Significant Accounting PoliciesBasis of accounting and brparation of consolidated financial statements

The consolidated financial statements of the Company and its subsidiary (together the 'Group') have been brpared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards brscribed under Section 133 of the Companies Act, 2013. The consolidated financial statements have been brpared on accrual basis under the historical cost convention. Principles of consolidation

The consolidated financial statements relate to Rashi Peripherals Private Limited (the 'Company') and its subsidiary company. The consolidated financial statements have been brpared on the following basis:

The financial statements of the subsidiary company used in the consolidation are drawn upto the same reporting date as that of the Company i.e., 31st March, 2021.

'The financial statements of the Company and its subsidiary company has been combined on a line-by-line basis by adding together like items of assets, liabilities, income and expenses, after eliminating intra-group balances, intra-group transactions and resulting unrealised profits or losses, unless cost cannot be recovered.

The excess of cost to the Group of its investments in the subsidiary companies over its share of equity of the subsidiary companies, at the dates on which the investments in the subsidiary companies were made, is recognised as 'Goodwill' being an asset in the consolidated financial statements.

Minority Interest in the net assets of the consolidated subsidiary consist of the amount of equity attributable to the minority shareholders at the date on which investments in the subsidiary companies were made and further movements in their share in the equity, subsequent to the dates of investments. Net profit / loss for the year of the subsidiaries attributable to minority interest is identified and adjusted against the profit after tax of the Group in order to arrive at the income attributable to shareholders of the Company.

The consolidated financial statements have been brpared using uniform accounting policies for like transactions and other events in similar circumstances and are brsented to the extent possible, in the same manner as the Company's separate financial statements.

The subsidiary which is included in consolidation of Rashi Peripherals Private Limited is ZNet Technologies Private Limited (51%) and Rashi Singapore PTE Limited (51%).Use of estimates

The brparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results materialize or are known.Revenue Recognition: Revenue from sales is recognized when the ownership and title is transferred. Revenue is stated net of discounts, rebate and taxes. For sales recorded that are pending delivery, revenue is recognized on the sales invoice being generated. The risk of damage of goods pending delivery are covered under the insurance policy/ies taken, when not covered by the customers. Discounts, rebates, incentives and other such claims are accounted for in the year in which the same are accepted by the vendors. Service Income is recognized when services are rendered. Income from warranty and maintenance contracts is recognized as per the terms of such contracts. Revenue from service transactions is recognized when it can be reliably measured & it is reasonable to expect ultimate collection. Purchases include Custom Duty, Excise duty, CVD, and other direct costs but exclude VAT and GST attributable to Purchases. Purchases are net of discounts, rebates, incentives and other such claims from vendors during the reporting period. Purchases are recorded at actual costs to the Company, including fluctuations in foreign currency. Goods and Service Tax

All items in the financial statements are brsented exclusive of Goods and Services Tax (GST), except for receivables and payables, which are brsented on a GST-inclusive basis. Where GST is not recoverable as input tax, it is recognized as part of the related asset or expense.

The net amount of GST recoverable from the Department is included as part of receivables in the Financial Statement Inventories:

Inventories are valued as under:

Stock in Trade: At Lower of computed cost or net realizable value

The cost for inventory valuation as above include the amount of tax , duty or other such amount excluding VAT/GST(other than those subsequently recoverable from the authorities) incurred to bring the goods to the place of its location and condition and is determined on FIFO basis and in cases where the goods are pending arrival, at the cost incurred as at the reporting date.Property , Plant & Equipment:

Property , Plant & Equipments are stated at their original cost including incidental expenses related to acquisition and installation, less accumulated debrciation i.e. Cost Model.

Additions to Property, Plant & Equipment include items transferred from Stock in trade at the brvailing costs price. Gains or losses arising from disposal of tangible fixed assets are measured as the difference between the net proceeds from disposal and the carrying value of the assets which are recognized in the Statement of Profit and Loss for the year.

Debrciation is provided for using Written down value (WDV) method computed as per the useful lives of assets, in accordance with the provisions brscribed under Schedule II to the Companies Act, 2013.

e.     Intangible assets:

Intangible assets are stated at cost less accumulated debrciation. Intangible assets are debrciated over their respective individual estimated useful lives as reasonably estimated by the management on a written down value method, from the date that they are available for use.

Intangible assets comprising of software are stated at cost of acquisition including any cost attributable for bringing the asset to its working condition, less accumulated amortization. Intangible assets other than in house developed software are amortized over three years considering residual value as nil. In house developed software are amortised over five years considering nil residual value. Any expenses on such software for support and maintenance payable annually are charged to the statement of Profit and Loss.Capital work-in-progress:

Projects under which tangible assets are not yet ready for their intended use are carried at cost, comprising direct cost and related incidental expenses. There are no projects as at the reporting date that are pending capitalization.Investments:

Investments that are intended to be held for more than a year, from the date of acquisition, are classified as Long Term (Non-Current) investments and are carried at cost. However, provision for diminution in value of investments is made to recognize a decline, other than temporary, in the value of investments. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower, determined on an individual basis.Foreign Currency Transactions:

On initial recognition, all foreign currency transactions are recorded at the foreign exchange rate brvailing on the transaction date. All the monetary assets and liabilities based in foreign currency are restated at the end of the accounting period at the exchange rates brvailing on Balance Sheet date and resultant exchange gain/loss is considered in the Statement of Profit and Loss. Exchange differences arising on the foreign currency transactions are recognized as income or expenditure in the year in which they occur. The brmium or discount arising at the inception of forward exchange contracts entered by the Company to hedge an existing asset/liability is recognized as expense when such contract is entered.Borrowing Costs:

