ECLF Annual Report FY20 21

ECL Finance Limited
Corporate Identity Number: U65990MH2005PLC154854
Annual Report for the year ended March 31, 2021

ECL Finance Limited
Annual Report for the year ended March 31, 2021
Board of Directors (as on June 10, 2021)
Mr. Rashesh Shah - Chairman & Managing Director

Mr. Venkatchalam Ramaswamy - Vice Chairman & Non- Executive Director
Mr. Deepak Mittal - Managing Director & Chief Executive Officer
Ms. Vidya Shah - Non- Executive Director
Mr. P. N. Venkatchalam - Independent Director
Mr. Biswamohan Mahapatra - Independent Director
Mr. Kunnasagaran Chinniah - Independent Director
Ms. Anita George - Investor Nominee Director
Chief Financial Officer
Mr. Deepak Khetan
Company Secretary
Ms. Kashmira Mathew
Statutory Auditors
M/s. S. R. Batliboi & Co. LLP
Registered Office
Edelweiss House,
Off C.S.T. Road, Kalina,
Mumbai - 400098
Corporate Identity No.:U65990MH2005PLC154854
Tel: +91 4009 4400, Fax: +91 4086 3759
Email: CS.CBG@edelweissfin.com
Debenture Trustees
SBICAP Trustee Company Limited Axis Trustee Services Limited

202, Maker Tower - E, Cuffe Parade, Mumbai 2nd Floor, E-Wing, Axis House, Bombay
400 005 and an office at Apeejay House, 6th Dyeing Mills Compound, Pandurang
Floor, 3 Dinshaw Wachha Road, Churchgate, Budhkar Marg, Worli, Mumbai - 400 025.
Mumbai – 400020 Tel:- 022 2425 5215 / 5216
Tel: +91 22 4302 5530 Fax: +91 22 4302 5500 E-mail: debenturetrustee@axistrustee.com
E-mail: corporate@sbicaptrustee.com Website: www.axistrustee.com
Website: www.sbicaptrustee.com Contact Person: Mr. Sameer Kabra
Contact Person: Ms. Anupama Naidu
Beacon Trusteeship Limited
4 C& D, Siddhivinayak Chambers,
Gandhi Nagar, Opp. MIG Cricket Club
Bandra (East), Mumbai- 400 051
Tel: +91 22 26558759
Email: compliance@beacontrustee.co.in
Website: www.beacontrustee.co.in
Contact Person: Mr. Vitthal Nawandhar
Registrar & Transfer Agent
Link Intime India Private Limited Kfin Technologies Private Limited

C- 101 1st Floor 247 Park Karvy Selenium Tower B, Plot 31-32,
L.B.S. Marg, Vikhroli (West) Gachibowli,Financial District,
Mumbai 400083 Maharashtra, India Nanakramguda,
Tel: +91 22 4918 6200; Hyderabad - 500 032
Fax: +91 22 4918 6195; Tel: +91 40 6716 2222
Fax: +91 40 2300 1153
BOARD’S REPORT
To the Members of ECL Finance Limited,
The Directors hereby present their 16th Annual Report on the business, operations and the state of affairs
of the Company together with the audited financial statements for the year ended March 31, 2021:
Financial Highlights
Standalone (₹ in million)
Particulars 2020-21 2019-20
Total Income 20,120.44 36,176.53
Total Expenditure 21,721.51 53,851.76
(Loss)/Profit before tax (1,601.07) (17,675.23)
Provision for tax (including Deferred Tax and (1,623.42) (3,530.64)
fringe benefit tax, if any)
(Loss)/Profit after tax 22.35 (14,144.59)
Other Comprehensive Income/(Loss) 17.34 (0.91)
Add: Profit and Loss account balance brought 1,305.75 15,474.12
forward from previous year
Profit available for appropriation 1345.44 1,328.62
Appropriations
- Income Tax Impact on ESOP - -
- Impact of Lease accounting - (22.87)
- Transfer to special reserve under Section 45- (4.47) -
IC of the Reserve Bank of India Act, 1934*
- Transfer from revaluation reserve 33.84
- Transfer to/ from Debenture Redemption 1,101.48 -
Reserve
- Impairment reserve -
- Deemed distribution during the year - -
Surplus carried to balance sheet 2,476.29 1,305.75
Net worth (Net worth = Equity share capital + 24,823.30 24,783.61
Other equity)
*No Amount was transferred to statutory reserve fund pursuant to section 45-IC of the Reserve Bank
of India, Act, 1934 as company has incurred loss during the previous year.
Note: The impairment allowances under Ind AS 109 carried by the Company is in excess of total
provision required under IRACP (including provision on standard assets), as at March 31, 2021 and
March 31, 2020 accordingly, no amount is required to be transferred to the impairment reserve.
Information on the state of affairs of the Company
Information on the operational and financial performance, among others, is given in the Management
Discussion and Analysis Report which is annexed to this Report as Annexure I and is in accordance
ECL Finance Limited
Registered Office: Edelweiss House, Off C.S.T. Road, Kalina, Mumbai – 400098 Tel No.: +91 22 4009 4400 https://eclfinance.edelweissfin.com/
with the provisions of the RBI Master Direction No. DNBR. PD. 008/03.10.119/2016-17 dated
September 1, 2016, as amended from time to time.
Major events during the year
Acquisition of entire stake of Edelweiss Housing Finance Limited (“EHFL”)
In order to enable the Company to acquire entire shareholding of Edelweiss Housing Finance Limited
(EHFL) from its existing shareholders viz. EFSL (holding 30.35%), Edelweiss Rural & Corporate
Services Limited (holding 55.23%) and Edel Finance Company Limited (holding 14.42%), EHFL has
made an application dated March 12, 2019 to NHB, seeking its approval for transfer of the aforesaid
shareholding to the Company such that the Company would become the holding company of EHFL.
In this regard, NHB vide its letter dated October 14, 2019 has communicated that, considering the
transfer of regulatory powers over the Housing Finance Companies from the National Housing Bank
to the Reserve bank of India with effect from August 9, 2019 pursuant to the provisions of the Finance
Act 2019, Reserve Bank of India vide its e-mail dated August 10,2020 approved change in ownership in
Edelweiss Housing Finance Limited by way of transfer of 100% shareholding to ECL Finance Limited,
subject to compliance with relevant regulations and applicable statutory provisions. The Company is
in the process of obtaining consent of creditors in this regard.
Application for merger of Edelweiss Retail Finance Limited (“ERFL”) with the Company
Your Company has not made any acquisition or amalgamation in FY 2020-21 . However, the Company
has filed an application under Section 230 to 232 of the Companies Act, 2013 before the National
Company Law Tribunal (“NCLT”) Mumbai Bench on March 26, 2019 for merger of Edelweiss Retail
Finance Limited (ERFL) with the Company. Further, in view of the affidavits of all Equity shareholders
of the Company, the requirement of Shareholders’ meeting for considering and/or approving the
amalgamation has been dispensed by NCLT Mumbai Bench vide its order dated August 16, 2019. Also,
the Bench has directed the Company to send notices to all its secured/ unsecured creditors (which are
due and payable as on June 30, 2019) in the manner mentioned in the said order. Further, on March 25,
2019, your Company applied for approval from the Reserve Bank of India in relation to the merger of
ERFL with the Company, which was approved by the RBI on September 27, 2019.
Reserves and Surplus
The details of the Reserves and Surplus are given in the Financial Statements attached herewith.
Share Capital
During the year under review, there was no change in the Authorised Share Capital and Paid up Share
capital of the Company. As at March 31, 2021, the Authorised Share Capital and Paid up Share capital
of the Company stands at Rs. 6,740 million and Rs. 2,138.27 million respectively.
Finance
Your Company continued to borrow funds from various sources including in the form of Commercial
Papers and Non-Convertible Debentures (NCDs) offered through public issue and on private
placement basis.
ECL Finance Limited

During the year under review, the Company raised ~Rs. 1800 Crores by way of Private Placement of
NCDs, ~Rs. 300 crores by way of Commercial Papers (episodic), ~Rs. 125 crores by way of Commercial
Papers (non-episodic) and Rs. 1,885 crores as bank borrowing.
The Company enjoys credit rating from various Rating Agencies. The details of the credit ratings are
furnished in the Notes to the Financial Statements.
Subsidiaries, Joint Ventures and Associate Company
During the year under review, neither did your Company have any Subsidiary or Associate Company,
nor did it enter into any Joint Venture Agreement under the provisions of the Companies Act, 2013.
Our network of offices
We operate through a wide network of 43 offices as of March 31, 2021 spread across 17 States and 1
Union Territory. The reach of our branches allows us to service our existing customers and attract new
customers. We service multiple products through each of our offices, which reduces operating costs
and improves total sales. Our spread out office network reduces our reliance on any one region in India
and allows us to apply best practices developed in one region to other regions. Our geographic
diversification also mitigates some of the regional, climatic and cyclical risks, such as heavy monsoons
or droughts.
Loans, Investments and Guarantees
The Company is engaged in the business of providing loans and making investments. During the year
under review, the Company did not give any guarantee. Further, the provisions of Section 186 of the
Companies Act, 2013 pertaining to giving of loans, guarantees or providing security in connection with
loan and acquisition of securities of any body-corporate are not applicable, as the Company is a Non-
banking Finance Company.
Related Party Transactions
All the Related Party Transactions entered by the Company are on arm’s length basis and in the
ordinary course of business. Particulars of contracts or arrangements with the related parties as referred
to in sub-section (1) of Section 188 and forming part of this report are provided in the financial statement
and also annexed as Annexure V (Form AOC-2). All the Related Party Transactions as required under
Indian Accounting Standard (“Ind AS”) -24 are reported in the Notes to the financial statement.
The Company has formulated Related Party Transactions Policy, which is uploaded on the website of
the Company, at https://eclfinance.edelweissfin.com/investor-relations/?Policies%20and%20Codes
Material changes and commitments, if any, affecting the financial position of the company
There has been no Material changes and Commitments, if any, affecting the financial position of the
Company which have occurred between the end of the financial year of the Company to which the
financial statement relates (i.e. March 31, 2021) and the date of the report.
ECL Finance Limited

Annual Return
In accordance with the provisions of Section 92 of the Companies Act, 2013 and the Rules framed
thereunder, the copy of the annual return would be made available on the website of the Company at
https://eclfinance.edelweissfin.com/investor-relations/?Our%20Financials within the prescribed
timelines.
Directors and Key Managerial Personnel
(i) Independent Directors
In accordance with the provisions of Section 149 of the Companies Act, 2013, the Independent
Directors have given a declaration that they meet the criteria of independence as provided in the
said section. Accordingly, the Company confirms that in the opinion of the Board of Directors, the
Independent Directors fulfil the conditions specified in Section 149(6) of the Companies Act, 2013
and that the Independent Directors are independent of the management.
(ii) Change in Directors
a) Pursuant to the withdrawal of nomination of Mr. Lim Meng Ann as Investor Nominee Director
by CDPQ Private Equity Asia Pte. Ltd. (CDPQ) and his consequent resignation, Mr. Lim Meng
Ann ceased to be Investor Nominee Director with effect from July 21, 2020.
b) Ms. Anita George (DIN 00441131) have been appointed as Additional (Investor Nominee)
Director (being the nominee of CDPQ Private Equity Asia Pte. Ltd.), in the non-executive
capacity by the Board of Directors in its meeting held on July 4, 2020 post receipt of approval
of the Reserve Bank of India. RBI vide its letter dated May 26, 2020 had approved the said
appointment. The office of Ms. Anita George shall not be liable to determination by rotation.
The shareholders at the 15th Annual General Meeting held on October 15, 2020 approved her
appointment as Nominee Director; and
c) Mr. Deepak Mittal (DIN: 00010337) retires by rotation at the forthcoming Annual General
Meeting (AGM) and, being eligible, offers himself for re-appointment.
d) Mr. Rashesh Shah was re-appointed as the Managing Director of the Company for a period of
5 years with effect from August 1, 2016 and the same was also approved by the Shareholders
at the Annual General meeting held on September 28, 2016. Accordingly, the tenure of Mr.
Rashesh Shah as Managing Director of ECL Finance would expire on July 31, 2021. Further, the
Board had also appointed him as a Chairman (in Executive Capacity) of the Board of Directors
on March 5, 2019. Now Mr. Rashesh Shah to continue as Chairman of the Company in Non-
Executive capacity with effect from August 1, 2021.
e) Mr. Deepak Mittal to be re-designated as Vice Chairman of the Company from the close of
business hours on June 10, 2021 upto remainder of his tenure i.e. February 17, 2024. The said
re-designation will be subject to approval of the Members and such other statutory approvals
as may be required.
ECL Finance Limited

f) Mr. S. Ranganathan to be appointed as Additional Director and Managing Director on the
Board of the Company for a period of 3 years. The said appointment will be subject to the
members approval in the ensuing General Meeting and RBI approval and will be deemed to be
effective from date of RBI approval.
(iii) Key Managerial Personnel
There were following changes in the Key Managerial Personnel of the Company:
Name of the KMP Nature of Change Effective Date

Mr. Archibold Serrao Appointed as Company Secretary May 20, 2020
Mr. Sarju Simaria Resigned as Chief Financial Officer August 14, 2020
Mr. Deepak Khetan Appointed as Chief Financial Officer August 14, 2020
Mr. Archibold Serrao Resigned as Company Secretary October 15, 2020
Ms. Kashmira Mathew Appointed as Company Secretary October 30, 2020
Mr. Deepak Khetan Resigned as Chief Financial Officer April 23, 2021
Mr. Phanindranath Appointed as Chief Financial Officer June 10, 2021
Kakarla
Number of Board Meetings held
During the year ended March 31, 2021, the Board met 6 (Six) times on May 20, 2020, July 4, 2020, August
10, 2020, August 14, 2020, October 30, 2020 and February 13, 2021.
The constitution and the changes in the constitution of the Board during the year under review is given
below:
Member Category Meetings Meetings

held# attended
Mr. P. N. Venkatachalam Independent Director 6 5
Mr. Biswamohan Independent Director 6 6
Mahapatra
Mr. Kunnasagaran Independent Director 6 4
Chinniah
Chairman and 6 6
Mr. Rashesh Shah Managing Director
Mr. Venkatchalam Vice- Chairman and 6 6
Ramaswamy Non-Executive Director
Mr. Deepak Mittal Managing Director and CEO 6 6
Ms. Vidya Shah Non-Executive Director 6 6
Ms. Anita George* Nominee Director 5 5
Mr. Lim Meng Ann* Nominee Director 2 1
# No of meetings held during the tenure of the Board Member in FY 2020-21.
*Ms. Anita George was appointed as an additional nominee director wef July 4, 2021 and Mr. Lim Meng Ann
ceased to be a director wef from July 21, 2021.
ECL Finance Limited

Remuneration Policy
The Company has formulated a Remuneration Policy (“Policy”) as per the provisions of Section 178 of
the Companies Act, 2013. During the year under review, there were no changes or amendments to the
remuneration policy of the Company. The said Policy is provided as Annexure II to this Report and is
also placed on the website of the Company at https://eclfinance.edelweissfin.com/investor-
relations/?Policies%20and%20Codes.
Evaluation of the performance of the Board
The Board has framed an Evaluation Policy (“the Policy”) for evaluating the performance of the Board,
Chairman, Executive Directors, Independent Directors, Non-executive Directors and Committees of the
Board. Based on the same, the performance was evaluated for the financial year ended March 31, 2021.
The Policy inter-alia provides the criteria for performance evaluation such as Board effectiveness,
quality of discussion and contribution at the meetings, business acumen, strategic thinking, time
commitment, relationship with the stakeholders’, contribution of the Committees to the Board in
discharging in its functions, etc.
Internal Control Systems
The internal controls at Edelweiss are commensurate with the business requirements, its scale of
operation and applicable statutes to ensure orderly and efficient conduct of business. These controls
have been designed to ensure reasonable assurance with regard to maintaining proper accounting
controls, substantiation of financial statements and adherence to IND AS requirements, safeguarding
of resources, prevention and detection of frauds and errors, ensuring operating effectiveness, reliability
of financial reporting, compliance with applicable regulations and relevant matters covered under
section 134 (5) (e) of the Companies Act 2013.
The Internal Control Framework of Edelweiss follows the below assurance practices to strengthen
overall control:
• COSO framework is implemented by considering the control environment, periodic risk assessment,
performing control activity, timely communication to management and monitoring the control
activities on a continuous basis.
• Assurance on process efficiency by defining relevant, adequate scope of internal audit, pro-actively
preparing for regulatory review, remediating through preventive and corrective steps for identified
risk events.
• Reliability of internal controls aligned to risks identified in Risk Control Self-Assessment (RCSA) is
monitored through process and internal financial control review.
• Adequate documentation in the form of policies and SOPs (Standard Operating Procedures) enhances
the control mechanism.
Internal Financial Controls
The internal financial controls adopted by the Company are in accordance with the criteria established
under the Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations’ of the Treadway Commission. Based on its internal evaluation and as confirmed by the
ECL Finance Limited

Statutory Auditors of the Company, the management team believes that adequate internal financial
controls exist in relation to its Financial Statements.
Risk Management
Risk management is an integral part of the Company’s business strategy. It maintains a robust risk
management framework to identify, assess, manage, prioritize, monitor and report risks. It makes
decisions based on a conscious and careful risk-return trade-off in line with the defined strategy and
within its risk appetite. It ensures financial stability and continuity of the business by monitoring its
risk profile periodically and ensuring risk management activities are executed effectively to manage
the overall Risk levels within approved limits.
The risk strategy of the Company primarily starts with evaluating all the decisions based on the
following two questions that we put to ourselves: “Is it worth it?” and “Can we afford it? “To support
the risk strategy and effective risk management, the Company has a “Three lines of Defense” model in
place. The same assists the management to ensure accountability, oversight and assurance. To achieve
sound governance and a strong risk culture it follows a framework, which takes 1) Strong risk
governance, 2) Risk assessments and 3) Prompt risk management actions into consideration.
The Company takes multiple initiatives to improve and maintain Risk Culture through Education &
Awareness Programs on a continuous basis. It believes in promoting fair and no-blame risk culture and
encourage employees to speak up, highlight and own risks without fear. Management expects all
employees to contribute to a sound risk culture and deal responsibly with risk and dilemmas, carefully
consider the interest of the various stakeholders.
In the recent pandemic situation and challenging unpredictable environment, the Company has put all
its efforts in recognizing related risks and readjusting itself towards the changed environment arising
out of Covid -19 by having effective collaboration between Processes, Technology, Systems, and it’s
People (senior leaders and others). The robust risk management practices and sound risk governance
framework has helped the organization to face and manage this crisis scenario.
The Risk Management Committee oversees the risk management framework of the Company through
regular and proactive intervention by senior management personnel. In accordance with the RBI
circular on Risk Management System – Appointment of Chief Risk Officer (CRO) for NBFCs dated
March 16, 2019, the Company has appointed Mr. Smit Shah with effect from July 4, 2020 in place of Mr.
Prakash Guptas Chief Risk Officer (CRO) of the Company who resigned with effect from even date. All
credit products (retail or wholesale) is vetted by the CRO from the angle of inherent and control risks.
His role in deciding credit proposals is limited to being an advisor. During the year under review, the
Risk Management Committee met 4 (four) times on July 23, 2020, September 7, 2020, November 12,
2020 & March 3, 2021. The constitution and the number of meetings attended by the Members of the
Committee during the year under review is given below:
Member Category Meetings held # Meetings

attended
Mr. Deepak Mittal Managing Director & CEO 4 4
Mr. Kunnasagaran Chinniah Independent Director 4 4
Mr. Biswamohan Mahapatra Independent Director 4 4
Mr. P. N. Venkatachalam Independent Director 4 4
ECL Finance Limited
Member Category Meetings held # Meetings
attended
Mr. Venkatchalam Ramaswamy Non-Executive Director 4 0
Mr. Lim Meng Ann* Investor Nominee Director 0 N.A.
# No of meetings held during the tenure of the Member in the Committee in FY 2020-21.
*Mr. Lim Meng Ann ceased to be a Member with effect from July 21, 2020
Audit Committee
In accordance with the provisions of Section 177 of the Companies Act, 2013, (the Act), the Board of the
Company has constituted an Audit Committee. The said Committee carries out such functions as are
statutorily prescribed under the extant applicable laws and other incidental and ancillary matters
related thereto. During the year under review, the Audit Committee met 4 (four) times i.e. on July 4,
2020, August 14, 2020, October 30, 2020, February 13, 2021. The constitution and the number of meetings
attended by the Members of the Audit Committee during the year under review is given below:
Member Category Meetings held / Liable Meetings attended

to attend#
Mr. P. N. Independent Director 4 4
Venkatachalam
Mahapatra
Mr. Lim Meng Ann* Investor Nominee 1 0
Director
Ms. Anita George* Investor Nominee 3 3
Director
*Mr. Lim Meng Ann ceased to be a Member with effect from July 21, 2020 and Ms. Anita George was
inducted in the Committee with effect from August 14, 2020.
Nomination and Remuneration Committee
In accordance with the provisions of Section 178 of the Companies Act, 2013, (the Act), the Board of the
Company has constituted a Nomination and Remuneration Committee (NRC). The said Committee
carries out such functions as are statutorily prescribed under the extant applicable laws and other
incidental and ancillary matters related thereto. During the year under review, the Nomination &
Remuneration Committee met 4 (four) times i.e. on May 20, 2020, July 4, 2020, August 14, 2020 and
October 30, 2020. The constitution and the number of meetings attended by the Members of the NRC
during the year under review is given below:
Member Category Meetings held / Meetings attended

Liable to attend#
Venkatachalam
Mahapatra
Ms. Vidya Shah Non-Executive Director 4 3
ECL Finance Limited

