Aneri Fincap Ltd Management Discussions

This MD&A provides analysis of the operating performance of the Companys two business segments, as well as a discussion of cash flows, the impact of risks and outlook for the business, Additional information about the Company.

This discussion and analysis is the responsibility of management. The Board of Directors carries out its responsibilities for review of this disclosure principally through its Audit Committee, comprised exclusively of independent Directors. The Audit Committee has reviewed and approved this disclosure and it has also been approved by the Board of Directors.

The management of the Company is presenting herein the overview, opportunities and threats, initiatives by the Company and overall strategy of the Company and its outlook for the future. This outlook is based on managements own assessment and it may vary due to future economic and other future developments in the country.

Segment-wise Performance

The Company operates in One reportable segment i.e. Finance. Company is as Non-Banking Financing Company (NBFC) registered with Reserve Bank of India (RBI). The Business Segments has been identified as separate segment in accordance with Accounting Standard 17 ‘Segment Reporting.

Risk Management

Any slowdown in economic growth in India could cause the business of the Company to suffer. While the Indian economy has shown sustained growth over the last several years, the growth in industrial production has been variable. Any slowdown in the Indian economy and particularly in the demand for housing and infrastructure, could adversely affect the Companys business. Similarly, any sustained volatility in global commodity prices, including a significant increase in the prices of oil and petroleum products, could once again spark off a new inflationary cycle, thereby curtailing the purchasing power of financial products by consumers. RCL manages these risks by maintaining a conservative financial profile and following prudent business and risk management practices.

Opportunities in Financial Industry

Opportunities-

• Low retail penetration of financial services/ products in India

• Tremendous brand strength and extensive distribution reach

• Opportunity to cross sell services

• Increasing per-capita GDP

• Changing demographic profile of the country in favour of the young

Internal Control Systems and Their Adequacy

We maintain adequate internal control systems commensurate with the nature of business, size and complexity of its operations. We have well-established processes, guidelines and procedures to augment the internal controls. This, coupled with adequate internal information systems ensures proper information flow for the decision-making process. The internal control system is designed to ensure maintenance of proper accounting controls, monitoring of operations, protection and conservation of assets and compliances with applicable laws and regulations. These controls ensure that financial and other records are reliable for preparing financial statements and other information.

We also address any issues identified by regulatory inspection teams very diligently and report the same to the Board of Directors and the regulators.

Human Resources

During the year under review, HR continued to undertake initiatives towards development, enhancement and retention of workforce. Your Company strongly believes that employees are central to the Companys transformation agenda and that it is important to build capabilities of employees to handle both current and future needs. During the year, the Company worked extensively on identifying the needs of employees across all categories and level. The Company has built a young and vibrant team of qualified and competent professionals to meet the emerging business challenges and market competition.

Cautionary Statement

Statements in the Management Discussion and Analysis, describing the Companys objective, projections and estimates, are forward looking statements and progressive within the meaning of applicable security laws and regulations. Actual results may vary from those expressed or implied, depending upon economic conditions, Government Polices and other incidental/related factors.

CEO / CFO CERTIFICATION

To,

The Board of Directors,

Aneri Fincap Limited

We hereby certify that:

1. We have reviewed financial statements and the cash flow statement for the year ended 31^st March 2023, and that to the best of our knowledge and belief;

a. These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading.

b. These statements together present a true and fair view of the Companys affairs are in compliance with existing accounting standards, applicable laws and regulations.

2. No transaction is entered into by the Company during the year which is fraudulent, illegal or violative of the Companys Code

3. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of the internal control systems of the Company pertaining to financial reporting and we have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.

4. We have indicated to the auditors and the Audit Committee:

a. Significant changes in internal control over financial reporting during the year.

b. Significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and

c. Instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the Companys internal control system over financial reporting.

For Aneri Fincap Limited Sd/-

Mrs. Leena Krishnan Kavassery

Chairman cum Managing Director DIN - 07532213

Date: September 7, 2023 Place: Mumbai

PART-A: CONSERVATION OF ENERGY

1 The Steps taken or impact on conservation of energy :	NIL
2 The Steps taken by the Company for utilizing alternate sources of energy :	NIL
3 The capital investment on energy conservation equipment :	NIL

PART-B: TECHNOLOGY ABSORPOTION

1 The efforts made towards technology absorption	NIL
2 The benefits derived like product improvement, cost reduction, product development or import substitution.	NIL
3 In case of imported technology (imported during the last three years reckoned from the beginning of the financial year :	NIL
a). The details of technology imported:	NIL
b). The year of import:	NIL
c). Whether the technology been fully absorbed:	NIL
d). If not fully absorbed, areas where absorption has not taken place, and the reason thereof:	NIL
4 The expenditure incurred on Research and Development	NIL

PART-C: FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars	FY 2022 - 2023	FY 2021 - 2022
Earning in Foreign Exchange	NIL	NIL
Expenditure in Foreign Currency	NIL	NIL

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Information Pursuant to Section 134 (3)(Q) and Section 197(12) of the Companies Act,2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

I. Ratio of the remuneration of each Director to the median remuneration of employees of the Company for the year 2021 - 2022, percentage increase in remuneration of Executive Directors, Managing Director, the Chief Financial Officer and the Company Secretary & Compliance Officer during the Financial Year 2022 - 2023.

SR. NO Name of the Director / KMP	Designation	% inc. in Remuneration in FY 2022-2023.	Ratio of Remuneration of each Director/ KMP to median remuneration of the employees
1 Ms. Leena Kavassery	Managing Director	-	-
2 Ms. Leena Kavassery	Chief Financial Officer	-	-
3 Lalit Durgeshbhai Kumawat	Additional Director	-	-
4 Shreyansh Chandrakant Shah	Additional Director