Borrowing costs are charged to revenue unless they are attributable to the acquisition or construction of fixed assets. In case the borrowing costs are attributable to acquisition or construction of fixed assets, the costs incurred up to the date of the completion of acquisition or construction are capitalized and thereafter charged to revenue.Debrciation:

Debrciation is provided for using Written down value (WDV) method computed as per the useful lives of assets, in accordance with the provisions brscribed under Schedule II to the Companies Act, 2013.Cash and Cash Equivalents:

Cash comprises cash on hand and demand deposit with bank. Cash equivalents are short term, highly liquid investments that are readily convertible.Cash Flow Statement:

Cash Flows are reported using indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on available information.Other Income: Dividend from investments is recognized when the rights to receive the payment is established and when no significant uncertainty as to measurability or collectability exists. Interest income is recognized on accrual. Employee Benefits:

i) Short Term Employee Benefits:

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services. These benefits include the performance incentive and compensated absences.Long term Employee Benefits:

Defined Benefit Plan - Gratuity:

The liability for gratuity is provided based on the Acturial's Valuation as at the balance sheet date, using the projected unit credit method. Acturial gain or losses are recognized in the Statement of Profit and Loss for the period in which they occur. The retirement benefit obligation as recognized in the Balance Sheet rebrsents the brsent value of the defined benefit obligation as adjusted for unrecognized past service cost. The company has also set up Rashi Peripherals Private Limited Employees Gratuity Trust for providing Gratuity benefits to its employees. The company makes contribution to the aforementioned trust, from the provision made for accrued Gratuity Liability.

Liability in respect of gratuity is calculated for employees who have completed 5 years of service @ 15 days salary for every completed year of service. Gratuity is determined as if eligible employees retire at close of year.

Defined Contribution Plan:

Contribution under statutory laws relating to employee benefits, including Provident Fund and Employee State Insurance, is made in accordance with the respective rules and is charged to the statement of profit and loss as and when services are rendered by the employeesLeases:

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vast with the lessor are recognized as operating leases. Lease rentals under operating leases are recognized in the statement of Profit and Loss.Post Sale Warranty Expenses:

Warranty Expenses relating to products sold by the company under warranty are determined and provided for in the year of sale. In case the servicing of warranty is to be carried out by third parties, the expenses are accounted for as per the agreed terms of contract with the respective parties. In case the same is to be carried out by the company, provision is made for the amount estimated by the management on the basis of past experience trends and analysis.Provision for current and deferred tax:

Income Tax expense comprises current tax and deferred tax charge or credit. Provision for current tax is made on the basis of the assessable income at the tax rate applicable to the relevant assessment year. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax law that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax asset arising mainly on account of brought forward losses and unabsorbed debrciation under tax laws, are recognized only if there is a virtual certainty of its realization, supported by convincing evidence. Deferred tax asset on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the carrying amount of deferred tax is reviewed to reassure realization. MAT credit entitlement is recognised to the extent there is reasonable certainty of its utilization in future period. The additional liabilities, if any, arising pursuant to respective assessment under various fiscal statutes or appeal thereof are accounted for in the year of assessment or crystallization of liability.Earnings per Share:

'Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares are determined independently for each period brsented. The number of equity shares and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.Provision and Contingencies:

'A provision is recognized when the Company has a brsent obligation as a result of past events for which an outflow of funds is probable and a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their brsent value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent assets are not recognized nor disclosed in the financial statements.Prior Period Items

Prior period items are incomes or expenses, which arise in the current period as a result of errors or omissions in the financial statements brpared in earlier years. Effects of changes in estimates are not treated as omission or error.Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

z. Estimation of uncertainties relating to the global health pandemic from COVID-19

The Company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of receivables and investment in subsidiary. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company, as at the date of approval of these financial statements has used internal and external sources of information including credit reports and related information, economic forecasts. The impact of COVID-19 on the Companys financial statements may differ from that estimated as at the date of approval of these financial statements, however considering the nature of industry i.e. IT/ITES, company dont foresee any major impact on the business and the receivables.

Additional Information on NotesThe Accounts of the company have been brpared on "going concern basis". The Board of Directors are of the Opinion that the Current Assets and Loans and Advances have realization value of an amount equivalent to their stated carrying values. For Reporting requirement under Accounting Standard 17 "Segment Reporting" Specified under section 133 of the Act, read with rules 7 of the companies (Accounts) rules, 2014 are not applicable as the reportable segment do not fall under the criteria as required under AS for brparation of Segment Report. Additional information Pursuant to para 5 of Part II of Schedule III of the Companies Act, 2013 (as certified by a Director) is given in Annexure "A" hereto. Related Party Disclosures as required by Accounting Standard 18 is given in Annexure "B" to this Note. As required u/s 186(4) of Companies Act 2013 , Particulars of Investments made are as given in Note No. 13 and Particulars for Loans and advance are given in Note No 14 Hedged & Unhedged :

Types of Derivatives	FY 20-21		FY 19-20
	Amt. in USD	Amt. in INR	Amt. in USD	Amt. in INR
Outstanding Forward Exchange Contracts entered into by the Company on account of payables
	1475464	107324883	6000000	446712500
The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise:
Payables	30317190	2108618597	19341091	1462766712
Receivables	526760	38511391	356870	26990086

