Notes to Accounts of Tomorrow Technologies Global Innovations Ltd.

Mar 31, 2025

(xi) Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognized, when there is a present legal or constructive obligation as a result of past events,
where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate
of the amount of the obligation can be made. Where a provision is measured using the cash flows estimated
to settle the present obligation, its carrying amount is the present value of those cash flows. Where the effect
is material, the provision is discounted to net present value using an appropriate current market-based pre-tax
discount rate and the unwinding of the discount is included in finance costs.

Contingent liabilities are recognised only when there is a possible obligation arising from past events, due
to occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the
Company, or where any present obligation cannot be measured in terms of future outflow of resources, or where
a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only
those having a largely probable outflow of resources are provided for.

Contingent assets are not disclosed in the financial statements unless an inflow of economic benefits is probable.

(xii) Earnings per share

Basic Earnings per share is calculated by dividing the net profit / (loss) for the period attributable to the equity
shareholders by the weighted average number of equity shares outstanding during the period. The Company did
not have any potentially dilutive securities in any of the year presented.

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the company by
the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the company (after adjusting
profit impact of dilutive potential equity shares, if any by the aggregate of weighted average number of Equity shares
outstanding during the year and the weighted average number of Equity shares that would be issued on conversion of
all the dilutive potential Equity shares into Equity shares.

(a) Financial Risk Management

The Company’s financial liabilities comprise mainly of other payables. The Company’s financial assets comprise
mainly of investments, cash and cash equivalents, trade receivables

The Company’s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors reviews
and agrees policies for managing each of these risks, which are summarised as below.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its
contractual obligations. The Company is exposed to credit risks from its operating activities, primarily trade
receivables, cash and cash equivalents, deposits with banks and other financial instruments. To manage
the credit risk from trade receivables, the Company periodically assess financial reliability of customes,
taking into account the financial condition, current economic trends, and analysis of historical bad debts
and ageing of accounts receivable. Individual risk limits are set accordingly. The Company considers the
probablity of default upon initial recognition of asset and whether there has been a significant increase in
credit risk on an ongoing basis through each reporting period.

ii. 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 company does not have interest rate risk and currency risk. The company is exposed
to other price risk that the fair value of a Investments will fluctuate due to changes in market traded price.

iii. Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that
are settled by delivering cash or another financial asset. Liquidity risk management implies maintenance
sufficient cash including availability of funding through an adequate amount of committed credit facilities to
meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity
to meet its short tem and long term liabilities as and when due. Anticipated future cash flows, undrawn
committed credit facilities are expected to be sufficient to meet the liquidity requirements of the Company.

(b) Financial assets and liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels as on 31st March 2025 are presented below.

For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves
attributable to the equity shareholders of the Company. The primary objective of the Company when managing
capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to
maximize shareholder value. As at 31st March, 2024, the Company has only one class of equity shares and has no
debt. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain
or achieve an optimal capital structure, the Company allocates its capital for the re-investment into business based on
its long term financial plans.

The company has identified business segments as its primary segment. Business segments are primarily sale &
purchase of equity shares. Segments have been identified taking into the account the nature of the products and the
differing risks & returns. Segment report is attached as below:

Note : 24

There are no significant subsequent events that would require adjustments or disclosures in the financial statements
as on the balance sheet date.

Reason where variance is more than 25%:

* Current ratio has decreased from last year due to increase in current liabilities and assets during the year as compared
to last year.

** During the year the company’s has incurred loss and thus the Net Profit after tax, Return on Equity, Net Capital
Turnover Ratio and Return o Capital Empoyed is negative as compared to previous year.

Note: 26 Earnings and expenses incurred in Foreign currency

During the year the company has neither earned nor incurred any expenses in foreign currency in financial year 2023¬
24.