Mr. Lim Meng Ann* Investor Nominee 2 1
Director
*Mr. Lim Meng Ann ceased to be a Member with effect from July 21, 2020
Corporate Social Responsibility Committee
In accordance with the provisions of Section 135 of the Companies Act, 2013 (the Act), the Board has
constituted a Corporate Social Responsibility Committee. The said Committee carries out such
functions as are statutorily prescribed under the extant applicable laws and other incidental and
ancillary matters related thereto. During the year under review, the Corporate Social Responsibility
Committee met twice on July 4, 2020 & February 13, 2021. The constitution and the number of meetings
attended by the Members of the CSR Committee during the year under review is given below:
Member Category Meetings held /liable Meetings attended

to attend
Mr. Deepak Mittal Managing Director & 2 2
CEO
Venkatachalam
Mr. Kunnasagaran Independent Director 2 1
Chinniah
The CSR Policy of the Company is available on the website of the Company at
https://eclfinance.edelweissfin.com/investor-relations/?Policies%20and%20Codes During the year
under review, the CSR Policy was amended to align the same in accordance with the amendments to
the provisions of the Companies Act, 2013 and Rules made thereunder. The details with respect to the
CSR Policy and expenditure made by the Company during the year under review are provided in
Annexure III to this report.
Stakeholders Relationship Committee
In accordance with the provisions of Section 178 of the Act, the Board of Directors of the Company have
constituted the Stakeholders Relationship Committee (‘SRC Committee’). The Stakeholder Relationship
Committee considers and resolves the grievances of security holders, customers of the Company and
other incidental and ancillary matters related thereto. During the year under review, the Stakeholders
Relationship Committee met twice on July 4, 2020 & October 30, 2020. The constitution and the number
of meetings attended by the Members of the SRC Committee during the year under review is given
below:
Member Category Meetings held Meetings attended

Venkatachalam
Ms. Vidya Shah Non- Executive 2 2
Director
Mr. Deepak Mittal Managing Director & 2 2
CEO
ECL Finance Limited

Statutory Auditors
In accordance with the provisions of Section 139 of the Companies Act, 2013 and the Rules framed
thereunder (the Act), M/s. S. R. Batliboi & Co. LLP, has been appointed as the Auditors of the Company
to hold office till the conclusion of 18th AGM of the Company.
Reserve Bank of India (“RBI”) has issued a circular ("Circular") dated 27th April 2021 on Guidelines for
appointment of Statutory Central Auditors (SCAs)/Statutory Auditors (SAs) of Commercial Banks
(excluding RRBs), UCBs and NBFCs (including HFCs). The circular amongst other restrictions inter-
alia stipulates appointment of Statutory Auditors for a continuous period of 3 years and thereafter,
reappointment in the same entity would not be eligible for six years (two tenures). The company will
take steps to comply with the circular as necessary.
Internal Auditors
The Board had appointed M/s. M.M. Nissim & Co. as the Internal Auditors for the financial year ended
March 31, 2021.
Secretarial Audit
The Board had appointed M/s. Manish Ghia & Associates, Company Secretaries, as Secretarial Auditor
of the Company for the financial year ended March 31, 2021. A report issued by the Secretarial Auditors
is attached herewith as Annexure IV. The Secretarial Audit Report does not contain any qualifications,
reservations and adverse remarks.
Prevention of Sexual harassment of Women at Workplace
The Company has framed a Policy on Prevention of Sexual Harassment at workplace. There were no
cases reported during the year ended March 31, 2021 under the Policy. The Company has complied
with the provisions relating to the constitution of Internal Complaints Committee under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings / Outgo
A. Conservation of energy
(i) Steps taken or impact on conservation of energy:

The operations of your Company are not energy-intensive. However, adequate measures have been
initiated for conservation of energy:
• Quarterly /Periodic maintenance of Air Conditioners are carried out for better performance
and to control power consumption across branches.
• Electrical Planned Preventive Maintenance is performed at the branches to ensure that the
health of the Electrical set-up is maintained which in turn conserves energy.
• changed the HVAC schedule running operation which reduces the unnecessary running of Air
conditioner.
ECL Finance Limited
• Replaced the normal lighting fixture with LED fixtures with low kw rating with same Lux level
which reduced the lighting load.
(ii) the steps taken by the Company for utilising alternate source of energy – though the operations of
the Company are not energy intensive, the Company shall explore alternative source of energy, as
and when the necessity arises.
(iii) the capital investment on energy conservation equipment - Nil
B. Technology absorption
(i) The efforts made towards technology absorption:
The following efforts have been taken towards technology absorption:
a) The Company is continually working towards streamlining & optimizing the business
workflows via technology absorption for most of the business functions & operations of the
Company;
b) Majority of legacy applications have been, either consolidated, or decommissioned; & have
been replaced with digital workflows & modern technology solutions;
c) Engineering of better technology solutions & elimination of fragmented applications, legacy

applications, or applications functioning in silos; a continuous process; shall continue in-
parallel; so that there are no outages & zero business continuity risks;
d) The Company is continually working towards digitization & digitalization across various
business verticals;
e) The Company has adopted a cloud-first approach, for all of its existing & future applications;
with a keen intent of optimizing technology spends & embracing cutting-edge tech stack.
(ii) The benefits derived like product improvement, cost reduction, product development or import
substitution:
a) Reduction of data-loss during customer onboarding.

b) Consolidation of digital assets, storage & speedy retrieval.
c) Various product enhancements.
d) Cost & resource optimization of ownership & upkeep of multiple applications [manpower,
infrastructure, support, maintenance].
(iii) In case of imported technology (imported during the last three years reckoned from the
beginning of the financial year)
a) the details of technology imported

b) the year of import
c) whether the technology been fully absorbed; and
d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof:
ECL Finance Limited

- Not Applicable
(iv) The expenditure incurred on Research and Development:
a) We do not have a dedicated R&D division.
b) We have been adopting cutting edge technology stack (low-code / no-code development
platform, etc.) & unconventional models for solution engineering; for fastest go-to-market
product deliveries
C. Foreign exchange earnings and outgo
There were no foreign exchange earnings during the year under review. There was outgo of
₹413.21 million (previous year: Nil).
Other Disclosures
No disclosure is required in respect of the details relating to issue of Equity Shares with differential
rights as to dividend, voting or otherwise, sweat equity shares, as there were no transactions on these
matters during the year ended March 31, 2021. There were no significant or material order passed by
any regulator or court or tribunal which would impact the status of the Company as a going concern
and the operations in future. No material changes have occurred between the end of financial year i.e.
March 31, 2021 and the date of the report affecting the financial position of your Company. Further, no
fraud was reported by the Auditors under sub-section (12) of section 143 during the year under review.
The Company has complied with applicable Secretarial Standards issued by Institute of Company
Secretaries of India.
Deposits
The Company neither held any public deposits at the beginning of the year nor has it accepted any
public deposits during the year under review.
Whistle Blower Policy/Vigil Mechanism
The Company has established Vigil Mechanism (‘Whistle-blower Mechanism’) which envisages
reporting by directors and employees about their genuine concerns or grievances. The policy is
uploaded on the website of the Company at https://eclfinance.edelweissfin.com/investor-
relations/?Policies%20and%20Codes The Audit Committee of the Board of Directors of the Company
oversees the vigil mechanism.
Opinion of the Board with regard to integrity, expertise and experience (including the proficiency)
of the independent directors appointed during the year
The Company did not appoint any Independent Director during the year under review. However, in
the opinion of the Board, all the existing Independent Directors meets the standards of the Company
with regard to integrity, expertise and experience (including the proficiency). Further their name have
ECL Finance Limited

been included in the data bank created by IICA in terms of the Companies (Appointment and
Qualification of Directors) Fifth Amendment Rules, 2019 dated October 22, 2019.
Particulars of Employees
In terms of provisions of Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the details of remuneration
and compensation of the employees are to be set out as an annexure to the Board’s Report as Annexure
VI. With respect to the provisions of Section 136 of the Companies Act, 2013, the Annual Report
excluding the said information is being sent to the shareholders of the Company. Any shareholder
interested in obtaining such particulars may write to the Company Secretary of the Company at its
Registered Office address.
Debenture Trustees
SBICAP Trustee Company Limited Axis Trustee Services Limited

202, Maker Tower – E, Cuffe Parade, Mumbai 400 2nd Floor, E-Wing, Axis House, Bombay
005 and an office at Apeejay House, 6th Floor, 3 Dyeing Mills Compound, Pandurang
Dinshaw Wachha Road, Churchgate, Mumbai – Budhkar Marg, Worli, Mumbai - 400 025.
400020 Tel:- 022 2425 5215 / 5216
Tel: +91 22 4302 5530 Fax: +91 22 4302 5500 E-mail: debenturetrustee@axistrustee.com
E-mail: corporate@sbicaptrustee.com Website: www.axistrustee.com
Website: www.sbicaptrustee.com Contact Person: Chief Operating Officer.
Contact Person: Ms. Savitri Yadav
Beacon Trusteeship Limited

4 C& D, Siddhivinayak Chambers,
Gandhi Nagar, Opp. MIG Cricket Club
Bandra (East), Mumbai- 400 051
Tel: +91 22 26558759
Email: compliance@beacontrustee.co.in
Website: www.beacontrustee.co.in
Contact Person: Mr. Vitthal Nawandhar
Directors’ Responsibility Statement
Pursuant to Section 134 of the Companies Act, 2013 (the Act), your Directors confirm that:-
(i) in the preparation of the annual accounts, the applicable accounting standards have been followed;
(ii) they had selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2021 and profit and loss of the Company for the financial year ended
on that date;
ECL Finance Limited

(iii) proper and sufficient care had been taken for the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis;
(v) internal financial controls have been laid down and the same are adequate and were operating
effectively; and
(vi) they have devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.
Acknowledgments
The Board of Directors wish to acknowledge the continued support extended and guidance given by
Reserve Bank of India, Securities and Exchange Board of India, Stock Exchanges, Ministry of Corporate
Affairs, Banks, other Government authorities and other stakeholders. The Board would like to
acknowledge the support of its clients and members. Your Directors would also like to take this
opportunity to express their appreciation for the dedicated efforts of the employees of the Company.
For and on behalf of the Board of Directors

ECL Finance Limited
Sd/- Sd/-
Rashesh Shah Deepak Mittal
Chairman & Managing
Managing Director & CEO
Director
DIN: 00008322 DIN: 00010337
June 10, 2021 June 10, 2021

Mumbai Mumbai
ECL Finance Limited

ANNEXURE I
MANAGEMENT DISCUSSION & ANALYSIS REPORT
MACRO ECONOMY: REVIEW AND OUTLOOK
Vladimir Lenin once said, “There are decades when nothing happens and there are weeks where
decades happen”. The year FY21 had many such weeks. It was a year which witnessed one of the
worst slowdowns in real GDP, but ironically one of the best for equity markets and corporate
earnings. We witnessed dooms day scenario, recession, recovery and a bull run - all in 12 months.
The COVID-19 pandemic has brought out the human spirit to adapt and survive even the most
challenging of times. In-fact, the crisis has compelled fiscal policy to be used more aggressively
in western world and elsewhere. This along with a large monetary support resulted in the global
monetary stance being very supportive to averting a prolonged slowdown.
India too mimicked the global response. While our lockdowns were undoubtedly more stringent,
the recovery in the unlocking phase has been robust with strong policy response from both
government as well as RBI. Central government has loosened its fiscal strings by expanding fiscal
deficit by ~5% of GDP and by increasing spending ~28% YoY. While initially during lockdown
spending was more towards providing relief and credit guarantee to MSMEs, it has pivoted
towards capex in the unlocking phase (H2FY21).
Further, RBI’s support has also been critical during the pandemic. RBI has generally kept system
awash with excess liquidity and brought down short term rates leading to significant vibrancy in
bond market. AAA corporate bond spreads are close to all time low now.
Going ahead, while the economy is recovering fast, the second COVID wave does pose near term
challenges and its impact is yet to pan out fully. However, global recovery remains strong and
should result in spill overs to India through trade, prices and flows channel. Macro-environment
thus augurs well for India’s business cycle as well as financial sector.
Overall Outlook
While near-term outlook is clouded owing to uncertainties of next COVID wave, we believe that
the medium term looks a lot brighter due to vaccination drive (largest in the world) being
underway, global recovery likely to remain strong, India’s own macro vulnerabilities remaining
low and domestic policy stance being most accommodative in a decade.
ECL Finance Limited

INDUSTRY STRUCTURE AND DEVELOPMENTS
Commercial Credit Markets
Banking Industry
FY21 has been a tough year for the banking system with continued slowdown in credit growth
and with the pandemic disrupting business operations, asset performance and profitability - all
on top of a lacklustre FY20. To better deal with the uncertainty of the situation, banks focused on
controlling asset quality, building provisioning buffer and raising capital.
In view of the lockdowns and continuing economic disruptions, RBI required banks/NBFCs to
offer moratorium for a period of three months upto May 2020 which was further extended by
three months. Banks saw moratorium requests in the range of 10-30%. To better deal with the
uncertainty of the situation, banks focused on building provisioning buffer and raising capital.
Furthermore, Supreme Court announced forbearance on recognition of bad loans from August
2020 until late March 2021. These measures, while definitely helping the stricken borrowers, also
resulted in muted performance of banks.
However, overall stress in the sector was lower than initial estimates and the next fiscal should
see gradual revival.
NBFC Industry
NBFCs, similar to banks, provided loan moratorium upto August 2020; post which recognition
was curtailed by Supreme Court dispensation. Asset and retail financiers saw moratorium
requests to the tune of 25-35% of assets.
While banks saw relief due to the first moratorium, non-bank lenders found themselves in a spot
initially. Customers of NBFCs and HFCs have been provided a moratorium but banks were
reluctant to extend relief on NBFC borrowings. However, the on tap liquidity measures provided
by the RBI provided adequate funding to NBFCs.
Post festive season, many NBFCs also saw an improvement in their collection efficiency and
restructuring requests were limited. Asset finance names would witness first post covid quarter
of significant disbursement growth in Q4FY21; some unwind in credit costs due to seasonal
recoveries; and better guidance/outlook on growth/credit costs. For large housing finance,
margin benefits are limited by a competitive loan pricing environment but mortgage segment
loan growth will continue as one of the highest in the financials landscape.
Assuming that the impact of the COVID wave would be contained soon, while the segment is not
entirely out of woods, comfortable capital position, control on asset quality and strengthened
liquidity management practices provide comfort. Within NBFCs, well run business models with
ECL Finance Limited

stronger balance sheets, prudent risk management practices and limited vulnerability to earnings
will emerge stronger.
Retail Finance
India has one of the lowest credit penetration among larger economies and retail credit presents
a large growth opportunity driven by long term trends of democratization of credit, rising
household incomes and increased consumption. However, in the near term, we expect growth
will remain challenging with players also tightening risk metrics to reflect the emerging realities
– for both banks and NBFCs.
In addition to retail mortgages, the other scalable area which has been a focus of all banks and
NBFCs is SME finance owing to the government guaranteed scheme. This segment, though is an
attractive offer for borrowers due to its lending cap, will pose challenges for lenders given
constant business disruptions due to external uncertainties. Inopportune use of the ECLGS
scheme without assessment of long term customer viability has the potential to compound up the
size of the problem for certain SME loans.
ECL FINANCE OVERVIEW
A Diversified NBFC
ECL Finance Limited (ECLF) was incorporated on July 18, 2005 as a wholly owned subsidiary of
Edelweiss Financial Services Limited (EFSL). It is a Systemically Important Non-Deposit taking
Non-Banking Financial Company (NBFC-ND-SI) registered with the Reserve Bank of India. ECLF
is primarily engaged in the business of financing, corporate lending, lending to individuals and
investments.
Our Company has obtained a certificate of registration dated April 24, 2006 bearing Registration
No. N- 13.01831 issued by the Reserve Bank of India under section 45 IA of the Reserve Bank of
India Act, 1934, to commence/carry on the business of Non-Banking Financial Institution not
accepting public deposits subject to the conditions mentioned in the Certificate of Registration.
At ECLF, we offer a wide range of products and services for Retail as well as Corporate as well
as Clients with a clear focus on client requirements while designing our products.
We are part of the Edelweiss Group which is one of India’s prominent financial services
organization having businesses organized around three broad business groups:
• Credit business including Retail Credit and Corporate Credit,
• Credit business including Retail Credit and Corporate Credit
• Wealth Management, including Wealth Management and Capital Markets
• Asset Management including private markets and public markets
• Asset Reconstruction, and
ECL Finance Limited

• Insurance including Life and General Insurance
Today, ECLF is a Rs. 189.79 billion asset base company with presence in all the significant areas
of retail credit businesses including SME and Loan Against Property, and corporate credit
business. A broad range of products allows it to address a considerable part of the financial needs
of a diverse set of customers.
As a result of our strategy of calibrated growth along with prudent risk management, ECLF has
demonstrated a strong track record of growth over last several years though FY20 has been muted
due to multiple challenges being faced by NBFC industry in India in the recent past.
Financial Performance Highlights

While the economic slowdown and liquidity crunch affected the performance of NBFCs/HFCs
during FY20, COVID-19 pandemic coming in towards the end of FY20 continued to cast shadows
on their performance during most part of FY21. Just when the Q4FY21 was beginning to look
brighter, we have found ourselves in the midst of the second COVID-19 wave. Our company,
therefore, continued to focus during the year on risk management including control over asset
quality and liquidity management. However, our strong business fundamentals have enabled us
to withstand the headwinds faced by NBFC industry. At the same time, we devoted the year to
improving productivity of our employees, deploying technology to enable our employees to cater
to all the needs of the clients while working from home and ensuring quality of credit and
customers.
Financial Highlights For FY 21

A summary of our Standalone FY21 financial highlights is as under:
• Total Revenue Rs.20,120 million (Rs.36,177 million for FY20), down 44.38%
• (Loss)/Profit after Tax Rs. 22.35 million (Rs. (14,145) million for FY20),
• Networth Rs. 19,010 million (Rs. 20,031 million at the end of FY20)*
• Return on Average Equity 0.09% (NA for FY20)
• Return on Average Assets 0.01% (NA% for FY20)
• (Loss per share)/EPS Rs.0.01 (Rs. (6.61) for FY20) (FV Rs.1.00 per share)
*net of Deferred Tax Assets.
INCOME
Fund Based Revenue

Fund based revenue comprises of interest income and revenue from treasury and dividend
income.
Interest income continued to be a major contributor to the gross revenue from Operations at
Rs.17,511 million as against Rs. 33,730 million during the previous year, constituting around
ECL Finance Limited

87.0% of the total revenue from operations. Decrease in interest income is due to reduction in
average loan book during the year.
Revenue from treasury and dividend income were stood at Rs.1,551 million as against Rs 1,049
million during the previous year, constituting 7.7% of total revenue from operations.
Fee & Commission

Our fee & commission revenue was Rs.850 million for the year, compared to Rs. 1,369 million in
FY20, down 37.9%.
Net Revenue
For NBFCs, like banking industry, the concept of Net Revenue (net of interest cost) is another
way of analyzing the performance. This is because interest cost, as with all Banks and large
NBFCs, should reflect above the expenses line. On a net revenue basis, our fee & commission for
FY21 was Rs.850 million (Rs.1,369 million for FY20) and Interest Income and Fund based revenue,
i.e. net of interest cost, all the interest cost being for fund based revenue, was Rs.2,202 million (Rs.
10,514 million for FY20). Thus, the total net operating revenue for FY21 was Rs. 3,052 million (Rs.
11,883 million for FY20), down 74.3%. In addition, the Other Income for FY21 was Rs.208 million,
compared to Rs.28 million in FY20.
EXPENSES
Our total costs for FY21 was Rs.21,722 million (Rs. 53,852 million in FY20), down by 59.7%.
Credit Cost
During the current year, the Company has recorded for the year ended March 31, 2021, an amount
of Rs. (4,179.44) millions towards impairment on financial instruments, Rs. 3,724.22 towards loss
on derecognition of financial instrument.
Employee benefit expenses

Employee benefit expenses for FY21 were Rs.1,012 million (Rs.1,736 million in FY20), down by
41.7%.
Other expenses
Other expenses including depreciation and amortisation for FY21 were Rs.4,303 million (Rs. 4,495
million in FY20), down by 4.27%.
PROFIT AFTER TAX
The company has posted profit after Tax of Rs.22.35 million for FY21 against loss after tax of Rs.
14,145 for FY20.
ECL Finance Limited

The company has not paid any dividend in FY21.
Analysis of Profitability
The company has posted profit after Tax of Rs.22.35 million for FY21 which has improved from
FY20 lower credit cost during FY21 partially offset by lower net interest income in FY21.
Balance Sheet Gearing

For an NBFC like ECLF, financial capital is one of the most important resources. We believe that
a strong balance sheet imparts unique ability to our company to be able to meet demands of our
large clients, capture any episodic opportunities and be able to raise debt capital whenever
required. ECLF has a total net worth of Rs.19.01 billion as at the end of FY21 compared to Rs.
20.03 billion at the end of FY20. Amount of debt on the Balance Sheet as on March 31, 2021 was
Rs.159.56 billion (Rs. 201.60 billion as on March 31, 2020), a Gearing Ratio of 4.24 times. Excluding
the asset specific borrowings against government securities, the Net Gearing Ratio is ~4.00 times.
The gross Balance Sheet size at the end of FY21 was Rs.189.79 billion compared to Rs.233.63 billion
a year ago.
ANALYSIS OF SIGNIFICANT CHANGES IN FINANCIAL RATIOS
As per the recent amendments to the SEBI Listing Obligations and Disclosure Requirements
(LODR), we give below additional information in respect of financial parameters that are
applicable to our company:
Details of significant changes (i.e. change of 25% or more as compared to the immediately
previous financial year) in key financial ratios, along with detailed explanations therefor,
including:
(a) Debt Equity Ratio 4.24 at the end of FY21 compared to 5.44 at the end of FY20. This was due
to lower borrowings on the back of degrowth in the credit book and issuance of Compulsory
convertible debentures to CDPQ which is being added to equity while arriving at Debt Equity
ratio.
(b) Operating Profit Margin, Net profit margin and Return on Average Equity are in positive on
the back of posting of profit by the company in FY21 compared to respective ratios in FY20.
Other parameters, namely Debtors Turnover, Inventory Turnover, Interest Coverage Ratio and
Current Ratio, are not applicable to our company.
ECL Finance Limited