Employee Benefits: The disclosures required as per Accounting Standard 15 - "Employee Benefits" (Revised 2005) are as under : Brief Description of the Plans: The Company has two schemes for employee benefits, provident fund and gratuity. The Company's defined contribution plan is provident fund and the Company has no further obligation beyond making the contributions. The Company's defined benefit plan is gratuity. Defined Contribution Plan: Charge to the Statement of Profit and Loss based on contributions are as follows :

In Rupees

Particulars	F Y 2020-2021	F Y 2019-2020
Provident Fund *	27864766	33532344

*Included in Note 24 - Employee Benefit ExpensesDisclosures for Defined Benefit Plan (Gratuity - Funded Plan) based on actuarial reports:

Principal actuarial assumptions used:

Discount rate (p.a.) : 6.87% p.a. (Indicative G.Sec referenced on 31-03-2021)

Salary Escalation Rate (p.a.): 4.00% p.a.

Attrition Rate (p.a) : For service 4 years and below - 25.00% p.a.

For service 5 years and above - 1.00% p.a.

The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market. .An employee is entitled for gratuity at 15 days salary for every completed year of service after he has rendered continuous service for not less than five years. Accordingly liability is calculated at Rs.62,37,516.18 (P.Y. Rs.61,53,138.45/-) & the amount of expense to be charged calculated for the year is Rs.9,24,157.55 (P.Y. Rs.12,41,580.29/-) Company had made an Investment in Flat no. 5303 in India Bull Sky Forest, Mumbai in FY 2010-11. The Investment was shown as advance, as the construction was not completed. The advance has been transferred to investment and shown in Note no. 13, as against the very same property, a housing loan has been taken from India Bulls Housing Finance Limited, as shown in Note no. 4. Both these transactions are interlinked to each other. Pursuant to outbreak of Corona Virus pandemic (Covid-19), which developed rapidly into a global crisis and led to a significant impact on the Global Financial markets and an overall decline in the economic activities all across the world including resultant lockdowns by the Governments. The company immediately shifted the focus to ensuring the health and well-being of all its employees, and on minimizing disruption to services for all its customers by enabling work from home so that almost all the employees commenced work remotely and securely, which reinforced the customer confidence. The Company has used the principles of prudence in applying judgments, estimates and assumptions to assess the potential impact of COVID-19 based on brvailing circumstances and expects no significant impact on the continuity of its operations or recoverability of its financial assets or meeting its due liabilities, on long term basis. However, due to the uncertainties associated with the pandemic, the actual impact may not be in line with current estimates and the Company will continue to closely monitor any changes to the estimates on the basis of future economic conditions. During the current financial year 2020-21, company had recover amount of INR 1,82,51,792 from the vendors and employee and the same has been netted off from the freight and forwarding expense in the financial statements under the main head "Other Expenses". As per notes to account of Znet Technologies Private Limited, the company has adopted the system of obtaining yearly confirmation of balances from banks and other parties. There are no unconfirmed balances in respect of any bank account, borrowings from banks, NBFC's etc. So far as the loans and advances, deposits, trade payables, other assets and liabilities are concerned, the balance confirmation letters with the negative assertion were sent to the parties as referred in the Standards on Auditing (SA) 505 (Revised), 'External Confirmations'. In respect of certain trade payables outside India, the balance gets confirmed online on the portal. So far as balances of Trade Receivables are concerned, the company is having a system of sending the online Invoices to the respective customers, which got automatically confirmed on reciept of the amount from such customers. The company has acquired additional stake in Rashi Singapore Pte Limited upto 51% on 6th November 2020, resulting in Parent-subsidiary relationship from F.Y 2020-21. Hence, this is the fist year of consolidation for Rashi Singapore Pte Limited and no comparative figures are disclosed for Rashi Singapore Pte Ltd. Previous Year's figures have been regrouped & rearranged wherever considered necessary.

ANNEXURE "A" AS REFERRED TO IN NOTE NO. 31 OF NOTES TO CONSOLIDATED FINANCIAL STATEMENTSInformation about the goods dealt in by the company.

( As certified by the Management)

Class of Goods : Trading Goods

Computer Peripherals/Media/Systems/ Softwares/Mobiles	Current Year Amt. (Rs.)	Previous Year Amt. (Rs.)
Opening Stock	4890077046	3371163670
Purchases	56460972452	38891045131
Sales*	59263711624	39179154383
Closing Stock	5725321038	4890077046
* Including Shortages and items given free, if any.

B.Earnings Expenditure in Foreign Currency :	F.Y 2020-21 Amt. in (Rs.)	F.Y 2019-20 Amt. in (Rs.)
1.Earnings
Exports-Goods ( F.O.B. )	223110534	212236122
Exports-Services	19312147	32268930
Hosting Services	14662669	15184247
Domain Services	1774395	1804207
Backup Services	23973	141166
Sale of Online software	21266836	20535830
2. Expenditure
Foreign Travelling Expenses	1870330	10724300
Import Purchase - Trading Goods - CIF Value	21273530628	19026980069
Freight & Other clearing Charges	148532405	0
Royalty	13632398	14718484
Professional and Consultancy Fees	1067420	0
Other Matters	41169758	17631486

