17.1) There are no micro and small enterprises, to whom the Company owes dues, which are outstanding for more than 45 days as at 31 March, 2023. The above information, regarding micro and small enterprises has been determined to the extent such parties have been identified on the basis of the information available with the Company. This has been relied upon by the auditors.

17.2) Disclosure under the Micro, Small and Medium Enterprises ("MSME") Development Act, 2006 are provided as under for the year ended 31 March, 2023:

(a) Secured Term Loan from Banks:

19.1) Secured loan from bank of '14.10 Lakh (previous year '21.25 Lakh) is secured against hypothecation of vehicles purchased thereof. The vehicle loans are generally for a term of 5 years, to be repaid in equal monthly instalments and having interest rate of 8.70% p.a.

19.2) Secured loan from bank of '4,170.10 Lakh (previous year 'Nil) is secured against mortgage charge on the office building situated at Andheri (W), Mumbai 400058 and hypothecation of receivables from the said property, the corporate guarantee of the co-owner of the property and personal guarantee of a Director. The Loan is to be repaid in 180 monthly instalments, since the inception of the loan i.e. July-2022 and having interest rate linked to their one year MCLR plus margin of 0.60%.

(b) Secured Term Loan from Financial Institutions:

19.3) Secured Loan of 'Nil (previous year '3,736.25 Lakh) is secured against mortgage charge on the office building situated at Andheri (W), Mumbai 400058 and hypothecation of receivables from the said property and the personal guarantee of a Director. The Loan is to be repaid in 180 equal monthly instalments, since the inception of the loan i.e. July-2019 and having interest rate of 10.50% p.a.

19.4) Secured Loan of '587.71 Lakh (previous year '819.44 Lakh) is secured against the mortgage charge on office premises of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and properties located at Kalpataru Horizon, Worli, Mumbai-400018 which are owned by relative of a Director. The Loan is to be repaid in 120 equal monthly instalments, since the inception of the loan i.e. February-2016 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

19.5) Secured Loan of '187.94 Lakh (previous year '234.24 Lakh) is secured against the mortgage charge on office premises of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the holding company and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director. The Loan is to be repaid in 100 equal monthly instalments, since the inception of the loan i.e. January-2018 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

19.6) Secured Loan of '694.33 Lakh (previous year '736.87 Lakh) is secured against the mortgage charge on office premises of the Company situated at Sharyans Corner, Bandra (W), Mumbai-400050, realty work-in-progress of the Company situated 10/J, Veronica Street, Waroda Road, Bandra (W), Mumbai-400050 and flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the holding company and properties located at Kalpataru Horizon, Worli, Mumbai- 400018 which are owned by relative of a Director. The Loan is to be repaid in 120 equal monthly instalments, since the inception of the loan i.e. October-2021 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

19.7) Secured Loan of 'Nil (previous year '10.87 Lakh) is secured against hypothecation of vehicle purchased thereof. The vehicle loan was for a term of 5 years, to be repaid in equal monthly instalments and having interest rate of 7.70% p.a.

(c) Unsecured Term Loan from Financial Institutions:

19.8) Unsecured Loan of '116.44 Lakh (previous year '162.24 Lakh) secured against the mortgage charge on flat no. 401, Sharyans Corner, Bandra (W), Mumbai-400050 owned by the holding company. The Loan is to be repaid in equal monthly installments for the period of 120 months since the inception of the loan i.e. February-2016 and having interest rate linked to their long term reference rate less margin offered of 7.85%.

25.5) Shares held under Employee Welfare Trust:

During the year, Crest - Employees Stock Option Plan 2022 (ESOP) has been approved by the Board of Directors of the Company at its meeting held on 23 July, 2022 and by the shareholders at their Fortieth Annual General Meeting of the Company held on 24 September, 2022. The Scheme is in line with the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 “SBEB Regulations”.

ESOP is the primary arrangement under which shared plan service incentives are provided to certain specified employees of the Company, its Holding Company, Subsidiary Companies, Associate Companies and other Group Companies. For the purpose of the scheme, the Company purchases equity shares from the open market under Employee Welfare Trust (EWT). The Company treats EWT as its extension and shares held by EWT are treated as treasury shares.

