Indeed Fincap Private Limited. Registered Office: CIN No. U51109DL1985PTC327816 13th Floor, Dr. Gopal Das Bhawan, 28 Barakhamba Road, Connaught Place, New Delhi - 110001 Financial Statements 2023-24& w « IND y SERVA ASSOCIATES CHARTERED ACCOUNTANTS INDEPENDENT AUDITOR'S REPORT To The Members of M/s Indeed Fincap Private Limited Report on the Audit of the Standalone Financial Statements Opinion We have audited the accompanying standalone financial statements of Indeed Fincap Private Limited (the “Company"), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss , the Statement of Cash Flows for the year ended on that date and @ summary of significant accounting policies and other explanatory information (hereinafter referred to as the "standalone financial statements”). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the Accounting Principals generally accepted in India as amendedand other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its Profit, and its cash flows for the year ended on that date. Basis for Opinion We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing ("SA’s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements Section of our report. We are independent of the Company in accordance with the Code of Ethies Issued by the Institute of Chartered Accountants of India (“ICAI*) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Information Other than the Financial Statements and Auditor's Report Thereon ‘The Company's Board of Directors is responsible for the other information. The other information comprises the Information included in the Board's Report including Annexures to Board's Reportbut does not include financial statements and our auditor's report thereon. ur opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon, In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially Inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If,based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to, in this regard. fs Head Office: 1011-1014, 104 Floor, RG Trade Tower, NetajiSubhash Place, New Delhi-110084 Ph: 011-4250294 Email: info@servamaiL.in Website: www.serva.in« SERVA ASSOCIATES ‘CHARTERED ACCOUNTANTS. Management's Responsibilities for the Standalone Financial Statements The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the ‘Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performanceand cash flows of the Company in accordance with the AccountingStandards and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. In preparing the standalone financial statements, management is responsible for assessing the ‘Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either Intends to liquidate the Company or to cease operations, or has no realistic alternative but to do $0, The Board of Directors is also responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities for the Audit of the Standalone Financial Statements Our objectives are to obtain reasonable assurance about whether the, standalone financial statements as @ whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements. As part of an audit In accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: ‘+ Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that Is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud 's higher than for one resulting from error, as fraud may Involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, We are also responsibie for expressing our opinion on whether the Company has adequate Internal financial controls system in place and the operating effectiveness of such controls. + Evaluate the appropriateness of accounting policies used and the reasonableness,of accounting estimates and related disclosures made by the management. Head Office: 1011-1014, 10% Floor, RG Trade Tower, Netaji Email: info@servamall.in Website: yrww,serva.inINDIA SERVA ASSOCIATES CHARTERED ACCOUNTANTS * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report, However, future events or conditions may cause the Company to cease to continue as a going concern. + Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced, We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (il) to evaluate the effect of any identified misstatements the standatone financial statements. We communicate with. those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit, We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards Report on Other Legal and Regulatory Requirements 1. As required by Section 143(3) of the Act, based on our audit we report that: a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books except for the matters stated in paragraph h(vi) below on reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended). c. The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account. d, In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules,2014. e. On the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the Act. f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and ‘operating effectiveness of the Company's internal financial control reporting. 