11. Provisions

Provisions are recognised only when:

• an entity has a present obligation (legal or constructive) as
a result of a past event and

• It *s probable that an outflow of resources embodying
economic benefits will be required to settle the obligation,
and

• a leiidbie estimate can oe made o» the amount o1 the
obligation

These are reviewed at each Balance Sheet date and adjusted
to reflect the current best estimates

Further, long term provisions me determined by discounting
the expected future cash flows specific to the liability The
unwinding of the discount 1$ recognised as finance cost A
provision for onerous conti acts is measured at the present
value of the lower of the expected cost of terminating the
contract and the expected net cost of continuing with the
contract Before a provision is established, the Company
recognises any Impairment loss on the assets associated with
that contract

Contingent liability is disclosed in case of
. a present oGhgation arising horn past events, when it is not
probaoie that an outflow of resources will be required to
settle the obligation, and

• « present obligation arising from past events, when no
reliable estimate is possible

Contingent Assets

Contingent assets an- assessed continually to ensure that
developments are aoorooilatelv reflected in the financial
statements. It it has become virtually certain that an Inflow
of economic benefits will anse. the asset and the related
Income are recognised in the financial statements ot the
period In which the change occurs. If an inflow of economic
benefits has become probable, an entity discloses the
contingent asset.

12. Commitments

Commitments are future liabilities foi contractual expenditure,
classified and disclosed as follows

• estimated amount of contracts remaining to be executed
on capital account and not provided for

• uncalled liability on loan sanctioned and on investments
partly paid; and

- oilier nou-cancellable commitments. Ý» my, to the extent
they are considered material ana relevant in the opinion
of management.

13 Earnings Per Share

Basic earrings per share are calculated by dividing the net
profit or loss for the year attributable to equity shareholders by
the weigmec! average number of equity shares outstanding
during the year.

Diluted ceminqs per share adjusts the figures used In the
determination of basic earnings per share to take into account

? The after income tax effect of interest and other financing
costs associated witn dilutive potential equity shares, and

• Weighted average number of eouity shates that would
have been outstanding assuming the conversion ot al< the
diiutive potential equity

14. Cash and Cash Equivalents

Cash comprises cash on hand and demand deposits with
banks Casn equivalents are short-term balances (wiih a- •
original matumy of three months o» less from the date of
acquisition), and highly liquid time deoosits that are readily
convertible Into known amounts of cash and which are subject
to insignificant risk of changes in value

15. Statement of Cash Flow

Statement of Cash Plows is prepared segregating the cash
flows Into operating, investing and financing activities. Cash
flow from operating activities is leported using indirect
method adjustinq the net profit for the effects of:

I. changes during the period in Inventories and operating
receivables and payables transactions of a noncash natute:
ii. non-cash items such as depreciation, provisions, deferred
taxes, unrealised foreign tuirency gains and losses, and
undistributed profits of associates and joint ventures, and
id ail other items for which the cash effects are investing or
financing cash flows

Cash and cash equivalents (Including bank balances) shown in
the Statement ot Cash F'ows exclude items which arc not
avaiiable for general use as on tne date of Balance Sheet

16. Employee Benefits
Short term employee benefits

Employee benefits falling due wholly within twelve months ot
rendering the service are classified as snort term employee
benefits and are expensed In the period in which the
employee renders the related service Liabilities recognised n
respect ot short-term employee benefits are measured at the
undtscounic-Q amount of tho benefits expected 1o be paid in
exchange for tho related service

Long term employee benefits

Company's net obligation In respect of long-term employee
benefits Is the amount or future benefit that employees
have earned in return for then service m the current and
prior ixerlods

Post-employment benefits
a.) Defined contribution Plans

Provident fund: Contnbutions as required under the statute
made to the Provident fund (Defined Contribution Plan) are
recognised immediately in the Statement of Profit and Loss
There is no obligation other than the monthly contribution
payable to the Regional Provident Fund Commissioner.

