& CO. LLPNGS CHARTERED

ACCOUNTANTS

MUMBAI • INDORE • CHITTORGARH

INDEPENDENT AUDITOR'S REPORT

To the Members ofEe Global Limited

Report on the Audit of the Special Purpose Financial Statements

Opinion

We have audited the accompanying Special Purpose Financial Statements of EC Global Limited ("theCompany"), which comprise the Balance sheet as at March 31, 2020, the Statement of Profit and Loss,including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement ofChanges in Equity for the year then ended, and notes to the financial statements, including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, theaforesaid Special Purpose Financial Statements give the information required by the Companies Act, 20l3,as amended ("the Act") in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India, of the state of affairs of the Company as atMarch 31, 2020, its profit including other comprehensive income, its cash flows and the changes in equityfor the year ended on that date.

Basis for Opinion

We conducted our audit of the Special Purpose Financial Statements in accordance with the Standards onAuditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standardsare further described in the 'Auditor's Responsibilities for the Audit of the Special Purpose FinancialStatements' section of our report. We are independent of the Company in accordance with the 'Code ofEthics' issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of the Act and the Rulesthereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Special Purpose Financial Statements.

Other Information

This being a foreign company, the requirement regarding reporting on Other Information Clause is notapplicable to the Company.

Responsibility of Management for the Special Purpose Financial Statements

The Company's Board of Directors is responsible the preparation of these Special Purpose FinancialStatements that give a true and fair view of the financial position, financial performance including othercomprehensive income, cash flows and changes in equity of the Company in accordance with theaccounting principles generally accepted in India, including the Indian Accounting Standards (lnd AS)specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules,2015, as amended. This responsibility also includes maintenance of adequate accounting records inaccordancewith the provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and the design, implementation andmaintenance of adequate internal financial controls, that were operating effectively for ensuring theaccuracy and completeness of the accounting records, relevant to the preparation and presentation of theSpecial Purpose Financial Statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.

B - 46, 3rd Floor, Pravasi Estate,V N Road, Goregaon (E),Mumbai - 400 063.Tel.: +91. 22.49084401 I Email: info@ngsco.in

www.ngsco.in

NGS& CO. LLPMUMBAI • INDORE • CHITTORGARH

CHARTEREDACCOUNTANTS

In preparing the Special Purpose Financial Statements, management is responsible for assessing theCompany's ability to continue as a going concern, disclosing, as applicable, matters related to goingconcern and using the going concern basis of accounting unless management either intends to liquidate theCompany or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible foroverseeing the Company's financial reporting process.

Auditor's Responsibilities for tbe Audit of the Special Purpose Financia.1Statements

Our objectives are to obtain reasonable assurance about whether the Special Purpose Financial Statementsas a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor'sreport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud Orerror and are consideredmaterial if, individually or in the aggregate,they could reasonably be expected to influence the economic decisions of users taken on the basis of theseSpecial Purpose Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

Identify and assess the risks of ma:terialmisstatement of the Special Purpose Financial Statements,whether due to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk ofnot detecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures.that are appropriate in the circumstances. we are also responsible for expressing our opinion onwhether the Company has adequate internal fmancial controls with reference to special purposefmancial statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by management.

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 orconditions that may cast Significantdoubt on the Company's ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or, if such disclosures are inadequate, tomodify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However, future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation, structure and content of the Special Purpose Financial Statements,including the disclosures, and whether the Special Purpose Financial Statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internalcontrol that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationships and othermatters that may reasonably be thought to bear on our independence, and. where applicable, relatedsafeguards.

NGS& CO. LLP

CHARTEREDACCOUNTANTS

MUMBAI • INDORE • CHITTORGARH

This report is issued at the request of the Company and is intended solely for the information and use of theEdelweiss Financial Services Limited ('Ultimate Holding Company' or 'EF'SL'), for the purpose ofpresentation of its consolidated audited financial statements for the year ended March 31, 2020 and for theuse of S.R. Batliboi & Co. LLP (the current statutory auditor of EFSL) in conjunction with the audit ofconsolidated financial statements and is not intended to be and should not be used for any other purpose.

Report on Other Legal and.Regulatory Requirements

1. As required for the purpose of special purpose financial statements, we report that:

(a) We have sought and obtained all the information and explanations which to the best of ourknowledge 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 faras it appears from our examination of those books;

(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of OtherComprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with.by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid special purpose fmancial statements comply with the AccountingStandards specified under Section 133 of the. Act, read with Companies (Indian AccountingStandards) Rules, 2015, as amended;

(e) With respect to the adequacy of the internal financial controls over financial reporting of theCompany with reference to these special purpose financial statements and the operatingeffectiveness of such controls, refer to our separate Report in "Annexure A" to this report;

(f) As informed to us, the Company being an foreign company, the requirements for provision ofsection 197(16) of the Companies Act, 2013 are not applicable.

(g) With respect to the other matters to be included in the Auditor's Report in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition; and

ii. The Company did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses;

For NGS & Co. LLPChartered AccountantsICAI Firm Registration No. 119850W

UDIN: 201 04796AAABAP720 I

~R.P. SoniPartnerMembership No.: 104796

Place: MurnbaiDate: June 26, 2020

NGS& CO. LLPMUMBAI • INDORE • CHITTORGARH

CHARTEREDACCOUNTANTS

Annexure AReport on the Internal Financial Controls

We have audited the internal financial controls over financial reporting of EC Global Limited ("theCompany") as of March 31, 2020 in conjunctionwith our audit of the special purpose financial statementsof the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internal financial controlsbased on the internal control over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design, implementationand maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of its business, includingadherence to the Company's policies, the safeguarding of its assets, the prevention and detection of fraudsand errors, the accuracy and completeness of the accounting records, and the timely preparation of reliablefinancial information;

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financialreporting with reference to these special purpose financial statements based on our audit. We conductedour audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing, to the extent applicable to an audit ofinternal fmancial controls and, both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financial controls over fmancialreporting with reference to these special purpose financial statements was established and maintained andif such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls over financial reporting with reference to these special purpose financial statements andtheir operating effectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial,controls over financial reporting with reference to thesespecial purpose financial statements, assessing the risk that a material weakness exists, and testing andevaluating the design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements,whether due to fraud or error.

We believe that the audit evidenceWehave obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the internal financial controls over financial reporting with reference to these specialpurpose financial statements.

NGS& co. LLPMUMBAI • INDORE • CHITTORGARH

CHARTEREDACCOUNTANTS

Meaning of Internal Financial Controls Over Financial Reporting With Reference to these FinancialStatements

A company's. internal financial control over financial reporting with reference to these special purposefmancial statements is a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of financial statements fOTexternal purposes in accordance withgenerally accepted accounting principles. A company's internal financial control over financial reportingwith reference to these special purpose financial statements includes those policies and procedures that (1)pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactionsand dispositions of the assets of the company; (2) provide reasonable assurance that transactions arerecorded as necessary to permit preparation of financial statements in accordance with generally acceptedaccounting principles, and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting With Reference tothese Special purpose Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting with reference totliese special purpose financial statements, including the possibility of collusion or improper managementoverride 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 with reference tothese special purpose financial statements to future periods are subject to the risk that the internal financialcontrol over fmancial reporting with reference to these special purpose fmancial statements may becomeinadequate because of changes in conditions, or that the degree of compliance with the policies orprocedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls overfinancial reporting with reference to these special purpose financial statements and such internal fmancialcontrols over fmancial reporting with reference to these special purpose financial statements wereoperating effectively as at March 31, 2020, based on the internal control over fmancial reporting criteriaestablished by the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For NGS & Co. LLPChartered AccountantsICAI Firm Registration No. 119850W

~R.P. SoniPartnerMembership No.: 104796

UDIN: 20I04796AAABAP7201

Place: MumbaiDate: June 26, 2020

.. . .' -

- • 1"'" • =, . ...,' -' .

1,44,90,162 7,05,31,78234,43,39.133 2;49,48,87,3571.31,O:3.3S1 1,39.70,043

2ug1 39,JO.!W.19,z37,19,55,9:13 2,97,24,39.,374

96,85,0$2 4S,10, 244'17,049 8l.605,18,069 37,.60&

1,05,783 1,0&,73798,25,953 47,38,194

3B.p,81~;~ 2.97.?1.17,!;68

ECGlobal LImited

Balance Sheet

(Currency: Indian rupees)As at

Milr," 31,2020

ASSETS

Financ:ialassetsCash and cash equillalentsLoanstnvestmentsOther financial assets

7101112

Non-finandal·anetsCummi tax assets Inet]~roperty, Plant and EQuipmentOther Intangible assetsOther non- financial assets

TOTAL ASSETS

As a.tMatch 31. 2019

31>,20,026 6,S2,93.0aO12,96,62,995 23,82.94,022

9,06.lt\813,32,83,021· 30,44,93,~7Q

1,04,S9,689 %,52.00814.259

9,89.531 9.87.9151,1.4,49,220 ij$,S4,182

16,08,50,745 16,08,50,1457,61,,911,9011' 2,50,52"79,~71

n,7Q;49;ti4S 2.66;6l,30,ll6

38,l7.8~e6m 2,97,7 t.77{5(;8

UABlunES AND EQUITYLlA81LITIES

FinancialliabilltiesTrade payablesBorrowings (other than debt securitles)Other f"iI1iJncialfiabmlies

1617

Non·flnanClalliabilitlesCurrent !.ax fiab~itfes (nellProvision.Other. non·financ!alliabiiitics

1819

~quityEquilV share r~pjtarOt.her:eqvil~

20

TOTAL LlABllmES AND EQUITY

SIgnificant accounting policies and notes to lIie fjn~n~t;;1statements

As per our report of even date attached.