25.6) Rights of equity shareholders:

The Company has only one class of equity shares having a par value of '10 each. Each holder of equity shares is entitled to one vote per share held. 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 in proportion to the number of equity shares held by the shareholders.

25.7) Authorised preference capital:

The Company has 9,00,000 authorised 5% optionally convertible preference shares of '100 each amounting to '900 Lakh as on 31 March, 2023 ('900 Lakh in 31 March, 2022) and 12,00,000 authorised 3% Cumulative Redeemable Preference shares of '100 each amounting to '1,200 Lakh as on 31 March, 2023 ('1,200 Lakh in 31 March, 2022).

Nature and purpose of Reserves:

General Reserve

The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General Reserve will not be reclassified subsequently to the statement of profit and loss.

Securities Premium Reserve

Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the Companies Act, 2013.

Special reserve u/s. 45-IC of the RBI Act, 1934

Special reserve u/s. 45-IC of the RBI Act, 1934 represents the reserve created pursuant to the Reserve Bank of India Act, 1934 (the “RBI Act”) and related regulations applicable to those companies. Under the RBI Act, a non-banking financial company is required to transfer an amount not less than 20% of its net profit to a reserve fund before declaring any dividend. Appropriation from this reserve fund is permitted only for the purposes specified by the RBI.

Retained Earnings

Retained earnings represents profits that the Company earned till date, less any transfers to General Reserve, Statutory Reserves, Dividends and other distributions paid to the shareholders.

Treasury Shares

Treasury shares represent 253,000 equity shares of the Company held by Employee Welfare Trust.

Other Comprehensive Income

(a) Equity Instruments Through Other Comprehensive Income

The Company has elected to recognise changes in the fair value of certain investments in equity securities in other comprehensive income. These changes are accumulated within the FVTOCI equity investments reserve within equity. The Company transfers amounts from this reserve to retained earnings when the relevant equity securities are derecognised.

(b) Remeasurement of Post Employment Benefit Obligations

Remeasurement of gains and losses related to both defined benefit obligations and fair value of plan assets arising from experience adjustments and changes in actuarial assumptions are recognised in equity in Other Comprehensive Income in the period in which they arise.

f. As per the provisions of the said Section, the Company does not have an obligation to comply with the said provisions. However, the Company, on its own free will has undertaken the CSR initiatives such as “promoting healthcare including preventive healthcare, providing homes to orphans, ensuring environmental sustainability, promoting education including special education and employment enhancing vocation skills, livelihood enhancement among the neo-literate youth from challenged backgrounds and others”.

g. Above includes a contribution of '15.00 Lakh (previous: '2.00 Lakh) to related parties -

(i) EVE Foundation, a charitable trust registered under the Bombay Public Trusts Act, 1950. The objective of EVE Foundation includes promoting healthcare including preventive healthcare, promoting education, livelihood enhancement among the neo-literate youth from challenged backgrounds.

(ii) Art Cornerstone Foundation, registered under section 8 of the Companies Act,2013, for Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; setting up public libraries, promotion and development of traditional arts and handicrafts.

h. The Company does not carry any provisions for CSR expenses as at 31 March, 2023 and 31 March, 2022.

37 As per the Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined in the Standard are given below :

(b) Defined benefit plan

The Company offers its employee’s defined-benefit plan in the form of a gratuity scheme. Benefits under the defined benefit plans are typically based on years of service and the employee’s compensation (immediately before retirement). The gratuity scheme covers all regular employee’s of the Company.

The Company’s liabilities under the Payment of Gratuity Act, 1972 are determined on the basis of actuarial valuation made at the end of each financial year using the projected unit credit method. Gratuity scheme is not funded however, provision as per the Indian Accounting Standard 19 has been made in the financial statements. The plan is of a final salary defined benefit in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. The actuarial risks associated are:

(i) Investment or Interest Risk

Since the scheme is unfunded the Company is not exposed to Investment or Interest risk.

(ii) Longevity Risk

The Company is not exposed to risk of the employees living longer as the benefit under the scheme ceases on the employee separating from the employer for any reason.

(iii) Risk of Salary Increase

The gratuity benefits under the plan are related to the employee’s last drawn salary. Consequently, any unusual rise in future salary of the employee raises the quantum of benefit payable by the Company, which results in a higher liability for the Company and is therefore a plan risk for the Company.