BUSINESS SEGMENT-WISE PERFORMANCE HIGHLIGHTS
Brief highlights of our business performance in FY20 are as under:
Credit Business
Credit business of ECLF offers retail credit including SME, Agri and LAP loans, ESOP & IPO
funding, and corporate credit including structured collateralised loans and real estate developer
finance.
At Edelweiss, we have built a significant competitive position in the credit business that is spread
across wholesale and retail finance segments. It has both robust size and scalability. Our growth
aspiration is fueled by a deep understanding of customer needs and an innovative product suite
aligned to meet their requirements. Our competitive edge will come from investments in direct
technology platform and next generation data analytics as we scale across SME, agri-loans and
rural finance etc.
Total gross credit book of ECLF stands at Rs.86.34 billion at the end of this year compared to
Rs.136.32 billion at the end of previous year.
The composition of Credit Book as on March 31, is as under:

(Rs. In billion)
Product/Segment As at March 20 As at March 21
Agri Commodities 1.31 0.85

Loan against Properties 17.92 10.71
Loan against Securities 12.16 2.27
SME & Others 17.69 11.03

Structured Collateralised Credit 28.80 14.54
Wholesale Mortgages 58.44 46.93
Total Credit Book 136.32 86.34
The asset quality of the overall credit book continued to remain under control in spite of
headwinds with Gross NPLs at 7.23% and Net NPLs at 6.34% as on March 31, 2021 compared to
3.76% and 3.27% respectively a year ago. The specific Provision Coverage Ratio (PCR) on Gross
NPLs was 12.33% at the end of FY21 compared to 13.54% at the end of FY20. Total Provision
Cover including the expected credit loss provision on stage I and II assets is 84.54% at the end of
this year compared to 158.58% at the end of FY20.
ECL Finance Limited

We continue to focus on risk management and achieving growth in the book without diluting
risk standards. Thus we have been able to maintain stable asset quality across cycles in spite of
headwinds and gradual transition to 90+ days past due (DPD) norms from 180+ DPD since April
01, 2015.
Wholesale Book Reduction

We are continuously working on execution of our stated strategy to reduce wholesale exposure,
our gross credit book is further reduced by ~Rs.50 billion from Rs.136 billion to Rs.86 billion in
March 2021 which is largely contributed by reduction in wholesale credit book and one of
reduction in certain retail products (such as LAS, ESOP Finance, Agri Finance, MTF, etc) in which
we made strategic choice to exit. Wholesale credit book reduction is achieved, by moving
wholesale loan assets to the asset management plat form such as (a) AIF where we can organize
for last mile funding, and (b) ARC sales where the ARC is a better platform because of inherent
resolution/recovery capability. Further, to fast track execution of wholesale credit book
reduction, a special project team (called UV) has been formed to finalize the account strategies
and execute on the same. This has seen progress with multiple challenging assets. This reduction
of the wholesale book will lead to capital being released that will be utilised for growing a
profitable SME book. Additionally, The Company is also leveraging on the Group expertise and
building a strong treasury function that should enable improved earnings.
BALANCE SHEET MANAGEMENT
For any large NBFC like ours, its capital forms the most important resource, besides the human
capital. From its earliest days, ECLF has recognised this and has always focused its energies in
creating a strong and liquid balance sheet. A strong balance sheet also enables us easier access to
market borrowings on the back of a strong credit rating. The Government Securities amounting
to Rs.8,636.41 million that we hold in our Investment Portfolio help us in the liquidity
management as we are able to borrow on an overnight basis from CBLO market against these
securities. A liquid balance sheet simultaneously enables ECLF to redeploy capital efficiently
towards business opportunities that appear at short notice.
With enhanced monitoring of liquidity cushion, we could successfully navigate the liquidity
crunch in the second half of FY21 meeting our entire maturing obligation on time or even ahead
of time in some cases.
Liabilities Profile in Sync with Asset Profile

ECL Finance ltd has consistently maintained an adequate liquidity cushion on the balance sheet
and have consciously reduced the dependence on short term money market borrowings.
FY20-21 witnessed ECLF contracting Rs.18 billion of medium to long term debt (NCDs) with
Banks. The outstanding amount of Market Linked Debentures as at the end of FY21 was Rs.587.24
ECL Finance Limited

crores. In addition, our sanctioned lines of credit from a consortium of banks were Rs.135.95
billion at the end of FY21 compared to Rs.152.25 billion at the end of FY20. The consortium of
banks extending credit facilities to ECLF is led by the Union Bank of India.”
Diversification of Sources of Funding

We have a diversified source of borrowings comprising of lenders such as Banks, Life Insurance
companies, Pension and Provident Funds, HNI’s and International Investors.
We continue to focus on raising long term borrowings from diversified sources to fund the
business growth.
As a result, we have a comfortably matched ALM profile.
Capital Adequacy Ratio

As per the Non-Banking Financial Companies Prudential Norms stipulated by Reserve Bank, all
NBFCs–ND–SI are required to maintain a minimum Capital to Risk-weighted Assets Ratio
(“CRAR”) of 15%. Our CRAR over the period of last three years is as under:
Particulars as on March 31, 2019 March 31, 2020 March 31, 2021
C R A R prescribed by RBI % 15 15 15
Total CRAR 19.27% 21.02% 25.29%
Out of which:
Tier I 14.27% 10.51% 13.70%
Tier II 5% 10.51% 11.59%
OPPORTUNITIES
Financial services in India continue to offer enormous and scalable opportunities for companies
like our company as under notwithstanding the recent economic downturn worsened by a
prolonged Pandemic as the long-term growth story of India remains intact:
• Democratisation of credit, aspirations of younger population, household savings moving to

investments and increasing number of Demat accounts will continue to present growth
opportunities for companies like ours.
• The monsoon is predicted to be normal for the third year in a row which will boost farm
sentiments and improve overall prospects of an economic revival.
ECL Finance Limited

THREATS
While the economy is gradually coming out of the shadows of the pandemic, following threats
cannot be ruled out and these, if they materialize, could reverse the current revival of the
economy including NBFC sector in India:
• A prolonged second COVID-19 wave may reverse recovery of macro-economy,
domestically as well as globally.
• If the current challenges for NBFCs to source liabilities do not resolve soon, growth will continue
to be a challenge for the sector.
• Any abnormal surge in oil prices or weak monsoon or further delay in revival of capex cycle
can also inhibit growth.
OUTLOOK & STRATEGY
While the GDP growth forecast for FY22 is robust, threats as outlined above can quickly derail
the current momentum of the economy. Though we are in the midst of another Covid-19 wave,
we are also going through the biggest vaccination program that the world has seen. Hopefully,
impact of the second wave will not be as severe as the first one. Our confidence in the long-term
India story continues to remain intact and growth opportunities will come back sooner than later.
As we look forward, we will continue to focus on culture, people, nurturing and scaling our
business. At the same time, we will also see some new paradigms of focus – process and
institutionalization and tech-oriented thinking.
As the economy gains traction gradually, we are well-placed to take advantage of this India
growth cycle. With strong capitalisation, tailwinds from the economy and the inherent strength
of our business, we are looking at an exciting and fulfilling journey ahead.
ENTERPRISE GROUPS
The business of ECLF is controlled and supported by a core of Enterprise Groups that provide
consistent quality and rigour to key process functions. While ECLF itself is responsible and
equipped with management of enterprise functions, it also draws upon the support from and
expertise available at the Group level. Various steps taken by us to improve efficacy of Enterprise
functions are detailed below.
GOVERNANCE
Governance is at the heart of everything we do and it transcends beyond compliance extending

to ethics and values as well because we believe that well governed organisations tend to last
longer. Governance to us means Trust covering Ethics & Integrity, Legitimacy encompassing
ECL Finance Limited

Transparency, Authenticity and Fairness, Accountability including Decision making,
responsiveness, Competence highlighting Simplicity, and above all Respect for letter and spirit
of law.
Our Board plays vital role in ensuring highest Governance level within the company by setting
tone from top throughout the fabric of our organisation. They set higher standards on ethics,
integrity, transparency and fairness leading us to build good framework for conduct, behaviour
and process oversights at all levels.
In order to promote good governance culture, we have self-defined rules for good behaviour and
conduct at individual as well as at entity levels covering issues of Conflict of Interest, Insider
Trading, dealing with sensitive information etc. Learning from the recent past, we are refining
some of practices to facilitate smooth functioning while working from home through use of
technology ensuring that best in class compliance standards are met always.
RISK MANAGEMENT
Risk management is integral part of business at Edelweiss. The good risk management practices
of the Group have facilitated navigating through environmentally turbulent times. Respect for
Risk is central to every business decision at Edelweiss. Simple questions are to be answered
before every decision, i.e., "Is it worth it?” and "Can we afford it?”. This principle-based approach
has stood well in protecting the organisation from vagaries of external world.
While we have been managing various risks, a need for holistic approach to risk management led
us to embrace the Enterprise Risk Management (ERM) framework sometime back at the Group
level. This framework has helped us strategically benchmark our practices across different
business lines to the best in class levels. We have also put in place an in-house “Eleven-risk
framework” to formalize the process of Assess, Avoid, Manage and Mitigate risks across business
verticals in a continuous manner.
The risk governance structure at Edelweiss Group includes Board Risk Committee, Global Risk
Committee, Enterprise Risk Management (ERM) Council, Corporate Risk & Assurance,
Investment Committees, Credit Committees & Business Risk Groups. While all the Group entities
follow and implement the central philosophy of Risk Management, following the needs of our
entity, the Business Risk Group within ECLF has been further strengthened.
Risk Culture is of paramount importance to Edelweiss Group. We have taken multiple initiatives
to further improve and strengthen the Risk Culture through the organisation. Appropriate risk
behaviour is recognized and applauded through specific reward and recognition programs.
ECL Finance Limited

Recently, the whole world has faced a tail risk event of COVID-19 Pandemic. Coupled with
national lockdown, this event necessitated unique approaches to mitigate different types of risk.
Our advance preparation along with technology enablement in utmost agility ensured almost all
our critical staff could work from home seamlessly for business continuity and serving customer
deliverables.
In the short term, we are focused towards fighting the battle against COVID-19 and work is
happening on different fronts for ensuring that we adapt to the New Normal going forward as
expeditiously as possible.
We have the business risk team within our company which ensures implementation of risk
philosophy and practices of Edelweiss Group at business level. Our risk team also ensures that
necessary action is taken to make certain that identified risks are adequately addressed.
Key Risks
ECLF deals in multiple asset classes and client segments and is thus exposed to various risks that
can be broadly classified as follows -
Credit Risk
The credit risk framework of ECLF ensures prior and periodic comprehensive assessment of
every client, counterparty and collateral. Exposure limits are sanctioned to counterparties based
on their credit worthiness. Credit risk monitoring mechanism ensures that exposure to clients is
diversified and remains within stipulated limits. Careful selection of quality and quantum of
collateral is key for a client limit. Effective credit risk management has enabled us to steer through
the current environmental stress conditions without any major impact.
Market Risk
ECLF faces the usual market risks on the liabilities as well as assets side. In order to monitor such
market risk, a comprehensive set of reports and limits has been put in place that track positions,
value at risk and duration of assets. The risk framework ensures that the risks are monitored and
necessary timely action is taken for every single instance of breach, in case they occur.
Additionally, the asset liability mismatch and collateral margins are regularly assessed. Liquidity
requirements are closely monitored and necessary care is taken to maintain sufficient liquidity
cushion for maturing liabilities and for any unforeseen requirements. We also ensure
diversification in source of borrowing to reduce dependence on a single source. We also pro-
actively modify our liabilities profile in sync with the changing assets profile to ensure that we
do not carry any material asset liability mismatch.
Operational Risk
ECL Finance Limited

Operational risk framework of ECLF is designed to balance and check operational risk at key
manifestation points. In addition to defining new processes, we constantly review all critical
processes to proactively identify weak controls and strengthen the same.
All of the above will also help us in ensuring our compliance with Companies Act 2013
requirement of “adequate internal financial controls system and operating effectiveness of such
controls”.
Fraud Risk
Business environment, increasing complexities and sophistication of technology makes us
vulnerable to both internal & external fraud risks. At Edelweiss Group level we have defined and
implemented an anti-fraud framework which lays emphasis on proactive reporting & early
detection of incidents and which is also followed by us. Trainings & campaigns ensure that
Edelites are cognizant of this risk. More specifically, for ECLF, due diligence on borrower’s
income, KYC and title reports is carried out strictly as per laid down policy to ensure frauds are
avoided.
Business Continuity Risk

Pandemic, natural calamities like fire, floods, earthquakes, acts of terrorism can adversely impact
continuity of business. Such events expose to risks of loss of customers / business, data.
ECL Finance has BCP – Business Continuity Plan in place to mitigate such exigencies. We
continuously test check and review the processes. In Covid-19 pandemic, for more than a year
now, ECL Finance has shown tremendous flexibility in all processes. All our processes were
tested and suitably strengthened in Work From Home Covid environment.
Information and Cyber Risk

Company continues to adopt the best industry practices. With adoption of standard practices,
close monitoring and quick response team; ensures Information and Cyber Risks are mitigated.
Company has strengthened the data protection to enable work from home and mitigate new
cyber threats arising from remote working scenario
Covid-19 Risk
The Covid-19 pandemic is a biggest test for World Economy. Pandemic will have an
unprecedented macro-economic shock to financial systems.
ECL Finance focused on being proactive and conducted periodic portfolio reviews and took
suitable measures to mitigate the risks arising from such events.
Our paranoia about risk management has helped us to steer though environmental stress in
recent times without a major impact.
ECL Finance Limited

INTERNAL CONTROL POLICIES AND THEIR ADEQUACY
Edelweiss Group has institutionalised a strong compliance culture across all the business entities
recognising that transparency and trust amongst all its stakeholders can be achieved only through
this. We believe compliance is the cornerstone of good corporate citizenship.
The internal controls at Edelweiss are commensurate with the business requirements, its scale of
operation and applicable statutes to ensure orderly and efficient conduct of business. These
controls have been designed to ensure reasonable assurance with regard to maintaining proper
accounting controls, substantiation of financial statements and adherence to IND AS
requirements, safeguarding of resources, prevention and detection of frauds and errors, ensuring
operating effectiveness, reliability of financial reporting, compliance with applicable regulations
and relevant matters covered under section 134 (5) (e) of the Companies Act 2013.
Internal Audit
Internal Auditors follow Standards on Internal Audit along with guidelines issued by regulators
and ensure compliance with section 138 of the Companies Act 2013, read with Rule 13 of the
Companies (Accounts) Rules, 2014, as amended and notified from time to time. The Internal
Audit function operates under the supervision of the Audit Committee of the Board.
The internal audits are carried out by external professionals who provide independent view and
assurance by assessing the adequacy and effectiveness of internal control, compliance to internal
and external guidelines and risk management practices. Internal Audit reports are reviewed by
the Audit Committee of the Board.
HUMAN RESOURCES
Crisis begets opportunity and It is the strength of our people that has turned the pandemic and
volatile economic environment into opportunity with their energy, persistence and agile
thinking. Along with this, anchored to our guiding principles, our culture and values continue to
guide our choices and keep us resilient.
Edelweiss’s biggest strength has always been its people. They are always at the core of all designs,
initiatives and programs in creating better experience through their life cycle of hiring,
engagement, development.
Edelweiss Group is a cross-cultural mosaic and our strength lies in our diversity everywhere,
within teams and across the organisation. Our diversity makes us stronger by bringing in fresh
ideas, perspectives, experiences and fostering a truly collaborative workplace. The sense of
ownership each one of us has displayed over the years is a testament to the culture of
entrepreneurship we have tried to foster in Edelweiss. We share the Edelweiss group HR
philosophy.
ECL Finance Limited

Our policies provide greater flexibility, equipping our employees to contribute with same or
better productivity and engagement levels. A significant component of our value-based culture
is also commitment to acknowledge and appreciate efforts of employees through extensive
recognition programs.
Our offices are reimagined and repurposed to support work from home and hybrid work
feasibility enabling employees to connect, collaborate, manage work interactions with a mix of
remote, onsite and hybrid workforce, as well as with the clients.
Developments on HR front in FY21 are summarised below:

• We ended FY21 with a headcount of 465 as of March 31, 2021.
• As growth comes back gradually in the New Normal of post COVID-19 scenario, we will
be in a position to meet the challenges of increasing scale and complexity of our business
as well as future business growth.
A significant component of our value based culture is our commitment to acknowledge and
appreciate efforts of our employees through recognition programs that honor exemplary risk
management, collaboration, customer centricity, people development, technology and
innovation.
Taking care of our people with a framework that is fair, collaborative, compliant and responsive,
Edelweiss represents a winning combination of people, opportunities and development.
People Practices during COVID-19 Pandemic

At the start of 2020, COVID-19 Pandemic came with specific challenges and a New Normal in the
way of working. Our advanced planning and unique approaches helped us to address it
promptly.
Employee safety being of utmost importance in this crisis, almost all critical staff were enabled to
work from home with the help of technology. It further enabled employees to maintain their
productivity to support business continuity, service internal and external stakeholders and
customers.
We continued to remain grounded in our culture of care and our commitment to employee safety
and wellbeing. During this pandemic, we made medical coverage for Covid-19 accessible early
on for all employees and their dependent family members. As a family, through round-the-clock
support from our Incident Room, working towards arranging for emergency services, employee
outreach programs and 24*7 counselling services, we hope to support our employees in the best
possible way.
ECL Finance Limited

TECHNOLOGY
Leadership
In the changed context, virtual leadership emerged to ensure that plans, decisions, information,
and accomplishments are shared to motivate team members while sustaining connection, trust,
and engagement with team members through frequent check-ins.
Our tiered Edelweiss Group Leadership Program in businesses continues to build capacities to
nurture top talent in entry and mid-level. Focus on Senior leadership cohort continues to build a
strong thinking body which acts as catalyst to shape our strategy. We are a part of this Group
Leadership Programme.
Technology resiliency
The key pillars of Edelweiss Group technology resiliency have been:
- Cloud adoption: Migrating to the cloud ensured high availability, scalability and resiliency of
our business applications with employees being able to securely access from anywhere, using
any device and at any time
- Unified collaboration suite: Deployment of a unified collaboration suite helped improve the
employee productivity
- Intelligent Automation: This enabled us to develop new experiences and deliver process
changes rapidly through low code software development tools
- Artificial Intelligence: Leveraging advanced Machine Learning algorithms, we have
deployed over 20 models for evaluating risks, performing AML checks, doing customer KYC,
identifying frauds, etc. in the Group companies thereby building efficiencies in our business
Information Security
During the height of the COVID-19 global pandemic, the threat landscape reached a critical
tipping point that will change cybersecurity forever. The new work-from-home reality brought
about exponentially greater attack surfaces to introduce an untold number of new vectors and
infinite opportunities for disruption. In order to cater to this changing landscape, we have moved
away from the traditional castle-and-moat security model to zero trust security model. This new
model requires strict identity verification for every person and device trying to access resources
on a private corporate network, regardless of whether they are sitting within or outside of the
corporate network perimeter.
Cloud-scale infrastructure and widely available attacker tools (PowerShell, Mimikatz and Cobalt
Strike, all developed for legitimate use), combined with anonymous payment via Bitcoin, are
tilting the playing field and arming threat actors of all sizes. Hence, enhancing the Cloud security
framework and governance at Edelweiss Group will continue to be a priority area for the year.
Further, we have implemented state-of-the art security solutions for data classification, data
protection, data loss prevention, advanced threat protection, zero-day protection….etc. For
ECL Finance Limited

customer data, we have gone the extra mile where all our customer data is well identified and
encrypted at rest and in-motion (from storage to transmission). Data protection and privacy will
continue to be the focus area for the year ahead.
Also on IT Governance, We will continue to focus on process standardisation and strengthen our
governance practices to ensure the right balance of efficiency, risk and compliance.
CUSTOMER EXPERIENCE
At Edelweiss, Customer Experience (CX) is regarded as a key pillar of business success in true
spirit.
With this motto in sight, we have continued to build a culture of customer-centric business. To
drive this agenda, we have also implemented various measures including digital upgrade.
Through these efforts, we are responding to evolving customer needs, and institutionalizing these
processes across the organisation, to ensure a superlative experience for all our customers,
throughout the value chain.
Cautionary Statement
Statements made in this Annual Report may contain certain forward-looking statements, which are
tentative, based on various assumptions on the Edelweiss Group's and ECLF’s present and future business
strategies and the environment in which we operate. Actual results may differ substantially or materially
from those expressed or implied due to risks and uncertainties. These risks and uncertainties include the
effect of economic and political conditions in India and internationally, volatility in interest rates and in
the securities market, new regulations and Government policies that may impact the Company's businesses
as well as the ability to implement its strategies. The information contained herein is as of the date referenced
and the Company does not undertake any obligation to update these statements. The Company has obtained
all market data and other information from sources believed to be reliable or its internal estimates, although
its accuracy or completeness cannot be guaranteed. The discussion relating to financial performance,
balance sheet, asset books of the Company and industry data herein is reclassified/regrouped based on
Management estimates and may not directly correspond to published data. The numbers have also been
rounded off in the interest of easier understanding. Numbers have been re-casted, wherever required. Prior
period figures have been regrouped/reclassified wherever necessary. All information in this discussion has
been prepared solely by the company and has not been independently verified by anyone else.
********************
For and on behalf of the Board of Directors ECL Finance Limited
Rashesh Shah
Sd/-
Chairman & Managing Director
DIN: 00008322
June 10, 2021
ECL Finance Limited

