Notes to Accounts of Fynx Capital Ltd.

Mar 31, 2025

b) Terms/rights/restrictions attached to equity shares ......

The company has only one class of equity shares having a face value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of die company, after distribution of all preferential amounts. However, no such preferential amounts exists currently. The distribution will be in proportion to the number of equity shares held by the shareholders.

The dividend proposed by the board of directors is subject to the approval of shareholders at the ensuing annual general meeting, is paid in Indian rupees, except in case of interim dividend.

c) Terms/rightVrestrictions attached to preference shares ......

The Company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The equity shareholders are entitled for dividend as may be proposed by the Board of Directors and approved by the shareholders m *e Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity- shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

a) Statutory reserve fund in terms of section 45-IC (1) of the Reserve Bank of India Act, 1934

Statutory reserve fund is created pursuant to Section 45-IC of the Reserve Bank of India Act, 1934 by transferring 20% of the profit for the year for NBFC companies.

b) Retained earnings

Retained earnings represents the surplus in profit and loss account and appropriations.

The company recognizes change on account of remeasurement of tire net defined benefit liability/(asset) as part of retained earnings with separate disclosure, which comprises of:

- actuarial gains and losses;

- return on plan assets, excluding amounts included in net interest on tire net defined benefit liability/(asset); and

- any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability/ (asset).

29 Dues to Micro, Small and Medium Enterprises (MSME)

The Company has not received any intimation from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act 2006 (the Act) and hence disclosure regarding following has not been provided.

a) Amount due and outstanding to MSME suppliers as at the end of the accounting year.

b) Interest paid during the year to MSME

c) Interest payable at the end of the accounting year.

d) Interest accrued and unpaid at the end of the accounting year to MSME

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act. Management believes that the figures for disclosure will not be significant.

31 Fair values

a) Financial instruments - fair value and risk management

Fair value is Hie price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions

Valuation methodologies adopted

Fair values of financial assets, other than those which are subsequently measured at amortized cost, have been arrived at as under:

(i) Fair values of investments held lor trading under FVTPL have been determined under level 1 using quntcd market prices of the underlying instruments;

(ii) Fair values of strategic investments in equity instruments designated under FVOCI have been measured under level 3 at fair value based on a discounted cash flow model.

(iii) Fair values of other investments under FVOCI have been determined under level 1 using quoted market prices of the underlying instruments,

(iv) Fair value of loans held under a business model that is achieved by both collecting contractual cash flows and partially selling the loans through partial assignment to willing buyers and which contain contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest are measured at FVOCI. The fair value of these loans have been determined under level 3.

The Company has determined that the carrying values of cash and cash equivalents, bank balances, trade receivables, short term loans, floating rate loans, investments in equity instruments designated at FVOCI, trade payables, short term debts, borrowings, bank overdrafts and other current liabilities are a reasonable approximation of their fair value and hence their carrying value are deemed to be fair value.

b) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are:

U) recognized and measured at fair value and

(b) measured at amortized cost and for which lair values are disclosed in the financial statements The Company determines fair values of its financial instruments according to the following hierarchy:

Level 1: valuation based on quoted market price: financial instruments with quoted prices for identical instruments in active markets that the Company can access at the measurement date.

Level 2: valuation based on using observable inputs: financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments valued using models where all significant inputs are observable.

Level 3: valuation technique with significant unobservable inputs: - financial instruments valued using valuation techniques where one or more significant inputs are unobservable. Equity investments designated under FVOCI has been valued using discounted cash flow method.

Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

- Listed equity investments (other than subsidiaries and associates - Quoted bid price on stock exchange

- Mutual fund - net asset value of the scheme

- Debentures or bonds - based on market yield for instruments with similar risk / maturity, etc.

- Private equity investment fund - price to book value method and

- Other financial instruments - discounted cash flow analysis.

All of the resulting fair value esbmates are included in level 2 except for unlisted equity securities, a contingent consideration receivable and certain derivative contracts, where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk

For financial assets and financial liabilities that have a short-term maturity (less than twelve months), the carrying amounts, which are net of impairment are a reasonable approximation of their fair value. Such instruments include: cash and balances. Trade receivables, cash and cash equivalents, bank deposits and trade payables. Such amounts have been classified as Level 3 on the basis that no adjustments have been made to the balances In the balance sheet

The fair values for loans were calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.

