Notes to Accounts of Trustwave Securities Ltd.

Mar 31, 2025

x) Provisions and Contingent Liabilities

Provisions are recognised when there is a present obligation (legal or constructive) as a result of a past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of
the amount of the obligation. When 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 (when the effect of the time value of money is material).

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be
confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the
company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate of the amount cannot be made.

xii) Cash and Cash Equivalents

In the cash flow statement, cash and cash equivalents includes cash on hand, demand deposits with banks and Bank Overdraft.

xiii) Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instruments. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities
at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities
at fair value through profit or loss are recognised immediately in profit or loss.

Fair value of financial assets and financial liabilities
All financial assets and liabilities are carried at amortised cost.

The management consider that the carrying amounts of financial assets and liabilities recognized in the financial statements
approximate their fair value as on March 31, 2025.

Impairment of financial assets

The Company applies the expected credit loss model for recognising impairment loss on Financial assets measured at amortised cost
and trade receivables.

For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within
the scope of Ind AS 18, the Company always measures the loss allowance at an amount equal to lifetime expected credit losses.
Further, for the purpose of measuring lifetime expected credit loss ("ECL") allowance for trade receivables, the Company has used a
practical expedient as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision matrix which
takes into account historical credit loss experience and adjusted for forward-looking information.

xiv) Related Party Disclosure:

As per Accounting Standard-18 issued by the Institute of Chartered Accountants of India, the disclosure of transactions with related
parties as defined in the Accounting Standard are given below:

xv) OTHER NOTES

a) Expenditure in foreign currency during the financial year on account of :

Foreign Traveling Expenses - (Rs. Nil)

b) Critical accounting judgements and key sources of estimation uncertainties:

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates and
assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported
income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements
are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and
the estimates are recognised in the periods in which the results are known / materialise.

c) Trade Payables:

Unpaid amount as on 31.03.2025 to Micro, Small and Medium Enterprises Development Act, 2006 is NIL.

d) Provision for Bad & doubtful Debts is made based on the RBI guidelines to Non-Banking Financial Companies Prudential Norms.

e) The Company is not an NBFC w.e.f. 03-04-2018 date on which COR No. 13.01229 dated 20-04-1999 has been surrendred to RBI.

f) Earning Per Share (EPS) - EPS is calculated by dividing the Profit / (loss) attributable to the equity shareholders by the weighted

average number of equity shares outstanding during the year. Numbers used for calculating basic and diluted earnings per equity share
are as stated below: ___

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

As per our Report of even date

For and on behalf of the Board

For VINOD S MEHTA & CO.

Chartered Accountants
(Firm Reg. No. 111524W)

Naliny Kharwad Deepak Kahrwad

PARAG V. MEHTA Managing Director Director

Partner DIN:02001739 DIN:08134487

M. No. 036867

SHUBHAM JAIN Reet Phulwani

Chief Financial Officer Company Secretary

PAN:. BKLPJ0648H ACS No.A37989

Place: Mumbai Place: Mumbai

Date: 29th May, 2025 Date: 29th May, 2025

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Mar 31, 2024

xv) OTHER NOTES

a) Expenditure in foreign currency during the financial year on account of :

Foreign Traveling Expenses - (Rs. Nil)

b) Critical accounting judgements and key sources of estimation uncertainties:

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.

c) Trade Payables:

Unpaid amount as on 31.03.2024 to Micro, Small and Medium Enterprises Development Act, 2006 is NIL.

d) Provision for Bad & doubtful Debts is made based on the RBI guidelines to Non-Banking Financial Companies Prudential Norms.

e) The Company is not an NBFC w.e.f. 03-04-2018 date on which COR No. 13.01229 dated 20-04-1999 has been surrendred to RBI

f) Earning Per Share (EPS) - EPS is calculated by dividing the Profit / (loss) attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. Numbers used for calculating basic and diluted earnings per equity share.

xvi) Although the Company has surrendered COR of NBFC, as it is yet not cancelled by RBI technically the Company yet reminas NBFC till then. The Company yet remains NBFC till then. The Company is dealing in shares and Derivatives as Investments and therefore its not in business of Securities trading and does not come under Sec-45-I (c) of the RBI Act. The Company has not done any Leasing and Hire Purchase business in F.Y. 2021-22.