For NGS& Co. UPChali¢red ACCO\lntanhFirm Registration No.: 119850W

For and on behalf of the oard of Oirelltt1(5

Director

June 26, 2.02.0

ECGlobal Limited

Statementof Profit and Lo..

Rev "" ""'m op.ratil)n$Int ,SIin",m'!'Nel,'''' on fair value changes

Othor In~ome

TotalllA!venue

ExpensesFinan'{Jt~Imj:falrment en lin.n~jal irI>lrum.~tse"1plQveebenefits e.pe~Depreciation, amort'isOltion and imp~ir""'"tOther ekpe!\Ses

Total "pens".

Profit I (loss) before tax

Taxe.pel'lSMCulte"t I••

P,ofitl floss) for the period

Other ComprehensiveInco"'_'

Items that wm be redauified,to proll! or loufairv.1u! cain lion· pel-debtforeign Exchange Transiatipt> Reserve,· OCI

Total

Other Cornprehensivelncome

Totat:Comp,ehenslve Incom"

Eamincs per equit'{ ma're:Blsle and diluted (face wlue of USD1 •• ch)

si'i'omca,nt accounting policies ,Ina noles 1'0the financial statementl>

for NGS &Co. HPChartered,AccourltantsHrm ReSi'stration No.! 119SSOW

Forthe year endmMat(h 31, .2020

2122

2(),16,74.1543,41,78,286

For the year enrfedMar~h 31, 20.19

24,42,59,11213l,35,O6,980)

(6.92,4",868)

/vIi,e l6, 2020.

38,73,4321,25,205

11,.89,48,345

(22,53,2&,339)

15.60;80.471

S~,36,793

m.05,65.132)

(19,94,963) 3,!l8,Sl,4382!>,12,5S,244 17.21.73,26.5

lA,92,®,281 2UO~ll>.703

24,92,60,281 21.,20,1&.103

4J,SM~,729 Il,aSt38,4~!l1

2!1 14.i3 m.lll

24.77,26.163

242526

13& 14n

li,71i~904,57,138lV3,nZ

1i7~2645,ZS,S8,()17

19,20,95,982

5,7,12.534

Ift,Iil.23,448

ECGJoballimited

Cash flow Statement

Opelatln, em flow b.fore wo,krn.<apllal ,h.oses~dtlllltS$I:Adi<mm'''lSlo< """killfl Cl1pitQI<I"lnfJ.'O•• ru••If'0.11"" financial OS'O.I$Dec,..,e/f!neyuseJ fn.Oth.t non~fin.nclJI au.ehtDfTCrf~se)lifl(rea~o:il\ Irnda pia'yablesfnet:r.ilse)/in«_.~osc1ftother fin.md~tfio:lbilit!e5Cecr.ase i~Pro'!o"w~sIncr4!OIurinOf'ler r,on·finar.daf H3bUitfts

for 1M yt!or.ndod Forth. V.,,,eo.c!!<llVI."h 31. Z020 Mor<" '.n.2019

19,1O.95,Ul (22.,sl.lS.)~O)

67,~'4 1.~S.ro5(1·~.6S91

4.57,170

(3,711.9901 <2.00.4a,909(19.88.13,6111 H7.,31,?5,7SO)

16,34,41,188)

{6S.n.196, In.sa;06,sm

40,21,32.;60 U. \~.98,1St12.:61 (4.6.!l45!

(6,«'U,tl~) 4.• 1.:52.,923(9;18,5421 5.g2.]0$lu.su,

8.48/4'21 197

13.16.4S,761 4,08.89.'l1

t&I,ll,SHI (".~4.s9,1)

32.SS.34,VI 3.S'.950341}

(66.09613,78.9$·0 t1O,OO,gHll

(17,88.1l.3211 1.'1.n.D29tjM.95.oI07 1.n02.on

8.00,03,65a[1~,2D.04.9lO! U1:14.7C,3U

1U.22.6S,988! (3,06,24.30.2391

(1.18.18,5531il26~J.~,l.m {3.08.CI3,08,801!

as~9.;,04a 2l.2Q.08,611

IS,6I1,41.6'u1 3.86.65.482

1.oS.3P~ Ua.66.3001.44,90,150 7.0S.l1,7111

" c...h tlow ""'" op~r••I", "'MIlos'f'of~b.tOlo'."allMAd/"Sf""'.1S fi>'"Ol!preciation and dlfl'lortilalmn llllpenn1Proll',ion (or c:o-mllMiated .abUflCHIrr,p~rmef\t On'mandai IlUtrun;tents. loamRtillie4lair'v'I..e,aln lion(n.1londebl1"".':"1.'"' a. FVoe. (""'"'8 tornvestlnllC'tiViUrs)Jl\Ia.,.."lnctJme'nterest fMC'me on in.~:umMt

Cash·l'~net.ted from op«r~tions

No' cash ;ene"I0:4 (rom operJU"c ..:Ii.ttl ... A

B cash 'low from Iftvcrltitts.lcri'vlrla.t

Proc:elldsfrom ~ .!t'f PtOP~. planf and t-quipme-ntand in.li"Sibl't ~uelS.PlIrchaU!IUle 01inV~lme"tl ("~tlloa.'! ,n-en/ ,.plla met)Ir'lttrf:sr ret~f~d on:loaf''A\ere1~ 1.tflvrd on·;nvet1.mrnrNel ,aih.~he'.ted from Ilused '"1 mv!ui'nc 2tlctiyitlat.,8

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ECGlobal limited

N.otesto the fjhancial statementsFor tile year ended 31March 2020(Currency: Indian rupees)

1. Background

ECGlobal Limited ('the Company" was Incorporated as ilprivate limited company in RepublicMaurirltJson 29 December 2004. The address of the Company's registered of,f~'Ceis c/o CITCO(Mauriti!;s) Limited4ih Floor, Tower A, 1 Cyberdty, EbeRa, Mauritius. The Company is a holder of a Category 1 GlobalBusiness license and Investment advisory tkense.

The Company is a wholly owned subsidiary of EC International Limited, a Company incorporated InRepublic Mauritius. The Company is involved in provi'ding consulting and tra(jing in ~I;\t;uritiesandderivatives in global markets,

2. Basis of preparation of financial statements and Functional Currency

These financial statements ar!! Spet;illl Purpose financial Statements drawn under Indian Accounting StancfardsHnd-AS) for the purpose of Consolidation with Edelwebs FinanCial Services limited (Ultimate HoldingCompany) for its reporting of Conso(tdated audited finMdal res Its under Ind·A$DivisionIIIof Schedule IIIofthe Companies Act, 2013 ("the Act").

The financial statements of the Company has been prepared in accordance with Indian Accounting Standardslind AS) ootified under the Companies llndlan Accounting Standards) Rules, 2015 (as amended from time totime).

The Company being a foreIgn company prepared its flnan~al statements in USDwhich Is its Functio(la:tcurrency. However for consolidation purpose, the company presents tl'iese financial statements In fNR,whlchJsthe functional currency of the ultimate holding company,

The assets and nabilities are translated into INRat the spot rate of e~change prevailing at the reponing dateand their statement of profit and loss is translated at average eKchange r<lte prevailing during the year. Theexchange differences ·arisingon translation are recognised in OCI and accumulated as a separate component ofother equity

2.1 Estimati.onof uncertainties relating to the global health pandemic from COVID-19

The outbreak of COVID-l9 Viruscontinues to spread across' the globe including India, resultIng in significantvolatility in finanCial markets and a significant decrease fnglobal and India's economic activities. On March 11,2020, this outbreak was declared a global pandemic by the World Health Organiz3troo. On March 24, 2020, theIndian Government announced a 21 - days lockdownwhich was further extended tilt 31st May 2020 across thenation to contain the spread of the virus and stillcontinues to be "HOSSmany parts of the countrv in' India..Thepandemic and its consequent adverse effect, on the econornvalso adve'fSelyImpacted the financialmarkets.

In preparing these tmancial statements, the Company'smanagement has assessed the impact of the·pan.demkon its cperations and its assets including the value of its investments as at March 31, 2020 based on estimateof tile future results and various internal and e~ternal information available up to the date "f approval of thesefinanc;ililstatements, erheestimates as at the date of approval of these financial results may differ.based on theongoing impact of the pandemic and the timing of the improvement in the economy and the flnandal markets ..

3, Presentation of financial statementsThe Company presents its balance sheet in orderof liQu1dity[ncomplianc£!with the DiVISionIIIof the S-ch¢(luleIII to the Companies Act. 2013. An i1nalysi$regarding recovery or settlement within 12 months lIfte.r rheraporting date (cvrrent) and more than 12 months after the reporting date [non-current) is presented in Note25.

EC Global limitedNotes to the financial statementsFor the year ended 31Morch 2020(Currency: Indian rupees)

3. Presentation of financial statements (co,,_tinlledjFinancial assets lind flnancial liabilities are generilily reported gross in the balance sheet. They are only offsetand reported. net when, in il.ddit.ionto having an unconditional legally enforceable right to offset therecognised amounts without t being contingent on a future event, the parties also intend to settle on a netbasis in all of the followingcircumstances:

• The normal course of business• The event of default• The event of insolvencyor bankruptcy of the compilflyand or its counterparties

Derivative assets and tiabillties with master netting arrangements [e.g. ISDAs)are only presented net wlie.nthey satisfy the eligibilitvof netting for all of the above crtteria and not]ust in the event of defilult.-

4. Significant3C€ountingpolicies4.1 Recognition of Interest and Dividend income

Under trrd AS109 Interest income is recorded U$inll th6 effectivp.interest,ra!e (EIR)method for al! financialinstruments measured at amortised COS! and deb! in~trument measured at FVOCI. The E!R is the rate thatexactly discounts estimated future cash receipts through the expected lite 01 the financial asset to the grosscarrying amount of the financialasset

The I;IR(and therefore, the amortised cost of the financial asset] is calculated by taking into, account anydiscount or premium on acquisition, fe·es lind costs that are an Integral part of the EIR.The Companyrecognises Interest income using a rate of return that represents the best estimate of a constant rate of returnaver the expected tife·of the loan. Hence, it recognises the effect of potentially different interest rates'cha~geoat various stages, and other characteristks of the product life cycle (jncluding prepay,ments, penalty in~erestand charges).

