managing capital are to:

- Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and for other stakeholders, and

- Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares .

The Company monitors capital using a gearing ratio, which is net debt divided by total equity. Net debt comprises of long term and short term borrowings less cash and bank balances, equity includes equity share capital and reserves that are managed as capital. The gearing at the end of the reporting period was as follows.

39. Segment information

Ind AS 108 operating segment ("Ind AS 108'') establishes standards for the way that the Company report information about operating segments and related disclosures about services, geographic areas and major customers. Based on the"management approach" as defined in Ind AS 108. Operating segments are to be reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The Company''s Board is the CODM and evaluates the Company''s performance and allocates resources on an overall basis. The Company''s operating segments are therefore Leasing of commercial property, Designing Services and Commission Management Services. Accordingly, there are no additional disclosures to be provided under Ind AS 108, other than those already provided in the financial statements.

Operating Segments

The Company''s Board has been identified as the Chief Operating Decision Maker (''CODM''), since he is responsible for all major decision with respect to preparation of budget, planning, expansion, alliance, joint venture, merger and acquisition, and expansion of any new facility.

40. Relationship with Struck off companies:

The Company did not enter into any transaction with Companies struck off from ROC records for the period ended 31 March 2024 and for

the period ended 31 March 2023.

41

a) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company to or in any other person(s) or entity(ies) 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 or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

b) No funds have been received by the company from or in any other person(s) or entity(ies) including foreign entities (funding parties) with the understanding, whether recorded in writing or otherwise, that the company shall, whether 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;

44. Dues to Micro and Small Enterprises

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the "Entrepreneurs Memorandum Number" as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at 31 March 2019 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (''the Act'') is not expected to be material. The Company has not received any claim for interest from any supplier in this regard.

46. ''Relationship with Struck off companies:

The Company did not enter into any transaction with Companies struck off from ROC records for the period ended 31 March 2024 and 31 March 2023.

47. Additional Notes

a. The Parliament has approved the Code on Social Security, 2020 which may impact the contribution by the Company towards Provident Fund and Gratuity. The effective date from which the Code and its provisions would be applicable is yet to be notified and the rules which would provide the details based on which financial impact can be determined are yet to be notified after which the financial impact can be ascertained. The Company will complete its evaluation and will give appropriate impact in the financial statements following the Code becoming effective and the related rules to determine the financial impact being notified.

b. The Company has not been declared as Wilful defaulter by any lenders.

c. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

d. The provision related to number of layers as prescribed under section 2(87) of the Companies Act read with Companies (Restriction on number of Layers) Rules, 2017 is not applicable to Company.

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

f. The Company has not traded or invested in Crypto currency or Virtual Currency during the current financial year and any of the previous financial years.

48. Subsequent Event

The Company has evaluated subsequent event from the balance sheet date through May 29, 2024, the date at which financial statments were available to be issued and determined no event has occured that would require adjustment and disclosure in the financial statement.

49. Previous year comparatives

Previous year''s figures have been reclassified/rearranged/regrouped wherever necessary to conform to current year''s presentation.

For and Behalf of the Board of Directors

For Mehra Goel & Co. Umesh Kumar Sahay Abhishek Narbaria

Chartered Accountants Chairman and Managing Director Whole Time Director

FRN No. 000517N DIN: 01733060 DIN: 01873087

Roshan Daultani Uday Vora Aman Gupta

Partner Chief Financial Officer Company Secretary

Membership No.:137405

UDIN:24137405BKDLOS5120

Place: Pune, May 29, 2024 Place: Pune, May 29, 2024

---

Mar 31, 2023

Provision and contingent liability

A provision is recognized when the Company has a present obligation as a result of past event, and it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation that can be reliably estimated. Provisions are
not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance
sheet date. These estimates are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are
lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for onerous contracts are
measured at the present value of lower of the expected net cost of fulfilling the contract and the expected cost of terminating the
contract.

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 consolidated financial statements.

(r) Financial instruments

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

I. Financial assets

All financial assets are recognized initially at fair value. Transaction costs that are directly attributable to the acquisition of
financial assets (other than financial assets at fair value through profit or loss) are added to the fair value measured on initial
recognition of financial asset. Purchase and sale of financial assets are accounted for at trade date.