Note: 27 Other Disclosures

a) The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

b) Transaction with struck off companies: The Company does not have any transactions with companies struck- off
under Section 248 of the Companies Act, 2013.

c) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

d) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(i) 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;

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate beneficiaries.

e) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) 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;

(ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.”

f) The Company do not have 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).

g) The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and post¬
employment benefits received Presidential assent in September 2020. The Code has been published in the
Gazette of India. However, the date on which the Code will come into effect has not been notified. The company
will assess the impact of the Code when it comes into effect and will record any related impact in the period the
Code becomes effective.

h) The Company is not declared wilful defaulter by any bank or financial institution or lender during the year.

i) The Company has used accounting software for maintaining its books of account, which has a feature of recording
audit trail (edit log) facility and the same has been operative throughout the year for all relevant transactions
recorded in the respective software. Further, the audit trail feature has not been tampered with and the audit trail
has been preserved by the Company as per statutory requirements.

Note: 28 Other Disclosures

Figures for the previous years have been regrouped wherever necessary to conform to current year’s presentation.

For Tomorrow Technologies Global Innovations Limited

As per our report Of Even Date

For GUPTA RAJ & CO SANGITA KISHOR OSTWAL KISHOR P. OSTWAL MAYUR S. DOSHI

Chartered Accountants NON EXECUTIVE DIRECTOR MANAGING DIRECTOR DIRECTOR

Firm Reg No : 001687N (DIN : 00297685) (DIN : 00460257) (DIN : 02220572)

CA. Nikul Jalan ARUN KUMAR JAIN RAMKRIPAL PRASHANT VERMA

Partner DIRECTOR DIRECTOR

Membership No. 112353 (DIN : 02556726) (DIN : 00956770)

UDIN: 25112353BMIXYL3552

Place: Mumbai ASHISH JAIN RACHNA MUKESH VYAS

Date : 27/05/2025 CHIEF FINANCIAL OFFICER COMPANY SECRETARY

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Mar 31, 2024

Note 18 : Earnings per share (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the company (after adjusting profit impact of dilutive potential equity shares, if any by the aggregate of weighted average number of Equity shares outstanding during the year and the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.

Note 19 Financial instruments - Fair values and risk management(a) Financial Risk Management

The Company’s financial liabilities comprise mainly of other payables. The Company’s financial assets comprise mainly of investments, cash and cash equivalents, trade receivables

The Company’s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised as below.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The Company is exposed to credit risks from its operating activities, primarily trade receivables, cash and cash equivalents, deposits with banks and other financial instruments. To manage the credit risk from trade receivables, the Company periodically assess financial reliability of customes, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Company considers the probablity of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period.

ii. 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 company does not have interest rate risk and currency risk. The company is exposed to other price risk that the fair value of a Investments will fluctuate due to changes in market traded price.

iii. Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management implies maintenance sufficient cash including availability of funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short tem and long term liabilities as and when due. Anticipated future cash flows, undrawn committed credit facilities are expected to be sufficient to meet the liquidity requirements of the Company.

(b) Financial assets and liabilitiesThe following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels as on 31st March 2024 are presented below .Note 20: Capital Management

For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. As at 31st March, 2024, the Company has only one class of equity shares and has no debt. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for the re-investment into business based on its long term financial plans.

For AY 2013-14 IT Department has reopened the assessment under section 148 and raised a demand of Rs. 32,18,720/-erroneously which is contested before CIT (A).

For AY 2020-21 IT Department has made a demand of Rs. 84,388/- under section 271 erroneously which is contested before CIT (A). The said appeal is won by your company. The heaing for AY 2013-14 was also completed and final order is waited. Your company is confident of winning the same.

The BSE has imposed a penalty of Rs. 84,51,160/- for non compliance vide order dated 26/07/2023. The Company has filed an appeal to the honourable SAT, hearing for the same is awaited. Your Company is confident that the matter will be won as we have complied all the compliances.