Dividendincome is recognised ip profit or loss when the Company's right to receive payment of tbe dividend isestablished, it is probable that the economk benefits associated with the dividend wiil flow to the entity, andthe amount ofthe dividend can be measured reliably.

4.2 Financlallnstrument.s

4.2.1 Date of recognitfon

Hnanclal assets and financial liabilities,with the exceptiOnof borrowings are initially recognised on the tradedate, i.e., the date that the Company becomes a party to the contractual prolfil;ionsof IN! ·instrument. ThiSincludes regular way trades: purchases or sales of financial assets that require delivery of assets within thetime frame generally established by regulation or convention in the market place. The Company recognlsesborrowings when funds are available for I.lli!islltionto the Company.

4.2.2 Initialmeasurement of financial instruments

Flnandal assets and finanCialliabilities are fnitiaflymeasured at fair value..Transaction costs that ate :diret:tlyattributable to the acquisition or Issue of financial assets and financiallia.bilities(other than hnancHl.1assets andfinancial liabilities at fair value througn profit or loss) are added to or deducted from the fair value of thefinancial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directlyattributable to the acquisitlcn of financial assets or finundal liabilities at fair value through profit or loss lirerecognised immediately in.profit or loss.

ECGlobal LimitedNotes to the financial statementsFor the year ended 31March 2020(Currency: Indian rupees)

4. Significant accounting policies (continued)

4.2 Financi'allnstNfI'ents

4.2.1 Oay 1 profit or loss

When the transaction price of the financi.al'instrument differs from the fair value at origination and the fairvalue is based on a valuation technique using only inputs observable in market transactions, the Companyrecognises the difference between the transaction price and faii(value in net gain on fair value changes. Inthose cases where fair value is based on models for which some of the inputs are not observable, thedifference between the transaction price and the (air value Is deferred and is only recognised. In profit or losswhen the inputs become observable, orwhen the inStrument is derecogneed

4.3 Clas.slfkaitionof financial instruments

4.3.1 Financialassets:

The Company classtfles all of its finandalll.ssets based on the business model for managing the assets and theasset's contractual terms, measured at either:

• Amortised cost• Fairvalue through other comprehensive income IFVOCII• Fairvalue through profit or loss [FVTPl1

The Company measures. debt flnancii!1assets that meet the followingconditfons at amortised cost:

the financial asset is held Withina busines.smodel whose objective is to hold financial assets in order tocollect contractual cash flows; and

• the contractual terms of the financial asset give rise on specified dates to c-ashflows that are solelypayments of prindpal and interest on the principal amount outstanding.

Sale that occur for below reason are considered as consistent with business model whose objective Is to holdfioancial assets in order to collect contractual cash flows

• if those sates are infr.equent'(even if significant in value) or insignificant in value both ·lndiviCluallyilnd iillaggregate [even if frequentl,

• IJsuch sales are made dose to maturity of financi.alllssetand proceeds from sale approximate th.1!collection.of the remaIning contractual cashttow

• Sellinga financial asset because of Significantincrease in credit risk.

Debt instruments that meet the following conditions ate subsequently measured at fair value through otherc.omprehensive income (except for debt Instruments that a~e designated as at fair value through profit or la's.on initial recognition):

the f'nancial asset is held within a business model whose objective IS ac.hieved both by. ~ol~i:tingcontractual cash flows ,and sellingthe financialassets; andtile contractual terms of thl! financial asset give rise on specified dates to cash flows that ~.reIs~e.lVpayments of princlpal and interest on the principal amount outstanding:

Bydefault, all other financial assets are subsequently measured at FVTPL

•

EC Global limited

Notes to the financial statementstor the year ended 31March 2020(Currency; Indian rupees)

Significant accounting policies (continued}

4.3 Cla?siflcationoffinancia) instruments (continued)'

4.3..1 financial assets: (continued)

4.3.1.1 Amortized cost and Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and ofall.ocat''ng interest income overthe relevant period.

For financial Instruments other than purchased or originated ~redit-!mpaired finan.cial assets, the effeqlVeinterest rate is the rate that exac.tty discounts estimated future cash receipts (inciudil)l:all fees and points paidor received ,that form an Integral part of the effective interest rate, transactlor, costs and other premiums ordiscounts] excluding expected credit losses, through the expected life of the debt instrument, or, whereappropriate, a shorter period, to the grosHarryVig amount of the debt lnstrument on Initilll recognj~lon. Forpurchased or originated credlt·impaired financial assets, a credit-adjusted effective interest rate is .calculatedby discounting the estimated future cash flows, ineludlng expected credit losses. to the amortised cost of fhedebt instrument on initial recognition.

The amortised cost of a financial asset is the amount ilt which the financial asset is measured at initialrecogninon miA!Ii\s the principal repqyments. prus the cumulative amortisation using the effective interestmethod of any difference between that lnftial amount and the mattJrl~yamoun~, adjusted for any lossallowance, On the other hand, the gross carrying amount of a financial asset is the amortised COSt of a financial·asset before adju.sting for any lots allowance',

4.3,1.2 Financialassets held for trading

TIleCompany c:lass.ifies frnancial'assets as held for trading when they have been purchased or issued primarilyfor short-term proflt making through trading actiVitiesor form part of a portfolio of financial instrumentS thatare managed together. for which there. evidence of a recent pattern of short-term profit is taking. Help-for­trading assets and liabilities are recorded and measured in the balance sheet at fait value. Financial ass.etsdesignated at FVT?I..

4.3,1.3 Investment in equity instruments

The Company subsequently measures all equity investments at fair value through profit or foss, unless ~hemanagement has elected ·to <;Ias$ifyirrevocably some of its ~trategic equity investments to be measured at·FVOCI.when such instruments meet the definition of Equity under Ind AS 32 Financial Instruments:'Presentation and are not held fOf trading. Such classification i~determined on ijn instrument"by-instfumentbasis.

EC Global Limited

NQ~esto the financial statementsfor the year ended 31March 2020(Currency: Indian rupees)

4. Significant accounting polici'i!s (continued)

4.3.2 Financialliabililles

All financial liabilities are measured at amortised cost except loan commltmenrs, financial guarantees, andderivative finallcialliabillties.

4.3.2.1 Debtsecurities and otherborrowed funds

Arter Initial measurement, debt issued and other borrowed funds are subsequehtly measured at amorttsadcost. Amortised cost is calculated by taking into account any discount or premium on issue funds, and C()'$tsthat are an intcgral part of the EIR.

4.3.2.2 Financialassets and Rnanclalliabilities at fair value through PrQfit or 105s

Finandal assets and financial liabilities in this category are those that are not held for trading and have beeneither designated by management upon initial recognition or are mandatorily required to be meas\lred at fairvalue under Ind AS109. Management onlydesignates an instrument at f-VTPLupon initial recognition whenone of the followingcriteria are met. Such designation is CletermIDed on an Instruroeht·bY'lnstrurnent basis;

• The designation eliminates, or significantlyreduces. the Incenststent treatment that would otherwisearise from measuring the assets or liabilitiesor recognisinggains O( losses on them on a differentbasis; Or

• The liabilitiesare part of a Companyof financial liabilities"which are managed and their performanceevaluated on a fair value basis, in accordance with a documented fisk manag.ement or investment

stratesv; Or

The liabilitiescontaining one or more derivatives, unless they do not significantly modify the cashflows that Wouldotherwise be required by the contract, or it is dear with little or no analysis·when asimilar instrument is first considered that separation of the derivativels) is prohibited.

Financial assets and financial liabilitiesat FVfPl are recorded in the balance sheet at fair value.Changes in fair value are recorded in profit and losswith the exception of movements in fai~V<ilueofUatimties designated at FVTPLdue to changes in the Company's own credit risk. StiChcbanges in fairvalue are recorded in the Own credit reserve thtO\lghOCIaod do flot get recycled to tha profit (lr toss-.tnteresr earned or incurred on instrurnents designated at FVTPL.isaccrued in interest income orfinance.cost, respectively, using the EIR,taldng into account any discountl premium and qualifyingtransaction costs being an integra! part of instrulT)enr.Interest earned Or!assets. mandatorily requiredto bemeasured at FVTPL is recorded using contractual interest rate.

ECGlobal LimitedNotes to the financial statementsFor the year ended 31 March 2020(Currency: Inalon rupees)

4. Significant accounting poliCies(continued)4.3.3 Financialliabillties and equityiristruments

financial instruments Issued by the Company are classified as. either financial llabiUties or ;IS equity inaccordance with the substance of the contractual arrangements and the definitions ot a financiallfabil1ty andan equity instrument.

An equity instrument l's any contract that evidences a residua] interest in the assets of an entity after deductingaUof its liabilities. !;qiiityinstruments issued by a Companyentity are recognised at the proceeds received, netGf dlrect issue costs.

Repu,rchaseof the Company's own equity instruments is recognised and deducted directly in equity_No gam orloss is recognised in profit or less.on the purchase. sate, issue or cancellation of the Company's own equityinstruments.

4:3.4 Oerivatives

The CompallYenters inte a variety of derivative financial instruments including foreign exchange forwa,rdcontracts and interest rate swaps.