Related Party Disclosure :Related Party & their Relationship: Key Management Personnel Suresh Pansari , Whole Time Director Krishna Kumar Choudhary , Whole Time Director Kapal Pansari , Whole Time Director Himanshu Kumar Shah, CFO Munesh Singh Jadoun, Director Sabarinathan Sampath, Director Relatives of key management personnel and their enterprises where transaction have taken place Chaman Pansari Priyanka Pansari Gazal Pansari Manju Pansari Meena Choudhary Richa Choudhary Keshav Choudhary Rashi Choudhary Suresh Pansari HUF Krishna Kumar Choudhary HUF Cee Pee Consultants PV Lumens LLP Choudhary Chemicals Industries Private Limited Uni Product India Technology Distribution Association of India Disclosure in respect of transactions of the same type with related parties during the year:

Particulars	F Y 2020- 21 Amt. in Rs.	F Y 2019 20 Amt. in Rs.
Nature of Transactions & Related Parties
Sales
PV Lumens LLP	5961464	2112577
Geekays India	396658	0
Membership fees
Tehnology Distribution Association of India	10000	11800
Purchases
PV Lumens LLP	565879	190960
Directors' Salary
Krishna Kumar Choudhary	10318560	9615000
Suresh Pansari	34249800	35714400
Kapal Pansari	27741190	19029503
Munesh Singh Jaduon	3500000	7400000
Sabarinathan Sampath	2400000	0
Salary
Chaman Pansari	9792855	8923360
Manju Pansari	1880000	1500000
Meena Choudhary	1500000	1500000
Gazal Pansari	2716032	2400000
Priyanka Pansari	1640203	353483
Keshav Choudhary	2400000	2400000
Richa Choudhary	1224600	1224600
Rashi Choudhary	1650000	1650000
Himanshu Kumar Shah	6422637	5271821
NPS
Keshav Choudhary	240000	240000
Meena Choudhary	150000	150000
Richa Choudhary	120000	120000
Rashi Choudhary	165000	165000
Perquisities:
Kapal Pansari	124344	122047
Chaman Pansari	239080	308306
Meena Choudhary	50999	65796
Gazal Pansari	0	19200
Priyanka Pansari	0	1285
Keshav Choudhary	44257	59955
Employers' Cont. to Provident Fund
Krishna Kumar Choudhary	750240	1153650
Suresh Pansari	750240	4285728
Kapal Pansari	2089430	2283541
Chaman Pansari	1044666	1070800
Manju pansari	180000	180000
Meena Choudhary	180000	180000
Gazal pansari	290304	288000
Priyanka Pansari	112453	42415
Keshav Choudhary	288000	288000
Richa Choudhary	146952	146952
Rashi Choudhary	198000	198000
Himanshu Kumar Shah	273600	256018
Interest Expenses
Krishna Kumar Choudhary	2135268	3716014
Kapal Pansari	297910	238932
Suresh Pansari	717616	351395
Meena Choudhary	2825902	1439877
Chaman Pansari	156102	704959
Manju Pansari	0	238932
Krishna Kumar Choudhary HUF	1628532	65071
Keshav Choudhary	870904	0
Rashi Choudhary	44832	0
Richa Choudhary	403112	0
Interest Paid
Krishna Kumar Choudhary	0	44413
Meena Choudhary	0	295889
Krishna Kumar Choudhary HUF	1506932	58564
Rent Paid
Cee Pee Consultants	600000	600000
Krishna Kumar Choudhary	1800000	1800000
Suresh Pansari	3000000	2533333
Choudhary Chemicals Industries Private Limited	1550000	1100000
Uni Product India	600000	600000
Chaman Pansari	1200000	733333
Gazal Pansari	1200000	733333
Manju Pansari	1200000	733333
Suresh Pansari HUF	1200000	733333
Security Deposit Given
Krishna Kumar Choudhary	6500000	0
Chaman Pansari	0	1200000
Gazal Pansari	0	1200000
Manju Pansari	0	1200000
Suresh Pansari HUF	0	1200000
Suresh Pansari	6500000	1200000
Loan Accepted
Suresh Pansari	119000000	23500000
Krishna Kumar Choudhary	8100000	7700000
Kapal Pansari	3200000	11200000
Meena Choudhary	19500000	500000
Chaman Pansari	0	32100000
Krishna Kumar Choudhary HUF	25400000	4400000
Keshav Choudhary	30500000	0
Rashi Choudhary	8460000	0
Richa Choudhary	15762000	0
Munesh Singh Jadoun	2355270	0
Loan Repaid
Krishna Kumar Choudhary	19875123	31700000
Suresh Pansari	113200000	39100000
Kapal Pansari	400000	9600000
Meena Choudhary	1013959	0
Chaman Pansari	0	31000000
Krishna Kumar Choudhary HUF	29800000	0
Keshav Choudhary	305586	0
Rashi Choudhary	1470	0
Richa Choudhary	4034878	0
Munesh Singh Jadoun	1700000	0
Building Maintenance Charges
Chaman Pansari	256464	85488
Kapal Pansari	196992	196992
Keshav Choudhary	256464	85488
Meena Choudhary	196992	196992
Expenses Reimbursement
PV Lumens LLP	1566962	0
Geekays India	126026	0
Services availed
PV Lumens LLP	27096	0
Asset purchase
PV Lumens LLP	187609	0
Closing Balance
Long Term Borrowings
Krishna Kumar Choudhary	23500000	33000000
Suresh Pansari	7180050	716255
Kapal Pansari	4890606	1815039
Meena Choudhary	38100000	17000000
Krishna Kumar Choudhary HUF	0	4400000
Chaman Pansari	1878857	1734463
Keshav Choudhary	31000000	0
Rashi Choudhary	8500000	0
Richa Choudhary	12100000	0
Remuneration and Bonus Payable
Munesh Singh Jadoun	4700023	4447558
Sabarinathan Sampath	1048447	633400
Security Deposits
Choudhary Chemicals Industries Private Limited	11350000	17500000
Krishna Kumar Choudhary	21500000	15000000
Suresh Pansari	22700000	16200000
Chaman Pansari	1200000	1200000
Gazal Pansari	1200000	1200000
Manju Pansari	1200000	1200000
Suresh Pansari HUF	1200000	1200000
Note: Transaction with related party disclosed above includes the component of GST.