The fair values of debt securities, borrowing other than debt securities, subordinate liability are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

b) Financial Bilk Management ''Expected credit loss ("ECl"):

£d on financial assets a an unused probability weighted amount based out of possto* outcomes after considering risk of credit loss even if probability Is low ECl is calculated based on the following components a.prooability of default f"PO"!l b. Loss given default I1GO*) c. Exposure at default TEAD''I

Since the company, loan portfolio m the cast was limned and small, at present the company does not have sofliclent Intarna! data lor computation of PO to. diffetent stages amt LGO .Hence th. company ha. rvlw on d.t. b, cwum other KBf C’s amt Indostty data as reletence fot the calculations .Based on the above data. RBI norms and reovlrements and Internal assessment. the tompany ha. at present del.imlned blanket ECl provisioning at 0.275 A across all different slices of Loans.

35 Segment Reporting

The Company a primarily engaged m the business offinancing and there are no separate reportable segments identified as per the lnd AS IDS - Operating segments

36 Events After Reporting Date

There have been no events after the reporting date.

37 Compliance With Number of layer of Companies

The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules. 201 for the financial years ended March 31.2025 and March 31,2024.

38 Undisclosed Income .

There are no transactions not recorded in the books of accounts for the financial years ended March 31.2025 and March 31.2024.

39 Items of Income and Expenditure of Exceptional Nature

There are no items of income and expenditure of exceptional nature for the financial years ended March 31,2025 and March 31, 2024

41 Details of Cry pto Currency or Virtual Currency

The Company has not traded or invested in Crypto currency or Virtual currency during (he financial years ended March 31, 2025 and March 31,2U24.

42 Details of Bcnanti Property Held

No piOMKtags WTO b«ii iwtiaWdo. pending agam* the Company (or holding any benami property under the Benami transactions (prohibition) Act, 1988 (45 of 1988) and rules made thereunder in the financial years ended March 31, 2025 and March 31,2024.

The Company has not been declared as a willful defaulter by an, bank or financial mshtuuon or other lender in the financial years ended March 31,2025 and March 31,2024

45 Title Deeds of Immovable Properties Held In Name of The Company

The Company confirms that the title deeds of immovable properties are held in the name of the Company.

47 Contingent liabilities not provided for in respect of: There are no any Contingent Liabilities in the financial years ended March 31,2025 and March 31,2024.

48 Infra Group Exposures

There are no any such Exposures related to Inlm Group exposure .n the financial years ended March 31.2025 and March 31,2024.

49 Unhedged foreign currency exposure

There arc no any such Exposures related to Unhedged foreign currency exposure in the financial yarns ended March 31,2025 and March 31.2024.

50 Previous Year Comparatives

The figures for the previous year have been regrouped/ rearranged wherever necessary to conform to the current year presentation

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Mar 31, 2015

Right, Preferences and Restriction attached to shares Equity shares

The company has only one class of Equity having a par value Rs. 10.00 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

Note No. 1 Transactions with Related Parties

As per Accounting Standard 18, issued by the ICAI, the disclosure of transactions with the related parties as defined in the Accounting Standard are as given below:

Names of related parties and description of relationship

1. Hitraj Realities Pvt. Ltd.

Enterprise under significant influence

Hitraj Traders of key management personnel or

their relatives

Balaji Nandan Infracon Developers Pvt. Ltd.

Akash Enterprise

Chaitanya Cineworld Pvt. Ltd.

Bleach Marketing Pvt. Ltd.

Radheshyam Land Developers Pvt. Ltd.

Maruti Nandan Hotel Estate Pvt. Ltd.

Primerose Mercantile Pvt. Ltd.

Hitraj Developers Pvt.Ltd.

2. Key Management Personnel Mr. Hitesh M Bagdai

Kantilal Kalidas Khakhar Ketan Dhuleshia Janish N Ajmera Bhavdeep V Vala

3. Relatives of Key Management Poonam H Bagdai Personnel

Note No. 2 Income Tax Provision

The Hon'ble Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favour of the company relate to A.Y. 1988-89 to 1994-95. In view of the ITAT's order in favour of the company no provision for tax liability has been made.

Note NO. 2 Deferred Tax

Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India with effect from 1st April 2001.

The breakup of net Deferred Tax Liability as on 31st March, 2015 is as under:

Notes :

1. As defined in paragraph 2(1)(xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisions norms shall be applicable as prescribed in non banking financial (Non deposit accepting or holding) companies prudential norms (Reserve Bank) Directions, 2007.

3. All accounting standards and guidance note issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

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Mar 31, 2014

Note No. 1 Transactions with Related Parties

As per Accounting Standard 18, issued by the ICAI, the disclosure of transactions with the related parties as defined in the Accounting Standard are as given below:

a. Names of related parties and description of relationship

Note No. 2 Income Tax Provision

The Hon''ble Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favour of the company relate to A.Y. 1988-89 to 1994-95. In view of the ITAT''s order in favour of the company no provision for tax liability has been made.