Derivatives are initiaHv,recognised at fair value and are ~ubsequentJv re-msasured at faIr value through profitor loss.The resulting gain or loss is recognised in profit. or loss immediately

4.4 ~edassificatiol1 of fjnancial assets and flnanciaillabilities

The Company does oot reclassify its financial assets subsequent to' their initial recognition, apar] from the,exceptional circumstances io which ,the Company acquires. disposes ot, or terminates a business tine. financialliabili.tiesare never reclassified.

4.5 Oerecognition of financial assets end f'nlln,ialliabilities

4.5.1 Derecog,nltion of finanCial assets due to substantlal modification of terms and conditions

The Compaoy derecognlses a financial asset •.when the terms and conditions have been renegotiatedi to theextent that, substantially, it becomes a new loan, with the dlrference recognised as a derecogoition ga.ll1·orloss, to the extent that an impairment loss has not already been recorded,

If the modification does not result fn' cash flows that are substantially different. the rnodiflcatlon does notresult 111 derecognition, Based:on the change in cash flows discounted at the original fiR, the Company recdfdsa modification gain or loss, to 'the e.xtent that an impairment loss has-not a!ready been recorded.

ECGlobal LimitedNotes to the financial stateme.ntsFor the year ended 31March 2020(Currency: Indian rupees)

4. Significant accounting policies (continued)4.5 Derecognition of financial assets and financial liabilities (conrihued)

4.5.2 Derecognition of'finl)nctalassets (other than due 10 substantial modification)

A financial asset (or, woere applicable, a part of a finilnd~1asset or part of coCompany of similar fInancialassets] is derecognised when the rights to' receive cash flows from the financial asset have exptred, TheCompany also derecognises the financial asset [f it has both transferred the financial asset and the transterqualifies for derecognttion.

The Company has trans(eJred the financial asset if, and only If,either:

• The Company has transferred Its contractual rights to receive cash flows from the financial asset; or

• It retains the rights to the cash flows, but has assumed an obligation to pay the received cash flows in fullwithout material delay to a third party under a 'pa5so~thtough'arrangement.

A transfer only qualities for derecognition If either:

• The Company has transferred substantially aUthe rislesand rewards of the asset; or

• The Company has nelther transferred nor retained substantiaUy ;,11the risks and rewards of the asset, buthas uansferred control of the asset

The Company considers control to be transferred ifa.ndonly If, the transferee has the practical ability to sellthe asset in its entirety·to an unrelated HUrdparty and Is able to exercise that ability unilateral1yand withoutimposing additional restrict-ions00 the transfer.

EC Global limitedNotes to the financial statementsFor the year ended 31 March 2020(Currency; Indian rupees)

4. Signifi~al'lt accounting policies (continued)4.5 Derecognition of financial assets and ~in~ncialliabtlit\eS Icomtnued)

4S.3 Derecognition offinancial liabilities

A financial liability is derecognlsed wnliln the obligatio" under the liapility is discharged, cancelled Of elCpi>res.

Where an existing financial lIability is replaced by another from the same lender on substantially, dif,fer,entterms, or the terms of an existing flnanCialliabitity are substantially modified, such an exchange or modiflcat~is treated as a derecognition of the original financl.lI liabi.litv and the recognition of a new financial Habii\ty,; Thedifference between the :!larrying value of the original finaflcial liability and the consideration pa~, IllICludingmodified cootractua: cash flow recognised as new financ!;llliability, would be recollnrsed in.profit or loss.

4.6 Impairment of financial assets

The Company records allowance for expected credit losses for 311loans, other debt financial assets not held atFVTPl, together with toan commitment, In this section all referred to as 'financial lnstnrrnents'. EquityInstrument;!: are not subject to impairment.

The Company follows 's'implified approach' for recognition of impaIrment loss allowance on trade receivabletand lease receivables. The applicatio"l of simplified approach does not require the Company to track changes 'incredit risk. Rather. it recognises jmpairment loss allowanCe based On lifetime Eels at each reporting.datl~, rightfrom trs initial recognition. The Company uses a provision matri~ to determine impairment loss aUowance onportfolio of its receivables, The prOviSion matrix is based (In its h"starlcally observed default rates over th~expected life of the receiVables. However if receivables' contain a significant financing component, theCompany chooses as its accounting pelley to measure 'the loss allowance bv applying general approa'to \l)

measure expected credit losses.

For all other financial instruments, the Company recognises I1fetlme EC',when there has been a significantincrease iii credit risk (SICA)Since initial recognition. If. on the other hand, the credit risk on the finan,cialinstrument has not increased significantlY since fnlt{a~recognition, the Company measures ,the IQss,,!I,IOlNf,lncefOf that financial in,strument at an amount equal to n·montil expected credit losses (12m ECl), Theassessment of wheth~r lifetime ECl should be recognised lis based on significant increases in the 1i1C~llhoOtiorrisk of a default occurring since mitial recognition instead or an eVIdence of a financial asset beipg. credit',Impaired at the reportlng date or an actual default occurring.

lifetime Eel represents the expected cred;r losses that will resort from ali possible def~ult events ovef t~eexpected life of a fin;lntial Instrument. In contrast, 12m rCl represents the portion of lifetime Eel th;lt isexpected to result from default events on a financial instrument that are possible within 12 "months after'the

reporting date.

ECGlobal LimitedNotes to the financial statementsFor the.year ended 31March 2020(Current»: Indian rupees)

4. Significant accoun·ting policieS(cailtinl.ledJ4.6 Impairment of flnanclal assets {continued}

The measurement of expected credit losses is a function of the probability of default,loss given default Il.e. themagnitude of the loss If there is a default) and the exposure at default. The assessment of the probability ofdefault and 10$$given default is based on historical data adivsted by forward-looklng ihtormation. As for theexposure at default (EAD) for {(nancialassets, this is represented by the assets' gross carrying amount at tMreporting date; for loan commitments and flnancial guarantee contracts, the exposure includes the amountdrawn down as at the reporting date, together with any additional amounts expected to be drawn down in thefuture by default date determined based on hiSloriC1altrend, the Company's understanding of the speciflcIuture finanting needs of the debtors, and other relevant forward'looi(lng informalion.

For flnanclal assets, the Eel is llstimated as the difference between all contractual casb flows that are due tothe Company in accordance with the contract and ali the Cash flows that the Company expects to receive,discounted at the original effective interest rare. rhe Company recognis.esan Impairrnel'lt ga!n or 10$$In profitor loss for all financial instruments with a .cnrresponding adjustment to their carrying amount through a Jossallowance account.

If a financial Instrument indudM both a loan [Le, finanCial asset) and an undrawn commitment [i.e. loancornmltrnent] component and the Company cannot separately identify thl) Eel on the Joan commitmenttomponent from those on the financial asset component, the Eel on the loan commitment have beenrecognised together with the loss alto\lIilncp. for the financial asset. To the extent that the combined ECLexceeds the gross carrying amount of the financial asset, the EeLhave been recognised as a provision. Also, forother loan commitments and all financial guarantee contracts, the loss allowance has been recognised as aprcvtslon.

4.7 Write off

Fln.an~ialassets are written off e'ther partially or in their entirety only when the Company has no reasonableexpectation of recovery.

4.8 Determinat.iMof fairvalue

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet d.ate..Falrvalue is the price that would be received to sell an asset or"paid·to transfer a liability,I'nan orderly t~a'h$acljonbetween market participants at. the measurement date. Th~ falr value measurement is based on thepresumption that the transaction to sen the asset or transfer the liability takes pla~e either;

• In the principal market for the asset or liability.or

• In the absence of a principal marker, in the most advantageous market for the asset or liability

The principal orthe most actvantageoUS'1n3rketmust. be eccessibte py the (ompilny.

ECGlobal limitedNotes to the financial statementsFor the year ended 32March 2e20(Currency: Intiion rupees)

4. Significant accounting poliCies(continued)4.8 Determination offairvalue {coruinued)

The fair value of an asset or a Ii~bilityis measured using the assurnptiens that market participants would usewhen prici.,g the asset or liability, assuminll that market partie(pi1lJ'ltsact In their economic best interest. A fairvalue measurement of a non-financial asset takes Into account a market participant's ability to generaljleconomic benefits by using the asset in its hIghest and be$t usllt>If by sel 'ng it to another market participantthat would use the asset in its highest and best use. rhe Comf)ar.y uses valuation techniques that areappropriate in the circumstances and for whichSlJffu:l~nt data ar~ available to measure t"ir value, maximisingthe use of relevant observabie inputs and miniml.singthe use ofurmbselVable inputs. Inorder to showhow fait"values have been derived, financial instruments are classlf!'edbased on a hierarchv of valuatIon techni(lues,.assummarised below:

• Levell financial instruments -rnese where the inputs used .int.hevaluation are unadjusted Quoted .pdcesfrom active markets for identical assets or liabfl:ties that the Company has access at the measure~ntdate. The Company considers markets as acrivp.only.if there are sufficient trading activities with regards tothe Volume and liquidity of the identical assets Of liabilities and when there are binding and exerclsablaprice quotes available on the balance sheet date.

• Level 2: financial mstrurnents-Thcse where the inputs that are 'l>sed for valuation and are sign'lfii:ant,;il~ederived from directly or indirectly observable market data available over the entire perkld of theinstrument's life.

level 3 financial instruments -Those that indude Oneor more unobservable input that is significant to themeasurement as whole. for assets arid liabilities that are r«ognised in the fill3ncial statements on arecurrine basis. the Company determines whether trand.r; nave occurred .between levels In the' hierarchyby re-assessmg categorization (based on the lowest level input that is significant to the fait valuemeasurement as a whole) at the end of each reporting period, The CompMY peilodlcaUy ;evlews itsvaluation techniques induding the adopted methodologies and model calibrations.