a.     Basis of accounting and brparation of consolidated financial statements

The consolidated financial statements of the Company and its subsidiary (together the 'Group') have been brpared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards brscribed under Section 133 of the Companies Act, 2013.  The consolidated financial statements have been brpared on accrual basis under the historical cost convention.

b.     Principles of consolidation

The consolidated financial statements relate to Rashi Peripherals Private Limited (the 'Company') and its subsidiary company. The consolidated financial statements have been brpared on the following basis:

The financial statements of the subsidiary company used in the consolidation are drawn upto the same reporting date as that of the Company i.e., 31st March, 2021.

'The financial statements of the Company and its subsidiary company has been combined on a line-by-line basis by adding together like items of assets, liabilities, income and expenses, after eliminating intra-group balances, intra-group transactions and resulting unrealised profits or losses, unless cost cannot be recovered. 

The excess of cost to the Group of its investments in the subsidiary companies over its share of equity of the subsidiary companies, at the dates on which the investments in the subsidiary companies were made, is recognised as 'Goodwill' being an asset in the consolidated financial statements.

Minority Interest in the net assets of the consolidated subsidiary consist of the amount of equity attributable to the minority shareholders at the date on which investments in the subsidiary companies were made and further movements in their share in the equity, subsequent to the dates of investments. Net profit / loss for the year of the subsidiaries attributable to minority interest is identified and adjusted against the profit after tax of the Group in order to arrive at the income attributable to shareholders of the Company.

The consolidated financial statements have been brpared using uniform accounting policies for like transactions and other events in similar circumstances and are brsented to the extent possible, in the same manner as the Company's separate financial statements.

The subsidiary which is included in consolidation of Rashi Peripherals Private Limited is ZNet Technologies Private Limited (51%) and Rashi Singapore PTE Limited (51%).

Additional Information on NotesThe Accounts of the company have been brpared on "going concern basis". The Board of Directors are of the Opinion that the Current Assets and Loans and Advances have realization value of an amount equivalent to their stated carrying values. For Reporting requirement under Accounting Standard 17 "Segment Reporting" Specified under section 133 of the Act, read with rules 7 of the companies (Accounts) rules, 2014 are not applicable as the reportable segment do not fall under the criteria as required under AS for brparation of Segment Report. Additional information Pursuant to para 5 of Part II of Schedule III of the Companies Act, 2013 (as certified by a Director) is given in Annexure "A" hereto. Related Party Disclosures as required by Accounting Standard 18 is given in Annexure "B" to this Note. As required u/s 186(4) of Companies Act 2013 , Particulars of Investments made are as given in Note No. 13 and Particulars for Loans and advance are given in Note No 14 Hedged & Unhedged :

Types of Derivatives	FY 20-21		FY 19-20
	Amt. in USD	Amt. in INR	Amt. in USD	Amt. in INR
Outstanding Forward Exchange Contracts entered into by the Company on account of payables
	1475464	107324883	6000000	446712500
The year end foreign currency exposures that have not been hedged by a derivative instrument or otherwise:
Payables	30317190	2108618597	19341091	1462766712
Receivables	526760	38511391	356870	26990086

Employee Benefits: The disclosures required as per Accounting Standard 15 - "Employee Benefits" (Revised 2005) are as under : Brief Description of the Plans: The Company has two schemes for employee benefits, provident fund and gratuity. The Company's defined contribution plan is provident fund and the Company has no further obligation beyond making the contributions. The Company's defined benefit plan is gratuity. Defined Contribution Plan: Charge to the Statement of Profit and Loss based on contributions are as follows :

Particulars	F Y 2020-2021	F Y 2019-2020
Provident Fund *	27864766	33532344

In Rupees

*Included in Note 24 - Employee Benefit ExpensesDisclosures for Defined Benefit Plan (Gratuity - Funded Plan) based on actuarial reports:

Principal actuarial assumptions used:

Discount rate (p.a.) : 6.87% p.a. (Indicative G.Sec referenced on 31-03-2021)

Salary Escalation Rate (p.a.): 4.00% p.a.

Attrition Rate (p.a) : For service 4 years and below - 25.00% p.a.

For service 5 years and above - 1.00% p.a.