Annexure II
Remuneration Policy
Objective
The Companies Act, 2013 (‘the Act’) requires a Company to frame policy for determining the
remuneration payable to the Directors, Key Managerial Personnel (KMPs) and other
employees. While appointing the Directors, the Nomination and Remuneration Committee,
considers qualification, positive attributes, areas of expertise and number of Directorships in
other companies and such other factors as it may deem fit. The Board considers the
Committee’s recommendation, and takes appropriate action.
The objective of the Remuneration Policy (the Policy) of the Company is to provide a
framework for the remuneration of the Independent Directors, Non-executive Directors,
Managing Director/Executive Directors, KMPs, and other senior level employees of the
Company.
The objective of this Policy is to ensure that:
i. the level and composition of remuneration is reasonable and sufficient to

attract, retain talent required to run the company successfully;
ii. relationship of remuneration to performance is clear and meets appropriate

performance benchmarks; and
iii. remuneration to the Directors, KMPs and senior management comprises a

balance of fixed and incentive pay reflecting short and long-term performance
objectives appropriate to the working of the Company and its goals.
Remuneration of the Independent Directors & Non- executive Directors
 The Independent Directors & Non-executive Directors are eligible for sitting
fees for attending the meetings of the Board and the Committees thereof.
 The Independent Directors & Non-executive Directors are also eligible for
commission, subject to limits prescribed under the Act and the Rules framed
there under.
 The Independent Directors are not eligible for stock options.
 The Non-executive Directors (other than promoter Directors) shall be eligible

for stock options.
Remuneration of the Managing Director & Executive Directors
 The remuneration of the Managing Director/Executive Directors is

recommended by the Nomination and Remuneration Committee (‘NRC’) to the
Board. Based on the recommendations of the NRC, the Board determines and
ECL Finance Limited
approves the remuneration of the Managing Director/Executive Directors,
subject to necessary approvals, if any.
 The remuneration paid to the Managing Director/Executive Directors is within

the limits prescribed under the Act and approved by the shareholders of the
Company. The remuneration structure includes fixed salary, perquisites,
bonus, other benefits and allowances and contribution to Funds, etc.
 The Executive Directors (other than the promoter Directors) shall be eligible for
stock options.
Remuneration of the KMP (other than Executive Directors) and Senior level employees
 The key components of remuneration package of the KMP (other than

Executive Directors) and senior level employees shall comprise of fixed salary,
perquisites, annual bonus, other benefits and allowances and contribution to
Funds, etc.
 They shall be eligible for stock options.
Policy Review
 The Policy may be amended as may be necessary.
 The NRC shall implement the Policy, and may issue such guidelines,
procedures etc. as it may deem fit.
ECL Finance Limited

Annexure - III
Annual Report on Corporate Social Responsibility (CSR) activities for the Financial year 2020-21
[Pursuant to clause (o) of sub-section (3) of section 134 of the Companies Act,2013 and Rule 9 of the Companies (Corporate Social
Responsibility) Rules, 2014]
1. Brief outline on CSR Policy of the Company:

To leverage the capacity and capital to equip and enable the social sector achieve the greatest impact on the lives of the poor in India.
2. Composition of CSR Committee as at March 31, 2021:
Sl. No. Name of Director Designation / Nature of Directorship Number of Number of meetings
meetings of CSR of CSR Committee
Committee held attended during the
during the year year
1. Mr. Deepak Mittal Managing Director & CEO 2 2
2. Mr. P. N. Venkatachalam Independent Director 2 2

3. Mr. Kunnasagaran Chinniah Independent Director 2 1
3. The web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of
the Company:
https://eclfinance.edelweissfin.com/investor-relations/?Our%20Financials and
https://eclfinance.edelweissfin.com/investor-relations/?Policies%20and%20Codes
ECL Finance Limited

Registered Office: Edelweiss House, Off C.S.T. Road, Kalina, Mumbai – 400 098. Tel No.: +91 22 4009 4400 www.edelweissfin.com
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social
responsibility Policy) Rules, 2014, if applicable: No impact assessment has been carried out since there are no projects that have completed
3 years excluding the date of commencement.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy)
Rules, 2014 and amount required for set off for the financial year, if any:
Sl. No. Financial Year Amount available for set-off from preceding Amount required to be set-off for the
financial years (in Rs) (in million) financial year, if any (in Rs) (in million)
1 2017-18 Nil Nil
2 2018-19 Nil Nil
3 2019-20 Nil Nil
Total Nil Nil
6. Average net profit of the Company as per section 135(5): Rs. 3,227.8 million
7. (a) Two percent of average net profit of the Company as per section 135(5): Rs. 64.56 million
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(c) Amount required to be set off for the financial year, if any: Nil
(d) Total CSR obligation for the financial year (7a+7b-7c): Rs. 64.56 million
8. (a) CSR amount spent or unspent for the financial year:
Amount Unspent (in Rs.) (in million)

Total Amount Spent
Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule
for the Financial
Account as per section 135(6). VII as per second proviso to section 135(5).
ECL Finance Limited

Year. (in Rs.) (in
million)
Amount. Date of transfer. Name of the Fund Amount. Date of transfer.
64.56 Nil Nil Nil Nil Nil
(b) Details of CSR amount spent against ongoing projects for the financial year: Refer Annexure A
(c) Details of CSR amount spent against other than ongoing projects for the financial year: Refer Annexure B
(d) Amount spent in Administrative Overheads: Nil
(e) Amount spent on Impact Assessment, if applicable: Nil
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): Rs. 64.56 million
(g) Excess amount for set off, if any:
Sr. No. Particular Amount (in Rs.) (in million)

(i) Two percent of average net profit of the company as per section 135(5) 64.56
(ii) Total amount spent for the Financial Year 64.56
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the Nil
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil
ECL Finance Limited

9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sl. No. Preceding Amount Amount spent in Amount transferred to any fund Amount
Financial Year. transferred to the reporting specified under Schedule VII as per remaining to be
Unspent CSR Financial Year (in section 135(6), if any. spent in
Account under Rs.) (in million) succeeding
Name of Amount (in Date of
section 135 (6) (in financial years.
the Fund Rs) (in transfer.
Rs.) (in million) (in Rs.) (in
million)
million)
1. 2017-18 Nil 96.92 - - - -
2. 2018-19 Nil 125.54 - - - -
3. 2019-20 Nil 196.60 - - - -
Total Nil 419.06 - - - -
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not applicable
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. No. Project ID. Name of the Financial Project Total amount Amount Cumulative Status of the
Project. Year in duration. allocated for spent on the amount spent project -
which the the project project in the at the end of Completed
project was (in Rs.). reporting reporting /Ongoing.
commenced. Financial Financial
Year (in Rs). Year. (in Rs.)
NIL
ECL Finance Limited

10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the
financial year: (asset-wise details):
Refer Annexure C
11. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per section 135(5): Not applicable

ECL Finance Limited
Sd/-
Deepak Mittal
Managing Director & CEO and Chairman of CSR Meeting
DIN: 00010337
Mumbai
June 10, 2021
ECL Finance Limited

Annexure A
1 2 3 4 5 6 7 8 9 10 11
Amount
Item
transferred
from Amount
Area Project Amount to unspent Mode of
List of spent in
S. Name of (Yes/ durati allocated CSR impleme Mode of implementation
activitie Location of the
N CSR No) on for the account for ntation - through implementation
s in project current
o. project Loca (in project the project Direct agency
Schedul financial
l years) (INR) as per (Yes/No)
e VII to year
Section
the Act
135(6)
CSR
Distr
State Name registration
ict
no.
Sustainab
le Effort
for
Financial
Liveliho Rajasth Barm EdelGive CSR000005
1 Empower No 3 No
od an er 71,42,580 71,42,580 - Foundation 14
ment of
Rural
Women
Artisans
Commun
ity led
Liveliho Rajasth Jodh EdelGive CSR000005
2 draught Yes 3 No
od an pur 55,89,000 55,89,000 - Foundation 14
mitigatio
n center
Project
L.O.V.E.
Educati Rajasth Udai EdelGive CSR000005
3 Learning No 1 No
on an pur 18,87,422 18,87,422 - Foundation 14
Organizat
ion for
ECL Finance Limited

Village
Excellanc
e
Improve
economic
condition
of the
marginal
farmers
and land
less
labourers
of
Malnad
region of
the Uttar
Liveliho Karnata EdelGive CSR000005
4 Western No Kann 3 No
od ka 45,89,079 45,89,079 - Foundation 14
Ghats ada
covering
Uttara
Kannada
District
through
financial
inclusion
and
entrepren
eurship
develop
ment
ECL Finance Limited

Improvin
g career
progressi
on,
family
income,
and
overall Uttar
Liveliho Luck EdelGive CSR000005
5 agency Yes Prades 3 No
od now 50,90,000 50,90,000 - Foundation 14
for h
250,000
youth
through a
system-
level
interventi
on
SAFAL
(Sustaina
ble
Livelihoo Liveliho Kora EdelGive CSR000005
6 No Orissa 3 1,03,89,70 1,03,89,7 No
d od put - Foundation 14
7 07
Initiatives
in South
Odisha)
The
Collabora
tors for
Educati Mahara Hing EdelGive CSR000005
7 transform No 1.5 No
on shtra oli 17,73,489 17,73,489 - Foundation 14
ation
Educatio
n
ECL Finance Limited

Support
for
Educati Karnata Bang EdelGive CSR000005
8 Excellent Yes 1 No
on ka alore 16,90,198 16,90,198 - Foundation 14
English
School
Support
for
Samarita
n Mission
School
Educati West How EdelGive CSR000005
9 and Yes 3 No
on Bengal rah 72,45,507 72,45,507 - Foundation 14
Rebecca
Belilious
English
Institutio
n
Building
the
resilience
of the
tribal
communi
ty
Liveliho Jharkan Kunt EdelGive CSR000005
10 through No 3 No
od d hi 27,91,693 27,91,693 - Foundation 14
micro
business
and
entrepren
eurship
develop
ment
ECL Finance Limited

To
promote
gender-
based
justice by
empower
ing
marginali
zed
women,
especially
survivors
of human
Women Uttar
rights Luck EdelGive CSR000005
11 Empow Yes Prades No
violations now 3 65,90,935 65,90,935 - Foundation 14
erment h
including
Violence
against
Women
(VAW),
through
direct
interventi
on,
capacity
building
and
research
Building Reducin
sustainab g Pan EdelGive CSR000005
12 Yes 2 No
ility of inequali India 53,12,390 53,12,390 - Foundation 14
small and ties
ECL Finance Limited

medium
organisati
ons
suffering
CoViD
distress
TOTAL 6,00,92,00 6,00,92,0

-
0 00
Annexure B
1 2 3 4 5 6 7 8
Item
from List
of Mode of
Local
Name of CSR activities Amount spent implementation Mode of implementation through
S. No. Area Location of project
project in for the project - Direct implementation agency
(Yes/No)
Schedule (Yes/No)
VII to the
Act
State District Name CSR registration no.
Strengthening
research
capacity, and
creating high
EdelGive
1 quality Education Yes Mumbai 30,00,000 No CSR00000514
Maharashtra Foundation
outputs on
philanthropy
and giving in
India
ECL Finance Limited

Capacity
Capacity EdelGive
2 Building Yes Maharashtra Mumbai 14,68,000 No CSR00000514
building Foundation
support
TOTAL 44,68,000
ECL Finance Limited

Annexure C
Date of
Amount
acquisition/ Title held by Details of assets and location
(in Rs,)
creation
Held by Community in villages of Udat,
Rainwater harvesting Tankas in villages of Udat, Khariya
Khariya Patawatan, Rajiv nagar, Ambedkar
31-03-2021 15,13,073 Patawatan, Rajiv nagar, Ambedkar nagar, Kalyan singh ki
nagar, Kalyan singh ki sid, Malam singh ki
sid, Malam singh ki sid (Bikaner and Johdpur) Rajasthan
sid (Bikaner and Johdpur)
Held by Community in villages of Udat,
Khadin -constructed for 50 rural families in villages of
Khariya Patawatan, Rajiv nagar, Ambedkar
Udat, Khariya Patawatan, Rajiv nagar, Ambedkar nagar,
31-12-2020 17,46,575 nagar, Kalyan singh ki sid, Malam singh ki
Kalyan singh ki sid, Malam singh ki sid , Navneetpura,
sid , Navneetpura, Srirampura (Bikaner
Srirampura (Bikaner and Jodhpur districts of Rajasthan)
and Johdpur)
Held by Community in villages of Udat, Arid Horticulture Units established for 50 rural families in
Khariya Patawatan, Rajiv nagar, Ambedkar in villages of Udat, Khariya Patawatan, Rajiv nagar,
31-12-2020 6,84,766 nagar, Kalyan singh ki sid, Malam singh ki Ambedkar nagar, Kalyan singh ki sid, Malam singh ki sid ,
sid , Navneetpura, Srirampura (Bikaner Navneetpura, Srirampura (Bikaner and Johdpur district,
and Johdpur) Rajasthan)
Held by community in villate of Kalyan Naadi (pond) Location: Village Kalyan singh ki Sid, Post
31-12-2020 2,61,740
singh ki sid, Jodhpur Malam singh ki sid, District Jodhpur
Seed Banks developed in Village Kalyan singh ki Sid, Post
Held by community in Kalyan singh ki sid Malam singh ki sid, District Jodhpur and Village Rajiv
31-12-2020 20,350
and Rajiv nagar village in Jodhpur Nagar, Bhane ka Gaon, Post Bhane ka Gaon, District
Jodhpur
31.3.2021 32,000 Torpa Rural Development Society for 1 laptop Lenevo located at TORPA, Mahila Vikas Kendra,
Women Tapkara Road, Khunti, Jharkhand
Mahila Vikas Kendra, Tapkara Road,
Torpa, Dist Khunti - 835227, Jharkhand
ECL Finance Limited

02.09.2020 20,000 Torpa Rural Development Society for 1 Canon royo projector located at TORPA, Mahila Vikas
Women Kendra, Tapkara Road, Khunti, Jharkhand
02.09.2020 38,500 Torpa Rural Development Society for 1 Nikon D3500 camera located at TORPA, Mahila Vikas
Women Kendra, Tapkara Road, Khunti, Jharkhand
ECL Finance Limited

Annexure IV
ANNEXURE V
Form AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-
section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto:
(Currency: Indian rupees in millions)
Details of contracts or arrangements or transactions not at arm’s length basis: Not Applicable
Sr. Name(s) of Nature of Duration of Salient terms Justification Date of Amount Date on which the
No. the related contracts/ the contracts/ of for approval paid as special resolution
party and arrangements/ arrangements/ the contracts entering into by the advances, was passed in
nature of transactions transactions or such Board if general meeting as
relationship arrangements contracts any required under first
or or proviso to section
transactions arrangements 188
including or
the value, if transactions
any
ECL Finance Limited

II. Details of material contracts or arrangement or transactions at arm’s length basis:
Sr. Name(s) of the related Nature of contracts/ Duration of Amount Date of approval by the Amou
No. party and nature of arrangements/ transactions the (In Audit Committee/ Board nt
relationship contracts/ millions) paid
arrangemen as
ts/ advan
transaction ces, if
s any
1 Edelweiss Rural and Loans taken from One Year February 13, 2020; July 4, NIL
Corporate Services (Maximum) 1,600.00 2020; October 30, 2021;
Limited December 15, 2020 and
February 13, 2021
2 Edelweiss Retail Finance Loans taken from One Year February 13, 2020; July 4, NIL
Limited (Maximum) 1,500.00 2020; October 30, 2021;
December 15, 2020 and
February 13, 2021
3 Edelweiss Housing Loans taken from One Year February 13, 2020; July 4, NIL
Finance Limited (Maximum) 1,500.00 2020; October 30, 2021;
February 13, 2021
4 Edelweiss Financial Loans taken from One Year February 13, 2020; July 4, NIL
Services Limited (Maximum) 2,000.00 2020; October 30, 2021;
February 13, 2021
5 Edelweiss Rural and Loans taken from (Volume) One Year February 13, 2020; July 4, NIL
Corporate Services 3,821.54 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

6 Edelweiss Retail Finance Loans taken from (Volume) One Year February 13, 2020; July 4, NIL
Limited 2,035.00 2020; October 30, 2021;
February 13, 2021
7 Edelweiss Housing Loans taken from (Volume) One Year February 13, 2020; July 4, NIL
Finance Limited 6,010.00 2020; October 30, 2021;
February 13, 2021
8 Edelweiss Financial Loans taken from (Volume) One Year February 13, 2020; July 4, NIL
Services Limited 3,800.00 2020; October 30, 2021;
February 13, 2021
9 Edelweiss Rural and Loan repaid to (Maximum) One Year February 13, 2020; July 4, NIL
February 13, 2021
10 Edelweiss Retail Finance Loan repaid to (Maximum) One Year February 13, 2020; July 4, NIL
Limited 35.00 2020; October 30, 2021;
February 13, 2021
11 Edelweiss Housing Loan repaid to (Maximum) One Year February 13, 2020; July 4, NIL
February 13, 2021
12 Edelweiss Rural and Loan repaid to (Volume) One Year February 13, 2020; July 4, NIL
February 13, 2021
13 Edelweiss Retail Finance Loan repaid to (Volume) One Year February 13, 2020; July 4, NIL
Limited 70.00 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
14 Edelweiss Housing Loan repaid to (Volume) One Year February 13, 2020; July 4, NIL
February 13, 2021
15 Edelweiss Rural and Loans given to (Maximum) One Year February 13, 2020; July 4, NIL
February 13, 2021
16 ECap Equities Limited Loans given to (Maximum) One Year February 13, 2020; July 4, NIL
1,600.00 2020; October 30, 2021;
February 13, 2021
17 Edelweiss Housing Loans given to (Maximum) One Year February 13, 2020; July 4, NIL
Finance Limited 250.00 2020; October 30, 2021;
February 13, 2021
18 Edelweiss Retail Finance Loans given to (Maximum) One Year February 13, 2020; July 4, NIL
Limited 1,000.00 2020; October 30, 2021;
February 13, 2021
19 Edelweiss Rural and Loans given to (Volume) One Year February 13, 2020; July 4, NIL
February 13, 2021
20 ECap Equities Limited Loans given to (Volume) One Year February 13, 2020; July 4, NIL
5,800.00 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

21 Edelweiss Housing Loans given to (Volume) One Year February 13, 2020; July 4, NIL
February 13, 2021
22 Edelweiss Retail Finance Loans given to (Volume) One Year February 13, 2020; July 4, NIL
Limited 1,000.00 2020; October 30, 2021;
February 13, 2021
23 Edelweiss Rural and Loans repaid by One Year February 13, 2020; July 4, NIL
Corporate Services (Maximum) 2,450.00 2020; October 30, 2021;
February 13, 2021
24 ECap Equities Limited Loans repaid by One Year February 13, 2020; July 4, NIL
(Maximum) 1,940.00 2020; October 30, 2021;
February 13, 2021
25 Edelweiss Housing Loans repaid by One Year February 13, 2020; July 4, NIL
Finance Limited (Maximum) 250.00 2020; October 30, 2021;
February 13, 2021
26 Edelweiss Retail Finance Loans repaid by One Year February 13, 2020; July 4, NIL
Limited (Maximum) 1,000.00 2020; October 30, 2021;
February 13, 2021
27 Edelweiss Rural and Loans repaid by (Volume) One Year February 13, 2020; July 4, NIL
February 13, 2021
28 ECap Equities Limited Loans repaid by (Volume) One Year February 13, 2020; July 4, NIL
5,800.00 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
29 Edelweiss Housing Loans repaid by (Volume) One Year February 13, 2020; July 4, NIL
February 13, 2021
30 Edelweiss Retail Finance Loans repaid by (Volume) One Year February 13, 2020; July 4, NIL
Limited 1,000.00 2020; October 30, 2021;
February 13, 2021
33 Mabella Investment Loans given to Enterprises One Year February 13, 2020; July 4, NIL
Adviser LLP over which 300.00 2020; October 30, 2021;
promoter/KMPs/ relatives December 15, 2020 and
exercise significant February 13, 2021
influence
36 Mabella Investment Repayment of loans One Year February 13, 2020; July 4, NIL
Adviser LLP including interest by 187.16 2020; October 30, 2021;
Enterprises over which December 15, 2020 and
promoter/KMPs/ relatives February 13, 2021
exercise significant
influence
39 ECap Equities Limited Redemption of Non One Time February 13, 2020; July 4, NIL
Convertible Debentures / 0.01 2020; October 30, 2021;
benchmark linked December 15, 2020 and
debentures February 13, 2021
40 Edelweiss Finance and Redemption of Non One Time February 13, 2020; July 4, NIL
Investments Limited Convertible Debentures / 27.45 2020; October 30, 2021;
ECL Finance Limited