1011-1014, 19% Floor, RG Trade Tower, NetajiSubhash Place, New Dt Email: info@servamailin Website: www serva.in« SERVA ASSOCIATES 9. With respect to the other matters to be included In the Auditor's Report in accordance with the requirements of Section 197(16) of the Act, as amended we report that company has paid the managerial remuneration in terms of the approval of the Shareholder. h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us: I. The Company has disclosed the impact of pending litigations on Its financial position in its financial statements in Note 27. Il, The Company had not entered into any long-term contracts including derivative contracts. IIL There was no amount which was required to be transferred to investors education & protection fraud. Mw 'a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or funds) by the Company ind of to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Uitimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity ("Funding Parties”), with the understanding, whether —whether;-directly-or-indirectly;-lend-or-invest in other persons or entities identified in any. recorded in writing or otherwise, that the Company shall, manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; ¢) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement. V. The company has not declared or paid any dividend during the year. VI. As stated in Note 21 to the financial statements and based on our examination which included test checks except for instance mentioned below, the Company, in respect of financial year commencing ‘on 1 April 2023, have used accounting software for maintaining its books of account which has feature of recording audit trail (edit log) facility and the same have been operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with, other than the consequential impact of the exception given below. Nature of exception noted T Details of Exception Instances of accounting software ‘maintained by a third party where we are unable to comment on the The “Type 2 report” issued by Independent Service Auditor in ‘accordance with ISAE 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information) does not provide sufficient audit evidence on audit trail (edit logs) for any direct changes made at the database level, and accordingly, we are unable to comment on whether audit trall feature at the database level of the accounting software used for maintenance of books of accounts of the Company was enabled and overated throughout the year. Head Office: 1011-1014, 10% Ploor, RC 1 mall: info@ secvamailin Website: www. lace, New Delhi-110034 Ph: 011-12502244, 3562 vain o Tower, NotajiSubhaIND y SERVA ASSOCIATES CHARTERED ACCOUNTANTS 2. As required by the Companies (Au Central Government in terms of Section 143(11) of the Act, we give in “Annexure 8” a statement on the matters specified in paragraphs 3 and 4 of the Order. ’s Report) Order, 2020 (the “Order") issued by the For Serva Associates Chartered Accountants Firm Registration Number: 000272N Y 4 es th s a wi. wa ner) Membership Number: 506898 UDIN:24 SOCRISRKEOSEREAB Place: Delhi Date: {4 way vi) Head Office: 1011-1014, 108 Floor, RG Tr «« INDIA SERVA ASSOCIATES OUNTANTS ANNEXURE “A” TO THE INDEPENDENT AUDITOR'S REPORT (Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ Section of our report to the Members of Indeed Fincap Private Limited Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (the “Act”) We have audited the internal financial controls over financial reporting of Indeed Fincap Private Limited (the “Company”) as of March 31, 2024 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date. Management's Responsibility for Internal Financial Controls The Management of the Company Is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, Including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act. Auditor's Responsibility ur responsibility Is to express an opinion on the Company's internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of Internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting. S00 eer Head Office: 1011-1014, 10 Floor, RG Tra ‘NetajiSubbash Place, New Delhi-110034 Ph: 011-42502244, 2562 Email info@secvamal.in Website: www.servs,inWo y SERVA ASSOCIATES CHARTERED ACCOUNTANTS Meaning of Internal Financial Controls over Financial Reporting ‘A company's internal financial control over financial reporting Is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for extemal purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Inherent Limitations of Internal Financia! Controls over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the Internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Opinion In our opinion, to the best of our Information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2024, based