The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market. .An employee is entitled for gratuity at 15 days salary for every completed year of service after he has rendered continuous service for not less than five years. Accordingly liability is calculated at Rs.62,37,516.18 (P.Y. Rs.61,53,138.45/-) & the amount of expense to be charged calculated for the year is Rs.9,24,157.55 (P.Y. Rs.12,41,580.29/-) Company had made an Investment in Flat no. 5303 in India Bull Sky Forest, Mumbai in FY 2010-11. The Investment was shown as advance, as the construction was not completed. The advance has been transferred to investment and shown in Note no. 13, as against the very same property, a housing loan has been taken from India Bulls Housing Finance Limited, as shown in Note no. 4. Both these transactions are interlinked to each other. Pursuant to outbreak of Corona Virus pandemic (Covid-19), which developed rapidly into a global crisis and led to a significant impact on the Global Financial markets and an overall decline in the economic activities all across the world including resultant lockdowns by the Governments. The company immediately shifted the focus to ensuring the health and well-being of all its employees, and on minimizing disruption to services for all its customers by enabling work from home so that almost all the employees commenced work remotely and securely, which reinforced the customer confidence. The Company has used the principles of prudence in applying judgments, estimates and assumptions to assess the potential impact of COVID-19 based on brvailing circumstances and expects no significant impact on the continuity of its operations or recoverability of its financial assets or meeting its due liabilities, on long term basis. However, due to the uncertainties associated with the pandemic, the actual impact may not be in line with current estimates and the Company will continue to closely monitor any changes to the estimates on the basis of future economic conditions. During the current financial year 2020-21, company had recover amount of INR 1,82,51,792 from the vendors and employee and the same has been netted off from the freight and forwarding expense in the financial statements under the main head "Other Expenses". As per notes to account of Znet Technologies Private Limited, the company has adopted the system of obtaining yearly confirmation of balances from banks and other parties. There are no unconfirmed balances in respect of any bank account, borrowings from banks, NBFC's etc. So far as the loans and advances, deposits, trade payables, other assets and liabilities are concerned, the balance confirmation letters with the negative assertion were sent to the parties as referred in the Standards on Auditing (SA) 505 (Revised), 'External Confirmations'. In respect of certain trade payables outside India, the balance gets confirmed online on the portal. So far as balances of Trade Receivables are concerned, the company is having a system of sending the online Invoices to the respective customers, which got automatically confirmed on reciept of the amount from such customers. The company has acquired additional stake in Rashi Singapore Pte Limited upto 51% on 6th November 2020, resulting in Parent-subsidiary relationship from F.Y 2020-21. Hence, this is the fist year of consolidation for Rashi Singapore Pte Limited and no comparative figures are disclosed for Rashi Singapore Pte Ltd. Previous Year's figures have been regrouped & rearranged wherever considered necessary.

ANNEXURE "A" AS REFERRED TO IN NOTE NO. 31 OF NOTES TO CONSOLIDATED FINANCIAL STATEMENTSInformation about the goods dealt in by the company.

( As certified by the Management)

Class of Goods : Trading Goods

Computer Peripherals/Media/Systems/ Softwares/Mobiles	Current Year Amt. (Rs.)	Previous Year Amt. (Rs.)
Opening Stock	4890077046	3371163670
Purchases	56460972452	38891045131
Sales*	59263711624	39179154383
Closing Stock	5725321038	4890077046
* Including Shortages and items given free, if any.

B.Earnings Expenditure in Foreign Currency :	F.Y 2020-21 Amt. in (Rs.)	F.Y 2019-20 Amt. in (Rs.)
1.Earnings
Exports-Goods ( F.O.B. )	223110534	212236122
Exports-Services	19312147	32268930
Hosting Services	14662669	15184247
Domain Services	1774395	1804207
Backup Services	23973	141166
Sale of Online software	21266836	20535830
2. Expenditure
Foreign Travelling Expenses	1870330	10724300
Import Purchase - Trading Goods - CIF Value	21273530628	19026980069
Freight & Other clearing Charges	148532405	0
Royalty	13632398	14718484
Professional and Consultancy Fees	1067420	0
Other Matters	41169758	17631486

Basis of accounting and brparation of consolidated financial statements

The consolidated financial statements of the Company and its subsidiary (together the 'Group') have been brpared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards brscribed under Section 133 of the Companies Act, 2013. The consolidated financial statements have been brpared on accrual basis under the historical cost convention. Principles of consolidation

The consolidated financial statements relate to Rashi Peripherals Private Limited (the 'Company') and its subsidiary company. The consolidated financial statements have been brpared on the following basis:

The financial statements of the subsidiary company used in the consolidation are drawn upto the same reporting date as that of the Company i.e., 31st March, 2021.

'The financial statements of the Company and its subsidiary company has been combined on a line-by-line basis by adding together like items of assets, liabilities, income and expenses, after eliminating intra-group balances, intra-group transactions and resulting unrealised profits or losses, unless cost cannot be recovered.

The excess of cost to the Group of its investments in the subsidiary companies over its share of equity of the subsidiary companies, at the dates on which the investments in the subsidiary companies were made, is recognised as 'Goodwill' being an asset in the consolidated financial statements.

Minority Interest in the net assets of the consolidated subsidiary consist of the amount of equity attributable to the minority shareholders at the date on which investments in the subsidiary companies were made and further movements in their share in the equity, subsequent to the dates of investments. Net profit / loss for the year of the subsidiaries attributable to minority interest is identified and adjusted against the profit after tax of the Group in order to arrive at the income attributable to shareholders of the Company.

The consolidated financial statements have been brpared using uniform accounting policies for like transactions and other events in similar circumstances and are brsented to the extent possible, in the same manner as the Company's separate financial statements.