40 Events occuring after the reporting period:

The Board of Directors at its meeting held on 27 May, 2023 have recommended a payment of final dividend of '1 per share (@ 10%) per equity share of face value of '10 each for the year ended 31 March, 2023 subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.

41 Segment Reporting

As per Indian Accounting Standard 110 on "Consolidated Financial Statements", Indian Accounting Standard 28 on "Investments in Associates and Joint Ventures" and Indian Accounting Standard 31 on "Interests in Joint Ventures" the Company has presented consolidated financial statements, including subsidiaries and associates. Accordingly segment information as required under Indian Accounting Standard 108 "Operating Segments" is included under Notes to Consolidated Financial Statements.

(b) Measurement of fair values

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions, regardless of whether that price is directly observable or estimated using a valuation technique. The Financial Instruments are measured subsequent to initial recognition at fair value, grouped into Level 1 to Level 3, as described below:

Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as price) or indirectly (i.e. derived from prices).

Level 3: Inputs for assets and liabilities that are not based on observable market data (unobservable inputs).

Assumptions to above:

(i) The management assessed that fair value of cash and cash equivalents, other bank balances, trade receivables, trade payables, and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

(ii) The fair values of the equity investment which are quoted, are derived from quoted market prices in active markets.

(iii) The fair values of investments held under FVTPL have been determined under level 1 using quoted market prices of underlying instruments.

(iv) Remaining financial assets and liabilities are stated at carrying value which is approximately equal to their fair value.

(v) There have been no transfers between Level 1 and Level 2 for the year ended 31 March, 2023 and 31 March, 2022.

(c) Derivative Financial Instruments

The Company has not entered into any derivative financial contracts during the current and previous financial year.

48 Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

(i) Credit risk;

(ii) Liquidity risk; and

(iii) Market risk (including currency risk and interest rate risk)

The Company has a Board approved risk management framework which not only covers the market risks but also other risks associated with the financial assets and liabilities such as interest rate risks and credit risks. This framework is driven by the Board through the Audit Committee, Risk Management Committee and the Asset Liability Management Committee. Risk Management Committee inter alia is responsible for identifying, reviewing, monitoring and taking measures for risk profile and for risk measurement system of the Company.

(a) Credit Risk

Credit Risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, investments, other balances with banks, loans and other receivables.

Receivables

The Company extends credit to customers in normal course of business. All receivables are reviewed and assessed for default on an individual basis. Historical experience of collecting receivables of the Company is supported by low level of past default and security deposits from its customers, hence the credit risk is perceived to be low.

As per simplified approach, the Company makes provision of expected credit losses on receivables using a provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk. Credit risk arising from receivables are reviewed periodically.

Cash and Cash equivalents, bank balances and other financial assets:

The Company maintains exposure in cash and cash equivalents and deposits with banks. Cash and cash equivalents and bank deposits are held with high rated banks/financial institutions and short term in nature, therefore credit risk is perceived to be low.

Short term, highly liquid investments in mutual fund units are carried at fair value through profit and loss and the Company does not have significant concentration of credit risk.

Deposits have been considered to enjoy low credit risk as they meet the following criteria:

- they have a low risk of default, and

- the Company expects, in the longer term, that adverse changes in economic and business conditions might, but will not necessarily, reduce the ability of the counterparty to fulfill its obligations.

Financial guarantees

The Company has given corporate guarantees of '5,945.00 Lakh (loan/bank guarantee outstanding '5,777.91 Lakh) (previous year ' NIL) in favour of other entities.

(b) Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the Company’s reputation.

(c) Market Risk

Market risk is the risk that the fair value of future cash flow of financial instruments will fluctuate due to changes in the market variables such as interest rates, foreign exchange rates and equity prices. The Company do not have any exposure to foreign exchange as on balance sheet date.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s major borrowings (other than debt securities) with floating interest rates.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company’s profit before tax for the year ended 31 March, 2023 would decrease / increase by R13.27 Lakh (for the year ended 31 March, 2022 would decrease / increase by ' 27.57 Lakh). This is mainly attributable to the Company’s exposure to interest rates on its variable rate borrowings.

