Notes to Accounts of Sera Investments & Finance India Ltd.

Mar 31, 2025

5. Provisions (other than Employee Benefits), Contingent Liabilities and Contingent Assets

A provision is recognized when the Company has a present legal obligation as a result ot past event
and it is probable that an outflow of resources will be required to settle the obligation, in respect of
which reliable estimate can be made. Provisions are determined based on best estimate required to
settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and
adjusted to reflect the current best estimates. Contingent liabilities are not recognized but are
disclosed in the notes to the financial statements. A contingent asset is neither recognized nor
disclosed if inflow of economic benefit is probable.

6. Recognition of Dividend Income, Interest Income

Income from dividend is accounted as and when such dividend has been declared and the company s
right to receive payment is established.

Interest income is recognized on a time proportion basis, taking in the account the amount
outstanding and the rate applicable.

7. Income Tax

Income tax comprises current and deferred tax. It is recognized in profit or loss except to the extent
that it relates to a business combination or to an item recognised directly in equity or in other
comprehensive income.

(i) Current Tax

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

(ii) Deferred Tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the corresponding amounts used or

taxation purposes. , ...,

Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be

available against which they can be used.

Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is
realized or the liability is settled, based on the laws that have been enacted or substantively enacted

by the reporting date.

The measurement of deferred tax reflects the tax consequences that would follow from the manner
in which the Company expects, at the reporting date, to recover or settle the carrying amount of its

assets and liabilities.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset current
tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same
taxable entity, or on different taxable entities, but they intend to settle current tax liabilities and
assets on net basis or their tax assets and liabilities will be realized simultaneously.

8. Cash and Cash Equivalents

Cash and cash equivalents include cash and cheques in hand, bank balances, demand deposits with
banks and other short term highly liquid investments that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value where original maturity is

three months or less.

9. Earnings per Share

Basic earnings per share is calculated by dividing the net profit after tax for the year attributable to
equity share holders of the Company by the weighted average number of equity shares outstanding
during the year. Diluted earnings per share is calculated by dividing net profit attributable to equity
share holders (after adjustment for diluted earnings) by average number of weighted equity shares
outstanding durii.g the year plus potential equity shares.

10. Cash Flow Statement

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the
effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating
cash receipts or payments and items of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing activities of the Company are

segregated.

!($(

28 Financial Risk Management Objectives and Policies
Risk Exposure

The Company''s business activities expose it to only one type of financial risk and that is market risk. Market risk is the risk or uncertainty arising
from possible market price movements and their impact on the present/future performance of a business. The market risks include price risk,
currency risk and interest rate risk. The primary price risk for the company is equity securities price risk i.e. price risk of various investments that
could adversely affect the value of the Company''s financial assets or expected future cash flows.

The Company’s exposure to equity securities price risk arises from investments held by the Company which are classified in the balance sheet as

fair value through Other Comprehensive Income (FVOCI).

Risk Management Policy

The Company’s senior management has overall responsibility for the establishment and oversight of the Company''s risk management framework.
The Company lias constituted a Risk Management Committee which is responsible for developing and monitoring the Company s risk
management policies.The Company''s risk management policies are established to identify and analyze the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly
to reflect changes in market conditions and the Company''s activities.

The Management of the Company are governed by appropriate policies and procedures and that financial risk is identified, measured and
managed in accordance with the Company''s policies and risk objectives. The activities are designed to protect the Company s financial results and
position from financial risks, maintain market risks within the acceptable parameters while optimizing returns and protect the Company''s
financial investments while maximizing returns.

29 Cashflow statement

Cash (lows are reported using indirect method whereby profit for the period is adjusted for the effects of the transactions ot non-cash nature, any
deferrals or accruals of past or future operating cash receipts and payments and items of income or expenses associated with investing and
financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

30 Event after reporting

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of
such events Is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only
disclosed.

31 Capital management

The company defines capital as total equity including issued equity capital and all other equity reserves. The Company monitors capital using a
ratio of''adjusted net debt'' to''adjusted equity''. For this purpose, adjusted net debt is defined as total liabilities and comprising debt Instruments
and borrowings less cash and cash equivalents. Adjusted equity comprises all components of equity.

