Overview

? During FY ended 31st March 2026, the Company (an NBFC) operated mainly under a single segment viz. Investment and lending.

? Post year-end: RBI Notice No. KOL.DOR.DOR No. 5843/01.01.027/2026-27 dated 24th June, 2026 for surrender of original CoR pursuant to order dated 22nd June, 2026 cancelling CoR No. B.08.00053 dated May 21, 1988 (Section 45-IA/IB, RBI Act, 1934). Company contemplating appeal to RBI, Guwahati (under process) for restoration of license.

Industry Structure and Developments

? Global economy exhibiting resilience and fortitude, but multiple challenges: still elevated inflation, tight monetary and financial conditions, escalating geopolitical tensions, rising geoeconomic fragmentation, high public debt burdens, financial stability risks. Global financial markets on edge with recurrent bouts of volatility as incoming data increases uncertainty around monetary policy trajectories of major central banks.

? Indian economy exhibited robust growth in 2025-26, underpinned by strong investment activity amidst subdued external demand. Growth outlook buoyant given governments sustained focus on capital expenditure while maintaining fiscal consolidation. Strong corporate balance sheets, rising capacity utilisation, double-digit credit growth, healthy financial sector, ongoing disinflation - likely other growth levers.

? Indian economy boasted an impressive growth rate of 7.70% in FY 2025-26 and exceeded the average GDP rate of 3.4% (as stated).

? India achieved fiscal deficit target of 4.4% of GDP for FY 2025-26, driven by strong revenue collections and disciplined expenditure.

? RBI transferred a record Rs. 2.87 trillion as dividend to the central government for FY 2025-26 (FY26) - a 7% increase from the Rs. 2.69 trillion payout in FY25.

? NBFCs remain an important constituent of Indias financial sector; continue to leverage superior understanding of regional dynamics and customised products/services to expedite financial inclusion. Growth primarily attributed to substantial increase in demand for specialised financial services, particularly from MSMEs facing challenges obtaining loans from traditional banks. Rise of digitisation a driving force; adoption of digital platforms enabled NBFCs to broaden customer base, streamline operations, reduce costs, enhance customer experience. Transformation accentuated by emerging technologies like AI, ML, robotic process automation.

? Capital and asset quality of banks and NBFCs remain healthy, supporting growth in bank credit and domestic activity. Pre-emptive regulatory measures aimed at curbing excessive consumer lending and bank lending to NBFCs, and investments in alternate investment funds, expected to contain build-up of potential stress in balance sheets of financial intermediaries and contribute to financial stability. RBI striving to make regulations more principle-based, activity-oriented and proportionate to scale of systemic risk, rather than entity-oriented.

Opportunities and Threats

? RBI continually strengthening supervisory framework for NBFCs to ensure sound and healthy functioning and avoid excessive risk taking; issued several new guidelines in recent past.

? Uncertainties and volatility in financial market are a continuing threat to organizational performance. However, features of foresightedness and focused analysis of market have challenged the threat of adverse performance.

Segment-wise or Product-wise Performance

? Business predominantly falls within a single primary business segment viz. Financial and Related Services; hence disclosure requirement under applicable Accounting Standard w.r.t. Segment Reporting is not applicable.

? Post year-end RBI CoR cancellation notice - as detailed above (same notice, same details).

Outlook, Risks and Concerns

? Company mainly exposed to market risk including liquidity risk, interest risk and credit risk.

? Risk is inherent in any business; Company conscious of need for effective monitoring mechanism and has put in place appropriate measures for mitigation including business portfolio risk, financial risk, legal risk and internal process risk.

? Company presently facing negative Net Worth condition, expected to improve along with improvement of market condition which will increase value of Companys investments. This is a matter of concern; however, Company endeavours to achieve better asset and liability management and improve its financial health.

Internal Control Systems and their Adequacy

? Internal Control mainly based upon regular Internal Audit System with Quarterly Audit Reports given by the Internal Auditor, produced at Audit Committee Meetings from time to time and discussed - any corrective actions recommended by Committee to the Board.

? Besides, Vigil Mechanism, Risk Management process and Corporate Governance measures in entirety are operational - considered effective tools.

? Given the class of business, nature of transactions and quantum of operations, the internal control works out to be suitable and adequate.

Financial Performance with respect to Operational Performance

? Covered in the Boards Report under the section of Financial Results and state of affairs.

Human Resources

? No material development on the Human Resource front.

? Company as on 31st March, 2026 (report text says 2028 - likely typo) has only two employees on the payroll of the Company.

? Company enjoys cordial relations with its work force; strives to provide conducive working environment and maintain pace with economic situation; always focused on enhancing efficiency of employees including restructuring compensation, working conditions, etc.

Cautionary Statement

? Certain statements in the MD&A describing the Companys objectives, predictions may be forward-looking statements within the meaning of applicable laws and regulations.

? Actual results may vary significantly from forward-looking statements due to various risks and uncertainties, including effect of economic and political conditions in India, volatility in interest rates, new regulations and government policies that may impact the Companys business.

KEY FINANCIAL RATIOS (Change of 25% or more vs immediately previous FY)

Particulars	FY 2025-26	FY 2024-25	% Change	Remarks
(i) Debtors Turnover Ratio	-	-	-	-
(ii) Inventory Turnover Ratio*	-	-	-	-
(iii) Interest Coverage Ratio	(484.51)	(72.17)	(571.3696)	Due to lower finance cost expense.
(iv) Current Ratio	0.27	0.28	3.44%	Due to decrease in Current Tax Assets
(v) Debt-Equity Ratio	11.20	(1.22)	1.43%	Due to repayment of debt and increase in accumulated losses.
(vi) Operating Profit Margin (%)	-	-	-	-
(vii) Net Profit Margin (%)	(29.51)	(478.24)	93.80%	Due to increase in other income.
(viii) Return on Net Worth	NA	NA	NA	As the net worth is negative hence not provided.

*Not Applicable to NBFC since not a manufacturing concern.

Disclosure of Accounting Treatment

In the preparation of the Financial statements for the FY 2025-2026, the treatment prescribed in the Ind AS have been followed.