41 Edelweiss Broking Redemption of Non One Time February 13, 2020; July 4, NIL
Limited Convertible Debentures / 0.37 2020; October 30, 2021;
43 ECap Equities Limited Purchases of securities from One Time February 13, 2020; July 4, NIL
142.00 2020; October 30, 2021;
February 13, 2021
44 Edelweiss Rural and Purchases of securities from One Time February 13, 2020; July 4, NIL
Corporate Services 654.55 2020; October 30, 2021;
February 13, 2021
45 Edelweiss Finance and Purchases of securities from One Time February 13, 2020; July 4, NIL
Investments Limited 1,284.61 2020; October 30, 2021;
February 13, 2021
46 Edelweiss Broking Purchases of securities from One Time February 13, 2020; July 4, NIL
Limited 47.75 2020; October 30, 2021;
February 13, 2021
47 Edelweiss Tokio Life Purchases of securities from One Time February 13, 2020; July 4, NIL
Insurance Company 114.17 2020; October 30, 2021;
February 13, 2021
48 Edelweiss Finvest Private Purchases of securities from One Time February 13, 2020; July 4, NIL
Limited 460.04 2020; October 30, 2021;
February 13, 2021
49 Edelweiss General Purchases of securities from One Time February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
50 Edelweiss Retail Finance Purchases of securities from One Time February 13, 2020; July 4, NIL
Limited 102.02 2020; October 30, 2021;
February 13, 2021
53 Edelweiss Housing Purchases of securities from One Time February 13, 2020; July 4, NIL
February 13, 2021
54 Edelweiss Rural and Sale / subscription* of One Time February 13, 2020; July 4, NIL
Corporate Services securities 212.24 2020; October 30, 2021;
February 13, 2021
55 Edelweiss Finance and Sale / subscription* of One Time February 13, 2020; July 4, NIL
Investments Limited securities 4,012.67 2020; October 30, 2021;
February 13, 2021
56 Edelweiss Securities Sale / subscription* of One Time February 13, 2020; July 4, NIL
Limited securities 839.71 2020; October 30, 2021;
February 13, 2021
57 Edelweiss Broking Sale / subscription* of One Time February 13, 2020; July 4, NIL
February 13, 2021
58 Edelweiss Tokio Life Sale / subscription* of One Time February 13, 2020; July 4, NIL
Insurance Company securities 98.56 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

61 Edelweiss Securities And Sale / subscription* of One Time February 13, 2020; July 4, NIL
Investments Private securities 529.19 2020; October 30, 2021;
Limited (Magnolia) December 15, 2020 and
February 13, 2021
62 Edelweiss Retail Finance Sale / subscription* of One Time February 13, 2020; July 4, NIL
February 13, 2021
63 Edelweiss Housing Sale / subscription* of One Time February 13, 2020; July 4, NIL
Finance Limited securities 83.64 2020; October 30, 2021;
February 13, 2021
64 Edelweiss Securities Margin placed with One Year February 13, 2020; July 4, NIL
Limited 96,350.12 2020; October 30, 2021;
February 13, 2021
65 Edelweiss Custodial Margin placed with One Year February 13, 2020; July 4, NIL
February 13, 2021
67 Edelweiss Securities Margin refund received One Year February 13, 2020; July 4, NIL
Limited from 96,579.12 2020; October 30, 2021;
February 13, 2021
68 Edelweiss Custodial Margin refund received One Year February 13, 2020; July 4, NIL
Services Limited from 59,797.09 2020; October 30, 2021;
February 13, 2021
72 Edelweiss Securities Amount paid to broker for One Year February 13, 2020; July 4, NIL
Limited trading in cash segment 1,01,875.25 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
73 Edelweiss Securities Amount received from One Year February 13, 2020; July 4, NIL
Limited broker for trading in cash 1,01,083.41 2020; October 30, 2021;
segment December 15, 2020 and
February 13, 2021
74 Edelweiss Housing Assignment of loan book One Time February 13, 2020; July 4, NIL
Finance Limited from 1,937.86 2020; October 30, 2021;
February 13, 2021
75 Edelweiss Retail Finance Assignment of loan book One Time February 13, 2020; July 4, NIL
Limited from 1,784.69 2020; October 30, 2021;
February 13, 2021
80 Edelweiss Securities And Sale of securities receipts to One Time February 13, 2020; July 4, NIL
Investments Private 60.00 2020; October 30, 2021;
February 13, 2021
90 Edelweiss Asset Sale of loans to EARC Trust One Time February 13, 2020; July 4, NIL
Reconstruction Company 790.00 2020; October 30, 2021;
Limited - SC 406 December 15, 2020 and
February 13, 2021
91 Edelweiss Asset Sale of loans to EARC Trust One Time February 13, 2020; July 4, NIL
Limited - SC 412 December 15, 2020 and
February 13, 2021
94 Edelweiss Alternative Commission and brokerage One Year February 13, 2020; July 4, NIL
Asset Advisors Limited received from 98.53 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

95 Edelweiss Rural and Commission and brokerage One Year February 13, 2020; July 4, NIL
Corporate Services received from 0.04 2020; October 30, 2021;
February 13, 2021
96 Edelweiss Financial Cost reimbursement One Year February 13, 2020; July 4, NIL
Services Limited received from 1,869.27 2020; October 30, 2021;
February 13, 2021
97 Edelweiss General Cost reimbursement One Year February 13, 2020; July 4, NIL
Insurance Company received from 0.02 2020; October 30, 2021;
February 13, 2021
98 Edelweiss Retail Finance Cost reimbursement One Year February 13, 2020; July 4, NIL
Limited received from 1.59 2020; October 30, 2021;
February 13, 2021
99 Edelweiss Housing Cost reimbursement One Year February 13, 2020; July 4, NIL
Finance Limited received from 3.98 2020; October 30, 2021;
February 13, 2021
100 Edelweiss Global Wealth Cost reimbursement One Year February 13, 2020; July 4, NIL
Management Limited received from 0.00 2020; October 30, 2021;
February 13, 2021
101 Edelweiss Broking Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
102 Edelweiss Asset Cost reimbursement One Year February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
103 Edelweiss Alternative Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
104 EC Commodity Limited Cost reimbursement One Year February 13, 2020; July 4, NIL
received from 0.00 2020; October 30, 2021;
February 13, 2021
105 Edelweiss Custodial Cost reimbursement One Year February 13, 2020; July 4, NIL
Services Limited received from 0.04 2020; October 30, 2021;
February 13, 2021
106 Edelweiss Finance and Cost reimbursement One Year February 13, 2020; July 4, NIL
Investments Limited received from 0.17 2020; October 30, 2021;
February 13, 2021
107 Edelweiss Finvest Private Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
108 Allium Finance Private Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
109 Edel Finance Company Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
ECL Finance Limited

110 Edel Investments Limited Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
111 Edelcap Securities Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
112 EdelGive Foundation Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
113 Edelweiss Asset Cost reimbursement One Year February 13, 2020; July 4, NIL
Reconstruction Company received from 0.01 2020; October 30, 2021;
February 13, 2021
114 Edelweiss Comtrade Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
115 Edelweiss Rural and Cost reimbursement One Year February 13, 2020; July 4, NIL
Corporate Services received from 113.03 2020; October 30, 2021;
February 13, 2021
116 Edelweiss Tokio Life Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
117 Edelweiss Trusteeship Cost reimbursement One Year February 13, 2020; July 4, NIL
Company Limited received from 0.00 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
118 ECap Equities Limited Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
119 Edel Land Limited Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
120 Edelweiss Securities Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
121 Lichen Metals Private Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
122 Edelweiss Capital Services Cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
123 Edelweiss Gallagher Cost reimbursement One Year February 13, 2020; July 4, NIL
Insurance Brokers Limited received from 0.00 2020; October 30, 2021;
February 13, 2021
125 Edelweiss Custodial Interest income on margin One Year February 13, 2020; July 4, NIL
Services Limited placed with brokers 32.32 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

127 Edelweiss Rural and Interest income on Security One Year February 13, 2020; July 4, NIL
Corporate Services Deposits 60.50 2020; October 30, 2021;
February 13, 2021
128 ECap Equities Limited Interest income on Security One Year February 13, 2020; July 4, NIL
Deposits 12.10 2020; October 30, 2021;
February 13, 2021
131 Edelweiss Retail Finance Interest income on loans One Year February 13, 2020; July 4, NIL
Limited given to 1.87 2020; October 30, 2021;
February 13, 2021
132 Edelweiss Rural and Interest income on loans One Year February 13, 2020; July 4, NIL
Corporate Services given to 124.69 2020; October 30, 2021;
February 13, 2021
133 ECap Equities Limited Interest income on loans One Year February 13, 2020; July 4, NIL
given to 32.33 2020; October 30, 2021;
February 13, 2021
134 Edelweiss Housing Interest income on loans One Year February 13, 2020; July 4, NIL
Finance Limited given to 0.50 2020; October 30, 2021;
February 13, 2021
135 Mabella Investment Interest income on loans One Year February 13, 2020; July 4, NIL
Adviser LLP given to 29.37 2020; October 30, 2021;
February 13, 2021
136 Edelweiss Housing Interest received on One Year February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
139 Edelweiss Finvest Private Interest received on One Year February 13, 2020; July 4, NIL
February 13, 2021
140 Edelweiss Retail Finance Interest received on One Year February 13, 2020; July 4, NIL
February 13, 2021
141 Edelweiss Alternative Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
142 Edelweiss Broking Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
143 Edelweiss Asset Shared premises cost One Year February 13, 2020; July 4, NIL
Reconstruction Company received from 0.01 2020; October 30, 2021;
February 13, 2021
145 Edelweiss Custodial Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
146 Edelweiss Finance and Shared premises cost One Year February 13, 2020; July 4, NIL
Investments Limited received from 1.74 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

147 Edelweiss Financial Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
148 Edelweiss Finvest Private Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
149 Edelweiss General Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
150 Edelweiss Global Wealth Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
151 Edelweiss Housing Shared premises cost One Year February 13, 2020; July 4, NIL
Finance Limited received from 4.36 2020; October 30, 2021;
February 13, 2021
152 Edelweiss Tokio Life Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
153 Edelweiss Comtrade Shared premises cost One Year February 13, 2020; July 4, NIL
February 13, 2021
154 Edelweiss Asset Shared premises cost One Year February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
156 Edelweiss Rural and Interest Income on One Year February 13, 2020; July 4, NIL
Corporate Services Investment 68.86 2020; October 30, 2021;
February 13, 2021
157 Edelweiss Financial Advisory & Support One Year February 13, 2020; July 4, NIL
Services Limited services fees 200.00 2020; October 30, 2021;
February 13, 2021
158 Edelweiss Securities And Advisory & Support One Year February 13, 2020; July 4, NIL
Investments Private services fees 120.00 2020; October 30, 2021;
February 13, 2021
160 Edelweiss Housing Advisory fees paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
161 Edelweiss Financial Risk and reward sharing One Year February 13, 2020; July 4, NIL
Services Limited fees paid to 50.98 2020; October 30, 2021;
February 13, 2021
162 Edel Land Limited Corporate guarantee One Year February 13, 2020; July 4, NIL
support fee paid to 0.01 2020; October 30, 2021;
February 13, 2021
163 Edelweiss Rural and Risk and reward sharing One Year February 13, 2020; July 4, NIL
Corporate Services fees 142.49 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

165 Edelweiss Custodial Clearing charges paid to One Year February 13, 2020; July 4, NIL
Services Limited 14.41 2020; October 30, 2021;
February 13, 2021
166 Edelweiss Rural and Clearing charges paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
167 Edelweiss Global Wealth Commission and brokerage One Year February 13, 2020; July 4, NIL
Management Limited paid to 15.80 2020; October 30, 2021;
February 13, 2021
169 Edelweiss Securities Commission and brokerage One Year February 13, 2020; July 4, NIL
Limited paid to 27.54 2020; October 30, 2021;
February 13, 2021
172 Edel Investments Limited Commission and brokerage One Year February 13, 2020; July 4, NIL
paid to 3.85 2020; October 30, 2021;
February 13, 2021
173 ECap Equities Limited Cost reimbursement paid to One Year February 13, 2020; July 4, NIL
0.60 2020; October 30, 2021;
February 13, 2021
174 Edelweiss Broking Cost reimbursement paid to One Year February 13, 2020; July 4, NIL
Limited 0.40 2020; October 30, 2021;
February 13, 2021
175 Edelweiss Rural and Cost reimbursement paid to One Year February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
176 Edelweiss Financial Cost reimbursement paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
178 Edelweiss Alternative Cost reimbursement paid to One Year February 13, 2020; July 4, NIL
Asset Advisors Limited 3.22 2020; October 30, 2021;
February 13, 2021
179 Edelweiss Securities Cost reimbursement paid to One Year February 13, 2020; July 4, NIL
Limited 3.81 2020; October 30, 2021;
February 13, 2021
181 Edel Land Limited Cost reimbursement paid to One Year February 13, 2020; July 4, NIL
0.26 2020; October 30, 2021;
February 13, 2021
182 EdelGive Foundation Corporate Social One Year February 13, 2020; July 4, NIL
responsibility expenses paid 64.56 2020; October 30, 2021;
to December 15, 2020 and
February 13, 2021
183 Edelweiss Rural and Enterprise Service charge One Year February 13, 2020; July 4, NIL
Corporate Services paid to 125.88 2020; October 30, 2021;
February 13, 2021
184 Edelweiss Financial Enterprise Service charge One Year February 13, 2020; July 4, NIL
Services Limited paid to 80.66 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

185 Edelweiss Rural and Interest paid on loan One Year February 13, 2020; July 4, NIL
February 13, 2021
186 Edelweiss Retail Finance Interest paid on loan One Year February 13, 2020; July 4, NIL
Limited 4.31 2020; October 30, 2021;
February 13, 2021
187 Edelweiss Housing Interest paid on loan One Year February 13, 2020; July 4, NIL
February 13, 2021
188 Edelweiss Financial Interest paid on loan One Year February 13, 2020; July 4, NIL
February 13, 2021
189 Edelweiss Alternative Management Fees Paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
190 Edelweiss Rural and Management Fees Paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
192 Edelweiss Financial Management Fees Paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
193 Edelweiss Asset Management Fees Paid to One Year February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
194 Edelweiss Financial Rating support fees paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
195 Edelweiss Rural and Rating support fees paid to One Year February 13, 2020; July 4, NIL
February 13, 2021
196 ECap Equities Limited Shared premises cost paid One Year February 13, 2020; July 4, NIL
to 27.98 2020; October 30, 2021;
February 13, 2021
197 Edelweiss Rural and Shared premises cost paid One Year February 13, 2020; July 4, NIL
Corporate Services to 46.71 2020; October 30, 2021;
February 13, 2021
198 Edelweiss Retail Finance Shared premises cost paid One Year February 13, 2020; July 4, NIL
Limited to 46.60 2020; October 30, 2021;
February 13, 2021
199 Edelweiss Securities Shared premises cost paid One Year February 13, 2020; July 4, NIL
Limited to 0.20 2020; October 30, 2021;
February 13, 2021
201 ECap Equities Limited Interest paid on bench mark One Year February 13, 2020; July 4, NIL
linked debentures 48.64 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

203 Edelweiss Rural and Interest expenses on non- One Year February 13, 2020; July 4, NIL
Corporate Services convertible debentures 217.50 2020; October 30, 2021;
February 13, 2021
204 Edelweiss Finance and Interest expenses on non- One Year February 13, 2020; July 4, NIL
Investments Limited convertible debentures 0.01 2020; October 30, 2021;
February 13, 2021
205 Edelweiss Retail Finance Interest expenses on non- One Year February 13, 2020; July 4, NIL
Limited convertible debentures 22.70 2020; October 30, 2021;
February 13, 2021
206 ECap Equities Limited Interest expenses on non- One Year February 13, 2020; July 4, NIL
convertible debentures 33.53 2020; October 30, 2021;
February 13, 2021
208 Edelweiss Housing Interest expenses on non- One Year February 13, 2020; July 4, NIL
Finance Limited convertible debentures 18.50 2020; October 30, 2021;
February 13, 2021
209 Edelweiss Financial ESOP cost reimbursement One Year February 13, 2020; July 4, NIL
February 13, 2021
210 Phanindranath Kakarla Remuneration paid to One Year Not applicable NIL
8.51
213 Deepak Mittal Remuneration paid to One Year With the limits prescribed in NIL
11.77 Companies act
214 Kashmira Mathew Remuneration paid to One Year Not applicable NIL
5.23
ECL Finance Limited

215 Archibold Serrao Remuneration paid to One Year Not applicable NIL
3.09
216 Deepak Khetan Remuneration paid to One Year Not applicable NIL
8.77
217 Sarju Simaria Remuneration paid to One Year Not applicable NIL
4.01
218 PN Venkatachalam Sitting fees paid One Year With the limits prescribed in NIL
0.44 Companies act
219 Biswamohan Mahapatra Sitting fees paid One Year With the limits prescribed in NIL
0.44 Companies act
220 Kunnasagaran Chinniah Sitting fees paid One Year With the limits prescribed in NIL
0.12 Companies act
221 Edelweiss Securities Purchase of property, plant One Time February 13, 2020; July 4, NIL
Limited and equipment 0.01 2020; October 30, 2021;
February 13, 2021
223 Edelweiss Retail Finance Purchase of property, plant One Time February 13, 2020; July 4, NIL
February 13, 2021
224 Edelweiss Housing Purchase of property, plant One Time February 13, 2020; July 4, NIL
Finance Limited and equipment 0.03 2020; October 30, 2021;
February 13, 2021
225 ECap Equities Limited Purchase of property, plant One Time February 13, 2020; July 4, NIL
and equipment 0.01 2020; October 30, 2021;
February 13, 2021
226 Edelcap Securities Purchase of property, plant One Time February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
228 Edelweiss Broking Purchase of property, plant One Time February 13, 2020; July 4, NIL
February 13, 2021
230 Edelweiss Financial Purchase of property, plant One Time February 13, 2020; July 4, NIL
Services Limited and equipment 0.00 2020; October 30, 2021;
February 13, 2021
236 Edelweiss Asset Purchase of property, plant One Time February 13, 2020; July 4, NIL
Reconstruction Company and equipment 0.05 2020; October 30, 2021;
February 13, 2021
240 Edel Investments Limited Purchase of property, plant One Time February 13, 2020; July 4, NIL
and equipment 0.05 2020; October 30, 2021;
February 13, 2021
241 Edelweiss Asset Mgmt. Purchase of property, plant One Time February 13, 2020; July 4, NIL
Ltd. and equipment 0.00 2020; October 30, 2021;
February 13, 2021
242 Edelweiss Finance & Purchase of property, plant One Time February 13, 2020; July 4, NIL
Investments Limited and equipment 0.13 2020; October 30, 2021;
February 13, 2021
243 Edelweiss Rural & Purchase of property, plant One Time February 13, 2020; July 4, NIL
Corporate Services and equipment 0.38 2020; October 30, 2021;
Limited - ECSL December 15, 2020 and
February 13, 2021
ECL Finance Limited

245 Edelweiss Alternative Sale of property, plant and One Time February 13, 2020; July 4, NIL
Asset Advisors Limited equipment 0.00 2020; October 30, 2021;
February 13, 2021
246 Edelweiss Asset Sale of property, plant and One Time February 13, 2020; July 4, NIL
Reconstruction Company equipment 0.00 2020; October 30, 2021;
February 13, 2021
247 Edelweiss Broking Sale of property, plant and One Time February 13, 2020; July 4, NIL
Limited equipment 1.52 2020; October 30, 2021;
February 13, 2021
248 Edelweiss Custodial Sale of property, plant and One Time February 13, 2020; July 4, NIL
Services Limited equipment 0.01 2020; October 30, 2021;
February 13, 2021
249 Edelweiss Financial Sale of property, plant and One Time February 13, 2020; July 4, NIL
Services Limited equipment 0.08 2020; October 30, 2021;
February 13, 2021
250 Edelweiss Finvest Private Sale of property, plant and One Time February 13, 2020; July 4, NIL
February 13, 2021
251 Edelweiss General Sale of property, plant and One Time February 13, 2020; July 4, NIL
Insurance Company equipment 1.24 2020; October 30, 2021;
February 13, 2021
252 Edelweiss Housing Sale of property, plant and One Time February 13, 2020; July 4, NIL
Finance Limited equipment 0.01 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
254 Edelweiss Securities Sale of property, plant and One Time February 13, 2020; July 4, NIL
February 13, 2021
255 Edelcap Securities Sale of property, plant and One Time February 13, 2020; July 4, NIL
February 13, 2021
257 Edelweiss Gallagher Sale of property, plant and One Time February 13, 2020; July 4, NIL
Insurance Brokers Limited equipment 0.02 2020; October 30, 2021;
February 13, 2021
258 Edelweiss Global Wealth Sale of property, plant and One Time February 13, 2020; July 4, NIL
Management Limited equipment 0.01 2020; October 30, 2021;
February 13, 2021
259 Edelweiss Retail Finance Sale of property, plant and One Time February 13, 2020; July 4, NIL
February 13, 2021
260 EdelGive Foundation Sale of property, plant and One Time February 13, 2020; July 4, NIL
equipment 0.01 2020; October 30, 2021;
February 13, 2021
261 Edelweiss Asset Mgmt. Sale of property, plant and One Time February 13, 2020; July 4, NIL
Ltd. equipment 0.01 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