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Mar 31, 2014

1. There is no Contingent Liability (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2013 to 31.03.2014 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2013 and Deferred Tax Assets for the current year has not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. The Income Tax assessments have been completed up to assessment year 2013 - 2014. Demands for A.Y. 2000-01 of Rs.2,781 (previous year Rs.2,781) have been raised which the company has contested for rectification/preferred appeals which are pending.

5. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

6. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Banking Financial Companies regarding Asset Classification, Provisioning for and income recognition on non-performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the minimum prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as applicable to the company are appended to the Balance Sheet.

7. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

8. AS-18 Related party Transactions.

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India ,the company''s'' related parties in terms of AS 18 are disclosed below:

Key Management Personnel: Mr. Dhiren D. Mehta - Executive Chairman (Honorary)

Others

None

The company''s related party transactions are as follows:

Rs. Nil Remuneration including salary was paid during the year

9. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute of Chartered Accountants of India is not applicable to the company, as company has operated only in one segment i.e. finance and its related activities during the year under report.

10. (a) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act ,1951, there are no amount due to Small scale Industrial undertaking exceeding Rs.1 lacs which is outstanding for more than 30 days.

(b) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

11. The Previous years'' figures have been re-grouped/re-arranged/ reclassified /re-casted/re-stated wherever necessary.

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Mar 31, 2013

1. There is no Contingent Liability (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2012 to 31.03.2013 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2012 and Deferred Tax Assets for the current year have not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. The Income Tax assessments have been completed up to assessment year 2011 - 2012. Demands for A.Y. 2000-01 of Rs.2781 (previous year Rs.2, 781) have been raised which the company has contested for rectification/preferred appeals which are pending.

5. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

6. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Banking Financial Companies regarding Asset Classification, Provisioning for and income recognition on non-performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the minimum prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as applicable to the company are appended to the Balance Sheet.

7. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

8. AS-18 Related party Transactions:

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India ,the company''s'' related parties in terms of AS 18 are disclosed below:

Key Management Personnel:

Mr. Dhiren D. Mehta - Executive Chairman (Honorary)

Others

None

The company''s related party transactions are as follows:

Nil Remuneration including salary was paid during the year.

9. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute of Chartered Accountants of India is not applicable to the company, as company has operated only in one segment i.e. finance and its related activities during the year under report.

10. ( a ) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act , 1951, there are no amount due to Small scale Industrial undertaking exceeding Rs. 1 lacs which is outstanding for more than 30 days.

(b) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

11. The Previous years'' figures have been re-grouped/re-arranged/ reclassified /re-casted/re-stated wherever necessary.

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Mar 31, 2012

1. There is no Contingent Liability (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2011 to 31.03.2012 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2011 and Deferred Tax Assets for the current year has not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. The Income Tax assessments have been completed up to assessment year 2008 - 2009. Demands for A.Y. 2000-01 of Rs.2,781 (previous year Rs.2,781) have been raised which the company has contested for rectification/preferred appeals which are pending.

5. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

6. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Banking Financial Companies regarding Asset Classification, Provisioning for and income recognition on non-performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the minimum prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as applicable to the company are appended to the Balance Sheet.

7. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

8. AS-18 Related party Transactions.

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India ,the company''s'' related parties in terms of AS 18 are disclosed below:

Key Management Personnel:

Mr. Dhiren D. Mehta – Executive Chairman (Honorary)

Others

None

The company''s related party transactions are as follows:

Rs. Nil Remuneration including salary was paid during the year

9. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute of Chartered Accountants of India is not applicable to the company, as company has operated only in one segment i.e. finance and its related activities during the year under report.

10. As per AS-20 on "Earning Per Share (EPS)" issued by The Institute of Chartered Accountants'' of India, the particulars of EPS for Equity shareholders are as follows :

11. ( a ) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act , 1951, there are no amount due to Small scale Industrial undertaking exceeding Rs.1 lacs which is outstanding for more than 30 days.

( b ) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

12. The Previous years'' figures have been re-grouped/re-arranged/ reclassified /re-casted/re-stated wherever necessary in view of the financial statements of the current year prepared in the format prescribed by the revised Schedule VI of the Companies Act 1956.