(i) Financial instruments at amortized cost

A financial instrument is measured at the amortized 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 amortized cost using the effective interest rate
(EIR) method. Amortized 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 amortization is included in other income in the statement of profit and loss. The losses
arising from impairment are recognized in the statement of profit and loss. This category includes cash and bank balances, loans,
unbilled revenue, trade and other receivables.

(ii) Financial instrument at Fair Value through Other Comprehensive Income (OCI)

A financial instrument is classified and measured at fair value through OCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset''s contractual cash flows represent solely payments of principal and interest.

Financial instruments included within the OCI category are measured initially as well as at each reporting date at fair value. Fair
value movements are recognized in OCI. On derecognition of the asset, cumulative gain or loss previously recognized in OCI is
reclassified from OCI to statement of profit and loss.

(iii) Financial instrument at Fair Value through Profit and Loss

Any financial instrument, which does not meet the criteria for categorization at amortized cost or at fair value through other
comprehensive income, is classified at fair value through profit and loss. Financial instruments included in the fair value through
profit and loss category are measured at fair value with all changes recognized in the statement of profit and loss.

(iv) De-recognition of financial assets

A financial asset is primarily derecognized when the rights to receive cash flows from the asset have expired, or the Company
has transferred its rights to receive cash flows from the asset.

II. Financial liabilities

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

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

(i) Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as at fair value
through profit or loss.

(ii) Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the Effective
Interest Rate [EIR] method. Gains and losses are recognised in the statement of profit and loss when the liabilities are
derecognised as well as through the EIR amortisation process.

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.

(iii) De-recognition of financial liabilities

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit and loss.

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 recognized amounts and there is an intention to settle on a net basis, to realize the assets
and settle the liabilities simultaneously.

(s) Impairment

(i) Financial assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair
valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an
amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the twelve
month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured
at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting
date to the amount that is required to be recognized is recognized as an impairment gain or loss in statement of profit and loss.

(ii) Non-financial assets

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine
whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to
estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating
unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also
allocated to individual cash-generating units, or otherwise they are allocated to the smallest Company of cash- generating units
for which a reasonable and consistent allocation basis can be identified. Recoverable amount is the higher of fair value less
costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash¬
generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is
reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of profit and loss, unless the
relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

An impairment loss is reversed in the statement of profit and loss if there has been a change in the estimates used to
determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable, amount provided
that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortisation
or depreciation) had no impairment loss has been recognised for the asset in prior years.

(t) Segment reporting

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and
incur expenses, including revenues and expenses that relate to transactions with any of the Company''s other components, and
for which discrete financial information is available. Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision maker (''CODM'').

The Company''s Board of Director''s has been identified as the CODM who is responsible for financial decision making and
assessing performance. The Company has a single operating segment as the operating results of the Company are reviewed on an
overall basis by the CODM.

(u) Earnings per share (''EPS'')

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the
weighted average number of equity shares outstanding during the period.

Diluted EPS amounts are computed by dividing the net profit attributable to the equity holders of the Company by the weighted
average number of equity shares considered for deriving basic earnings per share and also the weighted average number of
equity shares that could have been issued upon conversion of all dilutive potential equity shares. The diluted potential equity
shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. the average market value of
the outstanding shares). Dilutive potential equity shares are deemed converted as at the beginning of the year, unless issued at a
later date. Dilutive potential equity shares are determined independently for each year presented.

(v) Cash and cash equivalents

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

For the purpose of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of
outstanding bank overdraft as they are considered an integral part of the Company''s cash management.

(w) Government Grants

The Company recognizes grants in the consolidated financial statements as a reduction from cost of sales to match them with the
expenditures for which they are intended to compensate or as other income in cases where grants is not linked to expenditure
incurred. Grants are recognized in the financial statements when there is reasonable assurance that the Company will comply
with the conditions for their receipt and a reasonable expectation that the funds will be received. In certain circumstances, the
receipt of an grant may not be subject to any condition or requirement to incur further costs, in which case the grant is
recognized in the consolidated financial statements for the period in which it becomes receivable after claim is filed or company
has finalized amounts that would be available.

(x) Use of estimates and judgments

The preparation of the Company''s consolidated financial statements requires Management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent
liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in
outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future periods.

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period
are discussed below. The Company based its assumptions and estimates on parameters available when the consolidated financial
statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to
market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions
when they occur.