Note : 23

The company has identified business segments as its primary segment. Business segments are primarily sale & purchase of equity shares. Segments have been identified taking into the account the nature of the products and the differing risks & returns. Segment report is attached

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

Note : 25

Figures for the previous years have been regrouped wherever necessary to conform to current year’s presentation.

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Mar 31, 2023

(xi) Accounting for provisions, contingent liabilities and contingent assets

Provisions are recognized, when there is a present legal or constructive obligation as a result of past events, where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Where the effect is material, the provision is discounted to net present value using an appropriate current market-based pre-tax discount rate and the unwinding of the discount is included in finance costs.

Contingent liabilities are recognised only when there is a possible obligation arising from past events, due to occurrence or non-occurrence of one or more uncertain future events, not wholly within the control of the Company, or where any present obligation cannot be measured in terms of future outflow of resources, or where a reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

Contingent assets are not disclosed in the financial statements unless an inflow of economic benefits is probable.

(xii) Earnings per share

Basic Earnings per share is calculated by dividing the net profit / (loss) for the period attributable to the equity shareholders by the weighted average number of equity shares outstanding during the period. The Company did not have any potentially dilutive securities in any of the year presented.

Note 18 Financial instruments - Fair values and risk management

(a) Financial Risk Management

The Company’s financial liabilities comprise mainly of other payables. The Company’s financial assets comprise mainly of investments, cash and cash equivalents, trade receivables

The Company’s activities exposes it to Liquidity Risk, Market Risk and Credit risk. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised as below.

i. Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual obligations. The Company is exposed to credit risks from its operating activities, primarily trade receivables, cash and cash equivalents, deposits with banks and other financial instruments. To manage the credit risk from trade receivables, the Company periodically assess financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Company considers the probablity of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period.

ii. 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 company does not have interest rate risk and currency risk. The company is exposed to other price risk that the fair value of a Investments will fluctuate due to changes in market traded price.

iii. Liquidity risk

The risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Liquidity risk management implies maintenance sufficient cash including availability of funding through an adequate amount of committed credit facilities to meet the obligations as and when due.

The Company manages its liquidity risk by ensuring as far as possible that it will have sufficient liquidity to meet its short tem and long term liabilities as and when due. Anticipated future cash flows, undrawn committed credit facilities are expected to be sufficient to meet the liquidity requirements of the Company.

(b) Financial assets and liabilities

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels as on 31st March 2023 are presented below .

Note 19: Capital Management

For the purpose of the Company’s capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. As at 31st March, 2023, the Company has only one class of equity shares and has no debt. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain or achieve an optimal capital structure, the Company allocates its capital for the re-investment into business based on its long term financial plans.

For AY 2013-14 IT Department has reopened the assessment under section 148 and raised a demand of Rs. 32,18,720/-erroneously which is contested before CIT (A). For AY 2020-21 IT Department has made a demand of Rs. 84,388/-under section 271 erroneously which is contested before CIT (A). Our Company is confident that the demand will be nulled by CIT (A) on hearing and there will not be any liability.

Note : 22

The company has identified business segments as its primary segment. Business segments are primarily sale & purchase of equity shares. Segments have been identified taking into the account the nature of the products and the differing risks & returns. Segment report is attached

Note : 23

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

Reason of Variance:

* Decrease in Current Assets and Current Liability of current year as compared to last year ** Decrease in Net Profit of current year as compared to last year

Note: 26 Earnings and expenses incurred in Foreign currency

During the year the company has neither earned nor incurred any expenses in foreign currency in financial year 2022-23.

Note: 27 Other Disclosures

a) The Company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

b) Transaction with struck off companies: The Company does not have any transactions with companies struck- off under Section 248 of the Companies Act, 2013.

c) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.

d) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(i) 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;

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate beneficiaries.

e) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(i) 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;

(ii) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

f) The Company do not have 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).

g) The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and postemployment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

h) The Company is not declared wilful defaulter by any bank or financial institution or lender during the year.