ESIC and Labour welfare fund: The Company’s contribution
pald/payable during the year to Employee state insurance
scheme and Ln&ou> welfare fund are recognised In rh»
Statement of Profit and Loss.

b.) Defined benefit Plans

Gratuity liability is defined benefit obligation ana is provided
on the basis of an actuarial valuation pedormed by an
Independent actuary based on projected unit credit method
at the end of each financial year

Defined benefit costs are categorised as follows:
ll Service cost (Including current service cost, past service
cost, as wel as gams anti losses on curtailments and
settlements)

Ii) Net Interest expense or income
jii) Re-measuremcnt

Re-measurements of the net defined benefit liability, which
comprise actuarial gains and losses, the return on plan assets
(excluding interest) and the effect of tne asset celling (if any.
excluding interest), are recognized in OCI. net of taxes. The
Company determines the net interest expense (Income) on the
net defined benefit liability tassel) for the period by applying
the discount rate used to measure the defined benefit
obligation at the beginning of the annual period to the net
defined benefit liability (asset), taking into account any
changes In the net defined benefit liability (asset! during the
loerlod as a result ot contributions and benefit payments Net
Interest expense and other expenses related to defined
benefit plans are recognized in Statement of Profit and Loss

The Company s net obligation In respect of gratuity (defined
benefit plan), is calculated by estimating the amount of future
benefit that the employees have earned m the current and
prior periods, discounting that amount and deducting the* fair
value o' any p'nn assets Tire retirement benefit obligation
recognised in the Balance Sheet represents the actual deficit
or surplus in the company's defined benefit plans Any surplus
resulting from this calculation is recognised as an asset to the
extent cif present value at any economic benefits available frt
tne form of refunds from the plans or reductions in ttie ratine
contribution to the plans

Share based payment arrangements

The cost of eoully settled transactions is determined by the
fair value at the grant date. The fan value oi the employee
sh ire options is based on the Black 5choles mode

T he grant-date fair value of equity-settled share-based
payment granted to employees Is recognized as an expense,
with a corresponding Increase in equity, over the vesting
period of the awards The amount recognized as an expense
Is adjusted to reflect the number ot awards for which the
related service and nommarket performance conditions are
expected to be mot, such that the amount ultimately
recognized is based on the number of awards that meet the
related service and non-market performance conditions at the
vesting dare For share-basea payment awards with marxei
performance conditions and non-vesting conditions, the giant-
date fan value of the share-based payment Is measuied to

reflect such conditions and There* is no true up for differences
between expecteo and actual outcomes

Choice International Limited giants options lo eligible
employees of the Company under Cnoice Employee Stock
Ojttion Scheme 2022. The options vest over a period of foui
years In case of Group equity-settled share-oased payment
transactions, where ihe Company grants slock options to the
employees of its subsidiar ies, the transactions are accounted
by Increasing the cost ot investment in subsidiary With a
corresponding credit In Ihe equity

The dilutive effect of outstanding options is reflected as
additional share dilution m the computation of diluted earnings
per share

17. Investment In Subsidiaries

Subsidiaries are all entities over winch the Company has
control. The Company contro s an entity when the company
is exposed to. or nas rights to, variable returns from its
involvement with the erthty and has Ihe ability to atfecl those
returns through Its power to direct if ie relevant activities of
the entity

Investment In subsidiaries are measi ned at cost less
accumulated Impairment, ll any

Investment In Subsidiary, Joint Venture and Associate Companies

The Company has elected to recognise its investments in subsidiary, Joint venture and associates companies at cost in
accordance with the option available in IND AS 27 “Separate Financial Statement”.

’ During the previous year ended March 31. 2024. the Company has purchased 25.00.000 equity shares from one of its
subsidiary i.e. Choice Equity Broking Private Limited :8 Rs. 46.50 of Choice Fmserv Private Limited.