(i) Useful lives of property, plant and equipment

Management estimates the useful lives of these property, plant and equipment to be within 5 to 7 years. The carrying amount of
the Company''s property, plant and equipment at March 31, 2023 was INR [March 31, 2022: INR ]. Changes in the expected level of
usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore
future depreciation charges could be revised.

(x) Impairment of non-financial assets

The Company assesses whether there are any indicators of impairment for all non-financial assets at each reporting date.
Non-financial assets are tested for impairment when there are indicators that the carrying amounts may not be recoverable.

When value in use calculations are undertaken, Management must estimate the expected future cash flows from the asset or
cash generating unit and chose a suitable discount rate in order to calculate the present value of those cash flows.

(y) Employee share options

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity
instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires
determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate
also requires determining the most appropriate inputs to the valuation model including the expected life of the share option,
volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for
share-based payment transactions are disclosed in Note 12 (e) & (f).

(z) Impairment of financial assets

The Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset is
impaired. To determine whether there is objective evidence of impairment, the Company considers factors such as the probability
of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

(aa)Percentage of completion of contracts

The Company uses the percentage of completion method using the input (effort expended) method to measure progress towards
completion in respect of fixed price contracts. Percentage of completion method relies on estimates of total expected efforts to
complete the project. These estimates are assessed continually during the term of the contracts and the recognized revenue and
profit are subject to revision as the contract progresses to completion. When estimates indicate that a loss will be incurred, the
loss is provided for in the period in which the loss becomes probable.

Contracts with customers often include promises to transfer multiple services to a customer. Determining whether services are
considered distinct performance obligations that should be accounted for separately or together requires significant judgment
based on nature of the contract, transfer of control over the service, ability of the service to benefit the customer on its own or
together with other readily available resources and the ability of service to be separately identifiable from other promises in the
contract.

(bb)Judgments made in applying accounting policies

In the process of applying the Company''s accounting policies, Management has made the following judgments, apart from those
involving estimations, which has the most significant effect on the amounts recognised in the consolidated financial statements:

Income taxes

Significant judgment is involved in determining the Company''s provision for income taxes. There are certain transactions and
computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company
recognises liabilities for expected tax issues based on estimates of whether additional taxes will be due. Where the final tax
outcome of these matters is different from the amounts that were initially recognised, such differences will impact the income
tax and deferred tax provisions in the period in which such determination is made.

Determination of functional currency

The determination of functional currency often requires significant judgment where the primary economic environment in
which they operate may not be clear. In determining the functional currency, judgment is required to determine the currency
that mainly influences sales prices for goods and services and of the country whose competitive forces and regulations mainly
determines the sales prices of its goods and services. This is based on Management''s assessment of the economic environment
in which the Company operates.

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Mar 31, 2014

1.1 Reconciliation of number of shares outstanding;

The company has not issued or brought bad; any a quit or preference shares during the year under review

1.2 Shares Held by holdingfultimate holding company andfor thetr subsldlarlesfassoclatas Out of issued, subscribed and paid up capital:-

Nil (Previous Year Nil) Equity Shares are held by holding company

Nil (Previous Year Nil).Equity Shares are held by ultimate holding company

Nil (Previous Year Nil) Equity Shares are held by subsidiary of holding company

Nil (Previous Year Nil) Equity Shares are held by associates of holding or ultimate holding company.

1.3 The details of shareholders holding more than 5 % of issued share capital

1.4 The details of bonus shares issued, shares issued for consideration otherwise than In cashand shares brought back in preceding five years

The company has not issued.any bonus shares, shares for consideration otherwise than in cash and has not brought back any 1 shares in''year under review and preceding five years

1.5 Details of Unpaid calls due from Directors or officers There were no unpaid calls due from Directors/Officers of the Company.

1.6 Rights of Shareholders,''Dividend and Repayment of Capital: . Rights of Equity Share holders

a. Holder of equity shares is entitled to one vote per share.

b. The Company declares and pays dividends In Indian Rupees, The Companies Act, 1956 provides that any dividend be > declared-out of''accumulated distributable profits only after the transfer to a general reserve of a specified percentage of net profit computed in accordance with current regulations

c. In the event of liquidation of the Company, .the hoidersjof shares shall be entitled to, receive the'' remaining assets of the Company, after distribution of all preferential amounts.