262 Edelweiss Finance & Sale of property, plant and One Time February 13, 2020; July 4, NIL
Investments Limited equipment 0.40 2020; October 30, 2021;
February 13, 2021
263 Edelweiss Rural & Sale of property, plant and One Time February 13, 2020; July 4, NIL
Corporate Services equipment 0.19 2020; October 30, 2021;
Limited - ECSL December 15, 2020 and
February 13, 2021
264 Edelweiss Retail Finance Sale of capital work in One Time February 13, 2020; July 4, NIL
Limited progress (CWIP) 24.28 2020; October 30, 2021;
February 13, 2021
265 Edelweiss Rural and Interest accrued on loans One Year February 13, 2020; July 4, NIL
Corporate Services given to 0.87 2020; October 30, 2021;
February 13, 2021
266 Edelweiss Retail Finance Interest accrued on loans One Year February 13, 2020; July 4, NIL
Limited given to 1.73 2020; October 30, 2021;
February 13, 2021
267 Mabella Investment Interest accrued on loans One Year February 13, 2020; July 4, NIL
Adviser LLP given to 1.23 2020; October 30, 2021;
February 13, 2021
270 Edelweiss Finvest Private Interest accrued on One Year February 13, 2020; July 4, NIL
February 13, 2021
271 Edelweiss Housing Interest accrued on One Year February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
272 Edelweiss Retail Finance Interest accrued on One Year February 13, 2020; July 4, NIL
February 13, 2021
273 Edelweiss Rural and Investments in preference One Year February 13, 2020; July 4, NIL
Corporate Services shares 843.38 2020; October 30, 2021;
February 13, 2021
274 Edelweiss Custodial Margin money balance with One Year February 13, 2020; July 4, NIL
February 13, 2021
275 Edelweiss Securities Margin money balance with One Year February 13, 2020; July 4, NIL
Limited 40.17 2020; October 30, 2021;
February 13, 2021
276 Edelweiss Rural and Security Deposits money One Year February 13, 2020; July 4, NIL
Corporate Services balance with 500.00 2020; October 30, 2021;
February 13, 2021
277 ECap Equities Limited Security Deposits money One Year February 13, 2020; July 4, NIL
balance with 100.00 2020; October 30, 2021;
February 13, 2021
279 Mabella Investment Loan given outstanding One Year February 13, 2020; July 4, NIL
Adviser LLP 142.21 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

280 Edelweiss Housing Non convertible debentures One Time February 13, 2020; July 4, NIL
Finance Limited (securities held for trading) 166.82 2020; October 30, 2021;
February 13, 2021
281 Edelweiss Finvest Private Non convertible debentures One Time February 13, 2020; July 4, NIL
Limited (securities held for trading) 65.65 2020; October 30, 2021;
February 13, 2021
282 Edelweiss Retail Finance Non convertible debentures One Time February 13, 2020; July 4, NIL
Limited (securities held for trading) 16.03 2020; October 30, 2021;
February 13, 2021
283 Edelweiss Securities And Trade receivables One Year February 13, 2020; July 4, NIL
Investments Private 201.60 2020; October 30, 2021;
February 13, 2021
286 Edelweiss Alternative Trade receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
288 Edelweiss Finvest Private Trade receivables One Year February 13, 2020; July 4, NIL
Limited 13.79 2020; October 30, 2021;
February 13, 2021
289 Edelweiss General Trade receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
290 Edelweiss Tokio Life Trade receivables One Year February 13, 2020; July 4, NIL
ECL Finance Limited

February 13, 2021
291 Edelweiss Asset Trade receivables One Year February 13, 2020; July 4, NIL
Management Limited 0.10 2020; October 30, 2021;
February 13, 2021
292 Edelweiss Finance and Trade receivables One Year February 13, 2020; July 4, NIL
Investments Limited 0.04 2020; October 30, 2021;
February 13, 2021
295 Edelweiss Global Wealth Trade receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
296 Edelweiss Rural and Trade receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
297 Edelweiss Financial Trade receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
298 Edelweiss Asset Other receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
299 Edelweiss Broking Other receivables One Year February 13, 2020; July 4, NIL
Limited 0.14 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

300 Edel Finance Company Other receivables One Year February 13, 2020; July 4, NIL
Limited 0.17 2020; October 30, 2021;
February 13, 2021
302 Edelweiss Securities Other receivables One Year February 13, 2020; July 4, NIL
Limited 0.02 2020; October 30, 2021;
February 13, 2021
303 EC Commodity Limited Other receivables One Year February 13, 2020; July 4, NIL
0.00 2020; October 30, 2021;
February 13, 2021
304 Edel Investments Limited Other receivables One Year February 13, 2020; July 4, NIL
0.00 2020; October 30, 2021;
February 13, 2021
306 Edelweiss Custodial Other receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
307 Edelweiss Finance and Other receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
308 Edelweiss Global Wealth Other receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
309 Allium Finance Private Other receivables One Year February 13, 2020; July 4, NIL
Limited 0.00 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
310 Edel Land Limited Other receivables One Year February 13, 2020; July 4, NIL
0.00 2020; October 30, 2021;
February 13, 2021
311 Edelcap Securities Other receivables One Year February 13, 2020; July 4, NIL
Limited 0.01 2020; October 30, 2021;
February 13, 2021
312 EdelGive Foundation Other receivables One Year February 13, 2020; July 4, NIL
0.00 2020; October 30, 2021;
February 13, 2021
313 Edelweiss Asset Other receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
314 Edelweiss Financial Other receivables One Year February 13, 2020; July 4, NIL
February 13, 2021
316 Edelweiss Trusteeship Other receivables One Year February 13, 2020; July 4, NIL
Company Limited 0.00 2020; October 30, 2021;
February 13, 2021
317 Edelweiss Capital Services Other receivables One Year February 13, 2020; July 4, NIL
Limited 0.00 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

318 Edelweiss Gallagher Other receivables One Year February 13, 2020; July 4, NIL
Insurance Brokers Limited 0.01 2020; October 30, 2021;
February 13, 2021
319 Edelweiss Rural and Non convertible debentures One Time February 13, 2020; July 4, NIL
Corporate Services held by 3,150.00 2020; October 30, 2021;
February 13, 2021
320 Edelweiss Finance and Non convertible debentures One Time February 13, 2020; July 4, NIL
Investments Limited held by 21.40 2020; October 30, 2021;
February 13, 2021
321 Edelweiss Retail Finance Non convertible debentures One Time February 13, 2020; July 4, NIL
Limited held by 47.40 2020; October 30, 2021;
February 13, 2021
322 ECap Equities Limited Non convertible debentures One Time February 13, 2020; July 4, NIL
held by 450.68 2020; October 30, 2021;
February 13, 2021
323 Edelweiss Broking Non convertible debentures One Time February 13, 2020; July 4, NIL
Limited held by 4.10 2020; October 30, 2021;
February 13, 2021
324 Edelweiss Securities And Non convertible debentures One Time February 13, 2020; July 4, NIL
Investments Private held by 0.45 2020; October 30, 2021;
February 13, 2021
325 Edelweiss Retail Finance Interest accrued on One Year February 13, 2020; July 4, NIL
Limited borrowings 3.29 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
326 Edelweiss Financial Interest accrued on One Year February 13, 2020; July 4, NIL
Services Limited borrowings 1.68 2020; October 30, 2021;
February 13, 2021
327 Edelweiss Housing Interest accrued on One Year February 13, 2020; July 4, NIL
Finance Limited borrowings 1.57 2020; October 30, 2021;
February 13, 2021
328 Edelweiss Retail Finance Interest accrued but not due One Year February 13, 2020; July 4, NIL
Limited on non convertible 1.61 2020; October 30, 2021;
debentures December 15, 2020 and
February 13, 2021
329 Edelweiss Finance and Interest accrued but not due One Year February 13, 2020; July 4, NIL
Investments Limited on non convertible 0.00 2020; October 30, 2021;
debentures December 15, 2020 and
February 13, 2021
330 Edelweiss Rural and Interest accrued but not due One Year February 13, 2020; July 4, NIL
Corporate Services on non convertible 249.96 2020; October 30, 2021;
Limited debentures December 15, 2020 and
February 13, 2021
337 Edelweiss Retail Finance Short term borrowings One Year February 13, 2020; July 4, NIL
Limited 2,000.00 2020; October 30, 2021;
February 13, 2021
338 Edelweiss Housing Short term borrowings One Year February 13, 2020; July 4, NIL
February 13, 2021
ECL Finance Limited

339 Edelweiss Financial Short term borrowings One Year February 13, 2020; July 4, NIL
February 13, 2021
340 ECap Equities Limited Trade payables One Year February 13, 2020; July 4, NIL
1.57 2020; October 30, 2021;
February 13, 2021
342 Edelweiss Alternative Trade payables One Year February 13, 2020; July 4, NIL
February 13, 2021
347 Edelweiss Housing Trade payables One Year February 13, 2020; July 4, NIL
February 13, 2021
348 Edelweiss Retail Finance Trade payables One Year February 13, 2020; July 4, NIL
Limited 0.98 2020; October 30, 2021;
February 13, 2021
349 Edelweiss Securities Trade payables One Year February 13, 2020; July 4, NIL
Limited 0.94 2020; October 30, 2021;
February 13, 2021
351 Edelweiss Asset Trade payables One Year February 13, 2020; July 4, NIL
February 13, 2021
353 Edelweiss Broking Trade payables One Year February 13, 2020; July 4, NIL
Limited 0.04 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
354 Edelweiss Investment Trade payables One Year February 13, 2020; July 4, NIL
Advisors Limited 0.00 2020; October 30, 2021;
February 13, 2021
356 EdelGive Foundation Trade payables One Year February 13, 2020; July 4, NIL
0.00 2020; October 30, 2021;
February 13, 2021
357 Edel Land Limited Trade payables One Year February 13, 2020; July 4, NIL
0.01 2020; October 30, 2021;
February 13, 2021
358 ECap Equities Limited Other Payables One Year February 13, 2020; July 4, NIL
0.23 2020; October 30, 2021;
February 13, 2021
359 Edelweiss Alternative Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
360 Edelweiss Asset Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
361 Edelweiss Asset Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
ECL Finance Limited

362 Edelweiss Broking Other Payables One Year February 13, 2020; July 4, NIL
Limited 0.01 2020; October 30, 2021;
February 13, 2021
363 Edelweiss Custodial Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
364 Edelweiss Finance and Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
365 Edelweiss Financial Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
366 Edelweiss Finvest Private Other Payables One Year February 13, 2020; July 4, NIL
Limited 0.33 2020; October 30, 2021;
February 13, 2021
367 Edelweiss Global Wealth Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
368 Edelweiss Housing Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
369 Edelweiss Retail Finance Other Payables One Year February 13, 2020; July 4, NIL
Limited 6.68 2020; October 30, 2021;
ECL Finance Limited

February 13, 2021
370 Edelweiss Rural and Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
371 Edelweiss Securities Other Payables One Year February 13, 2020; July 4, NIL
Limited 0.60 2020; October 30, 2021;
February 13, 2021
372 Edelweiss Tokio Life Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
373 Edelweiss General Other Payables One Year February 13, 2020; July 4, NIL
February 13, 2021
374 Edelweiss Financial Corporate guarantee taken One Time February 13, 2020; July 4, NIL
Services Limited from 3,600.00 2020; October 30, 2021;
February 13, 2021
375 Edel Land Limited Corporate guarantee taken One Time February 13, 2020; July 4, NIL
from 218.75 2020; October 30, 2021;
February 13, 2021
377 Edelweiss Financial Risk & rewards sharing One Time February 13, 2020; July 4, NIL
Services Limited guarantee taken from 40,455.17 2020; October 30, 2021;
February 13, 2021
ECL Finance Limited

Notes -
1 Sr no. 1 to 264 represent transactions during FY 2020-21 and sr no. 265
to 377 represent outstanding balance as at 31st March, 2021.
2 As part of fund based activities, intergroup company loans and advances activities undertaken are generally in the nature of
revolving demand loans. Such loans and advances, voluminous in nature, are carried on at arm’s length and in the ordinary
course of business. Pursuant to Ind AS 24 – Related Party Disclosures, maximum amount of loans given and repaid alongwith
the transaction volume are disclosed above. Interest income and expenses on such loans and advances are disclosed on the
basis of full amounts of such loans and advances given and repaid.

ECL Finance Limited
Sd/- Sd/-
Chairman & Managing Director Managing Director & CEO
DIN: 00008322 DIN: 00010337
Mumbai
June 10, 2021
ECL Finance Limited

ANNEXURE VI
Disclosure pursuant to the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
The ratio of the remuneration of each Director to the median employee’s remuneration and
other details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with
Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is as under:
Sr. Disclosure Disclosure Details

No. Requirement
1. Ratio of the Directors Title Ratio
remuneration of Mr. Rashesh Shah Chairman & Managing -
each director to Director
the median Mr. Deepak Mittal Managing Director & 33.24
remuneration of CEO
the employees
of the Company
for the financial
year
2. Percentage Directors/KMP’s Title % increase
increase in in
remuneration of Mr. Rashesh Shah Chairman & Managing remuneratio
-
Director n
each director, Chief
Financial Officer, Mr. Deepak Mittal Managing Director & -70.19%
Chief Executive CEO
Mr. Archibold Serrao* Company Secretary -53.58%
Officer, Company
Secretary or Mr. Sarju Simaria** Chief Financial -63.30%
Manager, if any, in Officer
the financial year Mr. Deepak Khetan*** Chief Financial -21.32%
Officer
Ms. Kashmira Company Secretary -
Mathew****
3. Percentage -15.89%
increase in the
median
remuneration
of employees
in the financial
year
ECL Finance Limited

Registered Office: Edelweiss House, Off C.S.T. Road, Kalina, Mumbai – 400 098. Tel No.: +91 22 4009 4400
www.edelweissfin.com
4. Number of Employee on the rolls of Company as on 31st Mach 2021 is
permanent 483
employees on the
rolls of Company at
the end of the year
5. Average percentile The average increase in the remuneration for employees
increase already other than the managerial personnel is -41.2% and for
made in the salaries managerial personnel -51.0%.
of employees other
than the managerial
personnel in the last
financial year and its
comparison with the
percentile increase
in the managerial
remuneration and
justification thereof
and point out if
there are any
exceptional
Circumstances for
increase in the
managerial
remuneration
6. Affirmations that It is affirmed that the remuneration paid is as per the
the remuneration is Remuneration Policy of the Company.
as per the
remuneration policy
of the Company
*Appointed wef May 20, 2020 & Resigned wef October 15, 2020
**Resigned wef August 14, 2020
***Appointed wef August 14, 2020
****Appointed wef October 30, 2020

ECL Finance Limited
Sd/- Sd/-
Chairman & Managing Director Managing Director & CEO
DIN: 00008322 DIN: 00010337
June 10, 2021

Mumbai
ECL Finance Limited

Registered Office: Edelweiss House, Off C.S.T. Road, Kalina, Mumbai – 400 098. Tel No.: +91 22 4009 4400
www.edelweissfin.com
, 2th F:,,c;, n,,, !,d:,
S.R. BATLJBOI & Co. LLP ::~4 s~n;1~~Ht1
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Chartered Accountants f\:lurnb::'!1 ~ t.,00 023 lnd1z1
INDEPENDENT AUDITOR'S REPORT
To the Members of ECL Finance Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying Standalone Ind AS financial statements of ECL Finance Limited ("the
Company"), which comprise the Balance sheet as at March 31, 2021, the Statement of Profit and Loss,
including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of
Changes in Equity for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the
aforesaid financial statements give the information required by the Companies Act, 2013, as amended
("the Act") in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, its loss
including other comprehensive income, its cash flows and the changes in equity for the year ended on that
date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs),
as specified under section 143(10) of the Act. Our responsibilities under those Standards are further
described in the 'Auditor's Responsibilities for the Audit of the Financial Statements' section of our report.
We are independent of the Company in accordance with the 'Code of Ethics' issued by the Institute of
Chartered Accountants of India together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements.
Emphasis of Matter
We draw attention to Note 54.Z to the Standalone Ind AS financial statements, which describes the
economic and social disruption as a result of the continuing COVID-19 pandemic of the Company's
business and financial metrics including the Company's estimates of impairment of loans to customers,
investments and recoverability of deferred tax assets and that such estimates may be affected by the
severity and duration of the pandemic.
Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for the financial year ended March 31, 2021. These matters were
addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For each matter below, our
description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our
report. We have fulfilled the responsibilities described in the Auditor's responsibilities for the audit of the
financial statements section of our report, including in relation to these matters. Accordingly, our audit
· c uded the performance of procedures designed to respond to our assessment of the risks of material
statement of the financial statements. The results of our audit procedures, including the procedures
S.R. Balliboi & Co. LLP, a Limited Liability Partrienhip witl'I LLP ldentit)• Na, AA8·4294
Regd. Office: 2 2. Camac Street. Block. 'B', 3rd Floor, Kolkato ·7UO 016
S.R. BAruso, & Co. LLP
Chartered Accountants
ECL F'inance Limited

Independent Auditor's Report for the year ended March 31, 2021 Page 2 of 11
performed to address the matters below, provide the basis for our audit opinion on the accompanying
financial statements.
Key audit matters How our audit addressed the key audit matter
Impairment of financial instruments (expected credit losses) (as described in Note 14 and 52.D.1
of the financial statements)
Ind AS 109 requires the Company to • Read and assessed the Company's accounting
provide for impairment of its financial policy for impairment of financial assets and its
assets as at the reporting date using the compliance with Ind AS 109 and the governance
expected credit loss (ECL) approach. ECL framework approved by the Board of Directors
involves an estimation of probability- pursuant to Reserve Bank of India guidelines
weighted loss on financial instruments issued on March 13, 2020.
over their life, considering reasonable
and supportable information about past • Read and assessed the Company's policy with
events, current conditions, and forecasts respect to OTR and tested the implementation of
of future economic conditions which such policy on a sample basis.
could impact the credit quality of the
Company's financial assets (loan • Tested the design and operating effectiveness of
portfolio). the controls for staging of loans based on their
past-due status. Tested samples of performing
In the process, a significant degree of (stage 1) loans to assess whether any loss
judgement has been applied by the indicators were present requiring them to be
management for: classified under stage 2 or 3.
• Staging of financial assets (i.e. • We performed procedures to test the inputs

classification in 'significant increase used in the ECL computation, on a sample basis.
in credit risk' ("SICR") and 'default' • Tested assumptions used by the management in
categories); determining the overlay for macro-economic
• Grouping of the loan portfolio under factors (including COVID-19 pandemic).
homogenous pools in order to • Assessed the additional considerations applied
determine probability of default on a by the management for staging of loans as SICR
collective basis; or default categories in view of Company's policy
• Assigning internal rating grades to on OTR.
customers for which external rating is
not available • Tested the arithmetical accuracy of computation
of ECL provision performed by the Company in
• Calibrating external ratings-linked spreadsheets.
probability of default to align with
past default rates • Assessed disclosures included in the Standalone
Ind AS financial statements in respect of
• Applying assumptions regarding the expected credit losses including the specific
probability of various scenarios and disclosures made with regards to the
discounting rates for different loan management's evaluation of the uncertainties
products arising from COVID-19 and its impact on ECL
estimation.
• Estimation of management overlay
for macro-economic factors bearing a
correlation with credit quality of the
loans.
Further, pursuant to the "Resolution

Framework for COVID-19-related Stress"
issued by RBI on August 6, 2020, the
Company has offered a one-time
restructuring ("OTR") facility to
borrowers im acted b COVID-19
S.R. BATLIBOJ & Co. LLP
ECL finance Limited