For CNI RESEARCH LIMITED

As per our report Of Even Date

For GUPTA RAJ & CO SANGITA KISHOR OSTWAL KISHOR P. OSTWAL MAYUR S. DOSHI

Chartered Accountants DIRECTOR MANAGING DIRECTOR DIRECTOR

Firm Reg No : 001687N (DIN : 00297685) (DIN : 00460257) (DIN : 02220572)

CA. Nikul Jalan

Partner ARUN KUMAR JAIN SHEETAL THAKKAR RACHNA MUKESH VYAS

Membership No. 112353 DIRECTOR CHIEF FINANCIAL OFFICER COMPANY SECRETARY

(DIN : 02556726)

Place: Mumbai

Date : 25/05/2023

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Mar 31, 2018

Note: 18

First time - Adoption of Ind AS

1. Explanation of transition to Ind AS:

As per Note 1, these are the Company''s first financial statements prepared in accordance with Ind AS. For the year ended 31 March 2018, the Company had prepared its financial statements in accordance with Companies (Accounting Standards) Rules, 2006, notified under Section 133 of the Act and other relevant provisions of the Act (''IGAAP'').

The accounting policies set out in Notel have been applied in preparing these financial statements for the year ended 31 March 2018 and the opening Ind AS balance sheet on the date of transition i.e. 1 April 2016.

In preparing its Ind AS balance sheet as at 1 April 2016 and in presenting the comparative information for the year ended 31 March 2018, the Company has adjusted amounts previously reported in the financial statements prepared in accordance with IGAAP. This note explains the principal adjustments made by the Company in restating its financial statements prepared in accordance with IGAAP, and how the transition from IGAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows.

2. Optional exemptions availed and mandatory exceptions

In preparing the financial statements, the Company has applied the below mentioned optional exemptions and mandatory exceptions.

A. Optional exemptions availed

i) Property, plant and equipment and Intangible assets

The Company has availed the exemption available under Ind AS 101 to continue the carrying value for all of its property, plant and equipment and intangibles as recognised in the financial statements as at the date of transition to Ind AS, measured as per the IGAAP and use that as its deemed cost as at the date of transition (1 April 2016). ii) Investment in Subsidiaries

The Company has elected to use the exemption to measure all investments in Subsidiaries as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition (1 April 2016). iii) Business Combination

Ind AS 101 provided the option to apply Ind AS 103 prospectively from the transition date or specific date prior to the transition date. The Company has elected to apply Ind AS 103 prospectively to business combination occurring after its transition date. Business combination prior to the transition date have not been restated.

3. Mandatory Exceptions i) Estimates

On assessment of the estimates made under the Previous GAAP financial statements, the Company has concluded that there is no necessity to revise the estimates under Ind AS, as there is no objective evidence of an error in those estimates. However, estimates that were required under Ind AS but not required under Previous GAAP are made by the Company for the relevant reporting dates reflecting conditions existing as at that date. ii) Classification and measurement of financial assets

As permitted under Ind AS 101, the Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. In line with Ind AS 101, measurement of financial assets accounted at amortised cost have been done retrospectively except where the same is impracticable.

4. Reconciliation of net worth		INR (in lakh)
Particulars	As at March 31, 2017	As at April 1, 2016
Equity under IGAAP	2,278.32	2,267.01
Summary of Ind AS adjustments	-	-
Fair value of investments through other comprehensive income	(481.89)	(47.44)
Total Ind AS adjustments	(481.89)	(47.44)
Net worth under Ind AS	1,796.43	2,219.56

5. Reconciliation of Total Comprehensive Income	INR (in lakh)
Particulars	March 31, 2017
Net Profit after tax as per Indian GAAP	11.31
Summary of Ind AS adjustments
Fair value of investments through other comprehensive income	(434.45)
Total Ind AS adjustments	(434.45)
Total Comprehensive income as per Ind AS	(423.13)

Note: 19

Financial Risk Management

The Company''s business activities are exposed to financial risks, namely Credit risk, Liquidity risk. The Company''s Senior Management has the overall responsibility for establishing and governing 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 committee reports regularly to the Board of Directors on its activities.