The amount distributed will be In proportion to the number of equity shares held by the shareholders,

2. Previous year''s figures are regrouped/rearranged wherever necessary.

3. There is a diminution in the value of long term investments (Quoted) held by the company as on 31st March, 2014 on the basis of market''value thereof as on that date.

No provision is considered necessary in the accounts at this stage, since the company expects such a decline to be temporary,

4. MICRO AND SMALL SCALE BUSINESS ENTITIES

1 There are no Micro and Small enterprises, to which the company owes dues, which are outstanding for more than 45 Days as at 31st March, 2014. This information as '' required. to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been '' identified on the basis of information available with the Company.

5.The company has only one revenue segment - Trading business. Hence, no separate segment wise information On Revenue, Result and Capital employed is given.

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Mar 31, 2013

1 Notes in compliance of Schedule VI to the Companies Act, 1956

2 SHARE CAPiTAL

2.1 Reconciliation of number of shares outstanding:

The company has not issued or brought back any equity or preference shares during She year under review

2.2 Shares Held by holding/ultimate holding company and/or their subsidiaries/associates Out of issued, subscribed and paid up capital".

Nil {Previous Year Nil) Equity Shares are held by holding company

Nil (Previous Year Nil) Equity Shares are held by ultimate holding company

Nil (Previous Year Nil) Equity Shares are held by subsidiary of holding company

Nil (Previous Year Nil) Equity Shares are held by associates of holding or ultimate holding company.

2.3 The details of bonus shares issued, shares issued for consideration otherwise than in cash and shares brought back in preceding five years:

The company has not issued any bonus shares, shares for consideration otherwise than in cash and has not brought back any shares in year under review and preceding four years

2.4 Details of Unpaid calls due from Directors or officers

There were no unpaid calls due from Directors ''Officers of the Company.

2.5 Rights of Shareholders, Dividend and Repayment of Capital:

Rights of Equity Share holders

a. Holder of equity shares is entitled to one vote per share.

b. The Company declares and pays dividends in Indian Rupees. The Companies Act, 1956 provides that any dividend be declared out of accumulated distributable profits only after the transfer to a general reserve of a specified percentage of net profit computed

c. In the event of liquidation of the Company, the holders of shares shall be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The amount distributed will be in proportion to the number of equity shares

3. Appropriations out of Balance in Profit and Loss Account:

There is no appropriation out of Profit and Loss Account for the year / previous year.

4. Previous year''s figures are regrouped/rearranged wherever necessary.

5. There is a diminution in the value of long term investments (Quoted) held by the company as on 31st March, 2013 on the basis of market value thereof as on that date. No provision is considered necessary in the accounts at this stage, since the company expects such a decline to be temporary.

6. MICRO AND SMALL SCALE BUSINESS ENTITIES

There are no Micro and Small enterprises, to which the company owes dues, which are outstanding for more than 45 Days as at 31st March, 2013. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. The company has only one revenue segment - Trading business. Hence, no separate segment wise information on Revenue, Result and Capital employed is given.

8. Related Parties Disclosures f Accounting Standard -18 )

(I) Relationships:-

(a) Other related parties where control exists.- (i) Krupa Printers

9. Adoption of accounting standard - 28 on "Impairment of Assets" issued by The Institute of Chartered Accountants of India, does not have any material impact on either profit for the year or on the net assets of the company as at year end.

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Mar 31, 2012

1.1 Reconciliation of number of shares outstanding:

The company bes not issued or brought back any equity or preference shares during the year under review

1.2 Shares Held by holding/ultimate holding company and/or their subsidiaries/associates

Out of issued, subscribed and paid up capital:

Nil (Previous Year Nil) Equity Shares are held by holding company

Nil (Previous Year Nil) Equity Shares are held by ultimate holding company

Nil (Previous Yesr Nil) Equity Shares are held by subsidiary of holding company

Nil (Previous Yesr Nil) Equity Shares are held by associates of holding or ultimate holding company.

1.3 The details of bonus shares issued, shares issued for consideration otherwise than in cash and shares brought back in preceding five years:

The company has not issued any bonus shares, shares for consideration otherwise than in cash and has not brought back any shares in year under review and preceding four years

1.4 Details of Unpaid calls due from Directors 0" officers

There were no unpaid calls due from Directors/Officers of the Company.