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Mar 31, 2011

1. Contingent Liability not provided for Rs. Nil (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2010 to 31.03.2011 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2010 and Deferred Tax Assets for the current year has not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. Managerial Remuneration included in the Profit & Loss Account under the head personnel expenses. o commission is paid to the Manager - Director during the current year & previous year. No Remuneration & Commission paid to Executive Chairman during the current year since appointment.

5. The Income Tax assessments have been completed up to assessment year 2008 - 2009. Demands for A.Y. 2000-01 of Rs.2,781 (previous year Rs.2,781) have been raised which the company has contested for rectification/preferred appeals which are pending.

6. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

7. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Banking Financial Companies regarding Asset Classification, Provisioning for and income recognition on non-performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the minimum prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as applicable to the company are appended to the Balance Sheet.

8. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

9. AS-18 Related party Transactions.

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Chartered Accountants of India ,the company's' related parties in terms of AS 18 are disclosed below:

Key Management Personnel:

Mr. Mahendra K.Gandhi- Manager & Director (Up to 20/07/2010)

Mr. Dhiren D. Mehta – Executive Chairman (Since 21/07/2010) (Honorary) Others None

The company's related party transactions are as follows:

1) Mr. Mahendra K. Gandhi – Manager & Director - Remuneration including salary was paid during the year Rs. 14,581/- 3

10. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute of Chartered Accountants of India is not applicable to the company, as company has operated only in one segment i.e. finance and its related activities during the year under report.

11. ( a ) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act , 1951, there are no amount due to Small scale Industrial undertaking exceeding Rs.1 lacs which is outstanding for more than 30 days.

( b ) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

12. The Previous years' figures have been re-grouped/re-arranged/ reclassified wherever necessary.

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Mar 31, 2010

1. Contingent Liability not provided for Rs. Nil (Previous year Rs. Nil)

2. Provisions for Current Income Tax for the year 01.04.2009 to 31.03.2010 has not been made as there is no taxable income during the year in view of loss incurred during the year.

3. The Accounting standard AS-22 "Accounting for Taxes on Income" issued by The Institute of Chartered Accountants of India has become applicable to the company. The cumulative Net Deferred Tax Assets as at 01.04.2009 and Deferred Tax Assets for the current year has not been recognised by the company as there is no certainty that sufficient future taxable income will be available against which such deferred tax can be realised.

4. Managerial Remuneration included in the Profit & Loss Account under the head personnel expenses.

No commission is paid to the Manager - Director during the current year & previous year.

5. The Income Tax assessments have been completed up to assessment year 2007 - 2008. Demands for A.Y. 2000-01 of Rs.2,781 (previous year Rs.2,781) have been raised which the company has contested for rectification/preferred appeals which are pending.

6. The Earning and Expenditure in foreign currency Rs. Nil ( Previous Year Rs. Nil)

7. The Company has followed the Guidelines issued by the Reserve Bank of India to all Non Financial Companies regarding Asset Classification, Provisioning for and income recognition performing assets as applicable to it. However the Net Owned Funds of the company has fallen below the rr prescribed limit of Rs. 25 lacs. In terms of paragraph 13 of Non-Banking Financial (Non- Deposit Acce Holding) Companies Prudential Norms (Reserve Bank) Direction, 2007, as amended, the particulars as appl the company are appended to the Balance Sheet.

8. Sundry debit / credit balances of parties are subject to confirmation and reconciliation if any.

9. AS-18 Related party Transactions.

As per accounting standard AS 18 "Related Party Disclosures" issued by The Institute of Charter* Accountants of India ,the companys related parties in terms of AS 18 are disclosed below:

Key Management Personnel:

Mr. Mahendra K.Gandhi- Manager & Director Others

None

The companys related party transactions is as follows:

1) Mr. Mahendra K. Gandhi - Manager & Director - Remuneration including salary was paid during the year Rs. 48,000/-

10. The Segment Reporting under accounting standard AS-17 Segment Reporting issued by The Institute < Chartered Accountants of India is not applicable to the company, as company has operated only in ot segment i.e. finance and its related activities during the year under report.

11. ( a ) Based on the information available with the company regarding the status of creditors under the "Industries (Development and Regulation) Act, 1951, there are no amount due to Small scale Industrial undertaking exceeding Rs.l lacs which is outstanding for more than 30 days.

( b ) In the absence of necessary information with the Company, relating to the registration status of creditor under the Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be complied and disclosed.

12. The Previous years figures have been re-grouped/re-arranged/ reclassified wherever necessary.