The Company''s risk management policies are established to identify and analyse 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 audit committee oversees how Management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

i. 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 obligations, and arises principally from the Company''s receivables from customers and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes, if require an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

ii. 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.

Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows.

This monitoring includes financial ratios and takes into account the accessibility of cash and cash equivalents.

Note: 20

Capital Management

For the purpose of the Company''s capital management, capital includes issued capital and other equity reserves. The primary objective of the Company''s Capital Management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

The Company monitors capital using Adjusted net debt to equity ratio. For this purpose, adjusted net debt is defined as total debt less cash and bank balances. INR (in lakh)

Particular	As at 31st March 2018	As at 31st March 2017
Non- Current borrowings	-	-
Current borrowings	-	-
Current maturity of long term debt	-	-
Gross debt	-	-
Less : Cash and cash equivalents	20.72	42.20
Less : Other bank balances	-	-
Ad justed net debt	(20.72)	(42.20)
Total Equity	1,620.22	1,796.43
Adjusted Net debt to Equity ratio	(0.01)	(0.02)

Note: 21.

Related party Information

A. Names of the Related parties

Companies exercising significant influence:

CNI Infoxchange Pvt. Ltd.

Neil Information Technology Limited

Shreenath Finstock Pvt. Ltd.

Key management personnel and their relatives

Mr. Kishor Ostwal Managing Director

Mrs.Sangita Ostwal Whole Time Director

Mr. Mayur Doshi Director

B. The following transactions were carried out with the related parties in the ordinary course of business.

	Companies exercising significant influence		Key management personnel		Total
Nature of Transaction	(i)		(iv)
	2018	2017	2018	2017	2018	2017
Director Remuneration			3.84	3.84	3.84	3.84
Investment Sales to Directors			154.65	_	154.65

INR (in lakh)

Note: 22
Contingent Liabilities	INR (in lakh)
	2016-17	2015-16
Income Tax	4.33	4.33

The Case for A.Y. 2010-11 was selected under scrutiny and the assessing officer has raised demand of '' 4,32,590/- on the company. The company had filed an appeal against the order to CIT(A). The result of the CIT (A) was decided against the company. Thereafter the company has filed the appeal to ITAT against the order of CIT(A). The principal matter is that the officer has made addition to income under Rule 8D of IT Rules, 1962 which the company has disputed. In case the appeal is not decided in favour of the company, then it may have to pay an amount of '' 4,32,590/- along with interest.

Note : 23

The company has identified business segments as its primary segment. Business segments are primarily sale & purchase of equity shares. Segments have been identified taking into the account the nature of the products and the differing risks & returns. Segment report is attached.

Note: 24

There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

Note: 25

Figures for the previous years have been regrouped / restated wherever necessary to conform to current year''s presentation.

As per our report of even date	For and on behalf of the Board of Directors
For GUPTA RAJ & CO	SANGITA KISHOR OSTWAL	KISHOR P. OSTWAL	MAYUR S. DOSHI
Chartered Accountants	WHOLE TIME DIRECTOR	MANAGING DIRECTOR	DIRECTOR
Firm Reg No : 001687N	(DIN: 00297685)	(DIN : 00460257)	(DIN : 02220572)
CA. Nikul Jalan	ARUN KUMAR JAIN	SHEETAL THAKKAR	CHINTAN DOSHI
Partner	DIRECTOR	CHIEF FINANCIAL OFFICER	COMPANY SECRETARY
Membership No. 112353	(DIN: 02556726)
Place: Mumbai
Date : 29th May, 2018

---

Mar 31, 2016

Note:

1) Of the above 11,151,000 equity shares of Rs. 1/- each fully paid up have been issued towards acquisition of business.