The subsidiary which is included in consolidation of Rashi Peripherals Private Limited is ZNet Technologies Private Limited (51%) and Rashi Singapore PTE Limited (51%).Use of estimates

The brparation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual results and estimates are recognized in the period in which the results materialize or are known.Revenue Recognition: Revenue from sales is recognized when the ownership and title is transferred. Revenue is stated net of discounts, rebate and taxes. For sales recorded that are pending delivery, revenue is recognized on the sales invoice being generated. The risk of damage of goods pending delivery are covered under the insurance policy/ies taken, when not covered by the customers. Discounts, rebates, incentives and other such claims are accounted for in the year in which the same are accepted by the vendors. Service Income is recognized when services are rendered. Income from warranty and maintenance contracts is recognized as per the terms of such contracts. Revenue from service transactions is recognized when it can be reliably measured & it is reasonable to expect ultimate collection. Purchases include Custom Duty, Excise duty, CVD, and other direct costs but exclude VAT and GST attributable to Purchases. Purchases are net of discounts, rebates, incentives and other such claims from vendors during the reporting period. Purchases are recorded at actual costs to the Company, including fluctuations in foreign currency. Goods and Service Tax

All items in the financial statements are brsented exclusive of Goods and Services Tax (GST), except for receivables and payables, which are brsented on a GST-inclusive basis. Where GST is not recoverable as input tax, it is recognized as part of the related asset or expense.

The net amount of GST recoverable from the Department is included as part of receivables in the Financial Statement Inventories:

Inventories are valued as under:

Stock in Trade: At Lower of computed cost or net realizable value

The cost for inventory valuation as above include the amount of tax , duty or other such amount excluding VAT/GST(other than those subsequently recoverable from the authorities) incurred to bring the goods to the place of its location and condition and is determined on FIFO basis and in cases where the goods are pending arrival, at the cost incurred as at the reporting date.Property , Plant & Equipment:

Property , Plant & Equipments are stated at their original cost including incidental expenses related to acquisition and installation, less accumulated debrciation i.e. Cost Model.

Additions to Property, Plant & Equipment include items transferred from Stock in trade at the brvailing costs price. Gains or losses arising from disposal of tangible fixed assets are measured as the difference between the net proceeds from disposal and the carrying value of the assets which are recognized in the Statement of Profit and Loss for the year.Intangible assets:

Intangible assets are stated at cost less accumulated debrciation. Intangible assets are debrciated over their respective individual estimated useful lives as reasonably estimated by the management on a written down value method, from the date that they are available for use.

Intangible assets comprising of software are stated at cost of acquisition including any cost attributable for bringing the asset to its working condition, less accumulated amortization. Intangible assets other than in house developed software are amortized over three years considering residual value as nil. In house developed software are amortised over five years considering nil residual value. Any expenses on such software for support and maintenance payable annually are charged to the statement of Profit and Loss.Capital work-in-progress:

Projects under which tangible assets are not yet ready for their intended use are carried at cost, comprising direct cost and related incidental expenses. There are no projects as at the reporting date that are pending capitalization.Investments:

Investments that are intended to be held for more than a year, from the date of acquisition, are classified as Long Term (Non-Current) investments and are carried at cost. However, provision for diminution in value of investments is made to recognize a decline, other than temporary, in the value of investments. Investments other than long term investments being current investments are valued at cost or fair value whichever is lower, determined on an individual basis.Foreign Currency Transactions:

On initial recognition, all foreign currency transactions are recorded at the foreign exchange rate brvailing on the transaction date. All the monetary assets and liabilities based in foreign currency are restated at the end of the accounting period at the exchange rates brvailing on Balance Sheet date and resultant exchange gain/loss is considered in the Statement of Profit and Loss. Exchange differences arising on the foreign currency transactions are recognized as income or expenditure in the year in which they occur. The brmium or discount arising at the inception of forward exchange contracts entered by the Company to hedge an existing asset/liability is recognized as expense when such contract is entered.Borrowing Costs:

Borrowing costs are charged to revenue unless they are attributable to the acquisition or construction of fixed assets. In case the borrowing costs are attributable to acquisition or construction of fixed assets, the costs incurred up to the date of the completion of acquisition or construction are capitalized and thereafter charged to revenue.Debrciation:

Debrciation is provided for using Written down value (WDV) method computed as per the useful lives of assets, in accordance with the provisions brscribed under Schedule II to the Companies Act, 2013.Cash and Cash Equivalents:

Cash comprises cash on hand and demand deposit with bank. Cash equivalents are short term, highly liquid investments that are readily convertible.Cash Flow Statement:

Cash Flows are reported using indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated based on available information.Other Income: Dividend from investments is recognized when the rights to receive the payment is established and when no significant uncertainty as to measurability or collectability exists. Interest income is recognized on accrual. Employee Benefits:

i) Short Term Employee Benefits:

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services. These benefits include the performance incentive and compensated absences.Long term Employee Benefits:

Defined Benefit Plan - Gratuity:

The liability for gratuity is provided based on the Acturial's Valuation as at the balance sheet date, using the projected unit credit method. Acturial gain or losses are recognized in the Statement of Profit and Loss for the period in which they occur. The retirement benefit obligation as recognized in the Balance Sheet rebrsents the brsent value of the defined benefit obligation as adjusted for unrecognized past service cost. The company has also set up Rashi Peripherals Private Limited Employees Gratuity Trust for providing Gratuity benefits to its employees. The company makes contribution to the aforementioned trust, from the provision made for accrued Gratuity Liability.

Liability in respect of gratuity is calculated for employees who have completed 5 years of service @ 15 days salary for every completed year of service. Gratuity is determined as if eligible employees retire at close of year.