Key audit matters How our audit addressed the key audit matter
pandemic. Such restructured loans have
been classified into various stages and
provided for based on management's
assessment of changes in credit risk of
such loans since initial recognition.
The Company has recorded a

management overlay as part of its ECL,
to reflect among other things an
increased risk of deterioration in macro-
economic factors caused by CoVID-19
pandemic. In accordance with the
guidance in Ind AS 109, the management
overlay estimate takes into account
reasonable and supportable information.
In view of the high degree of

management's judgement involved in
estimation of ECL, accentuated by the
COVID-19 pandemic, it is a key audit
matter.
(a) Information technology (IT) systems and controls
The reliability and security of IT systems We performed the following procedures for testing IT
play a key role in the business operations general controls and for assessing the reliability of
and financial accounting and reporting electronic data processing, assisted by specialized IT
process of the Company. Since large auditors:
volume of transactions are processed
• The aspects covered in the IT General Control audit
daily, the IT controls are required to
were (i) User Access Management (ii) Program
ensure that applications process data as
Change Management (iii) Other related ITGCs - to
expected and that changes are made in
understand the design and test the operating
an appropriate manner. Any gaps in the
IT control environment could result in a effectiveness of such controls;
material misstatement of the financial • Assessed the changes that were made to the key
accounting and reporting records. systems during the audit period and assessing
changes that have impact on financial reporting;
Therefore, due to the pervasive nature
and complexity of the IT environment, • Tested the periodic review of access rights. We
the assessment of the general IT controls inspected requests of changes to systems for
and the application controls specific to appropriate approval and authorization.
the accounting and preparation of the • Performed tests of controls (including other
financial information is considered to be compensatory controls wherever applicable) on the
~=:::=:::.l...a key audit matter. IT application controls and IT dependent manual
:\\.\1014 ~
.,...,.,.--.... "eo:-:
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~
controls in the system.
• Tested the design and operating effectiveness of
•'J\.l M
t Bi 1)~>* I
fd ( )"" compensating controls, where deficiencies were
identified and, where necessary, extended the scope
·?., J~J of our substantive audit procedures.
~~~~- -~.~~~~~~ ----------------'---------------------~
'Ito ACC\)
Other Information
The Company's Board of Directors is responsible for the other information. The other information
comprises the information included in the Directors report, but does not include the financial statements
and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any
S.R. BATLIBOI & Co. LLP
ECL Finance Limited

form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information
and, in doing so, consider whether such other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the F'lnancial Statements
The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, cash flows and changes in equity
of the Company in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind 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 in accordance with the provisions of the Act for safeguarding of the assets
of the Company and for preventing and 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 and maintenance of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responslbllltles for the Audit of the F'lnancial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
► Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not 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 of internal
control.
► Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3Xi) of the Act, we are also responsible
for expressing our opinion on whether the Company has adequate internal financial controls with
reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
timates and related disclosures made by management.
onclude on the appropriateness of management's use of the going concern basis of accounting and,
ased on the audit evidence obtained, whether a material uncertainty exists related to events or
S.R. BAruB01 & Co. LLP
ECL Finance Limited

conditions that may cast significant doubt on the Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
► Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with those charged with governance, we determine those matters that
were of most significance in the audit of the financial statements for the financial year ended March 31,
2021 and are therefore the key audit matters. We describe these matters in our auditor's report unless
law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order"), issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
"Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our
knowledge 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 far
as it appears from our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other
Comprehensive 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 financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015,
as amended;
(e) On the basis of the written representations received from the directors as on March 31, 2021
taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to these financial
statements and the operating effectiveness of such controls, refer to our separate Report in
"Annexure 2" to this report;
In our opinion, the managerial remuneration for the year ended March 31, 2021 has been paid/
provided by the Company to its directors in accordance with the provisions of section 197 read
with Schedule V to the Act;
S.R. BATLIBOI & Co. LLP
ECL finance Limited

(h) With respect to the other matters to be included in the Auditor's Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the
best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its
Standalone Ind AS financial statements - Refer Note 44 to the Standalone Ind AS financial
statements;
ii. The Company has made provision, as required under the applicable law or accounting
standards, for material foreseeable losses, if any, on long-term contracts including derivative
contracts - Refer Note 55.C to the Standalone Ind AS financial statements;
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
re:::,~·:
For S.R. Batliboi & Co. LLP
/003E/E300005
per Shrawan Jalan

Partner
Membership Number: 102102
U DIN: 21102102AAAAKT6723
Mumbai
June 10, 2021
S.R. BATllBOI & Co. LLP
ECL Finance Limited

Annexure 1 referred to in paragraph 1 under the heading "Report on other legal and regulatory
requirements" of our report of even date
Re: ECL Finance Limited
(i) (a) The Company has maintained proper records showing full particulars, including quantitative
details and situation of fixed assets.
(b) All fixed assets have not been physically verified by the management during the year but there is
a regular programme of verification which, in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. No material discrepancies were noticed on such
verification.
(c) According to the information and explanations given by the management, the title deeds of
immovable properties included in property, plant and equipment are held in the name of the
Company.
(ii) The Company's business does not involve inventories and, accordingly, the requirements under
clause 3(ii) of the Order are not applicable to the Company and hence not commented upon.
(iii) (a) The Company has granted loans to five parties covered in the register maintained under section
189 of the Act. In our opinion and according to the information and explanations given to us, the
terms and conditions of the grant of such loans are not prejudicial to the Company's interest.
(b) The Company has granted loans to five parties covered in the register maintained under section
189 of the Companies Act, 2013. The schedule of repayment of principal and payment of interest
has been stipulated for the loans granted and the repayment/receipts are regular.
(c) There are no amounts of loans granted to companies, firms or other parties listed in the register
maintained under section 189 of the Act which are overdue for more than ninety days.
(iv) In our opinion and according to the information and explanations given to us, there are no loans,
investments, guarantees, and securities given in respect of which provisions of section 185 and
186 of the Act are applicable and hence not commented upon.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act
and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the
provisions of clause 3(v) of the Order are not applicable.
(vi) To the best of our knowledge and as explained, the Central Government has not specified the
maintenance of cost records under section 148(1) of the Act, for the services of the Company.
(vii) (a) Undisputed statutory dues including provident fund, income-tax, goods and service tax, cess and
other statutory dues have generally been regularly deposited with the appropriate authorities
though there has been a slight delay in a few cases. As informed, the provisions of sales tax,
wealth tax, value added tax, excise duty and customs duty are currently not applicable to the
Company.
According to the information and explanations given to us, no undisputed amounts payable in
respect of provident fund, employees' state insurance, income-tax, service tax, sales-tax, duty of
custom, duty of excise, value added tax, cess and other statutory dues were outstanding, at the
year end, for a period of more than six months from the date they became payable.
(b) According to the records of the Company, the dues outstanding of income-tax, sales-tax, service
tax, duty of custom, duty of excise, value added tax and cess on account of any dispute, are as
follows:
ECL Finance Limited

Independent Auditor's Report for the year ended March 31, 2021 Page B of 11
Name of the Nature of Amount Amount paid Period to which its Forum where
Statute dues under (Rs. in relates dispute is pending
dispute millions)•
(Rs. in
millions)•
Income Tax Act, Income 259.90 121.30 AY 2013-14 Income Tax
1961 Tax Appellate Tribunal
Income Tax Act, Income 80.60 40.00 AY 2014-15 The Commissioner
1961 Tax of Income Tax
(Appeals)
(Appeals)
Income Tax Act, Income 174.73 - AY 2016-17 The Commissioner
(Appeals)
(Aooeals)
Income Tax Act, Income 25.88 - AY 2019-20 The Commissioner
(Appeals)
• Paid under protest

# includes interest
(viii) In our opinion and according to the information and explanations given by the management, the
Company has not defaulted in repayment of loans or borrowings to a financial institution or bank
or dues to debenture holders.
(ix) In our opinion and according to the information and explanations given by the management, the
Company has utilized the monies raised by way of debt instruments for the purposes for which
they were raised.
Further, monies raised by the Company by way of term loans were applied for the purpose for
which those were raised, though idle/surplus funds which were not required for immediate
utilization were gainfully invested in liquid assets payable on demand.
(X) Based upon the audit procedures performed for the purpose of reporting the true and fair view of
the Standalone Ind AS financial statements and according to the information and explanations
given by the management, we report that no fraud by the Company or no material fraud on the
Company by the officers and employees of the Company has been noticed or reported during the
year.
(xi) According to the information and explanations given by the management, the managerial
remuneration has been paid and provided in accordance with the requisite approvals mandated by
the provisions of section 197, read with Schedule V to the Act.
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of
the Order are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the
related parties are in compliance with section 177 and 188 of the Act where applicable and the
details have been disclosed in the notes to the Standalone Ind AS financial statements, as required
by the applicable accounting standards.
According to the information and explanations given to us and on an overall examination of the
balance sheet, the company has not made any preferential allotment or private placement of
5.R. BAruB01 & Co. LLP
ECL finance Limited

shares or fully or partly convertible debentures during the year under review and hence, reporting
requirements under clause 3(xiv) are not applicable to the company and, not commented upon.
(xv) According to the information and explanations given by the management, the Company has not
entered into any non-cash transactions with directors or persons connected with the directors as
referred to in section 192 of the Act.
(xvi) According to the information and explanations given to us, we report that the Company has
registered as required, under section 45-IA of the Reserve Bank of India Act, 1934.
For 5. R. Batliboi & Co. LLP

ICAI Firm Registration Number: 301003E/E300005
[ l,,_.,-- . , ~
per Shrawan Jalan
Partner
UDIN: 21102102AAAAKT6723
Mumbai
June 10, 2021
S.R. BATLIBOJ &· Co. LLP
ECL finance Limited

Annexure 2 referred to in paragraph 2 (f) under the heading "Report on other legal and regulatory
requirements" of our report of even date
Report on Internal Financial Controls under Clause (I) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (the "Act")
We have audited the internal financial controls over financial reporting of ECL Finance Limited ("the
Company") as of March 31, 2021 in conjunction with our audit of the Ind AS Financial Statements of the
Company for the year ended on that date.
Manaqement's Responsibility for Internal Financial Controls
The Company's Management is responsible for establishing and maintaining internal financial controls
based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of adequate internal financial
controls that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to the Company's policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Act.
Auditor's Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls over financial
reporting with reference to these Ind AS Financial Statements based on our audit. We conducted our audit
in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the
"Guidance Note") and the Standards on Auditing as specified under section 143(10) of the Act, to the
extent applicable to an audit of internal financial controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls over financial reporting with reference to these Ind AS Financial Statements
was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal
financial controls over financial reporting with reference to these Ind AS Financial Statements and their
operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining
an understanding of internal financial controls over financial reporting with reference to these Ind AS
Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditor's judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the internal financial controls over financial reporting with reference to these Ind AS
Financial Statements.
Meaning of Internal Financial Controls Over Financial Reporting with Reference to these Ind AS
Financial Statements
A company's internal financial control over financial reporting with reference to these Ind AS Financial
Statements is a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company's internal financial control over financial reporting with
~ ~,-!!1Bo 1 ference to these Ind AS Financial Statements includes those policies and procedures that (1) pertain to
/ '?~,,.,.. ............,If. maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
,' it/ ~ 'I~ ositions of the assets of the company; (2) provide reasonable assurance that transactions are
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rded as necessary to permit preparation of financial statements in accordance with generally
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ECL finance Limited

accepted accounting principles, and that receipts and expenditures of the company are being made only
in accordance with authorisations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal F'inancial Controls Over F'lnanclal Reporting with Reference to these
Ind AS F'lnanclal Statements
Because of the inherent limitations of internal financial controls over financial reporting with reference to
these Ind AS Financial Statements, including the possibility of collusion or improper management override
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 to these Ind AS
Financial Statements to future periods are subject to the risk that the internal financial control over
financial reporting with reference to these Ind AS Financial Statements may become inadequate because
of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, adequate internal financial controls over financial
reporting with reference to these Ind AS Financial Statements and such internal financial controls over
financial reporting with reference to these Ind AS Financial Statements were operating effectively as at
March 31, 2021, based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For S.R. Batllbol & Co. LLP

( / 1CAI Firm Registration Number: 301003E/E300005
1
~ ~n- ~ - v~
per Shrawan Jalan
Partner
UDIN: 21102102AAAAKT6723
Mumbai
June 10, 2021
ECL Finance Limited
Balance Sheet as at March JI, 2021
(Currency:lndian rupees in million)
As at As at
Note Man:b 31, 2021 March 31, 2020
I. Assets
(l) Financial as.sets
(a) Cash and cash equivalents 9 17,587.16 18,128.42
(b) Bank balances other than cash and cash equivalents 10 1,961.29 7,505.14
(c) Derivative financial instruments 11 143.65 789.37
(d) Securities held for trading 12 10,514.60 13,611.35
(e) Receivables
(i) Trade receivables 13 2,414.96 2.041.\6
(f) Loans 14 81,065.41 1,28.184.40
(g) Other investments 15 55,676.11 49,747.70
(h) Other financial assets 16 7,716.24 3,181.39
1,77,079.42 2,23,188.93
(2) Non-financial assets
(a) Current tax assets (net) 17 3,154l.62 1,779.55
(b) Deferred tax assets (net) 18 S,812.95 4.752.95
( c) Investment property 19 1,162.00 1,162.00
(d) Property. plant and equipment 20 1,069.40 1,338.65
(e) Intangible assets under development 3.76 10.60
(f) Other intangible assets 20 49.0l 107.69
(g) Other non• financial assets 21 1,363.56 1,287.54
tpll.30 10,438.98
Total assets 1,891790.n 2,33.627.91
II. Liabilities and equity
(1) Fh11111eial liabilities

(a) Derivative financial instruments II 409.0l 955.35
(b) Trade payables
(i) total outstanding dues of micro enterprises and small enterprises
(ii) total outstanding dues ofcreditors other than micro enterprises and small enterprises 22 7ll.7S 1,503.41
(c) Debt securities 23 70,781.61 88,633.71
(d) Borrowings (other than debt securities) 24 73,m.94 93,177.45
(e) Subordinated liabilities 25 15,007.22 19,789.28
(f) Other financial liabilities 26 4,0!59.48 4,222.25
1,64,742.01 2,08,281.45
(l) Non-financial liabilities
(a) Current tax liabilities (net) 27 192.61
(b) Provisions 28 6.54 24.61
(c) Other non-financial liabilities 29 218.87 345.63
225.41 562.85
(3) Equity
(a) Equity share capital 30 2,138.27 2,138.27
(b) Other equity 31 22,68!'1,03 22,645.34
2~823.30 24,783.61
Total liabilities and equity 1,89,790.71 2,33,627.91
The accompanying notes are an integral pan of the financial statements I to 56.
As per our report of even date attached.
For S. R. Batliboi & Co. LLP For and on behalf of the Board or Directors
i Chartered Accountants
~::::~<~ero,,,.,
~
per Sbrawan Jalan Dcepak Mittal Vidya Shah
Partner Managing Director & CEO Non Executive Director
Membership No: I02102 DIN: 00010337 DIN : 00274831
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-----
Kash,ilr;; Mathew
ChiefFinancial Officer Company Secretary
Mumbai June IO, 2021

UMB41 Membership No: ACS-11833
Mumbai June 10, 2021
J,I
ECL Finance Limited
Statement of Profit and Loss for the year ended March 31, 2021

Note For the year ended For the year ended
March 31, 2021 March 31. 2020
Revenue from operations
Interest income 32 17,511.38 33.730.38
Dividend income 33 23.36 1,467.03
Fee and commission income 34 849.94 1,369.00
Net profit/(loss) on fair value changes 35 1,527.87 (418.34)
Other income 36 207.89 28.46
Total Revenue 20 120.44 36,176.53
E1.penses
Finance costs 37 16,860.69 24,265.45
Net loss on derecognition of financial instruments 38 3,724.22 12,101.74
Impairment on financial instruments 39 (4,179.44) 11,252.98
Employee benefits expense 40 1,012.64 1,736.20
Depreciation, amortisation and impairment 20 201.15 200.60
Other expenses 41 4,102.25 4,294.79
Total expenses 21,721.51 53,851.76
Profit/(Loss) before tax (1,601.07) (17,675.23)
Tax expenses
Current tax 42
Deferred tax (credit) (1,065.83) (3,413.25)
Short/(Excess) tax for earlier years (557.59) ( 117.39)
Profit/(Loss) for the year 22.35 (14, 144.59)
Other comprehensive income

(a) Items that will not be reclassified to profit or loss
Remeasurement loss on defined benefit plans (OCl) 23.17 (0.55)
Deferred tax (charge) / benefit - OCI (5.83) (0.36)
Total 17.34 (0 91)
(b) Items that will be reclassified to profit or loss

Revaluation of buildings 611.28
Deferred tax (charge)/ benefit - OCI (153.85)
Total 457.43
Other comprehensive income 17.34 456.52
Total comprehensive (loss)/ income 39.69 (13,688.07)
Earnings per equity share 43

(Face value of , I each):
Basic(INR) 0.01 (6.61)
Diluted (INR) 0.01 (6.61)
The accompanying notes are an integral part of the financial statements I to 56.
For S. R. Batliboi & Co. LLP For and on behalf of the Board of Directors
ICAI Firms Registration Number: 301003E/E300005
Ql<c~· ,_a -r
per Shrawan Jalan Dcepak Mittal Vidya Shah
Membership No: l02102 DIN: 000l0337 DIN : 00274831
\Co~
Phaoindranath Kakarla
K-- . \ ~
Kashmira Mathew
Chief Financial Officer Company Secretary
Membership No: ACS-11833
Mumbai June I 0, 2021 Mumbai June I 0, 2021
ECL Finance Limited
Statement of C ash Hows for the year ended March 31, 2021

For the year ended For the year ended
March 31, 2021 March 3 1, 2020
A. Operllting activities
(Loss) / Profit before tax (1,601.07) ( 17,675 23)
Adjustments to reconcile profit before tax to net cash flows:

Depreciation and amortisation 201.15 200.60
Impairment of financial assets (net) (3,457.00) 10.500.97
Profit on termination oflease (20.23)
Fair value of financial instruments (net) (1,920.55) 2,700.74
Expense on employee stock option scheme (ESOP) 7.44 46.66
(Profit)/Loss on sale of of property, plant and equipment 7.59 (2. 15)
fnterest on lease liabilities 16.79 28.85
Operatin1 c11.1h flow before working capital changes: (6,765.88) (4, 199.56)
Adjustment for:
Decrease I (increase) in loans 51,680.99 1,02,190. 18
(Increase) I decrease in trade receivables (360.80) ( 1,340.69)
Decrease in securities held for trading 3,330.83 3,032.05
(Increase) in other investments (7,046.41) (43,457.13)
(Increase) I decrease in other financial assets 1,601.19 (8,867.75)
(Increase) in other non financial assets (76.02) (856. 13)
(Decrease) / Increase in trade payables (799.10) (1,956.56)
(Decrease)/ Increase in other financial liability (2,545.07) 1,818.46
Increase /(Decrease) in non financial liabilities and provisions (121.66) 127.91
38,898.07 46,490.78
Income taxes paid (net) (1,106.09) ( 1,337.13)
Net cash generated from operati11g activities -A 37,791.98 45 ,153.65
B. Investing activities
Purchase of property, plant and equipment and intangible assets (8.61) ( 124.78)
Purchase of investment property (344.72)
Decrease/(lncrease) in capital work-in-progress and intangibles under development 6.84 56.92
Proceeds from sale of property, plant and equipment and intangible assets 13.56 6. 13
Net casb generated from/ (used) in investing activities -B 11.79 (406.45)
C. Cash flow from financing activities

Proceeds from issuance of share capital (including securities premium) 0.03
(Decrease) in debt securities (Refer note I) (14,430.92) (6,961.62)
(Decrease) in borrowings other than debt securities (Refer note I) (19,213.02) (20,080.91 )
(Decrease) in subordinate debt (Refer note I) (4,627.66) (47 1.31 )
Repayment oflease obligations (73.43) (90.37)
Net cash (ued) in ti■-ncin1 activities - C (38,34!'i.03) (27,604.18)
Net increase/ (decrease) in cash and cash equivalents (A+B+C) (541.26) 17,143.02
Cash and cash equivalent as at the beginning of the year 18,128.42 985.40
sh equivalent as at the end of the year 17,S87.16 18,128.42
ECL Finance Limited
Statement of Cash flows for the year ended March 31, 2021

March 31, 2021 March 3 I, 2020
Operational cash flows from interest and dividends

Interest paid 18,674.76 23,090.50
Interest received 22,6)9.15 34,306.47
Dividend received 23.36 1,467.03
Notes:
I. Receipts and payments for transaction in which the turnover is quick. the amounts are large. and the maturities are short are presented on net basis in
accordance with Ind AS-7 Statement ofCash Flows
2. Cash flow statement has been prepared under indirect method as set out in Ind AS 7 prescribed under the Companies (Indian Accounting Standards)
Rufes, 2015 under the Companies Act, 2013
3. For disclosure relating to changes in liabilities arising from financing activities refer note 47
For S. R. Batliboi & Co. LLP For and on behalf of the Board of Directors
!~::;;::N~-,
per Shrawan Jalan Deepak Mittal Vidya Shah

Membership No: 102102 DIN: 00010337 DIN: 00274831
~~~~ Phanindranath Kakarla Kashmira Mathew

ChiefFinancial Officer Company Secretary
Mumbai June 10, 2021 Mumbai June 10, 2021
ECL Finance Limited
Statement ofCbangn in Equity for the year ended Man:h 31, 2021
(Cunc ncy:lndian rupees in miUion)
A. Eq11ity share capital
For tht:yttr tndtd Ma.-cb 31, 2021 For the year ended March 31.1020
OutstaadiD& u oa April I, lss1i1cd duria1 tbc yt-ar Outstandini u on Marth Outstandiaz •• on April • ~ ls.sued durin1 the ye-a r Outst1ndin1 as on March
2020 ll,2021 1019 JI, 2020
Issued, subscribed and paid up• 2,131.27 . 2 ,111 27 2, 131.27 o• 2,\38 27

(Equity sha= of Re I each. fully paid-up)
JOOO• fatly paid-up equrry sha" s Q_f t I uu:h ismed to CDPQ Privare Equuy Asia Ptt Lim1lt d
B. Odltr Equity
Stcuricia premium Retained earniAp Statutory ratnf Debentun: red ll'mptioa Deemed capital Rnalu■tion Rcscnc Total attributable to equity
reserve contribuciod .equity holdus
Salute· u at 1st April 2019 11,879.93 15,474.12 5,024.31 3,137.87 14002 36,35fi 2;
(Last) for the year . ( 14, 14-1.59) . {I-I. I-I-I 59)
~ r cotnpn:hcnsi\:c income: . {0.91) . ~51 43 -'5'6 52
Impact of Le-,se aW>Unting . (22 .17) {22 R7)
a·,.!et ~•>:,· .fl CJ
Total tomprtbauiv,e iacomit 11,879.93 1,305.75 5.024.JI 3,837.87 140.02 457.43 22,645.31
Securities premium °" shares issued during the ~-car 0.0 3 . fl OJ

T ramferrcd to stahltory n::" rve .
Balance transferred to debt:rttwt rcik:mpttOII o:serve .
B.alanetas at March. lJ , 1020 11,879.% 1,305.75 5 014.JI J JU7,87 140,02 457.0 22,6-15.34
Profit for the year 22.3 5 22 3;

Other comprehtnsi\·~ income 17.34 17 34
Transfer from n:valuation reserve 33.&4 (33.M4)
Transfer to .statutof) rese~ (4.47) 4.47
Transfe, from redemption reserve n::serve 1, 101.41 {l.101.48)
Total comprehensive incom,e 11,179.% 2,476.29 5,028.78 2,736.39 140.02 423.59 22,685.03
Securities premiwn on shares issued during the year
B.aaact! H •• Mardi 31 1011 11.179.!16 ?.'76.29 5 028.78 2 736.39 140.01 413,59 22,6'5,0J
As per our repon of even date anachcd.