35 NBFC-NDs with asset size of less than Rs. 500 Crore are exempted from maintaining CRAR and complying with Credit Concentration Norms. Hence. Ratio disclosure is not made.

36 Previous Year''s figures have been regrouped / reclassified wherever necessary to confirm to current year presentation.

As per our report attached

For Ashil N. Shah & Co ^^or and on behalf of board of directors of

Chartered Accountants .^"SERA INVESTMENTS & FINANCE INDIA LIMITED

Firm''s Registeration Number: ^

/X r-r- /y''sN. ^/^agarSShah ShwetaSShah

L^c¹ Whole Time Director Managing Director

A^ DIN: 03082957 DIN: 03082967

Proprietor li''^f • '' A*

Memboi.hip No.: 036857 Ahm3d3 J3CU

\wNv * Pranav Chalishajar

^V --Chief Financial Officer

Place . Ahmcdabad Place : Ahmedabad

Date: 08-05-2025 Date: 08-05-2025

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Mar 31, 2024

15.2 Rights, preferences and restrictions attached to Equity Shares :

The Shareholders of the Company, at the Extra Ordinary General Meeting held on April 10, 2023, had approved the sub-division of one equity share of face value of '' 10 each into 5 shares of face value of '' 2 each. The record date for the said sub-division was set at April 28, 2023.

15.3 Rights, preferences and restrictions attached to Equity Shares :

The company has one class of equity shares having a par value of ''2 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

15.4 Proposed dividends on equity shares

TProposed dividend on equity shares for the year ended on March 31,2024: '' 0.1 /- per share (March 31,2023: '' Nil per share)

23.2 All transactions during the year with related parties are at arm''s length and unsecured. No amount has been recognised as bad or doubtful in respect of transactions with the related parties.

24 Segment Reporting

The main business of company is financing activity, hence there are no separate reportable segments as per Ind AS 108 on "Operating Segments".

25 Financial Risk Management Objectives and Policies Risk Exposure

The Company''s business activities expose it to only one type of financial risk and that is market risk. Market risk is the risk or uncertainty arising from possible market price movements and their impact on the present/future performance of a business. The market risks include price risk, currency risk and interest rate risk. The primary price risk for the company is equity securities price risk i.e. price risk of various investments that could adversely affect the value of the Company''s financial assets or expected future cash flows.

The Company''s exposure to equity securities price risk arises from investments held by the Company which are classified in the balance sheet as fair value through Other Comprehensive Income (FVOCI).

Risk Management Policy

The Company''s senior management has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Company has constituted a Risk Management Committee which is responsible for developing and monitoring the Company''s risk management policies.The Company''s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

The Management of the Company are governed by appropriate policies and procedures and that financial risk is identified, measured and managed in accordance with the Company''s policies and risk objectives. The activities are designed to protect the Company''s financial results and position from financial risks, maintain market risks within the acceptable parameters while optimizing returns and protect the Company''s financial investments while maximizing returns.

26 Cashflow statement

Cash flows are reported using indirect method whereby profit for the period is adjusted for the effects of the transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts and payments and items of income or expenses associated with investing and financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

27 Event after reporting date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

28 Capital management

The company defines capital as total equity including issued equity capital and all other equity reserves. The Company monitors capital using a ratio of ''adjusted net debt'' to ''adjusted equity''. For this purpose, adjusted net debt is defined as total liabilities and comprising debt instruments and borrowings less cash and cash equivalents. Adjusted equity comprises all components of equity.

30 Financial Instruments :

The Company uses the following hierarchy for determining the fair value of financial instruments by valuation technique :

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

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data."

31 NBFC-NDs with asset size of less than '' 500 Crore are exempted from maintaining CRAR and complying with Credit Concentration Norms. Hence, Ratio disclosure is not made.

32 Previous Year''s figures have been regrouped / reclassified wherever necessary to confirm to current year presentation.