2) Of the above 10,200,750 equity shares of Rs. 1/- each fully paid up have been issued as bonus by capitalising reserves.

3) Of the above 6,800,500 equity shares of Rs. 1/- each fully paid up have been issued as bonus by capitalising reserves.

4) Of the above 1,26,00,000 equity shares of Rs. 1/- each fully paid up have been issued on conversion of warrants.

5) Of the above 32,402,250 equity shares of Rs. 1/- each fully paid up have been issued as bonus by capitalising reserves.

Note 1. Deferred Tax Liabilities / Assets (net)

In accordance with the Accounting Standard 22 on " Accounting for Taxes on Income " issued by The Institute of Chartered Accountants of India, Deferred tax assets and liabilities should be recognized for all timing differences in accordance with the said standard.

The tax effect of temporary timing differences during the year that have resulted in deferred tax assets / liabilities are given below.

The Case for A.Y. 2010-11 was selected under scrutiny and the assessing officer has raised demand of Rs. 4,32,590/- on the company. The company had filed an appeal against the order to CIT(A). The result of the CIT (A) was decided against the company. Thereafter the company has filed the appeal to ITAT against the order of CIT(A). The principal matter is that the officer has made addition to income under Rule 8D of IT Rules,1962 which the company has disputed. In case the appeal is not decided in favour of the company, then it may have to pay an amount of Rs. 4,32,590/- along with interest. The ITAT has decided the case in the favour of the company as there is no arrears of demand.

Note 2. Previous year''s figures have been regrouped / rearranged wherever necessary, so as to make them comparable with those of the current year.

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Mar 31, 2015

A. Contingent Liabilities are disclosed by way of notes.

The company has only one class of shares referred to as equity shares having a par value of Rs, 1/- each. Each holder of equity shares is entitled to one vote per share.

Note:

1) Of the above 11,151,000 equity shares of Rs, 1/- each fully paid up have been issued towards acquisition of business.

2) Of the above 10,200,750 equity shares of Rs, 1/- each fully paid up have been issued as bonus by capitalizing reserves.

3) Of the above 6,800,500 equity shares of Rs, 1/- each fully paid up have been issued as bonus by capitalizing reserves.

4) Of the above 1,800,000 equity shares of Rs, 1/- each fully paid up have been on conversion of warrants.

5) Of the above 32,402,250 equity shares of Rs, 1/- each fully paid up have been issued as bonus by capitalizing reserves.

Note 2. Deferred Tax Liabilities/Assets ( net )

In accordance with the Accounting Standard 22 on " Accounting for Taxes on Income " issued by The Institute of Chartered Accountants of India, Deferred tax assets and liabilities should be recognized for all timing differences in accordance with the said standard.

The tax effect of temporary timing differences during the year that have resulted in deferred tax assets / liabilities are given below.

A) Other Related Party ( Enterprise Owend or significantly influenced by Key Management Personnel)

CNI Info change Pvt. Ltd.

Neil Information Technology Limited

Shreenath Fin stock Pvt. Ltd.

2) Related Party transactions

The Case for A.Y. 2011-12 was selected under scrutiny and the assesing officer has raised demand of Rs, 4,32,590/- on the company. The company had filed an appeal against the order to CIT(A). The result of the CIT (A) was decided against the company. Thereafter the company has filed the appeal to ITAT against the order of CIT(A). The principal matter is that the officer has made addition to income under Rule 8D of IT Rules,1962 which the company has disputed. In case the appeal is not decided in favour of the company, then it may have to pay an amount of Rs, 4,32,590/- along with interest.

3. Previous year's figures have been regrouped / rearranged wherever necessary, so as to make them comparable with those of the current year.

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Mar 31, 2014

Company Overview :

Cni Research Limited has international tie ups with global agencies to distribute their research content to global acclaimed investors through their research reports. It provides research content of international standards. It has developed in house research content which is not only propriety in nature but also unique in helping any investor to take decision on any company listed in India.