•'During the year ended March 31, 2025 , a new wholly owned subsidiary of 'Choice Trustees Services Private Limited' was
Incorporated

*” During the previous year ended March 31, 2024, the Company has invested in share warrents of Finmen Advisors and
Consultants Private Limited which are fully convertible into equivalent numbers of equity shares.

""During the previous year ended March 31,2024 . the Company has purchased units of Alternative Investment funds from
Choice Strategic Advisors LLP of Rs. 997.25 lacs

""•During the year March 31. 2025 , the Company has issued Nil ( March 31. 2024:17,500) Employees Stock options to the
employees of its subsidiaries (Also refer Note 38 (3))

Terms / rights attached to Equity Shares:

1. The Company has only one class of eauity shares having a par value of Rs.10 per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the equity share holders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts In proportion to their share holding.

2. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be proportion to the number of equity shares
held by the shareholders.

3 Disclosure statement of Bonus issue of shares - During the previous year ended March 31. 2024. the Company Issued
9.96,89,500 equity shares of Rs. 10 each as a bonus issue In the ratio of 1:1 (i.e , one bonus share for every one share held)
The bonus shares were allotted by capitalizing a sum of Rs. 9,968 95 lakhs from the securities premium account, In
accordance with the applicable provisions of the Companies Act. 2013. However there Is not any bonus issue during the
year ended March 31, 2025.

2. Defined benefit plans
Gratuity (post-employment benefits)

The Company provides for gratuity to employees in India as per the Payment of Gratuity Act, 1972. Gratuity is
payable to all the eligible employees at the rate ol 15 days salary (Basic D. A.) for each completed year of service,
subject to a payment ceiling of Rs. 20.00 lakhs in line with Payment of Gratuity Act. 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. In line with Gratuity Act, service more than 6
months is considered as 1 year, so past service Is calculated as rounded years of service.The amount of gratuity
payable on retirement/termination is the employees last drawn basic salary per month computed proportionately
for 15 days salary multiplied for the number of years of service. The gratuity plan Is a funded plan and the Company
makes contributions to recognised/approved funds in India. The Company does not fully fund the liability and
maintains a target level of funding to be maintained over a period of time based on estimations of expected
gratuity payments.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring
at the end of the reporting period, while holding all other assumptions constant The sensitivity analysis presented above may
not be representative of the actual change In the defined benefit obligation as it Is unlikely that the change in assumptions
would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore. In presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same- method as applied in
calculating the defined benefit obligation as recognised in the balance sheet

There is no change in the methods and assumptions used in preparing the sensitivity analysis from previous year.

Credit Risk

Credit risk is the nsk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to
a financial loss. The Company is exposed to credit nsk from its operating activities (primarily trade receivables) and from its
financing activities, including Fixed deposiE with banks and financial institutions and other financial instrumenE.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions Is managed oy the Company’s finance department In accordance
with the Company’s policy Investments of surplus funds are made generally In the fixed deposits and for funding to subsidiary
company. The Investment limrts are set to minimise the concentration of risks and therefore mitigate financial loss to make
payments for vendors.

The Company’s maximum exposure to credit nsk for the components of the balance sheet at March 31. 2025 and March 31.
2024 is the carrying amounte as stated in balance sheet except for balances of subsidiary company

Liquidity Risk

The Company monitors iE risk of a shortage of funds usinq a liquidity plannmg tool.

The Company’s objective is to maintain a balance between continuity of funding and fiexioility through the use o' bank loans
and unsecured loans The Company has access to a sufficient variety of sources of funding which can be tolled over with
existing lenders The Company believes that the working capital is sufficient to meet Its current requirements.

Market Risk

The Company manages market risk through a corporate treasury department, which evaluates and exercises independent
control over tne entire process of market nsk management The corporate treasury department recommends risk management
objectives and policies, which arc approved by senior management and Audit Committee. The activities of this department
include management of cash icsources, implementing hedging strategies for foreign currency exposures, borrowing strategies,
and ensuring compliance with market risk UmiE and policies.