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Mar 31, 2023

5. Provisions (other than Employee Benefits), Contingent Liabilities and Contingent Assets

A provision is recognized when the Company has a present legal obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which reliable estimate can be made. Provisions are determined based on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are not recognized but are disclosed in the notes to the financial statements. A contingent asset is neither recognized nor disclosed if inflow of economic benefit is probable.

6. Recognition of Dividend Income, Interest Income

Income from dividend is accounted as and when such dividend has been declared and the company''s right to receive payment is established.

Interest income is recognized on a time proportion basis, taking in the account the amount outstanding and the rate applicable.

7. Income Tax

income tax comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination or to an item recognised directly in equity or in other comprehensive income.

(i) Current Tax

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

(ii) Deferred Tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which they can be used.

Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.

The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if there is

a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities, but they intend to settle current tax liabilities and assets on net basis or their tax assets and liabilities will be realized simultaneously.

8. Cash and Cash Equivalents

Cash and cash equivalents include cash and cheques in hand, bank balances, demand deposits with banks and other short term highly liquid Investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value where original maturity is three months or less.

9. Earnings per Share

Basic earnings per share is calculated by dividing the net profit after tax for the year attributable to equity share holders of the Company by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is calculated by dividing net profit attributable to equity share holders (after adjustment for diluted earnings) by average number of weighted equity shares outstanding during the year plus potential equity shares.

10. Cash Flow Statement

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

23.2 All transactions during the year with related parties are at arm''s length and unsecured. No amount has been recognised as bad or doubtful in respect of transactions with the related parties.

24 Segment Reporting

The main business of company is financing activity, hence there are no separate reportable segments as per Ind AS 108 on "Operating Segments.

25 Financial Risk Management Objectives and Policies Risk Exposure

The Company''s business activities expose it to only one type of financial risk and that is market risk. Market risk is the risk or uncertainty arising from possible market price movements and their impact on the present/future performance of a business.The market risks include price risk, currency risk and interest rate risk. The primary price risk for the company is equity securities price risk i.e. price risk of various investments that could adversely affect the value of the Company''s financial assets or expected future cash flows.

The Company''s exposure to equity securities price risk arises from investments held by the Company which are classified in the balance sheet as fair value through Other Comprehensive Income (FVOCI).

Risk Management Policy

TThe Company''s senior management has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Company has constituted a Risk Management Committee which is responsible for developing and monitoring the Company''s risk management policies.The Company''s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.

The Management of the Company are governed by appropriate policies and procedures and that financial risk is identified, measured and managed in accordance with the Company''s policies and risk objectives. The activities are designed to protect the Company''s financial results and position from financial risks, maintain market risks within the acceptable parameters while optimizing returns and protect the Company''s financial investments while maximizing returns.

26 Cashflow statement

Cash flows are reported using indirect method whereby profit for the period is adjusted for the effects of the transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts and payments and items of income or expenses associated with investing and financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

27 Event after reporting date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

28 Capital management

The company defines capital as total equity including issued equity capital and all other equity reserves. The Company monitors capital using a ratio of''adjusted net debt''to''adjusted equity''. For this purpose, adjusted net debt is defined as total liabilities and comprising debt instruments and borrowings less cash and cash equivalents. Adjusted equity comprises all components of equity.

29 Financial Instruments:

The Company uses the following hierarchy for determining the fair value of financial instruments by valuation technique:

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

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

30 NBFC-NDs with asset size of less than Rs. 500 Crore are exempted from maintaining CRAR and complying with Credit Concentration Norms. Hence, Ratio disclosure is not made.

31 Additional Regulatory Information

(A) The company does not possess any immovable properties which are not held in the name of the company.

(B) The Company has not revalued any of its Property, Plant and Equipment (including Right-of-Use Assets) during the year.

(C) The company does not have any proceeding initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of1988) and rules made thereunder.

(D) The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.

(E) The company is not declared wilful defaulter by any bank or financial Institution or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

(F) The company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

32 Previous Year''s figures have been regrouped / reclassified wherever necessary to confirm to current year presentation.

The accompanying notes form an integral part of the standalone financial statements.