Therefore, the Company applies various techniques to estimate the credit risk associated with its financialinstruments measured at fair value, which include iii portfollo-based approach that estimates the expe~tedlnetexposure per counterparty over the fullUfetimeof the individual assets, in order to reflect the credit risk of tire.Indrvidualcounterpartles for non-collateralised {fnancialinstruments.

The Company evaluates the'levelling at each reporting period on an Instrument-bv-mstrurnent basis. "n.dreclassifies instruments when necessary based on the facts at the end of the reporting period.

ECGlobal LimitedNotes to the financial statementsFor the year ended31March 2020(Currency: Indian rupees)

4. Significant accountIng policies (continued)4.9 Revenue from contract with customer

Revenue is measured at transaction prtce l.e the amount of cons,i(leration to which the Company expects to beentitled in e~,hange for tnlhsferr!og promised 800ds or services to the customer, excluding amounts cOllectedon behalf of third parties. The Company constder the terms of the contract and its customary businesspractices to determine the transaction price. Where the consideraticm promised is variable, the Companyexcludes the estimates of variable considerateon that are constrained.

The Companv recognises Fee income including advisory fees, is accounted over the period as the customersimultaneousfvreeeives.and consumes the I:lenefits, as the services are rendered.

4.10 Operatingleases

Operating lease payments are recognized as an expense il'! the statement of profit and loss on a ~ttaight-linebasls over the lease term, in whiet'! case leiWi!!payments are recognized based on contractual terms. Contingentrental payable is ~ecogllizedas 8n expense in the period in which it is incurred

4,11 Earnings per shafe

Baste eamin$s per share is computed by dividing the net pro1iIt after tal( attributable to the equity sharehOldersfor the year by the weighted average number of equity shares outstanding for the year.

Diluted earnings per share reflect the potential dilution that could occur if securitles or other contracts to issueequity shares were exercised or converted during the year. O'iluted earnings per share is computed by diViding

the net profit after tax attrlbutabte to the equity shareholders ror the year by weighted average numbe~ ofequity shares considered for deriving basic earnings per share Dnd weighted average number of equity sharesthat could have t:;een issued upon conversion of all pote'ntiai equity shares.

4,12 Foreign currency transacnons

Transaceions in foreign currencies other than functional currency are r,ecognised at the rates of exchangj1prevailing at the dates of the transacnons. At the end of each reporting period, monetary items, denomPnatedin foreign currenctes are retranslated at the rates prevailing at that date. Non-monetary item~ carried at fairvalue ,that are denominated fn foreign currencies are retransleted at the rates prevailing at the dale when thefair vatUewas determined. Non-monetary items that are measured in terms of I)jstorkal cost in a foreigncurrencv are not retranslated

Exchange differenGes on monetary Items are recognised, in profit or loss In the period'in which they at'i~e"

ECGlobal limitedNotes to the financial statementsFor the year ended 31March 2020(Currency: Indian rupees)

4. Significant accounting policies (continued)4.13 Retirement and other employee benefit

The accounting policy followed by the company In respect of its employee benefit schemes in accordance withMauritius (FRS,whlch is also In accordance WithInd AS is set out below:

Compensated Absences

The eligible employees of the Company are permitted to carry forward certain number of tl'ielr annual leaveentitlement to subsequent years, subject to a ceiling.The Company recognises the charge in the statement 0'(

profit and loss and corresponding liability on such non-vesrlng accumulated Ileave entitlement based on avaluation by an independent actuary. The cost of providing annual leave benefits is determined uS'ing.theprojected unit credit method.

4"14, Property, plant and equipment

Tangible fixed assets

Tangible fixed assets are stated lit cost less accumulated depreCiation. The ccst of fixed assetscomprises purchase price and any attributable cost of bringing the asset to its working condition for Itsintended use.

Depreciation is prOvided on a written down value basis from the diUe the asset is ready to use or put touse whichever is earlier: ln respect of assets $old, depreciation is provided upto the date of dtsposal,

The Company has evalua,ted the useful lives of the respective fIXed assets for calculating ttledepreciation. The estimated useful liliesof the fi){edassets are as follows:

Computers- Enduser devices, such as desktops, laptops,.etc. 3 years

Classof asset life of asset

4.15 Intangible fixed assets

Intangible fixed assets are recorded at the consideration paid for the acquisition of such assets aod arecarried at cost less accumulated amortisation and impairment, if any.

!ntangibles such 3S software is amortised over a period of ~ years or its estimated useful life whfchever isshorter.

q,

ECGlobal LimitedNotes to the financial statementsFor the year ended 31 March 2020tcurrencv: Indian rupees)

4. Significant accounting policies (continued/

4.16 Impairment of non-financial assets

The Company assesses at each balance sneet date whether there IS any indication that an asset may beimpaired bas,ed on internal/external factors. ,If any such indication exists, the Company estimates therecoverable amount of the asset. If such recoverable amount of the asset or the recoverable amouot of cashgenerating unit which the asset belongs to is less than its carrying amount, the carrying amount Is reduced toits recoverable amount. The reduction is treated as an impairment joss and is rewgnized in the statement ofprofit and loss. If at the balance .sheet date there is an indication that a previously assessed impairment loss 00longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amountSUbjectto a maximum of the depreciable historical cost.

4.17 Cashand cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term depositswith anOfiginalmaturity of three months or less.

4.18 Provisions and other contingent liabilities

Provisions are recognised when .the Company has <i present obl1gation (legal or constructive) as a result of apast event, it is probable that t"~ Companywillbe required to settle the obligation, and it reliable estimate canbe made of the amount of the obligation. I.f the effect of the time value of money is material, provisions liredetermined by discounting the expected future cash flows to net present value ,usingan approprlate pre-taxdiscount rate that re·flectscurrent market assessments of the Limevalue of money 'lnd, where appropriate, therisks specific to the liability.

A present obligation that arises from past events, where it is either not probable that an outflow ef resoorceswill pe required to settle or a reliable estimate of the amount cannot be made, is disclosed as II contin~~ntliability,Contingent liabilities are also disclosed when there is a possible obligation arising from past events,the existence,of which will be confirmed Olllyby the occurrence or non. occurrence of one or morlhuncertainfuture events not whollywithin the control of the COl71p"ny. Claimsagainst the Company,where the possibilitYof any outflow of resources in settlement is remote, are not disclosed as contingp.nt liabilities,

Contingent assets are not recognised in the financial statements since this may result In the recognition ofIncome that may never be realised. However, when the realisation of income is virtually certain, 'the.n therelated asset is not 1I centingent asset and is recognised.

4.19 Income rax expenses

income ta~ expense represents the sum of the tax currently payable and deferred tax,

4.20.1 current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from 'profit before tax' asreported in the statement of profit and loss because of items of income or expense that are taxable ordeductible in other years and items that are never taxable or deductible. 'The Company's current tax Iscalculated using tax rates that have be.enenacted or substantivelv enaeted by the end of the reporting !)eriod,

. ~."­, ',./'

EC G,lobal limitedNotes to the flnancial statementsFor the year ended 31March 2010(Currency: Indian rupees)

4. Significant accounting policies (continued)

4.20.2 De,ferred tax

Deferred tax is recognised on temporary differences between the. carrying amounts ot assets and liabilities inthe financial statements and the corresponding tax bases used in the computation of taxable profit. Deferredtax liabilities are generally recognised for "n taxable temporary differences. Oeferred tax assets are genel'll'!\!.recognised for all deductible temporary differences to the extent that it is probable that taxable profits will beavailable against Whichthose deductible temporary differences can be utilIsed.

Deferred tax assets are also recognised with respect to carryforward of unused tax tosses and unused taxcredits to the extent that it is probable that future t.3xableprofit will be available against which the unused taxlosses and unused tal(credits can be utlllsed.

It is probable that taxable profit will be. available against whlch.a deductible temporary difference, unused taxloss or unused rex credit can be utiUsed when there are sufficient ta~able temporary differences which areexpected to reverse in the period of reversal of deductible temporary difference or in periods in which a tax lasscan be carried forward or back. When this Is nat the case, deferred tax asset is reccgnlsed to the extent rt isprobable thaI;

• the entity will have sufficient taxable profit in the same period as rever.s~1of deductible temporarydifference or periods inwhich 11 tax loss can be cartled forward or back; or

a tax plilnningopportunities are avai1ablethat willcre'ate taxable profit in appropriate periods.

The carrying amount of deferred tax assets is reviewed at the. end of each reporting period and reduced to theextent that it is no longer probable that sufficient taxabte profitswill be ava~able to allow .allor part of the assetto be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period inwhich the liability is settled or the asset realised, based on tax·rates (and tax laws) that have.bee.n enacted orsubstantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow (rom themanner in which the Canwany expects, lit the end of the reporting period, 10 recover or settle the car/Vingamount of its assets and liabllitie~.

4.20.2 Current and deferred tax for the year

Current and deferred tax are recognise(j in p(ofi~or loss, except when they relate to uems that are reco8,nfse(iin other comprehensive Income or directly in equity. in Which case, the current and de.ferred tax are alsorecognised in other comprehensive Income (:trdirectly in equity respectively.

ECGlobal LimitedNotes to the financial statementsFor the yearended31March 2020(Currency: Indian rupees)

S. Criticalac;counting judgements and key sources of estimation uncertainty

In the application of the Companv's accounting policies the management is required to make judgements,esumates and assumptlons about the tarrying amounts ·ofassets and liabilities that are not readily apparentfrom other sources. The estimates and associated assumptions are based on Illstor1calexperience and otherfactors that are considered to be relevant. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on a(l ongoing basis. Revislio.nsto accountingestimates are recognised in the period in which the e~timate is revi·sedif the revision affects onlv that period,or.ln the period of the revision and future perio~s if the. revisio!'l'affects both current and future periods.