on the criteria for internal financial control over financial reporting established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI. For Serva Associates Chartered accountants ‘Firm Registration Number: 00272N ¥ « ubIn: AL) SOCAIS BKEASF2E23 Place: Delhi Date: | 4 MAY 2024 = Fn a oe Head Office: 1011-1014, 10% Floor, RG Trade Tower, NotajiSubbash Place, Now Delhi-110034 Ph: 011.42502244, 3562 Email: infe@servarnal.in Website: www. serva.in«K INDIA SERVA ASSOCIATES al COUNTANTS ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR'S REPORT (Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory ments’ Section of our report to the Members of Indeed Fincap Private Limited Requi To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that: ‘a. (A). The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment. (8). The companydoes not have any intangible assets, therefore reporting under clause (i) (a) (8) Is not applicable. b. All the assets have been physically verified by the management during the year at which, in ‘our opinion, is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such verification. c. The company is not in possession of any Immovable property in the nature of fixed assets hence the provision of para (i) (c) are not applicable. d. The Company has not revalued any of its Property, Plant and Equipment (including right of- use assets) and intangible assets during the year. e. No proceedings have been initiated during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Benami Transactions (Prohibition) ‘Act, 1988 (as amended in 2016) and rules made thereunder. a. That the company does not have any inventories, therefore, clause (I!) (a) is not applicable. b. That the company has not been sanctioned working capital limit from any banks or financial institutions on the basis of security of current assets, therefore clause (Ji) (b) is not applicable. That being @ NBFC the principal business of company Is to give loans, therefore, reporting under clause (Ii) (a) Is not applicable b) That with regard to loan, guarantee & securities given to parties covered under Section 189 of the Companies Act, 2013 as at 31st March, 2024, the conditions of such loan prima facie do not appear to be prejudicial to the interest of the company. ©) That the loan do not carry any stipulated repayment of terms & are repayable on demand and hence clause (iii) (c) is not applicable. d) That the loan do not carry any stipulated repayment of terms & are repayable on demand and hence clause (ii)(d) is not applicable, ‘ e) That being a NBFC, the principal business of company is.to given loan, therefore reporting under clause (Iil)(e) is not applicable. f) That the compeny has granted loans that do not carry any stipulated repayment terms and are repayable on demand of which details are as under: Head Office: 1011-1014, 10% Floor, RG Trade Tower, Neta Email: info@ servamaiLin Website: voww.serveINDIA SERVA ASSOCIATES CHARTERED ACCOUNTANTS [ Particulars ‘Ail Parties | bromotors [Related Parti ‘Nil ‘Outstanding amount of loans/advances in | Rs.405.48Million nature of | |__- loans repayable on demand | Percentage of loans/advances in natu of loans to the total loans iv. That the company has given/advances loans in compliance with the provisions contained in Section 185 or loans and advances under Section 186 of the Companies Act 2013 in the normal course of business and has complied with the requirements of the provisions contained in the respective Sections. ‘The Company has not accepted any deposit or amounts which are deemed to be deposits covered under Sections 73 to 76 of the Companies Act, 2013.Hence, reporting under clause 3(v) of the Order is not applicable. vi. The maintenance of cost records has not been specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013 for the business activities carried cout by the Company. Hence, reporting under ciause (vi) of the Order is not applicable to the Company. vil. In respect of statutory dues: a) The company is regular’ in depositing with appropriate authorities undisputed statutory dues Including Income Tax, Cess and other statutory dues applicable to It. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employees state insurance, income tax, duty of customs, Goods & Services Tax (GST), cess and other statutory dues were in arrears as at 31st March 2024for a period of more than six months from the date they become payable, b) According to the information and explanation given to us, the outstanding statutory dues which have not been deposited on account of dispute with the authorities is as under: {Name of | Nature ‘of | Amount — Period Forum the Dispute (Rs.) to which | where the any) [statue | the dispute is | | | amount | pending ‘income Tax Act, 1961 ____ pertains FY 2013-14 ‘CIT (Appeals) (nae, request filled with AO | order Ws 54 ef | ma Income Tox Act Demand boa INR 4,90,42,. = | income” Tax In FY 2023-24 and | under process | Act, 1962 | order u/s 153A, | 153C, 68, 698 of { Income Tax Act _t | [Tneome Tax [Demand against [INR 1,22,01,809 ) FY 2015-16 / CTT, |" 1961 | order ws 153A, | | FY 2014-15 | Cit (Appeais) [Ea has ‘been filed ‘Appeal has Been tiled in FY 2023-24 and } U2. 