Interest rate risk

Interest rate risk Is the risk that the fair value or future cash flows of a financial instrument will fluctuate because ot changes in
market interest rates The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's
long-term debt obligations with floating interest rates.

The Company manages tE interest rate nsk by having a balanced portfolio of fixed and variable rate loans and borrowings
The Company's poliey is to keep balance between its borrowings at fixed rates of interest, The difference between fixed and
variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.

Note 50: Utilisation of Borrowed Funds and share premium

The Company has not advanced or loaned or invested funds to any other person(s) or entrty(ies). including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
group (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

The company has not received any fund from any person(s) or entity(ics), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the group shall

a. directly or indirectly lend or invest in other persons or entities identified In any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries
Note 51: Undisclosed Income

There have been no transactions which have not been recorded In the books of accounts, that have been sunendered or
disclosed as income during the year ended March 31.2025 and March 31. 2024. in the tax assessments under the Income Tax
Act. 1961 There have been no previously unrecorded income and related assets which were to be properly recorded in the
books of account during the year ended March 31, 2025 and March 31. 2024

Note 52: Utilisation of borrowings availed from banks and financial institutions

The borrowings obtained by the company from financial institution has been applied for the purposes for which such loans were
was taken.

Note 53: Disclosure relating to Benami Property held

The Company does not have any oenaml property where any proceedings have been (nitrated or pending against the Company
for holding any benami property under the Benanv Transaction Prohioition Act, 1988 (45 of 1988) and Rules made there under

Note 54: Wilful Defaulter

The Company has not been declared wilful defaulter by any bank or llnanclai institutions or government or any
government authority

Note 55: Compliance with number of layers of Companies

The Company has compiled with the number of layers prescribed under section 186(1) ot the Companies Ad 2013.

Note 56: Details of Crypto Currency or Virtual Currency

The Company has not traded or invested In crypto currency or virtual currency dunng the current or previous year
Note 57: Relationship with Struck off Companies

The Company has not entered In any transactions with companies struck off under section 248 of the Companies Act .2013 or
sect'on 560 of Companies Act 1956

Note 58: Expenditure on Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, the Company Is not mandatory required to spend on corporate social
responsibility (CSR) activities

Note 59: Registration of charges or satisfaction with Registrar of Companies (ROC)

The Company has completed the process of creation and statisfaction the charges with Registrar ot Companies (ROC) in due
course of time.

Note 60: Title deeds of immovable properties not held in name of the Company

There are no instances wheie the title deeds of immovable property (other than properties where the Company is the lessee
and the lease agreements are duly executed in favoui of the lessee) are not held In the name of the Company.

Note 61: Compliance with approved scheme(s) of Arrangements

The Company has not entered in any transaction which is required to be complied with approved scheme(s) of arrangemen!
Note 62: Subsequent Event

There have oeen no events after the reporting date that require disclosure In these financial statements.

Note 63: Approval of Financial Statements

The Standalone Financial Statements of the company were approved for issue in accordance with a resolution of the Board of
Directors on April 22. 2025

As per our report of even date

For MSKAK Associates For and on behalf of the Boatd of Directors

Chartered Accountants Choice International Limited

ICAI Firm Registration Number 105047W C.IN-I.67190MH1993PLC071117

Sd/- Sd/- Sd/- Sd/-

Proteek Khandeiwal Kamal Poddar Arun Kumar Poddar Ajay Kejriwal

Partner Managing Director Executive Director & CEO Director

Membership Number. 139W4 DIN: 01518700 DIN 02819581 DIN: 03051841

Sd/- Sd/-

Manoj Singhania Karishma Shah

Chief Financial Office; Company Secretary

Mumbai I April 22 2025 Mumbai t April 22. 2025