5.1. Critical judgements in applVing.lIccounting policles

The followlng are the critical judgements, apart from those involvingestimations that the manag.ement hasmade In the process of applying the Company's accounting polkles and that have the most significallteffect onthe amounts recognised in the FinanttalStatements.

5.1.1 Business model assessment

Classlftcarlon and measurement .of t.!nancial assets depends on the results of the SPPI and the business modeltest. The Company determines the business model at a level that reflects how Companys of financialassets aremanaged together to achieve a particular business objective. This assessment includes jvc:lgement reflecting allrelevant evidence including how the p:erformance of the assets is evaluated and their performance ismeasured, the risks that affect the performance of the assets and how these are managed and !:tow the.managers of the assets are compensated. The Company monitors financial assets meesured at amQrtise(! costthat are derecognilied prior to their maturity to understand the quantum, the reason for their disposal andwhether ~he reasons are censlstent witnthe objective of the business for which the asset was held.Monitoringis part of the Companys continuous assessment of whether the business model for which t'he remainingfinancial assets are held continues to be appropriate and If it is not appropriate whether there has ~en achange in.bu5iness model and 50 a prospective change to the classification of those assets,

5.1.2 Significantincrease in credit riskEel is measured as an allowance equal to 12-monlh Eel for stage 1 assets, or Ufetime ECL'for stage, or'stage:3assets. An asset Moves to slage 2 when its credit risk has increased significantlysince initial recogniti.on. lnd AS109 does not define what constitutes a Significant. increase in credit risk. Inassessing whether the credit risk ofan-asset has ~lgnifkantly increased the Company takes into account qualita!flveand quantitative reasonable i.:.Jn",d,-.._--._supportable Iorward-Iooking information.

" . '\

EC Global Limited

Notes to the financial statementsFor the year ended 3.1 March 2020(Currency: Indian ruoees)

5. Criticalaccoll.nting judgements and key sources of estimation uncertainty (continued)

5.2., Keysources of estimation uncertainty

The followingare the key assumpuens concerning the fl,Jture,and other key sources of estimation uncertaintyat the end of the reporting period that may have a significant fisk of causing a material adjustment to thecarryil\g amounts of assets and liabilities within the next financial year, as descrjped below. The Companybased itS assumptions and estimates on parameters availahle when the financial Statements were prepared.E)dsting circumstances and assumptions about future developments, however. may change due te marketc;hangesor circumstances arising that are beyond the control of the Company..Such changes are reflec(ed inthe assumptions when they occur.

5,2.1. Fairvalue of finsncial instruments

The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer aliability in an .orderly transactlen in the principal (or most advantageous) market at the measurament d'ateunder current market conditions (i.e., an exit price) regardless of whether that price is directly obsewabte orestimated using another valuation technique. When the falr v;llues of finrtncial assets and financial liabilitiesrecorded in the balance sheet cannot be derived from aCtivemarkets, they are determined using a variety ofvaluation techniques that include the use of valuation models. The inputs to these models arc taken fromobservable markets where possible, but where this is not feasible, estimation is required in establishing fairvalues. Judgements and estimates include considerations of I~qvidity and model inputs related to items such iIScredit risk (both own and counterparty), fundingvalue adjustments, correlat!on and volatility.

5.2.2. Impairment of financial assets

The measurement of impairment losses across aU categories of financial assets requires IlftJgement, 'inparticular, the estimation of the amount and timing of future cash flows and collateral values whendetermining impairment losses and the assessment of a signifIcant increase In credit risk. These estimates aredriven by a number of factors. changes in whlchcan result in different levels,ofallowances.The Company's ECl calculations are OUtputs of models with a number of underlying assumptions regard,ing theCh'oi(;eof variable inputs and their Interdependencies. Elements of the ECLmodels that are eOr:l$Jderfl~accounting judgements and estimates include:

• Probabilities of defaults (POS) tile calculation of \vhich includes historical data. assumptions. andexpectations of luture conditions.The Company's criteria for aSs.!ssing if there has been a significant increase in credit risk and so allowan.ce1for financial assets sh()u1dbe measured 011 a life-time expected credit loss model basis and the qualitativeassessment

• The segmemation of financial assets when their Eel is assessed on a collective baSIS• Development of Eel models, including the various formulas and tile choice of inputs

Determination of associations between macr.oeconomic scenarios and, eccnornic inputs. suth asunemployment revels and cotlatersl values, and the effect on POs, exposure at defau~s and loss givendefaults IlGOSj

• Selection of forward- looking macroeconomic scenarios and their probability welgOtinllS,to derive the'economic inputs into t!'le~Clmodels

It is Company's policy to regularly review its models In the context of actual loss experlenc~ and adjust when~----~.necessary.

~\

EC Global limitedNotes to the financial statementsFor the year ended31March 2020(Currency: Indian rupees)

5. Critiral accounting judgements and key sources of estimation uncertainty (continued)5.2. Kevsources of estimation uncertarntv (continued)

5.2.3. Effective interest rate method

The Company's EIRmethodology, recegnlses interest income / expense using a rate of return that representsthe best estimate of 3, constant rate of return over the expected behavioural life of loans given I taken andrecognises the effect of characteristics of the product life cyde

ThiSestimation, bV nature, requires an element of judgement- regarding the expected behaviour and life.cycleof the instruments, as well expected changes fee iocome/e)(pense that are integra; parts of the Instrument.

5.2.4. Accounting for deferred taxes

Oeferred tal! assets are rej:ognised for unused tax losses to the extent that it is probable that taxable profit wi!Jbe available against which the tosses can be utilised. Significant management judgement is required to,determine the amount of deferred tax assets that can be recognIsed, based upon the likely timing and thelevelof future taxable profits together with future tax pJannlng strategies.

The Company has recognised deferred lax assets on carried forward tax losses with respect III certainsubsidiaries where the Company believes that the said deferred tax assets shall be recoverable based on theesumated future taxable income which in turn is based on approved btjsiness plans and bud~ets. The lossesare allowed to be carried forward to the yean in which the Company expects th.at there will be sufficienttaxable profits to offset these tosses.

6, Standards issued but not yet effective

6..1 There are no new standard or amendment Issued but not effective.

:"""

EC Global limited

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EC Global LimitedNol!s teothe financial slatetrnl!ntsFo( Iha yellf eMed 31 Maroh2020(Currency: Indian rupees)

lS alb.!!roem-financial assets

Partitlilars As at A~alMarch 31, 21120 March U, 201.9

(UnsecuredConsid~red good, I,lolessstated otherwi$e)Prepaid expenses 91,481 1,08,737'Oche,'s 14,302 .

1,OS.783 1',08.73}

16 eo"owi"C orh·.,r than debt s~curitie'lat amortised <ost)

PaT(i,ul~rs A~lJt A~ atMatch:U 202'0 March 3] 7.019

loam, outside In(liltIi) loa" from Aster Commodides OMCC 12,96,62,955 23,82;!Ii1"On

Total 12,96,62.995 21,82,!I.4,02l

toaM ftom Aster Commosltie$ OMCC is unsecured, Inleresl 'tfe and repavableon demand.

P"rti<ulars As atMarch 31, zors

II,Olhers

Acc~ued salaries and bonefits

A$aiMarch 31, 2010

9,06,168

18 Provisions

Afat·Marth 31, 20~9

ProvI$ion fot emplo'{(!t be<fefltsCompensated luv~ abS4M~es

As atMarch 31, 2010

14,259

14.259

19 Othernon·rinancialliabiUtre$

AJatMarcfl 31,2019

Withholding taxes, Goods & service til!( and Qlhe, !a~e. payableOthllr~

As atMarch 31, 2020

9,89,53179,962

9,07,953

EC Global limitedNofas-to'tbe 'Onanelaf _lllle"'eintsF"",,,.yw Ofdld31M"c~2020tCunM.,r./NfiWtti_J

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ECGlobal limited

Note, \0 the fin.ncial u.:a:tements'or tbi! )frct ~Fjd~ 31 f'Aarch 20?(>ICurrem:y: IndJan 1VP~I!$J

21., Inter.U h'IC.ome

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On finlftel.1 On Finlnd.' 0.. flliaN:ial OnfinandOiIh"ic:ubfs A..tleU "'_HU,ed A.$Sets

Total Ass.u rfleUf,tled An.'s Tot..1at litlr~ ..... musur.d'lll ""&lrv.lv. measured~1Ih,.>I.,hOa Amo"l.. d "'st, thrcu&ltOq A_tisl!dCost

mttrOI' Oft Loa'",LQan:J.to hBkiII'lJ, tomplny 17m.9S.1SO

In:te.test Jncome from lnwestmtr\tsInve.$>\n'e"r itt debt ~Kurit+es

Olho ..Other lnteres~ lneeme

19.88.i3.64C 19.88,13.640

6.34.4I,ln

28.64.614 1&.22,174 76;22J74 '

Total

EO Global Limited

Noles to the financial stal.mentsFor lhe year ended 31 March2020(Currency: Indian ruj)ns)

22 Net gain 011 fall value,(~an,es

(AIIi)

Plrti,ulars for the year ended for tile V...., ~dedMarch, 31, 2020 M.m::h 3l,,201.!1

Net cam!(1055)on rmDncial instruments at fair valUe through proh. or 10$$On trad'n, portfolio-Investment,

Profit / (loss) on trading of securitieS (net) 1,lM4,29~ (~,~.O2,4~)Profit/ (lOSS)on sale of current investments (<let) '3,79,002 m,60,48,9(9)