68, 69A of under process [iMene Tex ActSERVA ASSOCIATES UNTANT ill. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). a) The Company has not taken any loans or other borrowings from any lender. Hence reporting under clause 3(Ix)(a) of the Order Is not applicable b) That no instance or information has come on our records in context to the Company been declared wilful defaulter by any bank or financial Institution or government or any government authority. (©) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(Ix)(c) of the Order is not applicable. (4) On an overall examination of the financial statements of the Company, funds raised on short term basis have, prima facie, not been used during the year for long-term purposes by the Company. (e) The company does not have any subsidiaries, Joint venture or associate, therefore clause (ix) (e) Is not applicable. (f) The company does net have any subsidiaries, Joint venture or associate, therefore clause (ix) (Fis not applicable. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause 3(x)(a) of the Order is not applicable. () According to the information and explanations given to us and on an overall examination of the balance sheet, during the year, the Company has not madeany preferential allotment of shares during the year under review and hence compliance with the provisions of Section 42 of Companies Act 2013 is not applicable. xl. a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year. b) No report under sub-Section (12) of Section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report. ©) That as represented by the management, there are no whistle blower complaints received by the company during the year. xii, The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable. ill. KK In our opinion, the Company is in compliance withSection 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties, where applicable and the details of related party transactions have been disclosed In the standalone finan as required by the applicable accounting standards. Head Office; 1011-1014, 10 Floor, RG Trade Tower, NetajiSubhash Place, New Delhi-l10034 Ph: 011-4250 mall: infoe@servamail.in Website: www. serva.inSERVA ASSOCIATES HARI rANTS xiv. xv. xvi xvii vill, xix. Xx. | Sarees Accountants a) The provision of this para is not applicable to the company, therefore clause (xiv) (a) of the order Is not applicable. b) Internal audit under Section 138 read with rule 13 of company act is not applicable to the company therefore clause (xiv) (b) of the order is not applicable. Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, the Company has not entered into non-cash transactions with directors or persons connected with him. a) The company has registered under Section 45-IA of Reserve Bank of India Act, 1934 (2 of 1934) as NBFC company. b) That the company has valid registration certificate as NBFC company, therefore reporting under clause (xvi) (b) is not applicable. ) That the company has valid registration certificate as NBFC company, therefore reporting under clause (xvi) (c) is not applicable. d) As represented to us, there Is no Core investment company which is part of the group under which the company falls. ‘That the company has not incurred any cash loss of during the financial year covered by our audit and in the immediately preceding financial year. ‘There has been no resignation of the statutory auditors of the company during the year. (On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that Company Is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this Is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due. The provision of Section 135 are not applicable on the company. Hence this clause is not applicable on the company. For Serva Associates Rirm Registration Number: 000272N \ (SX \\or Ava ert eegacee’ Membership Number: 506898 YON: 244.SOGAY BICEQQFARKLAS ac Date: | 4 HAY 200 SY Head ortce: 0111016 108 Foor, RG Trade Tower NvaSubbash Place New Doi O094 Ph O11-42502206, 9562 Webs! Email: info@servamail,Indeed Fincap Private Limited. CN No: UstINDLVASHTCSITIG (ama ainmil) a hsn pue) Balance Sheet as at Sst March, 2024 Pacis NoteNo sieenaech2004 Met arch 208, 1 EQUITY AND LIABILITIES (Shum capil 2 (0) Reever ed mepn 3 ‘Seb Tol) (@) Sheree bormvinge ) Tedepuybie “oa oustanding due of mize entepves and anal eterpies “Total outaadig duc of ceo other than micro andar crepes ( Otberenent ier (@)Shoreee pewiont SubTotal @) ‘TOTAL (1+2) ASSETS 3 Nomeurent act (oy Peopent, Pant Euipment “Tangible mies 0) Nowe nvetnents (Defer ee (rt (© Othernon-cunet ses Seb Foal @) 4 Comentessets @ Tevenmest ()Cathand emt equivalents (@)_ Shorea ast and acest Seb Toul) TOTAL (3+4) SigicustAccowating Plies & Note te Account (1925) (> se pero cepoct of een date sched For Serva Associates [ cient \ ie EN “ i 7 Pacher: 7 a Date 148224 tee oo 336 9.72 7005, 391 20s ass 23339 mE For & on behalf ofthe Board of Discos of Indeed Fincap Private Limited de Dhananjey Shukla Director DIN No o1264947 Ravi Aggarwal Director DDN 00208856Indeed Fincap Private Limited. CIN No: UstH9DLISSPTCSE7AI6 Al aman i iin) esters sl) Statement of Profit and Love for the year ended 3st March, 2028 hear os Parscalars Note Now steeMarch 204 SleeManch 2025 evens from openiont 1 seas ns “Total Rereae = a ae ‘Bxpeaser ‘ploy tener expense 6 05 aay Fite cons ” 05 oa Depiction sd ancrtson experme 8 oot el (Oar expeoee 8 on us “ou expense Ser 13s Profit before tx —S —_— oer “Tax oxponte Cen an, 208 nae Ta pid Meio Yee ons on Dele 29) ay [NAT rei entideront 191 130 Prot / (Lae) aero ae Baeings pc equiy share oF 10 chs ™ Base as 39 Deed 337 389 Siti ecunig Ftc Note econ (1028 aroun otent ce ashes [Gor Serva Associates fot ton att othe Boul of Dice of ‘Jord Acoma Indeed Fncp Pete Lined SS a7 \ her on aa \ acon Director Diteetoe DINNo 1264017 DIN OD205856 Panes ania fs sus Place: New Deh Dates 1M 2026Indeed Fincap Private Limited, CcUN No. UStIO9DLIsESPTCA2TEI6 (Aten mi miley) mae wes sod) (Cash Flow Statement forthe year ended March 31,2024 Poniculan "For toe year ended “For die year ended Serre 2008 Shr Mac, 9, T” Gash flow from Opeenting Activites — [ASE Povo fr tard wat an o ‘3 Depa oor ous [Net Profit / (Los) wo ~ 1632 Ba ‘Ajmer Des / eis retry . - Des / lee) i Shorea basta ances sia «ascon Ina / Dee intrade prdpvsens nm aot Ince / Dee) inher Coen Libis ‘4 6m Inc / Desens bong ct on NetChange in ue set aod curt iabitee ® aay Cen: Danet Taner ad Sr oak © 659 sat et Cash Faw Go Opting Acviy (448-0 o Sa es 2 Cath low from Lnvesing Aetves Sale /pachte of averted) Sue /pachase ofFiaed Asses [Net Cath Flow fom Investing Acigy o 3) Cash ow fom Financing Aetvies Bouowiags (oe) [Net Cash Flow fom Fnascing Activiy co) [Netincrease J (Secrest) ia Cath end Cath Equa (Cath and Cath gut tthe begining ofthe ea (Coss and Cosh Equivalent atthe end ofthe year Ne as 51) 22s 3 as = 1 The shove Cth flow atement hs ben prepara under the "niet tho" et out in ASS nated w/t 139 of the Compuie At, 2013 3 The igiiant accounting pbc Siguitcant Accounting Policies k Notes wo Acco ‘As per our eport of even date auachod 1s (11028 For Serva Associates ened Accounts A again Ny a 4 May-2024 sd ate 1 the andl sateen (fe note wo 28) orm itp prof he Cat ow Statement For & om behalf ofthe Board of Ditecor of Indeed Fincap Private Limited oon, ee Diccur Director DINNooiz6ion7 DIN coA0séssIndeed Fincap Private Limited. CIN No.: U51109DL1985PTC327816 Notes to the Financial Statements as at 31%t March, 2024 1. Significant Accounting Policies A. Corporate Information Indeed Fincap Private Limited (‘the Company’) was incorporated on November 1, 1985. The Company is 2-Non Banking Financial Company (Non Accepting public deposits). The Company has received a certificate of registration from the Reserve Bank of india (RBI) on March 21, 1998 to commence/ carry fon the business of Non Banking Financial Institution without accepting public deposits and on 30" day of uly 2019 company had received a new certificate of Registration, pursuant to change its name from Charles (India) Private limited to Indeed Fincap Private Limited. The company is engaged into lending of corporate term loans, demand/call loans. B. Basis of accounting and preparation of financial statements The financial statements have been prepared to comply in all material respects with the accounting standard notified under section 133 of the companies Act, 2013 read together para 7 of companies (Accounts) Rules, 2014 issued by the Ministry of corporate Affairs. The financial statements have been prepared under the historical cost convention on an accrual basis, interest income arising from Non Performing assets and valuation of unquoted units of mutual funds at net assets value, which is In accordance with Non-Banking Financial (Non Deposits accepting or holding) Companies Prudential Norms (Reserve Bank) Direction 2007 (‘NBFC Regulation’). The accounting policies have been consistently applied by the company and are consistent with those followed in the previous year. C. Use of estimates The preparation of financial statements in conformity with Indian GAAP requires the Management to make judgements, 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/ materialised. D. Property, Plant & Equipment Property, Plant & Equipment are recorded at cost of acquisition less accumulated depreciation and net of input credit. Cost is inclusive of freight, taxes and other directly attributable costs incurred to bring the assets to their working condition for intended use. £. Depreciation