For Ashit N. Shah & Co For and on behalf of board of directors of

Chartered Accountants Sera Investments & Finance India Limited

Firm''s Registeration Number: 100624W

Ashit Shah SagarSShah ShwetaSShah

Proprietor WholeTime Director Managing Director

Membership No.: 036857 DIN: 03082957 DIN: 03082967

PinajJain Pranav Chalishajar

Place: Ahmedabad Company Secretary Chief Financial Officer

Date: 05-05-2023 Mem No: 51875

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Mar 31, 2014

1) Related Party Transactions

Other Associates - Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Shreejee Darshan Corporation.

Directors / Key Management Personnel - Mr. Sevantilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

Contingent Liability

Current Year Rs. NIL Previous Year Rs.NIL

2) Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous - Non- Ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

Previous year''s figures have been regrouped, reclassified and/or renamed to conform to this year''s classification.

3) Inserted by Notification No. DNBS. 135/CGM (VSNM)-2000, dated 13-1-2000, w.e.f. 13-1-2000.

4) Inserted by Notification No. DNBS. 155/CGM (LMF)-2000, dated 1-1-2000, w.e.f. 1-1-2002.

5) Inserted by Notification No. DNBS. 167/CGM (OPA)-2003, dated 29-3-2003 w.e.f. 29-3-2003.

6) As defined in Paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserved Bank) Directions, 1998.

7) Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

8) All Accounting Standards and Guidance Notes 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 un-quoted investments should be disclosed irrespective of whether they are classified as long term or current in column [5] above.

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Mar 31, 2012

1) Related Party Transactions

Other Associates — Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Shreejee Darshan Corporation.

Directors / Key Management Personnel — Mr. Sevanntilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

2) Contingent Liability Current Year - NIL Previous Year — NIL

3) Deferred Tax:

The value of deferred tax assets and Deferred Tax Liability as on 31st March, 2012. is not material. Hence the value of such Net deferred tax assets is not recognized in accordance with AS22

4) Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous — Non- Ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

5) The Financial Statements for the year ended 31st March 2011 were prepared as per the then applicable pre-revised Schedule VI to Companies Act, 1956, consequent to the notification under the Companies Act, 1956. The Financial Statements for the year ended 31st March, 2012 are prepared under revised Schedule VI accordingly the previous year's figures have also been re-classified to conform to this year's classification.

Notes:

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

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting Standards and Guidance Notes 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 un-quoted investments should be disclosed irrespective of whether they are classified as long term or current in column [5] above.

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Mar 31, 2011

I. Additional Information pursuant to Para 3, 4B, 4C & 4D of the Part II of the Schedule VI to the Companies Act, 1956.

Quantitative information in respect of the opening stock, purchases, sales and closing stock for each class of goods traded in by the Company.

II. Deferred Tax:

The value of deferred tax assets and Deferred Tax Liability as on 31st March, 2011. is not material. Hence the value of such Net deferred tax assets is not recognized in accordance with AS22

III. Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous - Non- ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

IV. Related Party Transactions

Other Associates - Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Shreejee Darshan Corporation..

Directors / Key Management Personnel - Mr. Sevanntilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

Summary of the transactions with the above -related parties is as follows.

V. Previous years figures have been regrouped, reclassified and/or renamed to conform to this year's classification.

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Mar 31, 2010

I. Deferred Tax: The value of deferred tax assets and Deferred Tax Liability as on 31st March, 2010. is not material. Hence the value of such Net deferred tax assets is not recognized in accordance with AS22

II. Segment Reporting

The Company has only one primary business segment namely Trading "Ferrous - Non- ferrous, Textiles, etc.", as such no separate reporting is being done for the year since it is reported in the final accounts for the year.

III. Related Party Transactions

Other Associates - Nishuvi Trading And Investments Pvt. Ltd., Creative Corporation, Nishuvi Corporation, Indu Corporation Pvt. Ltd., Ratna Shree.

Directors / Key Management Personnel - Mr. Sevanntilal Shantilal Kapashi, Mr. Indukumar Shantilal Kapashi.

IV. Previous years figures have been regrouped, reclassified and/or renamed to conform to this years classification.