Note NO. 3 Deferred Tax

Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India with effect from 1st April 2001.

Note No. 4 Balance of Short Term Loans & Advances

The balance of short term loan and advances are subject to reconciliation and confirmation.

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Mar 31, 2013

Note No. 1 Income Tax Provision

The Hon''blc Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favour of the company relate to A.Y. 1988-89 to 1994-95. In view of the VAT''s order in favour of the company no provision for lax liability has been made.

Note NO. 2 Deferred Tax

Deferred Tax has been provided in accordance will) AS-22 Accotinling for Taxes on Income issued by The institute of Chartered Accountants of India with effect from Ifl April 2(X) I.

Note No. 3 Balance of Short Term Loans & Advances

The balance of short term loan and advances are subject to reconciliation and confirmation.

Notes :

As defined in Paragraph 2(1) (xii) of the Non Banking financial Companies Acceptance of Public Deposits (Reserve Bank) Directions. I998.

4. Provisions norms shall be applicable as prescribed in nun banking financial (Non deposit accepting or holding) companies prudential norms (Reserve Bank) Directions, 2007.

5.All accounting standards and guidance note issued by ICAI arc applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

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Mar 31, 2012

Right, Preferences and Restriction attached to shares Equity shares

The company has only one class of Equity having a par value Rs. 10.00 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

Company has issued and allotted 4,00,000 convertible share warrants of Rs. 300/- each (out of which Rs. 75/- warrant to be paid on application and balance to be paid before the date of conversion) on preferential basis convertible into 1 equity share of Rs. 10/-each.

The company had purchased 23,300 Nos. of UTI Master Gain. The same were misappropriated in transit. The Company had filed suit before the Hon'ble Civil Court Rajkot. The same was disposed in favour of the Company and an execution application has also been filed, which is pending for disposal before the Hon'ble Civil Court, Rajkot.

Note No. 1(b) Loans and advances : Classification of Loans and advances

The Company has complied with the norms prescribed by Reserve Bank of India for making provision on Standard Assets and Non Performing Assets. At the year end the positing of standard assets and Non Performing Assets are as follows:

Note No. 2 Income Tax Provision

The Hon'ble Gujarat High Court has admitted appeal of the Income Tax Department against the order of the Income Tax Appellate Tribunal deciding the Interest Tax matter in favor of the company relate to A.Y. 1988-89 to 1994-95. In view of the ITAT's order in favor of the company no provision for tax liability has been made.

Note NO. 3 Deferred Tax

Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by The Institute of Chartered Accountants of India with effect from I5,1 April 2001.

Note No. 4 Balance of Short Term Loans & Advances

The balance of short term loan and advances are subject to reconciliation and confirmation.

Notes :

1 As defined in paragraph 2(1)(xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2 Provisions norms shall be applicable as prescribed in non bankng financial (Non deposit accepting or holding) companies prudential norms (Reserve Bank) Directions, 2007.

3 All accounting standards and guidance note issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/ fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above.

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Mar 31, 2010

(A) Deferred Tax:

(i) Deferred Tax has been provided in accordance with AS-22 Accounting for Taxes on Income issued by the Institute of chartered Accountants of India with effect from 1st April 2001

(b) The Honble Gujarat high Court has admitted appeal of the income-tax Department against the order of the Income-tax Appellate Tribunal Deciding the Interest Tax matter in favour of the company related to A. Y. 1988-89 to 1994-95. In view of ITATs order in favour of the company no provision for tax liability has been made.

(c) The Company had purchased 23,300 nos. of Master Gain. The same were misappropriated in transit. The Company had filed suit before the Honble Civil Court Rajkot. The same was disposed in favour of the Company and an execution application has also been filed, which is pending for disposal before the Honble Civil Court Rajkot,

(d) The figures have been rounded off to the nearest rupee and figures of previous year have been regrouped or rearranged wherever necessary to make them comparable with current years figures.

(e) The balance of short term loan and advances receivable in cash or kind are subject to reconciliation and confirmation.

Notes :

(1) As defined in paragraph 2(1) (xii) of the Non Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Direction, 1998

(2) Provisions norms shall be applicable as prescribed in non banking financial (Non deposit accepting or holding companies prudential norms (Reserve Bank) Directions, 2007.

(3) All accounting standards and guidance note issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/ NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term of current in (4) above.