2. Previous year's figures are regrouped/rearranged wherever necessary.

3. There is a diminution in the value of long term investments (Quoted) held by the company as on 31s' March, 2012 on the basis of market vaiue thereof as on that date. No provision is considered necessary in the accounts at this stage, since the company expects such a decline to be temporary.

4. Balances of sundry debtors and creditors and loans and advances are subject to reconciliation & confirmation.

5. MICRO AND SMALL SCALE BUSINESS ENTiTlES .

There are no Micro and Small enterprises, to which the company owes du'es, which are outstanding for more than 45 Days as at 31st March, 2012. This information as required t.o be disclosed under the Micro,- Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. '

6. The company has only one revenue segment - Trading business. Hence, no separate segment wise information on Revenue, Result and Capital employed is given.

7. As regards deferred tax as per Accounting Standard (AS-22) on "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India, since there is a net deferred tax assets as at year end. Considering the provisions for the AS-22 and as a matter of prudence, the company has not recognized the said deferred tax assets while preparing the accounts for the year under Audit.

8. Adoption of accounting standard - 28 on "Impairment of Assets" issued by The Institute of Chartered Accountants of India, does not have any material impact on either profit for the year or on the net assets of the company as at year end.

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Mar 31, 2010

1. Previous years figures are regrouped/rearranged wherever necessary.

2. There is a diminution in the value of long term investments (Quoted) held by the company as on 31st March, 2010 on the basis of market value thereof as on that date. No provision is considered necessary in the accounts at this stage, since the company expects such a decline to be temporary.

3. - The additional information required to be given pursuant to the provision of paragraph 3 and 4 the part-ll of Schedule-VI of the companies Act, 1956 are as under:

Being a trading company, the information as to Licensed and Installed capacity is not Applicable to the company.

4. Balances of sundry debtors and creditors and loans and advances are subject to reconciliation & confirmation.

5. MICRO AND SMALL SCALE BUSINESS ENTITIES . There are no Micro and Small enterprises, to which the company owes dues, which are outstanding for more than 45 Days as at 31st March, 2010. This information as required to be disclosed under the Micro. Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

6 The company has only one revenue segment - Trading business. Hence, no separate segment wise information on Revenue, Result and Capital employed is given by

7. As regards deferred tax as per Accounting Standard (AS-22) on "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India, since there is a not defferred lux assets as at year and Considering the provisions for the As as a matter of recognised the and deffered tax assets while preparing the accounts for the under audit.

8. Related Parties Disclosures (Accounting Standard -18)

(I) Relationships:-

(a) Other related parties whorg control oxists - (i) Krupa Printers

(II) Transaction carried out with related parties referred to in (i) above are in ordinary course of business.

9. Adoption of accounting standard - 28 on "Impairment of Assets" issued by The Institute of Chartered Accountants of India, does not have any material impact on either profit for the year or on the net assets of the company as at year end.

10. Additional information pursuant to part IV of schedule VI to The Companies Act. 1956.

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Mar 31, 2009

1. Previous years figures are regrouped/rearranged wherever necessary.

2. Expenditure incurred on employees who are in receipt of remuneration in the aggregate at the rate of not less then Rs.24,00,000/- per year or Rs.2,00,000/- per month if employed for the part of the year.

i. Employed throughout the year Nil

ii. Employed for the part of the year Nil

3. There is a diminution in the value of long term investments (Quoted) held by the company as on 31st March, 2009 on the basis of market value thereof as on that date. No provision is considered necessary in the accounts at this stage, since the company expects such a decline to be temporary.

4. The additional information required to be given pursuant to the provision or paragraph 3 and 4 the part-ll of Schedule-VI of the companies Act, 1956 are as under:

5. Balance of sundry debtors and creditors and loans and advances are subject to confirmation.

6, MICRO AND SMALL SCALE BUSINESS ENTITIES

There are no Micro and Small enterprises, to which the company owes dues, which are outstanding for more than 45 Days as at 31s1 March, 2009. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. The company has only one revenue segment - Trading business. Hence, no separate segment wise information on Revenue, Result and Capital employed is given

8. Related Parties Disclosures ( Accounting Standard - 13)

(I) Relationships:-

(a) Other related parties where control exists :- (i) Krupa Printers

9. Adaption of accounting standard - 28 on "lmpairment of Assets" issued by The Insitute of Chartered Accountants of India, does not have any impact on either profit for the year or on the net assets of the company as at year end.