1 Related party Transactions

A) List of Related party

Key Management Personnel

Mr. Kishor Ostwal Managing Director

Mrs. Sangita Ostwal Whole Time Director

Mr. Mayur Doshi_Director_

Mr. Arun Jain Additional Director

Other Related Party ( Enterprise Owend or siognificantly influenced by Key Management Personnel)

CNI Infoxchange Pvt. Ltd.

Neil Information Technology Limited

Shreenath Finstock Pvt. Ltd.

b) Related Party transactions

2 Expenses in foreign currency : NIL (P.Y. NIL) Earnings in foreign currency : Rs. 16,020 (P.Y. Rs. 23,871)

3 Segment Reporting

The company has identified business segments as its primary segment.Business segments are primarily sale & purchase of equity shares. Segments have been identified taking into the account the nature of the products and the differing risks & returns.

The Case for A.Y. 2011-12 was selected under scrutiny and the assesing officer has raised demand or Rs. 4,32,590/- on the company. The company has filed an appeal against the order to CIT(A). The principal matter is that the officer has made addition to income under Rule 8D of IT Rules,1962 which the company has disputed. In Case the appeal is not decided in favour of the company, then it may have to pay an amount of Rs. 4,32,590/-.

4 Previous year''s figures have been regrouped / rearranged wherever necessary, so as to.

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Mar 31, 2012

Company Overview :

Cni Research Limited (formerly known as Chamatkar.Net (India) Ltd.) has international tie ups with global agencies to distribute their research content to global acclaimed investors through their research reports. It provides research content of international standards. It has developed in house research content which is not only propriety in nature but also unique in helping any investor to take decision on any company listed in India.

Note:

1) Of the above 11,151,000 equity shares of Rs. 1/- each fully paid up have been issued towards acquisition of business.

2) Of the above 10,200,750 equity shares of Rs. 1/- each fully paid up have been issued as bonus by capitalising reserves.

3) Of the above 6,800,500 equity shares of Rs. 1/- each fully paid up have been issued as bonus by capitalising reserves.

4) Of the above 1,800,000 equity shares of Rs. 1/- each fully paid up have been on conversion of warrants.

5) Of the above 32,402,250 equity shares of Rs. 1/- each fully paid up have been issued as bonus by capitalising reserves.

Note 1.1 Deferred Tax Liabilities ( net )

In accordance with the Accounting Standard 22 on " Accounting for Taxes on Income " issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities should be recognized for all timing accordance with the said standard. differences in

The tax effect of significant timing differences during the year that have resulted in deferred assets and liabilities are given below.

2) Segment Information

The Company has identified business segments as its primary segment. Business Segments are primarily Content Sale, Research Product Saler and Equity Sales. Revenues and Expenses directly attributable to segments are reported under each reportable segment. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses. Any capital expenditure incurred for any reportable segment is disclosed.

3) Accounting for Investment

(a) The long term investments are valued at cost less provision if any, for permanent diminution in value of investments.

(b) Profit & Loss Statement includes amount of Rs. 77,61,994 which is written off from the value of investment due to permanent diminution in the value of investment.

(c) The value of investment as on 31.03.2012 is Rs. 5,18,75,208. The value of investment as on 31.03.2011 is Rs. 7,33,11,191.

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Mar 31, 2010

1. Information under 4D of Para II, Para 3 and 4 of Part II of Schedule VI of the Companies Act, 1956 are not applicable to the company.

2. In accordance with the Accounting Standard 22 on "Accounting for Taxes on Income",(AS 22) issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities are recognised for all timing differences in accordance with the said standard.

3. Balance of Debtors, Creditors, Loan & Advances are subject to confirmation and/or reconciliation/consequential adjustments, if any.

4. Key Man Insurance Premium of Rs. 10,85,959/- (PYRs. 10,71,000)

5. Previous years figures have been re-grouped, re-classified and re-arranged, wherever considered necessary to conform to current years presentation.