and amortization Depreciation on all tangible fixed assets provided on the written down value method over the estimated useful life of the assets. Depreciation on addition to fixed assets is provided on pro-rata basis from the date the asset is put to use. Depreciation on sale/deduction from fixed assets is provided for upto the date of sale, deduction, iscardment as the case may be. All assets costing Rs.5,000 or below are depreciated in full by way of one time depreciation charge.Indeed Fincap Private Limited. CIN No.: US1109DL1985PTC327816 Notes to the Financial Statements as at 31% March, 2024 F. Impairment of Assets Management at each Balance Sheet date assesses using external and internal sources whether there is an indication that an asset or group of assets or a cash generating unit as the case may be impaired. Impairment occurs where the carrying value exceeds the higher of value in use represented by the present value of future cash flows expected to arise from the continuing use of the asset and its realizable value. The impairment loss is charged off to Statement of Profit and Loss. G. Investments Long term investments are stated at cost. However, provision for diminution is made to recognize any decline, other than temporary, in the value of long term investments. Current investments are stated at the lower of cost and fair value. Revenue recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Interest on loan is recognized on accrual basis for standard assets and for the Non Performing Assets (NPA) on the basis of actual recognition. Other income Interest Income Interest income is recognized only when no significant uncertainty as to measurabi exists ity or collectability Dividend income Dividend income is recognized when the right to receive the same is established. 4, Employee benefits All employee benefit payable/available within twelve month of rendering the service Is classified as short term employee benefit. The company has only Short term employee benefits which includes salary, wages, bonus etc. are recognized as an expense in statement of Profit and Loss of year in which the related service is rendered. The Company does not have any defined contribution plan. K, Earnings per share Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. Non Performing Assets Provision Policy After taking into account the time lag between an account becoming non performing, its recognition as such and realization of available security, Management assessment of recovery, provisions and write off are made against sub-standard, doubtful and loss assets in accordance with the Non Banking Financi (Non Deposit Accepting or Holding) companies Prudential Norms of Reserve Bank of India,Indeed Fincap Private Limited, CIN No.: U51109DL1985PTC327816 Notes to the Financial Statements as at 31t March, 2024 In case of standard assets provision at the rate of 0.25% of such assets is made. M, Taxes on income Income taxes consist of current taxes and changes in deferred tax liabilities and assets. Current tax is the amount of tax payable on the taxable income for the year as determined in accordance with the provisions of the Income Tax Act, 1961. Income taxes are accounted for on the basis of estimated taxes payable and adjusted for timing differences between the taxable income and accounting income as reported in the financial statements. Timing differences between the taxable income and the accounting income as at March 31, 2021 that reverse in one or more subsequent years are recognized if they result in taxable amounts. Deferred tax assets or liabilities are established at the enacted tax rates. Changes in the enacted rates are recognized in the period of enactment. Deferred tax assets are recognized only if there is a reasonable certainty that they will be realized and are reviewed for the appropriateness of their respective carrying values at each balance sheet date. N. Provisions and contingencies The company creates provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the tion. A disclosure for a contingent liability is made when there is possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible ‘obligation or a present obligation in respect of which the like hood of outflow of resources is remote, no provision or disclosure is made. As per management representation, there is no contingent liability exists on the company towards government dues including PF/ ESI, hence no provision made in the books of accounts. Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimate. If it is no longer probable that the outflow of resources would be required to settle the obligation, the provision is reversed, Contingent assets are not recognized in the financial statement. However, contingent assets are assessed continually and if itis virtually certain that an economic benefit will arise, the asset and the related income are recognized in the period in which the change occurs.Indeed Fincap Private Limited. CIN Nos USLIMDLIBSPTCIDAG (Atmos ani mii sb ev ed [Note nancial tatemente “ieee “hea Description _ sac Marc 204 steven 203, fo Sewecapat PEnIDO oY 275450 Fy Se of. Och ne no Insc Stvsbed Pa vp 557300 259730) Ey Star ec ly itp 208 208 » ~ See aa sns0 8 2a ——as oy sang sre sas sai ayo asm 35000 sam (Termes hed Ei Shres “Te compy br noe ho gay Sa Davin Vie of 10 eS re of pn fe ogy he lan gy Sha we (roel acne wna le Snap etn ofp ania ihe popes tae mane oy Sa eld WewnchatenIndeod Fincap Peivate Limited. ‘CIN Nos UstiODLINESPTERIAIG (aot emit tie ui) Note Sana etstemente Ta a “ine x Suemach2¥ seach 205, Tame Sewn cont pe ance sas say ‘than ding ye ning Dimes a mar ‘Rare Fond (1 of BY eg 4 Opa Bee oa ws (add dag yo is is (9 Went ing Yo _ ‘Going Bee 500i psig ae oa 029 (Ne Pe tL xe ye 0 ous (Ganev Ronnerhod asic OF firacise a. 194 ae “sae 3 = = ar "nis “Toi a oon ST pl WS ae at MS en Bs De BE TOD 30 at dca manne ie Compu igh Pace ‘Aenea Ao So Math 223 ‘9 heponcga amc inet he eon gaia beat fh ing or, emit i iy te ayia leon 16 lng wih Be nc oe papa dee pee pul prs iy Sug etree . . 1 tome fit td ph ir yi of dt aig opr np end : sep dy dig ott sng bt pal wt A 9 eam tant acne nd emnig up eof cectgya been of fier met emi ar pe een eer eth te inet : (Severe mes pd al eager pp fdr ase ere le ans ‘rae ppbigsing eb ot te Mac 224 ‘radeppbingeag hee eee March 2025 Ponce unig ning pr be dt pt Nexpoe uinaeeaie MSIE ayer 3ger eS ycam Tet td St Bae HE ow ooToto eme Tew Te ‘Nes Deseion it March 2026 Sar March 225, 6 er cosas aplenty on ost ess toi an on Baking 1 a dene med a ~ Operng Bae os aw NE li eg ee a3 39 Peo fc dota e® as "Foal - “prin Gat cn i lw aad por pans ann pao NAVY dy Rs aka “pron 10% ce ese ccc perpen orm sprit NERC by Ree Hah ata A la a3 M8 Defend txt ying of pope pi spent oo on Rota xa elo fname oe 8 3s po = = Bat 22499 Ns (7 2489 egy he of Pay rene Lik. seat Cato Mae as wich) (Conta G7, her ae CF NAO ROT SY as om pak. = 08 0s ‘ase Ss ep pees oor oo soni ee | Seco Dont ae act ‘retin races Recent fm Rena tet of poison frome) lo he a RR tl iF OO PE NR a Re Bak TT ‘Chie Sn sunt pn ome py NDE nd by ae Bo Loan & Advances Seed for Set March 2006 Anat heat sua ntarch 204 ata rch 23, “Type of Boomer Amounts tweet fuuranding la Kae : etd Pie se sam= = wo vomtewo| no santas | ‘soon Cooomnede) (seedna) eet | frepenvion,__Gromnguty_prerery env | SA Toby op 0 se ne po e290 61 29¥"00 7011-95 Ho Contador ON. (nt eg ge gy} STSLeCOLASSSTOWITEA “0% NID “paary sveas dour p2=puyIndeed Fincap Private Limited. CIN No. USHODDLIDESPTCA27A6 CA cm ia il ens wei psi) [Nott onc etement Now No 1M Revenve fim Operon eat cme fo Le Peto 35 Oertcome Ione acme fm her Faning acy nent on Lae Tas Rfid Anse isme on FDR oa 16 Pamployee bent pense Ss ege a tomes Sal Wel epee Foal 17 Finance Cont eet epns Foal Sento at ‘Aaveionent Bap Bak Che Das pon eis (8) (nec pe Fl ages Ivence apes Lap poesia chan Ping Stoney cP Hapese Contngt Piinn a Lun Pos ep Mane ep Samo Pspenee Dressing Fes ue 503 one BE & om as as Er om on a owtIndeed Fincap Private Limited. ‘GIN Nos USLUNDLIESPTOSTII6 Al meta i) neta se) 19 The accounting coe repued under Schedl of the compaio 4,013 given allows: (2) Caren ei = Cures assts died by Curent abies rsa awe Te sven 2004 | shan 2 od Woe 07 love aaier a8 eet fsso 175 295 ag hag nn pein ye 004 as emo or age mow han 25%: The oa bes dee dew enn of compen roving nd ord avec (0) Debs cgi ao = Tol Deb ved by Tot equity ewe eat [Parte unten | sinnechms ory 31657 om ota equity 180.42 inst bangs prvi ye sare a fpsvon octane ow en 29% Te ober ered hw inca of corp tomo a men ees = Eng tio sri te hy Tol rt pc pp [Peictere Sst March 2024 Bat March 2023, a7 ay ara ‘At Noo as peng expenses tod Goan cost [Pepectns demon nee con chug Prof om fms eat net rine [laterest cont on borrowings NA NA snp pacts [Toa eee and cpl epyrente fat fags cans fom pesos yt finan dapat NA —— "Nowe Ses eps eggs Nos ing ea Sy a oo aT (ner om ly as / Reason Lvetnnt Rao = Net poi fe te Aided by Egy — “Bist March 2024 3s March 2023 [eT ee om aa oly 0 mst so ‘06% 3025 Pgs cage om pervs er 07 2350 ~ i fence er 25% NA (Levene Tore Rati Cat of water amamed Side by cing veto IPenicaars see suentrch2006 | soentch 203 (Gace coved chosing ivenocy Ratio tage change rm pious yar NA ese chy mort 25% NA "Not Since company i egigd in Non Taing Reus sewn, this ois noe apple(€ Trade paying tenors ratio= Craicporchaes divide by cotingtade payables ewe ea a Monch a6 | techs Gait panter chose pote, — NA Na change es peels yur for chacge more than 29%¢NA Sice company in engaged in Now Being anal ences st oe ot pee (e) Networking capita Tumover Ra es divided by Net Working capital where act wosking capital = cumest ase cutent Panicle Stee March 2006 se arch 303 Revenoe er opeatons |Nerworig apa pss cng om pein per Jetson Forchunge more aan 25%NA Fanaa ay cap Nas i aa GE STE (0) Net protic no = Net poi afer a nde by Sales feriaten & steenarch 2004 tae Mar 2028 [Pak Wan were 710) sass| ssc] 5603 ssa0% 85.034 (Rerum on Capital employed s Earnings before itera nd anes (BBIT) dived by Ca et Employed [panicnare Ae Stayer 2024 [sie Tay aca |flaane cons) frecespentr (©) [BDI Dy = A)eO)xC) [Pow asi) lsssoinge lie se (6) (cep Empored ()=(E)+C-46) fraio eH) pierce fom or Na lesson fx canje nom tas UNA "Note: Since companys egage in Noo Baling Goan eaiors, ka ok wp, (() Return om nvetment = Earnings befor interest and exes (EBIT) divided by total San. Paniatee [Pri (ow) serie (i) ince coe 8) Itexeepene(C) EDIT = 10) lope, plat equipment (2) pa worko-ope lntrgbe se (6) ntnghie sets ene devclopcnt fro! twenties =) JR D/C riage change fom provou ear [Rtas fac cigs mee ts HEN Now20 Baring Per Share(EPS) ‘The Following 4 acomjattioo of bi and ited ening erste cu har ieee [Perseus steuMarch2004 | _sietMacch 2025, [RerPotton tribe 0 3 Noni Yalbe OF is ses Ga) } o ott No, OF Big Shara Guana be gaig oie noc Ya papi | aap Weg scissor of ey Sat ed see Ba gp BE 97500 2597300 Bevis Bening Per share) | 8 88 ghd weg saber of ay She el sco Died ag pee esis ae ‘Died EerigPersave(Ra) 337 358 2 The Minit of Cnports Asis (CA ne presi anew erent fo ompanie unde the provi to Rule) ofthe Companies (Account) Rls, 206m by the Companies (Secours) Amand Rls 2021 egung company, wich wer scouting awa For uti its book of scowa sal we ol uc aecounng softer which hata ene of coding sl ofeach aa ever eaneSON, _resing a et ofan change mac in the Bool of ens log wit he ate when uch changer wee ma pcg nt the ade tel eanaot be dtd. “The Compaay bar wed accounting softvar which ae opt bya hie pay afar serie prover: The Company ha abun he “Independent Serves Autos Assen Report on the Desespson of Conta, thee Dv sd Opeing Eleven (Type 2 spor ited Js accordance with ISAE 3000 (Reid), Ausrce Engagements Other than Autor Review of Hircal Resa informatio) faethe yar ‘ded 31 Match 2024 Howerey, he at tal for any et Charge a Gata level is ot in ne wih te reer by MCA" 22 Bapendtare sod Haring in foreign cumency Bepndi nd amiga frig cuncy ding they NIL, 23 Dung ie sponing paid the company di ot import any cpl goods, aw meal, wore er components 2 te opinion of Boa the valu elton of unt ey ns and lancet i the efit course of rns sal nthe tha tbe amount at wich they ae nated i balan sheet and provitiom forall kaw lies ha een made and contingent Lbs lod spent. 25 Peeicus yas Suc ave been eprouped/ iid wheeerer eceny to conetpond with the urea eu caicton/ danseIndeed Fincap Private Limited “Sammar ofgieant ccouming ple nd oh neat nomaton rth et ded 31 March 204 (Atti te el Inara enema Sand eed Py Dc nme of hen yu wh ntl ek le i ‘nlc ng ect en ars ohm reg coe oy sagem pre eit pes un Town Deep Pe inte fst tne | pueda tne frase nace ‘Span et art nt ew nae | Seana Buon a eine fee acc, ‘Sonn iad Ido ntsc Septic (ce nce Gomgen Cammy Pe ini oe 83204 [fee aae eg ove ae eto nconc, sgmeobl Deedepe Pera Lined — Sow SontinPo iid ape Oe KP Stan Stearn {Seep Oe th Ku? Spt ns Speman [nny et Spat nn \Sguarpal Conte Po ites [nepar e t Stne Sahn Geng ore ave [mop re och RN ns Sete {Poecr eenitNity ek en Iceni Mage Pen te Say Sate ny Nae Yoo beep Rao 4202) [De ley Ng Poe! 1 Kon pet Indyentin eae “Spl a nid we sass ‘Baiting Pc ics : : ‘ues art j a Setanta * Spin eters td : Seine Porta sea 2a | SSocteeirocetiane ‘on tow epi ois ne ‘na mo ‘iting Pn ie | Sou Der at ae Scoationareined Spin Sencha hand ‘Spungen Pa oe nid ‘Shuang honed | sss ‘Sunstone iid or ‘Ssorept ) imied BO Tekin Pov od mtn er ad on | Stet! Sean Besa : " | Stats rome oe SS ceca ted Suge an Poti Spare Paro |_ Syren eres nt =son =| | : | _ ob oa oss hai ‘one Spa niin sx ‘Spur loa Pint wa | Seong econ fk iid 1 uno Le was 033 Sanus ini | nia ‘Sgn a net ow} co | verte Pye (en) [Strano oa ee ( (Spat Fae Toe (hi un enn HeIndeed Fincap Private Limited. (CIN Ne. Ustio9DLivesPTCS2786 (Al as in ins, asthe es) [Note-2- Catelaton of Net Owned Funds Pans ‘inch ‘Anowe (Re) i halip Bay Gal 7 Pet sare tb opal coor Sy IS Fre Ree = Goren Rae eteaena Gai Reser (Deter Ralegion aoe Caps Redenpoe Rear Ge ne i PAL Acco 1 Ote reees ay be pea) Speci Rarer Toulofiwe fects ofr Defend Reem pen i Deter x fee) Sa i Ober engi Aen Goa) Seed Fond 4) i venen t t Commi eae GE (@ Sabine (Gh Westy Ovred Sa G) Obee NSEC Bei ae of eben Sonnac ae pcan so fag a ee rede nd poms eh Compan ewe orp BS Ta (Soir (a) Wty Owed Sabina oor Vrs Aad eel Sand? a 5 Arun om Bi ats of 1 of Ovens Fae W.Net Owned Fant (8) [Note 28- Contingent Lisbiltes and Commiements (Ae rprernted& certified by the management) (@) Comtingeor Habis Disputed Teation Maes () Commisments tiated amount of contacts reining to be eerie on cpt ‘secnoe nd ot proved oe Compan management, Apes as ben in FY 2923.24 CITA) a ply ade in FY 2104235 ass secie lsoe Tx dan for AY 201316 a AY 2015 16 wet Hac wet Tx ach a apeOD