1.15 Provision

Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past event and it is probable
that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not
recognised for future operating losses.

Provisions are measured at the present value of management's best estimates of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the risk specific to the liability. The increase in the provision due to the
passage of time is recognised as interest expense.

1.16 Dividends, interest income and interest expense

Dividend Income is recognised in profit or loss on the date on which the Company's right to receive payment is established.

Interest income or expense is recognised using the effective interest method

The 'effective interest rate' is the rate that exactly discounts estimated future cash payments or receipts through the expected life of
the financial instrument to:

• the gross carrying amount of the financial asset; or

• the amortised cost of the financial liability

In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the
asset is not credit-impaired) or to the amortised cost of the liability. However, for financial assets that have become credit-impaired
subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the amortised cost of the
financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.

1.17 Current/ non-current classification

The Company presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is classified as
current when it satisfies any of the following criteria:

• It is expected to be realised or intended to sold or consumed in normal operating cycle

• It is held primarily for the purpose of trading

• It is expected to be realised within twelve months after the reporting period, or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the
reporting period

Current assets include the current portion of non-current financial assets. All other assets are classified as non-current.

A liability is current when it satisfies any of the following criteria:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period, or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period

Current liabilities include the current portion of long term financial liabilities. The Company classifies all other liability as non-current.
Deferred tax assets or liabilities are classified as non-current asset or liabilities.

The operating cycle is the time between acquisition of assets and their realisation in cash and cash equivalents. The Company has
identified twelve months as its operating cycle.

Based on the time involved between the acquisition of assets for processing and their realization in cash and cash equivalents, the
company has identified twelve months as its operating cycle for determining current and non-current classification of assets and
liabilities in the balance sheet.

2.1 Critical Estimates And Judgement

The preparation of the financial statements in conformity with Ind AS requires management to make estimates, judgments and
assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of
assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex
and subjective judgments and the use of assumptions in these financial statements have been disclosed below. Accounting estimates
could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as
management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial
statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the financial statements.

Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the
year ending 31 March 2025 is included in the following notes:

• Note 6: impairment assessment of investments in subsidiaries and associates carried at cost

• Note 17: measurement of defined benefit obligations - key actuarial assumptions;

• Note 38: determination of fair value of financial assets;

2.2 Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not notified any new standards
or amendments to the existing standards that are expected to have material impact to the Company

For details related to employee benefit expense, see Note 27.

The Company has a defined gratuity plan in India with LICI, governed by the Payment of Gratuity Act, 1972. The plan entitles an employee,
who has rendered at least five years of continuous service, to gratuity, at the rate of fifteen days salary/wages for every completed year of
service or part thereof in excess of six months, based on the rate of salary/wages last drawn by the employee concerned.

The defined benefit plan for gratuity is administered by a single gratuity fund that is legally separate from the Company. The board of
the gratuity fund is required by law to act in the best interests of the plan participants and is responsible for setting certain policies (e.g.
investment and contribution policies) of the fund.

These defined benefit plans expose the Company to actuarial risks, such as longevity risk, currency risk, interest rate risk and market
(investment) risk.

A. Funding

The Plan is funded by the Company. The funding requirements are based on the gratuity fund's actuarial measurement framework
set out in the funding policies of the plan. The funding of the plan is based on a separate actuarial valuation for funding purposes
for which the assumptions may differ from the assumptions set out in (E). Employees do not contribute to the plan.

The Company expects to pay H1.23 Lakhs (31 March 2024 - H9.33 lakhs) in contribution to its defined benefit plans in 2025-26.

B. Reconciliation of the net defined benefit (asset)/ liability

The following table shows a reconciliation from the opening balances to the closing balances for the net defined benefit (asset)
liability and its components

17. Provisions (Contd.)

F. Contribution to Defined Contribution Plan comprising H11.75 lakhs (31 March 2024- H21.08 lakhs) on account of the Company's
Contribution to Superannuation fund, Nil (31 March 2024- H0.79 lakhs) on account of Company's Contribution to National Pension
Scheme and H31.44 lakhs (31 March 2024 - H36.82 lakhs) on account of the Company's Contribution to Provident Fund has been
recognised as an expense and included in Note-27-Employee Benefit Expenses under the head "Contribution to provident and
other funds" in the Statement of Profit and Loss.