Defined Contribution Plan:

Contribution under statutory laws relating to employee benefits, including Provident Fund and Employee State Insurance, is made in accordance with the respective rules and is charged to the statement of profit and loss as and when services are rendered by the employeesLeases:

Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vast with the lessor are recognized as operating leases. Lease rentals under operating leases are recognized in the statement of Profit and Loss.Post Sale Warranty Expenses:

Warranty Expenses relating to products sold by the company under warranty are determined and provided for in the year of sale. In case the servicing of warranty is to be carried out by third parties, the expenses are accounted for as per the agreed terms of contract with the respective parties. In case the same is to be carried out by the company, provision is made for the amount estimated by the management on the basis of past experience trends and analysis.Provision for current and deferred tax:

Income Tax expense comprises current tax and deferred tax charge or credit. Provision for current tax is made on the basis of the assessable income at the tax rate applicable to the relevant assessment year. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax law that have been enacted or substantively enacted by the Balance Sheet date. Deferred tax asset arising mainly on account of brought forward losses and unabsorbed debrciation under tax laws, are recognized only if there is a virtual certainty of its realization, supported by convincing evidence. Deferred tax asset on account of other timing differences are recognized only to the extent there is a reasonable certainty of its realization. At each Balance Sheet date, the carrying amount of deferred tax is reviewed to reassure realization. MAT credit entitlement is recognised to the extent there is reasonable certainty of its utilization in future period. The additional liabilities, if any, arising pursuant to respective assessment under various fiscal statutes or appeal thereof are accounted for in the year of assessment or crystallization of liability.Earnings per Share:

'Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares are determined independently for each period brsented. The number of equity shares and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as appropriate.Provision and Contingencies:

'A provision is recognized when the Company has a brsent obligation as a result of past events for which an outflow of funds is probable and a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their brsent value and are determined based on the best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. Contingent assets are not recognized nor disclosed in the financial statements.Prior Period Items

Prior period items are incomes or expenses, which arise in the current period as a result of errors or omissions in the financial statements brpared in earlier years. Effects of changes in estimates are not treated as omission or error.Impairment of Assets

An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss Account in the year in which an asset is identified as impaired. The impairment loss recognized in prior accounting period is reversed if there has been a change in the estimate of recoverable amount.

z. Estimation of uncertainties relating to the global health pandemic from COVID-19

The Company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of receivables and investment in subsidiary. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company, as at the date of approval of these financial statements has used internal and external sources of information including credit reports and related information, economic forecasts. The impact of COVID-19 on the Companys financial statements may differ from that estimated as at the date of approval of these financial statements, however considering the nature of industry i.e. IT/ITES, company dont foresee any major impact on the business and the receivables.

Employee Benefits:

i) Short Term Employee Benefits:

The undiscounted amount of short term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services. These benefits include the performance incentive and compensated absences.Long term Employee Benefits:

Defined Benefit Plan - Gratuity:

The liability for gratuity is provided based on the Acturial's Valuation as at the balance sheet date, using the projected unit credit method. Acturial gain or losses are recognized in the Statement of Profit and Loss for the period in which they occur. The retirement benefit obligation as recognized in the Balance Sheet rebrsents the brsent value of the defined benefit obligation as adjusted for unrecognized past service cost. The company has also set up Rashi Peripherals Private Limited Employees Gratuity Trust for providing Gratuity benefits to its employees. The company makes contribution to the aforementioned trust, from the provision made for accrued Gratuity Liability.

Liability in respect of gratuity is calculated for employees who have completed 5 years of service @ 15 days salary for every completed year of service. Gratuity is determined as if eligible employees retire at close of year.

Defined Contribution Plan:

Contribution under statutory laws relating to employee benefits, including Provident Fund and Employee State Insurance, is made in accordance with the respective rules and is charged to the statement of profit and loss as and when services are rendered by the employees

1.     Employee Benefits: The disclosures required as per Accounting Standard 15 - "Employee Benefits" (Revised 2005) are as under :

a.)   Brief Description of the Plans: The Company has two schemes for employee benefits, provident fund and gratuity. The Company's defined contribution plan is provident fund and the Company has no further obligation beyond making the contributions. The Company's defined benefit plan is gratuity.

b.)   Defined Contribution Plan: Charge to the Statement of Profit and Loss based on contributions are as follows :

In Rupees

Particulars	F Y 2020-2021	F Y 2019-2020
Provident Fund *	27864766	33532344

*Included in Note 24 - Employee Benefit Expenses

a)   Disclosures for Defined Benefit Plan (Gratuity - Funded Plan) based on actuarial reports:

Principal actuarial assumptions used:                        

Discount rate (p.a.) :  6.87% p.a. (Indicative G.Sec referenced on 31-03-2021)

Salary Escalation Rate (p.a.): 4.00% p.a.

Attrition Rate (p.a) :                 For service 4 years and below - 25.00% p.a.

                                                            For service 5 years and above - 1.00% p.a.

The estimates of future salary increases considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and  demand factors in the employment market. .

An employee is entitled for gratuity at 15 days salary for every completed year of service after he has rendered continuous service for not less than five years. Accordingly liability is calculated at Rs.62,37,516.18 (P.Y. Rs.61,53,138.45/-) & the amount of expense  to be charged calculated for the year is Rs.9,24,157.55 (P.Y. Rs.12,41,580.29/-)

For Reporting requirement under Accounting Standard 17 "Segment Reporting" Specified under section 133 of the Act, read with rules 7 of the companies (Accounts) rules, 2014 are not applicable as the reportable segment do not fall under the criteria as required under AS for brparation of Segment Report.