Equity Price Risk

Equity price risk is related to the change in market reference price of the instruments in quoted and unquoted securities. The fair value of some of the Company’s investments exposes to Company to equity price risks. In general, these securities are not held for trading purposes.

Equity Price Sensitivity analysis

The fair value of equity instruments other than investment in subsidiaries and associates as at 31 March, 2023 and 31 March, 2022'5,667.23Lakh and ' 3,578.82Lakh respectively. A 2% change in price of equity instruments held as at 31 March, 2023 and 31 March, 2022 would result in:_

49 Capital Management

The Company operates as an Investment Company and consequently is registered as a Non-Banking Financial Company - Investment and Credit Company (NBFC-ICC) with Reserve Bank of India (RBI). For the purpose of the Company’s capital management, capital includes issued capital and other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company is to maximise shareholders value, provide benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

1 Total liabilities represent total liabilities as per balance sheet less total equity.

2 Significant instrument/product is defined as a single instrument/product of group of similar instruments/ products which in aggregate amount to more than 1% of the NBFC-NDSI’s, NBFC-Ds total liabilities, as defined in RBI Circular RBI/2019-20/88 DOR.NBFC (PDCC.No.102/03.10.001/2019-20 dated 4 November, 2019 on Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies.

(f) Institutional set-up for liquidity risk management:

The Company’s risk management function is carried out by Risk Management Committee which advises on financial risks and the appropriate governance framework for the Company. The Risk Management Committee provides assurance to the Board that the Company’s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified measured and managed in accordance with the Company’s policies and risk objectives.

53 Other Regulatory Disclosures - RBI:

The following additional information is disclosed in the terms of Master Direction - Non-Banking Financial Company-Systematically Important Non-Deposit Taking Company and Deposit Taking Company (Reserve Bank) Directions, 2016 issued vide Master Direction DNBR.PD.008 / 03.10.119 / 2016-17 dated 1 September, 2016 as amended:

58 Corporate governance report containing composition and category of directors, shareholding of non-executive directors, etc.

The corporate governance report containing composition and category of directors, shareholding of non-executive directors is part of the annual report for the financial year ended 31 March, 2023.

59 Breach of covenant

There were no instances of default or breaches of covenant in respect of loan availed or debt securities issued during the financial years ended 31 March, 2023 and 31 March, 2022.

60 Divergence in Asset Classification and Provisioning

The RBI has neither assessed any additional provisioning requirements in excess of 5 percent of the reported profits before tax and impairment loss on financial instruments for the financial year ended 31 March, 2023, nor identified any additional Gross NPAs in excess of 5% of the reported Gross NPAs for the said period.

62 Following are the additional disclosures required as per Schedule III to the Companies Act, 2013 vide Notification dated 24th March, 2021:

a. As per Section 248 of the Companies Act, 2013, there are no balances outstanding with struck off companies.

b. The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.

c. During the financial year ended 31 March, 2023, other than the transactions undertaken in the normal course of business and in accordance with extant regulatory guidelines as applicable:

(i) 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 kind of funds) by the Company 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 (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ii) 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 recorded in writing or otherwise, that the Company shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

d. The Company does not have any transactions not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Also, there are no previously unrecorded income and related assets that have been properly recorded in the books of account during the year.

e. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

f. The Company does not have any Capital Work in Progress (CWIP) and Intangible asset under development.

g. The Company has not revalued its Property, Plant and Equipment during the year as well as in previous financial year.

h. No proceedings are initiated or pending against theCompany for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) .

63 Sale of associate:

The Company held 35,68,234 equity shares constituting 46.35% of the paid up equity share capital of Classic Mall Development Company Limited (“CMDCL’), an associate of the Company. During the year the Company sold its entire stake held in CMDCL for an aggregate consideration of '86,671 Lakh, resulting into realised profit of '74,761.16 Lakh. Expenses incurred for the sale of said shares is '9.45 Lakh, is included under relevant head in other expenses.

64 Previous year’s figures have been regrouped and reclassified, wherever considered necessary, to correspond with current year’s classification and disclosure.

1

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required or disclosed as contingent liabilities where applicable. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its standalone financial statements.