• Oeriv~tive5lOSS profit on equity derivative inStruments (net) · (48,95,3471loss on commodity derlvat,ive instruments (nel) 18,416) (79,OS,(i64)Profit I (Ion) On trading in cvrrel1CVderivative ir-struments (net) 15.48,108 (1,13;83,9481Profit.! (loss) on inte"~SI rate dl!rivative In5trument~(nlll) 1,93,t4,699 1,7,98,97p05)Profit on ttJding in swap · S,(lS,88,323

- OthersOivid<lndon stock in trade · 16;~8,S09

Total Nel Gain/lLossf on fair value th~n&es 3,41,18,~86 (3,1,35,06,980)

Not .. ,

Fair Value Cha'ncesRealised 3.41,78,286 {28,63.22.1'1:8)Un<eallsed :(2.11;84,a:l)

Tot~1 Net Gain} (lqssl: on, lair value cmlnles l.41,78,286 j~).~~,06,~sql

23 Other income

Particulars

1.18,69.623

for the ye..r endedMarch 31, 2020

lot tl!eyu"endedMarch .~r,~O'9,

Miscellaneous income

1,18,69.623

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EC Global Limited

Notes to the financial statJtmentsFor the y~ar ended 31 March 2020(Currency; Indian rupees)

28 Income TaxThe components of'lnccme iax expense forth~ years ended are'Particulars 2019-20 2018-19Current talC .57,72,534 S23~,793Adjustment in respect of current ineome talC of .prior vea'sDeferred lax reCllgnised/ reversed -Total lax charge S7,72,534 52,36.793Current tax 57,72,530\ 52,36)93Deferred tax .

a.l Reconciliation of~otal tax charge

Particulars 2019·20 2018-19

Accounting prollt before. tax as per finatlciaJ s!atem~nt5 19.20,95~982 122,53,28,339)

Tax ~aie (tn percentage) 15% 15"Income tax expense calculated based on this lax rale US, 1.4,397 (3,31,99,251)Effect of income not su~jecHo·tal(:long term capital gain on salf! of shares .Others (includes forflisn lax alto.mnce) (2,98,9:',843) 2,47,73,494!!ffeet of non-<leductible expen5es'Penalties .Others 68.53.980 1.42,62,55.0

Tall charge for the year recorded In P&l 57,72;534 52,36,793

EC GJoballimited

Notes te the fltt."dal s.c.tements.'01 \My.. r eoded31 Marth 2020lCurren<y; l>1diln ,up,ul

Tile foil"",,'., •• blio.how.dle Incom.. and .h.re data .Sld in'the b.~i'.nd diluted EPS.alw~II.M

'att.icularsfor , ... yearended FO•• heyel( fr.dod

Morch31,.~ql0 Marcl>11. 201~

~) Sha,.hold.,. elmin,< {11per ".t.men, ,,' pfofil .rut 10551,.., PrlOfit1•• II;ble tGequi.y.shareholders,for tile purpose of ,mut.. 'ing b"l. 111,63,2),448 m,05,6S,lH

hI CairulalJoA01 wfl«hted averace numMr or ~quU,ySniJf~S of JSO 1- ellch~

- Numbe! ol,h"ts at die b.•&lnnlneof th year 25,00.000 25,00.000

...Numtcr df share'l· inued d~t~e th~ 'Je,"

Tot.1 number of .~ui!Y .h.ftlO.u.. "d.iq& '1 'heend 01th~ yu' lS,OO.OOO a,oo.oooWei,"ttd av_ftt'il8enumber of eQuity shifes ouutJn_di~~during,the"leaf (bai~ilOh rtmdal. of ..sue ot ih.,es 25,OO,ooD 25,00,000

cj ~UIQ"'" 01dilvtiv",potentla'eQllity ,huO$ .OIl Bo,[ee.mlnl' ~t ,h~. {in.up~e<II./bl 74..53 (92.U

!!l OtlUltd .. ,nln&' ~r shate (in MJPCOSII./(btcll 74,53 192,21)

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"ott t to.chen!\ind ... st.t.mft_nt,­fOf thC'y.:., er..-dc4 31 Mard1·2020tC~tt;'l'v: !f'lUianr,!JP«I!I)

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11.52,....012

I' l.1l.S6.DU24 1).I18.Q).0&'&01 I

EC Global Limited

Notes to the financial .statementsFar the year ended 31 March 2020(Currency: Indian rupees)

34. Contingent liabilities, commitments and leasing arrangements

34.1 Contingent liabilities

The Company has no contingent liabilities (2019: Ncl)as at the balance sheet date.

34.2 Capitaf commitments

E'~tim<ltedamount of contracts remaining to be executed on capkaJaccount and not provided for - Rs.Nil (net of advance.s)[2019: Nil).

34.3 tegal Claim

There are no leGalclaims OutstandIng against the Company as at 31 March 202V.{2019: Nil). Also. the company has Rs,NIl(2019: Rs. Ni!) contingent liabilittes as at the balance sheet date

34.4 Operating leases

The company has taken premises on operating ieasE>.Gross rental ~)(pensesbr tht'!year ended 31 March 20 aggregated to Rs.143,702. (2019: Rs. 561,271/-) which has been tncitJd~dunder the head other elfpenses - Rent - in note 27 of the statementof profit and loss.

35. C!lpitafmanagement

The Company's primary objective when managing c~pital is to safeguard the Company's ability to contmue as a goingconcern.

The Company defines "capital employed" to include an components of sherehoiders' equity lind borrowings. The amount ofcapital employed at 31 March 2020 by the Company was Rs.366,712,621 (2019: Rsl,904.424,138. )

The Company's cap~al structure is regularly r.el/jewed and managed hav.!ngdue regard to the capital manageme.nt practicesof the Company. Adjustments are made to the capital structure in light of changes in economic condltic;ms affectinglheCompany. to the extent these do not conflict with the directors' fiduciaryduties towards the Company or the requirements oflocal regulation. The results of the directors' revi'ew of the Company's capital structure are used as g basis for the·determination of the level of dlvidends, if any. that are to be declared

The Company was not subject to extemalfy imposed capital requirements during the year ended 31 March 2020 (2019: Nil)

EC Global limitedNotes to the flnanelal statementsFor the year ended 31 March 2020(Currency: Indian rupees)

36. Related party disclosures

(A)Names of related parties by whom control is exercised

Edelweiss Financial Services limitedECInternational Limited

Ultimated holding companyHolding company (w.eJ 12 April 2017)

(8) Names of fellow subsidiaries with whom transactio.ns havetaken place doring the year

AsterCommeditles DMCCEdelweiss Intern~tional (Singapore) Pte LimitedEdelweiss Rural & Co~~orate Services Limited

(*) Edel Commodities Limited Was merged into EFSLComtrade limited vide Order of National

Company Law Tribunal at Hvderabad. Further With effect from the Appointed Date i.e. 01 August

2018, EFSl Comtrade Limited and Edelweiss BusIness Services Limited, have been merged Into

Edelweiss Rural & Corporate Services limited (Formerly Edelweiss Comrnsdlties Services ltd). Hence

afl related party transactions transacted during the year and the O'Litstandil'lgbalances thereof, as at

the end of the year relating to the Merged are considered to be transacted with Ede.lweissRural &

Corporate Services limited and disclosed accordingly

EC Global LimitedFCHth~YNr end.c;31Mlorch20~(Ctfrrefl:CY: 'ndi~ rupees)

(AJListof r.""t4 parties and relation.hlp:

Olsdo,,,ra as requft<i by ,nd AS24 "Related Party Ofscfusure"

N~turl'or tra-nsariion Fer the Year End."MarchH.Ul19

Current ACCount tl"l"s.Qction~,duringth~ yearShon 'erm loans il,en to,t~tle' no,., b.,ow)

Sho~ term loans taken f!_ (Ref.f nl>te t.olow)

Shortie'''' 10"" repaid to {Ref.,Not. below'

Short term lOin repaidby (Refe, Note belowl

s.", of fixed A$1et

A,ter Commodilies OMCC

A.ter COll1modille. OMCC

,ECIntef.r\al;onal t:imited

(Ctmern.tlM~1Umll~d

e~.Iw.i'l RuralC"r~Of"~ S<!rvlcel,m~.~(d.'.d!lu Int_~fion.1 (SinC'j)Of,'Pl. limited

EAAA,~lC

ECIn.",natiONl U",lted

r.". the Yea, EMedM.rch 11, ZOlC

25,,97,71.821

38,20,31.815

2.3'1.51;70,174

2.43,10,21124.8$.741

23,217

4,57.138

(ClBalan,es wit~ fetal~d partie. :

4S3

Ul,06·400:i

10.10.,62,612

67,49,80,1149

~.9a.n4042.97.30,404

Natur. of Ir&",,""ion Relaledp.tty ~.m.for 111. Ve", Ended

Marth 31, 20<~

482

fonh.'r.",E~d.il'Mlr'h 3~. 2019

16.08.50.745,

St\¢rn.rm 1<>"", and advances tlve~ 10

Atcn.:ed, intt>r:est on tOI ....S 8.ivcn to

Trade~.yabl.

ECIt\tertl.tioo.l Limited

EC1r>II!<rt.tlonalU",ll~d

A\lJt( Commodities OMCC

EC1''''''0100Il0l Limit.d

,Edelweissflnan:ial $e,'.rl«. limitedEd<!IWoissRUlA' Co'~r'l~ S.Me. Li""ledEd..... ciS'International (Sing. po,.) PI. Li(nil"u

:6.08,50.74$

32.84,71,465

12,9S,62,9!!5

1.63.53,873 23.21,64,589

3,19,~.6~~2;94.25;839'

EC Global Limited

Notes to the financial statementsFor the yeilr ended 31 Marth 2020(Currency:Jndlan rupees)

3.7. f'~ir vat~ measurement37.1.. A$1eUilnd liabilities bVfair valul!,hleratchyThetollowiflll table shows an analysisof financial i~trument~ recorded ill fair value by level of the fair value hierarchy

Particulars March 31, 2020Levell level 2 Level 3 Total

AsseUmei\1ured at fair value ()11 IIrecurring I

basis.Derivative finand<ilinstruments (assets):EKchange-lraded derivatives "OTe derjvat!ves '.