(i) Out of the above, the interest rate for the borrowings of H153.86 lakhs (PY - Nil) is 9.00%. The same is repayable in 50 further equated
monthly instalments, the last instalment being on 7 May 2029. The loan is secured against the motor car purchased. (Refer Note 3)
Out of the above, the interest rate for the borrowings of H18.39 lakhs (PY - Nil) is 9.00%. The same is repayable in 51 further equated
monthly instalments, the last instalment being on 5 June 2029. The loan is secured against the motor car purchased. (Refer Note 3)
The interest rate for the borrowings of H27.52 lakhs (PY - H38.94 lakhs) is 6.69%. The same is repayable in 26 further equated monthly
instalments, the last instalment being on 7 May 2027. The loan is secured against the motor car purchased. (Refer Note 3)

Out of the above, the interest rate for the borrowings of H Nil (Previous Year: H1.21 lakhs) carried an interest rate of 8.22% per annum.
The loan was fully repaid in the previous year, with the final equated monthly instalment paid on 7 May 2024. It was secured against
the motor vehicle purchased (Refer Note 3).

For the remaining loan of H3,000 lakhs, interest rate will be 9.20%. The same is repayable on demand and is secured against investments
(Refer Note 6D)

(ii) The Company's exposure to liquidity risk is disclosed in Note 36.

(iii) Borrowings have been sanctioned based on pledge of Company's current and non-current investments, for which no returns are
required to be submitted to the banks or financial institutions.

* Non cash changes represent lease liability recognised during the year, amounting to J169.16 lakhs (31 March 2024- H173.30 lakhs)
and interest expenses amounting to J19.02 lakhs (31 March 2023-H10.59 lakhs)

34. a) Contingent liability as at 31 March 2025 is J Nil (Previous year H Nil).
b) Commitments

As of 31 March 2025 and 31 March 2024, the Company has committed to providing financial support to its subsidiaries, Dhunseri
Infrastructure Ltd and Twelve Cupcakes Pte. Ltd, in relation to their operations.

35. Leases

A. Leases as lessee

i. Short-term

The Company has taken on lease, premises at various location under operating leases. The lease arrangements are cancellable
by either of the parties after giving a notice of 3 months. The Company has elected not to recognise right-of-use assets and lease
liabilities for these leases.

The Company's activities expose it to the following risks arising from financial instruments:

• Credit Risk (See 36 (ii));

• Liquidity Risk (See 36 (iii));

• Market Risk (See 36 (iv));

i. Risk Management Framework

The Company is exposed to normal business risks from changes in market interest rates and currency exchange rates and from non¬
performance of contractual obligations by counterparties. The Company does not hold or issue derivative financial instruments for
speculative or trading purposes.

Risk management is integral to the whole business of the Company. The Company has a system of controls in place to create an
acceptable balance between the cost of risks occurring and the cost of managing the risks. The management continually monitors the
Company's risk management process to ensure that an appropriate balance between risk and control is achieved.

ii. Credit risk

Credit Risk is the risk that the counterparty will not meet its obligations under a financial instrument or a customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities, including deposits with banks and financial
institutions, foreign exchange transactions and other financial instruments.

Credit Risks for balances with banks and financial institutions is managed by the Company's treasury department in accordance with
the Company Policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to
each counterparty. The limits are set to minimise the concentration of risk and therefore mitigate financial loss through counterparties
potential failure to make payments. Such limits are reviewed from time to time.

Trade receivables

The Company has established a credit policy under which each new customer is analysed individually for creditworthiness before the
Company's standard payment and delivery terms and conditions are offered. Sale limits are established for each customer and reviewed

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 6(A),
6(B), 7, 8, 11, 13, 14.

iii. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are
settled by delivering cash or another financial asset.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an
adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature
of the underlying businesses, the Company treasury maintains flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows.