Totalderivative financial instrum&nts lassets)(AI. . . . -InvestmentsII\Ve~trner1tin units of Fund · 1,31,03,351 1,31,03,351

Total investt;nents measured at fair value (8) - 1,31,03,351 l,31,03,3S1Totalfin;tneialasseu measured at fair valueon a recurrina ~sjs (A+8) · Ul.03,3S1 1,31,03,351

ParticularsMarch 31, 2019

levell levell· Level 3 Tota.!Liabilities measured at tair value on arecurr,ing basis -

De.rivatlve tinanciill instruments [l.lablllties]:Exchange-traded derivatives Q,63,448 4.63,448OTC der-Ivatilles 7,53.70,919 7,S3,7P,91?

Totalderiv.ative financial instruments(liabilities) (AI 4,63,448 7,53,70,919 7,Sa,34,367

Investments 1.39,70.943 1.39.70,043lrwes~rnent In units of Food

Totai financial lIabifities designated' at FVTPL($) · 1,39,70,043 1,39,10.043: 'I'rotal financial liabilities measured at fairvalue Oll a re<urring basis (A~I 4,63.448 7,53,70.919 1,39,70,043 11,.98,04,410

FinancaU ~$$ets FinancialLiabilitiesEquity- f!)tlIreS& optionsInd~x • futures & optionsCurrency Futures& optionsInterest ra~e futuresGovernml!l'lt debt securities & treasl:Il)' blUs

Fair Value hje.rar~h\" Valuation techni ue an:!:...:k::;e;,!Y...:io:;z;,p!:;ut::.:.:::s_~~ """""",......"""""",,,,;level Ilevel,llevelllevel 1Level llevell

:QUoted pri~es illan active Market

Level2.

~ .. \

ECGlobal limitedNotes to the fin'ancial statementsFor the year ended 31 March 2020(Currency: Indi.an rupees)

37.2, Transfer between Levell and Level 2There were no transfers between leI/ell and Level 2 In 2020 and 2019

37.3. Financial Instruments not measured at fair valueNo disclosure has been provided since the carrying value of the financial assets and liabilities not measured at fair value approximates their fairvalues due to the short term nature of these balances.

37.4. Movement in level 3 financial instruments measured at fair valueThe.following tables show" reconciliation of the opening and closing amounts of Level 3 financial assets and liabilities which are recorded at falFvalue.

Financial assetsParticulars Investments In Units of Total

FundAt 1April 2019 1,39,70,043" 1,39,70,043GainsI (losses) for the period ('2019;20) recognised in other comprehensive Income I (8,66.692), (8,66,692)

At 31 March 2020 1,31,03,351 1,31.03,351Unrealis~d gains I Hosses) related to balances held at the end Qf the pertod (8,66,692) . (8,66,6.92)

Particulars FlnanCial assets

<I~:'~~~~:~~~:"~~,,

~

Investments in Units ofFund

At 1Aprl.12018G.ains/ (losses) for the period (2019-20) recognised in other comprehensive Income (4,24,607)At 31Marel) 2019unreansed gail'ls I (losses) related to balances held aNne end of the peri0L. ~

EC Global limitedNot.. to the finand.1 statementsFONiIe year HIded 31 Martli 2020(Curt_y;l!IcI;'n_1

FoIIow;n. lablh set out inlOr~tIo!l.bo\!t 'lenlUcant unob...",.ab~ if'PU(. used at tespectiv. ~_e sheet dates in rnea.urlnsftlW>CiallnslfUrnentst.otecorised'" level) in I~ f~irvalu" hlerarchv,

Type of Rnand;ollllUrvmel'.ts

FoJrvaiueof ..... t hi< valueof"" 011 .S$e1as 0.. Slanifl<antMarch 31 , 2020 Marth 31 ,2020 V"",.tlon Te<ilniqu6.U""Iuetv.bl~ i!>put

I!&nee of~stIm.t.s(weflllted-awraceJfur unobseMlbieJnput

Deu_oinrll.uR(lb~bl.

Unlh of fund 1,31,03.351

Incr.ase in lh!'""olncrvobl.Input (% Ora. Cho",e in_f~i' input I"Mas Clsanct In !.aIrtMc .... m.ybe) Ifalll. tMta>em.ybcl ••1""

TDtal(i.55.1GI)

Unil~01fund

hbll¢y ......March 31. 2019

f."V.lue 01Undl!flyincInve'tml!ill 16.98,S02)

6,55,16B

folr .alile of asset Falrv'llueofSicnillcom

..... ation Te•.~niqu~.·uno.b~'.I'V.ble'nput

RanI4t of estirn'atrJ I'ner.alein the: ~creve in u-~I_l&hted-OV.... .,) imob.__ toIe unob,ervablefor UIl.ob."Mlbi. l.p_"_11%Of ., Chonce lrt f~1r i"p"t (% er as Chanp '" ~irilll>~ 11).<ate inav b~) .01." tlte .a •• m., ".) f..",•

------ ,__---------------------------------------------------

EC Global Limited

Notes to the financial statementsFor the year ended 31March 2020(Currency: Indian rupees)

37.6.1. Analysis of risk concentrattcnThe following table snows the risk concentration by industlV for the components of the balance sheet

Industryllnalysis· Risk concentration for 31 March ~020

Particulars Financial services Co.nsumers Oil, Bas & energy Services Total

financial assetsCash and cash eqIJ!valentand,other bank llalances 1.44.90.162 . . 1;44.90.162Investments 1,31,03,351 .. . 1,31,03,351Other financial assets :n,287 .23,281Loans 34,43,39,133 - 34,43.39,133

31,19,55,933 . 31,:1,9,55,933

Other Commitments .. .. .. .T~I 37,19,55,933 37;19,55,933

Industry analysis· Risk concentration for U March 2019

FTnandal ilssetsCashand cash equivalentand other bank bal;lncesInvestmentsother financial assetsloans

:ices.services

7,@S.31.782U9,10,(j4~

39,30,50,1922.49,48.87,357

7,05,31,7821,39,70,043

39,30,50,1922,49,48,81,357

Other Commitments

EC Global Limited

NotlC to\M'fm'nt~bt.,tctrI"'"'r..-:tb" ........ IiiI.d Jl M.,.;h 2Ol0t(lJtr~nc't':-lttdi:M rupeu.)

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Tne t4bkl"~ f,ummjr~ fhe MJturil) prom!' ol I~ _undi'lt:outHed c,jSot!flow" of 1ft.COf!nSWIy'~n,.t\ciaJ~tt:u"",dg~biti1it!'ln.n ~1 M.arth. ~$ itttkd. ~tI.din&:deiiv ..~r.e1"fC s..h~fI ~t'P"f.ll':fr, byc:.ocw.c.t~II'It»~rijriltt If\t" 'OQl of thenotf!A".lysis ot·rum-c:fertvfrin- fift4lncl~Hl:.blflU6bvnmatn1nl.twrtr.acty" rn'lturtuf;s

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lU6.U,'1I.

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EC Global Lim.ited

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EC Global Limited

Notes to th'e financial stal~m\'nt5Foqhe year 8ndeq 31 March 2020(Currency,:Indian rupees)

37.7. financial assetsavailable to support future,fundr~FollOwing lable sets out availability of company '[nancial assets 10 support ftindin!,

March 31, 2020 Availal:ile as TOI),I CllltryiniIifedie as (oll"ter,1I other£l collateral others 2 amQu,,1CashMd cash equivalent including

bank bill.",e . 1,44,90,162 1,44,90.162loans - 34,43.39,133 34,43,39,133Investtt\ents · 1,,31.P3,351 1,31,03,3.51Other finanoial assets - 23,181 2~,287Property. P,anl and Equipment0' j 17.0S0 (7)050

Tolal assets · 1,31,03.351 35.88.69.632 37,19,72;!)83

March 31, 2019 Allailab'e as Total, carryln,Piedee ilHollateral othl!rs 1 collateral others2 amountCash and cash equivalent including

bank balance , · · 7,05,31,7$2 7.0S;~l,78:2lo,ms · ~ , 2,49,48.87.357 2AM8,871~S7Investments · l,3~, 70;043 l,3j1,10;,041Other flnandal 8~ets 39,30,03,158 · · 4.7,024 39,30,50;192Property. Piant and Equipment · 81,605 11,60s

Totalassets 3~~0.1)3.168 · 1,39,71),043 2,56,$S,47,768 2,97.2S;ZO,91iJ

1. Repr~sents assets which are not pledged and company believes IllS r!!Sttr~l!d from U$Jllgta secure funding for lega'or othl!'t ~~~~oil

OIl'1:6'I71I'O£ - O£Z'£6'tov'O£ "ClO'£S'z£'n - ilO'rS'U'£! leiol.119!'90'6 .

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tlf~tl'Ofl Pf1J1i.t berfHtC,,'IIMY In(fUU i~<brtlflnty rate '"~ ,~ix

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11.8. MolrbtRbk (Continued)

£Ut:n ~. profjt Mfote OIt«eal0 InCUfTf:(\'Y £_Hcc,'on profitCu"'''.lley ltltft".,f;',iD tur/~,rlJtC' (%) tJ1i Hi.tt on Equi'<l' ' • te {~I befo.re ill..

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6,11MD2 (6.98,501

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