As of 31 March 2025, the Company had cash and bank balances of J3,595.13 lakhs. As of 31 March 2024, the Company had cash and
bank balances of H647.17 lakhs.

Exposure to Liquidity Risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include contractual interest payments and exclude the impact of netting agreements:

iv. Market Risk

Market risk is the risk that changes in market prices - such as prices of securities- will affect the Company's income or the value of
its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimising the return. The company has very limited exposure in foreign currency denominated assets and
liablities. Further the company deals in only fixed rate financial instruments and hence has no exposure pertaining to interest rate risk.

a) Price Risk
Exposure

The Company's exposure to equity securities and mutual funds price risk arises from investments held by the Company and classified
in the Balance Sheet either at fair value through OCI or at fair value through profit or loss.

To manage its price risk arising from investments in equity securities and mutual funds, the Company diversifies its portfolio.
Diversification of the portfolio is done in accordance with the limits set by the Company.

The majority of the Company's equity investments are publicly traded.

Sensitivity

The table below summarises the impact of increases/decreases of the index on the Company's equity and profit for the period.
The analysis is based on the assumption that the equity index had increased by 5% or decreased by 5% with all other variables held

rnnctant anrl that tha Cnmnanw'c am iit\/ inctri imantc mm/arl in lina VA/ith tha inrlay

37. Capital Risk Management
(a) Risk Management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise
returns to our shareholders.

The capital structure of the Company is based on management's judgement of the appropriate balance of key elements in order
to meet its strategic and day to day needs. The management considers the amount of capital in proportion to risk and manage the
capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.

The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor,
creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate
steps in order to maintain, or if necessary adjust, its capital structure.

B. Measurement of Fair Values

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments
that have quoted/ published price. The fair value of all equity instruments which are traded in the stock exchanges is valued
using the closing price as at the reporting period.

Level 2: Level 2 hierarchy includes financial instruments measured using unquoted prices. The mutual funds are valued using the
closing NAV.

Level 3: Level 3 hierarchy includes financial instruments that are not based on observable market data (unobservable inputs).

The fair value of investments in unquoted mutual funds and units of venture capital funds (categorised under Level 2 fair value
hierarchy) is determined by reference to quotes from the financial institutions i.e. Net asset value (NAV) for investments in
mutual funds/units of venture capital funds as declared by such financial institutions.

(5) Terms and Conditions

Transactions relating to dividends were on the same term and conditions that applied to other shareholders. Transactions relating to acquisitions
and disposal of investment are made based on independent valuation report. Transactions relating to rental and royalty income and rent and
service charges are as per terms of related agreements. All other transactions are made on normal commercial terms and conditions.

All related party transaction are reviewed by the Audit Committee of the Company.

All outstanding balances are unsecured and are receivable/ repayable in cash.

40. Disclosure on operating segment have been provided in the consolidated financial statements. Accordingly, separate disclosures
in the standalone financial statements as per the requirements of Ind AS 108, Operating Segments, are not considered necessary.

42. There are no material events after the reporting period till the date of issue of these standalone financial statements.

43. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company
(Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the
Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the funding party
("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

As per our report of even date attached.

For B S R & Co. LLP For and on behalf of the Board of Directors of Dhunseri Ventures Limited

Chartered Accountants CIN: L15492WB1916PLC002697

Firm Registration Number 101248W/W-100022

Seema Mohnot C. K. Dhanuka A. Dhanuka R.K.Sharma

Partner Executive Chairman Managing Director Director

Membership No. 060715 (DIN - 00005684) (DIN - 00005677) (DIN - 05197101)

B. Bajoria V. Jain S. Gulati

Place: Kolkata Director Chief Financial Officer Company Secretary

Date: 20 May 2025 (DIN - 00109241) & Compliance Officer