For and on behalfof the Board of Dinclors
r~::-:;::
For S. R. Batliboi & Co. LLP
ChaneAOdAcroWllllOIS
~~
f>ftpakMlttal
~
Vidya Shah
Mana_glftg Dirccror & CEO Noo. faccutl\<.': Dtrcctor
DIN : 00010337 DIN 00274RJ I
per Sh.rawa" Jalaa
Pa"'1<r
.(. ;J.,,l,,\ o..~\.v--1
Membership No: I011 02
~ Chief Finm;ial Oflicer
wJ1¥.... :..-.:-.:---
Kashmir& Mathew
Compan~ SccretaJy
Membe rship No ACS- l lH33
Mwnbai Jww 10. 2021 Mumbai June: 10. 2021
ECL Finance Limited
Notes to the financial statement for the year ended March 31, 2021
1. Corporate information:
ECL Finance Limited ('the Company' ) a public limited company domiciled and incorporated under the provisions
of the Companies Act applicable in India is subsidiary of Edelweiss Financial S<!rvices Limited. The Company was
incorporated on July 18, 2005 and is registered with the Reserve Bank of India ('RBI') as a Systemically Important
Non-Deposit taking Non-Banking Financial Company (NBFC-ND-SI).
The Company's primary business is advancing loans and financing. The Company focuses on credit business, a
mix of diversified and scalable verticals like retail credit, corporate credit and distressed credit. It offers home
finance. retail construction finance, loan against property, SME finance agri & rural finance and loan against
securities under retail credit and structured collateralised credits to corporates, real estate finance to developers
under corporate credit.
2. Basis of preparation:
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind
AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time).
These financial statements have been prepared on a historical cost basis, except for certain financial instruments
such as, derivative financial instruments, Investment property, and other financial instruments held for trading,
which have been measured at fair value. The financial statements are presented in Indian Rupees (INR) and all
values are rounded to the nearest million, except when otherwise indicated.
3. Presentation of financial statements:

The Company presents its balance sheet in order of liquidity in compliance with the Division Ill of the S'.;hcdule Ill
to the Companies Act, 2013. An analysis regarding recovery or settlement within 12 months aftt:r the reporting date
(current) and more than 12 months after the reporting date (non-current) is presented in "Note 48-Maturity Analy!.is
of assets and liabilities".
Financial assets and financial liabilities are generally reported gross in the balance sheet. They are only offset and
reported net when, in addition to having an unconditional legally enforceable right to offset the recognised amounts
without being contingent on a future event, the parties also intend to settle on a net basis in all of the following
circumstances:
• The normal course of business

• The event of default
• The event of insolvency or bankruptcy of the Company and or its counterparties
Derivative assets and liabilities with master netting arrangements (e.g. ISDAs) are only presented net when they
satisfy the eligibility of netting for all of the above criteria and not just in the event of default.
4. Significant accounting policies

4.1 Recognition of revenue:
4.1.1 Effective interest rate (EIR):
Under Ind AS I 09 interest income is recorded using the effective interest rate (EIR) method for
all financial instruments measured at amortised cost and debt instrument measured at FVTOCI
The EIR is the rate that exactly discounts estimated future cash flows through the expected life
of the financial instrument or, when appropriate a shorter period to the gross carrying amount of
financial instrument.
The EIR is calculated by considering any discount or premium on acquisition, fees and costs that
are an integral part of the EIR. The Company recognises interest income using a rate of return
that represents the best estimate of a constant rate of return over the expected life of the financial
asset. Hence, it recognises the effect of potentially different interest rates charged at various
ECL Finance Limited
stages, and other characteristics of the product life cycle including prepayments penalty interest
and charges.
If expectations regarding the cash flows on the financial asset are revised for reason s other than
credit risk, the adj ustment is booked as a positive or negative adjustment to the carrying amount
of the asset in the balance sheet with an increase or reduction in interest income.
4.1.2 Interest income:
The Company calculates interest income by applying the EIR to the gross carrying amount of
financial assets other than credit-impaired assets.
When a financial asset becomes credit-impaired and is, therefore, regarded as 'Stage 3 ' , the
Company calculates interest income by applying the EIR to the amortised cost (net of expected
credit loss) of the financial asset. If the financial assets cures and is no longer credit-impaired, the
Company reverts to calculating interest income on a gross basis.
4.1.3 Dividend income:
The Company recognised Dividend income when the Company's right to receive the payment
has been established, it is probable that the economic benefits associated with the dividend will
flow to the Company and the amount of the dividend can be measured reliably.
4.1.4 Revenue from contracts with customers:
Revenue is measured at transaction price i.e. the amount of consideration to which the Company
expects to be entitled in exchange for transferring promised goods or services to the customer,
excluding amounts collected on behalf of third parties. The Company consider the tenns of the
contracts and its customary business practices to detennine the transaction price. Where the
consideration promised is variable, the Company excludes the estimates ofvariable consideration
that are constrained.
The Company recognises fee income including advisory and syndication fees at a point in time
in accordance with the tenns and contracts entered between the Company and the counterparty.
4.2 Financial instruments:
4.2.1 Date of recognition:
Financial Assets and liabilities with exception ofloans and borrowings are initially recognised on
the trade date, i.e. the date the Company becomes a party to the contractual provisions of the
instrument. This includes regular way trades: purchases or sales of financial assets that require
delivery of assets within the time frame generally established by regulation or convention in the
marketplace. Loans are recognised when funds are transferred to the customers' account. The
Company recognises borrowings when funds are available for utilisation to the Company.
4.2.2 Initial measurement of financial instruments:
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that
are directly attributable to the acquisition or issue of financial assets and financial liabilities (other
than financial assets and financial liabilities at fair value through profit or loss) are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognised immediately in profit or loss.
4.2.3 Day J profit and loss:
When the transaction price of the financial instrument differs from the fair value at origination and
the fair value is based on a valuation technique using only inputs observable in market transactions,
the Company recognises the difference between the transaction price and fair value in net gain on
fair value changes. In those cases where fair value is based on models for which some of the inputs
ECL Finance Limited
are not observable, the difference between the transaction price and the fair value is deferred and
is only recognised in profit or loss when the inputs become observable, or when the instrument is
derecognised.
4.2.4 Classification & measurement categories of financial assets and liabilities:
The Company classifies all of its financial assets based on the business model for managing the
assets and the asset's contractual terms, measured at either:
Financial assets carried at amortised cost (AC)

A financial asset is measured at amortised cost if it is held within a business model whose objective
is to hold the asset in order to collect contractual cash flows and the contractual terms of the
financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding. The changes in carrying value of financial assets is
recognised in profit and loss account.
Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is measured at FVTOCI if it is held within a business model whose objective is
achieved by both collecting contractual cash flows and selling financial assets and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding. The changes in fair value of financial
assets is recognised in Other Comprehensive Income.
Financial assets at fair value through profit or loss (FVTPL)
A financial asset which is not classified in any of the above categories are measured at FVTPL.
The Company measures all financial assets classified as FVTPL at fair value at each reporting ate.
The changes in fair value of financial assets is recognised in Profit and loss account.
4.3 Financial assets and liabilities:
4.3.1 Amortized cost and effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument
and of allocating interest income over the relevant period.
For financial instruments other than purchased or originated credit-impaired financial assets, the
effective interest rate is the rate that exactly discounts estimated future cash receipts (including all
fees and points paid or received that form an integral part of the effective interest rate, transaction
costs and other premiums or discounts) excluding expected credit losses, through the expected life
of the debt instrument, or, where appropriate, a shorter period, to the gross canying amount of the
debt instrument on initial recognition.
The amortised cost of a financial asset is the amount at which the financial asset is measured at
initial recognition minus the principal repayments, plus the cumulative amortisation using the
effective interest method of any difference between that initial amount and the maturity amount,
adjusted for any loss allowance. On the other hand, the gross canying amount of a financial asset
is the amortised cost of a financial asset before adjusting for any loss allowance.
4.3.2 Financial assets held for trading:
The Company classifies financial assets as held for trading when they have been purchased
primarily for short-term profit making through trading activities or form part of a portfolio of
financial instruments that are managed together, for which there is evidence of a recent pattern of
short-term profit taking. Held-for-trading assets are recorded and measured in the balance sheet at
fair value. Changes in fair value are recognised in net gain on fair value changes.
ECL Finance Limited
4 .3 .3 Investment in equity instruments:
The Company subsequently measures all equity investments at fair value through profit or loss.
unless the management has elected to classify irrevocably some of its strategic 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 for trading. Such classification is determined
on an instrument-by-instrument basis.
4.3.4 Financial liabilities:
All financial liabilities are measured at amortised cost except loan commitments, financial
guarantees, and derivative financial liabilities.
4.3.S Derivative financial instruments:
The Company enters into a variety of derivative financial instruments to manage its exposure to
interest rate, market risk and foreign exchange rate risks.
Derivatives are initially recognised at fair value at the date the derivative contracts are entered into
and are subsequently re-measured to their fair value at the end of each reporting period. The
resulting gain or loss is recognised in profit or loss.
4.3.6 Debt securities and other borrowed funds:
The Company measures debt issued and other borrowed funds at Amortised cost at each reporting
date. Amortised cost is calculated by taking into account any discount or premium on issue funds,
and costs that are an integral part of the EIR.
The Company issues certain non-convertible debentures, the return of which is linked to
performance of specified indices over the period of the debenture. Such debentures have a
component of an embedded derivative which is fair valued at a reporting date. The resultant ' net
unrealised loss or gain' on the fair valuation of these embedded derivatives is recognised in the
statement of profit and loss. The debt component of such debentures is measured at amortised cost
using yield to maturity basis.
4.3. 7 Financial assets and financial liabilities at fair value through profit or loss:
Financial assets and financial liabilities in this category are those that are not held for trading and
have been either designated by management upon initial recognition or are mandatorily required
to be measured at fair value under Ind AS 109. Management only designates an instrument at·
FVTPL upon initial recognition when one of the following criteria are met. Such designation is
determined on an instrument-by-instrument basis.
• The designation eliminates, or significantly reduces, the inconsistent treatment that would
otherwise arise from measuring the assets or liabilities or recognising gains or losses on them
on a different basis; Or
• The liabilities are part of a group of financial liabilities, which are managed, and their
perfonnance evaluated on a fair value basis, in accordance with a documented risk
management or investment strategy; Or
• The liabilities containing one or more embedded derivatives, unless they do not significantly
modify the cash flows that would otherwise be required by the contract, or it is clear with
little or no analysis when a similar instrument is first considered that separation of the
embedded derivative(s) is prohibited.
Financial assets and financial liabilities at FVTPL are recorded in the balance sheet at fair value.
Changes in fair value are recorded in profit and loss with the exception of movements in fair value
of liabilities designated at FVTPL due to changes in the Company's own credit risk. Such changes
in fair value are recorded in the Own credit reserve through OCI and do not get recycled to the
profit or loss. Interest earned or incurred on instruments designated at FVTPL is accrued in interest
ECL Finance Limited
income or finance cost, respectively, using the EIR, taking into account any discount/ premium and
qualifying transaction costs being an integral part of instrument. Interest earned on assets
mandatorily required to be measured at FVTPL is recorded using contractual interest rate.
4.3.8 Financial guarantee:
Financial guarantees are contract that requires the Company to make specified payments to
reimburse to holder for loss that it incurs because a specified debtor fails to make payment when it
is due in accordance with the terms of a debt instrument.
Financial guarantee issued or commitments to provide a loan at below market interest rate are
initially measured at fair value and the initial fair value is amortised over the life of the guarantee
or the commitment. Subsequently they are measured at higher of this amortised amount and the
amount of loss allowance.
4.3.9 Loan commitments:
Undrawn loan commitments are commitments under which, the Company is required to provide a
loan with pre-specified terms to the customer over the duration of the commitment. Undrawn loan
commitments are in the scope of the ECL requirements.
4.3.10 Financial liabilities and equity instruments
Financial instruments issued by the Company are classified as either financial liabilities or as equity
in accordance with the substance of the contractual arrangements and the definitions ofa financial
liability and an equity instrument.
An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by the Company are recognised at the
proceeds received, net of direct issue costs.
4.4 Reclassification of financial assets and liabilities
The Company does not reclassify its financial assets subsequent to their initial recognition, apart from the
exceptional circumstances in which the Company acquires, disposes of, or terminates a business line. The
Company didn't reclassify any of its financial assets or liabilities in current period and previous period.
4.5 Derecognition of financial Instruments:
4.5.1 Derecognition of financial asset
A financial asset (or, where applicable a part of a financial asset or a part of a group of similar
financial assets) is derecognised when the rights to receive cash flows from the financial asset have
expired. The Company also derecognises the financial asset if it has both transferred the financial
asset and the transfer qualifies for derecognition.
The Company has transferred the financial asset if, and only if, either
• The Company has transferred the rights to receive cash flows from the financial asset or
• It retains the contractual rights to receive the cash flows of the financial asset but assumed a
contractual obligation to pay the cash flows in full without material delay to third party under
pass through arrangement.
Pass-through arrangements are transactions whereby the Company retains the contractual rights to
receive the cash flows of a financial asset (the 'original asset'), but assumes a contractual obligation
to pay those cash flows to one or more entities (the ' eventual recipients'), when all of the following
conditions are met:
• The Company has no obligation to pay amounts to the eventual recipients unless it has
collected equivalent amounts from the original asset, excluding short-term advances with the
right to full recovery of the amount lent plus accrued interest at market rates.
ECL Finance Limited
• The Company cannot sell or pledge the original asset other than as security to the eventual
recipients.
The Company has to remit any cash flows it collects on behalf of the eventual recipients without
material delay. In addition, the Company is not entitled to reinvest such cash flows, except for
investments in cash or cash equivalents including interest earned, during the period between the
collection date and the date of required remittance to the eventual recipients.
A transfer only qualifies for derecognition if either:
• The Company has transferred substantially all the risks and rewards of the asset; or
• The Company has neither transferred nor retained substantially all the risks and rewards of
the asset, but has transferred control of the asset.
The Company considers control to be transferred if and only if, the transferee has the practical
ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability
unilaterally and without imposing additional restrictions on the transfer.
The Company also derecognises a financial asset, when the terms and conditions have been
renegotiated to the extent that, substantially, it becomes a new financial asset, with the difference
recognised as a derecognition gain or loss, to the extent that an impairment loss has not already
been recorded. The newly recognised financial assets are classified as Stage I for ECL
measurement purposes, unless the new financial asset is deemed to be POCJ.
If the modification does not result in cash flows that are substantially different, the modification
does not result in derecognition. Based on the change in cash flows discounted at the original EIR,
the Company records a modification gain or loss, to the extent that an impairment loss has not
already been recorded.
4.S.2 Derecognition of financial liabilities
A financial liability is derecognised when the obligation under the liability is discharged, cancelled
or expires. Where an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition ofthe original liability and the recognition
of a new liability. The difference between the carrying value of the original financial liability and
the consideration paid, including modified contractual cash flow recognised as new financial
liability, is recognised statement of profit and loss.
4.6 Impairment of financial assets:
The Company records provisions based on expected credit loss model ("ECL") on all loans, other debt
financial assets measured at amortised cost together with undrawn loan commitment, in this section all
referred to as "Financial instrument". Equity instruments are not subject to impairment.
ECL is a probability-weighted estimate of credit losses. A credit loss is the difference between the cash flows
that are due to an entity in accordance with the contract and the cash flows that the entity expects to receive
discounted at the original effective interest rate. Because ECL consider the amount and timing of payments,
a credit loss arises even if the entity expects to be paid in full but later than when contractually due.
Simplified approach
The Company follows 'simplified approach' for recogmt1on of impairment loss allowance on trade
receivables. The application of simplified approach does not require the Company to track changes in credit
risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each reporting date, right
from its initial recognition. The Company uses a provision matrix to determine impairment loss allowance on
portfolio of its receivables. The provision matrix is based on its historically observed default rates over the
expected life of the receivables. However, if receivables contain a significant financing component, the
ECL Finance Limited
Company chooses as its accounting policy to measure the loss allowance by applying general approach to
measure ECL.
General approach
For all other financial instruments, the Company recognises lifetime ECL when there has been a significant
increase in credit risk (SICR) since initial recognition. If, on the other hand, the credit risk on the financial
instrument has not increased significantly since initial recognition, the Company measures the loss allowance
for that financial instrument at an amount equal to 12-month expected credit losses (12m ECL). The
assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood
or risk of a default occurring since initial recognition instead of an evidence of a financial asset being credit-
impaired at the reporting date or an actual default occurring.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the
expected life of a financial instrument. In contrast, 12m ECL represents the portion of lifetime ECL that is
expected to result from default events on a financial instrument that are possible within 12 months after the
reporting date.
The measurement of expected credit losses is a function of the probability of default (PD), loss given default
(LGD) (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the
probability of default and loss given default is based on historical data adjusted by forward-looking
information. As for the exposure at default (EAD), for financial assets, this is represented by the assets' gross
carrying amount at the reporting date; for loan commitments and financial guarantee contracts, the exposure
includes the amount drawn down as at the reporting date, together with any additional amounts expected to
be drawn down in the future by default date determined based on historical trend, the Company's
understanding of the specific future financing needs of the debtors, and other relevant forward-looking
information.
Company categories its financial assets as follows:
Stage 1 assets:
Stage I assets includes financial instruments that have not had a significant increase in credit risk since initial
recognition or that have low credit risk at the reporting date. For these assets, 12-month ECL (resulting from
default events possible within 12 months from reporting date) are recognised.
Stage 2 assets:
Stage 2 Assets includes financial instruments that have had a significant increase in credit risk since initial
recognition for these assets lifetime ECL (resulting from default events possible within 12 months from
reporting date) are recognised.
Stage 3 assets:
Stage 3 for Assets considered credit-impaired the Company recognises the lifetime ECL for these loans. The
method is similar to that for Stage 2 assets, with the PD set at 100%.
The ongoing assessment of whether a significant increase in credit risk has occurred for working capital
facilities is similar to other lending products. The interest rate used to discount the ECLs for working capital
facilities is based on the average effective interest rate that is expected to be charged over the expected period
of exposure to the facilities.
Company recognises an impairment gain or loss in profit or loss for all financial instruments with a
corresponding adjustment to their carrying amount through a loss allowance account.
The expected credit losses on the loan commitment have been recognised together with the loss allowance
for the financial asset.
The Company's product offering includes a working capital facility with a right to company to cancel and/or
reduce the facilities with one day's notice. The Company does not limit its exposure to credit losses to the
contractual notice period, but, instead calculates ECL over a period that reflects the Company's expectations
of the customer behaviour, its likelihood of default and the Company's future risk mitigation procedures,
hich could include reducing or cancelling the facilities.
ECL Finance Limited
4.7 Collateral valuation:
To mitigate its credit risks on financial assets, the Company seeks to use collateral, whe re possible. The
collateral comes in various fonns, such as cash, securities, letters ofcredit /guarantees, real estate, receivables,
inventories, other non-financial assets and credit enhancements such as netting agreements. Collateral, unless
repossessed, is not recorded on the Company's balance sheet. However, the fair value of collateral affects the
calculation ofECLs. It is generally assessed, at a minimum, at inception and re-assessed on a quarterly basis.
However, some collateral, for example, securities relating to margin requirements, is valued daily.
To the extent possible, the Company uses active market data for valuing financial assets held as collateral.
Other financial assets which do not have readily detenninable market value are valued using models. Non-
financial collateral, such as real estate, is valued based on data provided by third parties such as mortgage
brokers or based on housing price indices.
4.8 Collateral repossessed:
The Company's policy is to detennine whether a repossessed asset can be best used for its internal operations
or should be sold. Assets determined to be useful for the internal operations are transferred to their relevant
asset category at the lower oftheir repossessed value or the carrying value ofthe original secured asset. Assets
for which selling is determined to be a better option are transferred to assets held for sale at their fair value
(if financial assets) and fair value less cost to sell for non-financial assets at the.repossession date in, line with
the Company's policy.
In its normal course of business, the Company does not physically repossess properties or other assets in its
retail portfolio, but engages external agents to recover funds, generally at auction, to settle outstanding debt.
Any surplus funds are returned to the customers/obligors. As a result of this practice, the residential properties
under legal repossession processes are not recorded on the balance sheet.
4.9 Write-offs:
Financial assets are written off either partially or in their entirety only when the Company has no reasonable
expectation ofrecovery besides technical / policy write off as per relevant policy.
4.10 Forborne and modified loan:
The Company sometimes makes concessions or modifications to the original terms ofloans as a response to
the borrower' s financial difficulties, rather than taking possession or to otherwise enforce collection of
collateral. The Company considers a loan forborne when such concessions or modifications are provided as
a result of the borrower's present or expected financial difficulties and the Company would not have agreed
to them if the borrower had been financially healthy. Indicators of financial difficu !ties include defaults on
covenants, or significant concerns raised by the Credit Risk Department. Forbearance may involve extending
the payment arrangements and the agreement of new loan conditions. Once the terms have been renegotiated,
any impairment is measured using the original EIR as calculated before the modification of terms. It is the
Company's policy to monitor forborne loans to help ensure that future payments continue to be likely to
occur. Derecognition decisions and classification between Stage 2 and Stage 3 are determined on a case-by-
case basis. If these procedures identify a loss in relation to a loan, it is disclosed and managed as an impaired
Stage 3 forborne asset, until it is collected or written off.
4.11 Determination of fair value:
The Company measures financial instruments, such as, derivatives at fair value at each reporting date. Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either;
• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Company.
ECL Finance Limited
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair
value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use. The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising
the use of relevant observable inputs and minimising the use of unobservable inputs. In order to show how
fair values have been derived, financial instruments are classified based on a hierarchy of valuation
techniques, as summarised below:
Level I financial instruments:

Those where the inputs used in the valuation are unadjusted quoted prices from active markets for identical
assets or liabilities that the Company has access to at the measurement date. The Company considers markets
as active only ifthere are sufficient trading activities with regards to the volume and liquidity of the identical
assets or liabilities and when there are binding and exercisable price quotes available on the balance sheet
date.
Level 2 financial instruments:

Those where the inputs that are used for valuation and are significant, are derived from directly or indirectly
observable market data available over the entire period of the instrument's life.
Level 3 financial instruments:

Those that include one or more unobservable input that is significant to the measurement as whole.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period. The Company periodically reviews its valuation techniques including the adopted
methodologies and model calibrations.
Therefore, the Company applies various techniques to estimate the credit risk associated with its financial
instruments measured at fair value, which include a portfolio-based approach that estimates the expected net
exposure per counterparty over the full lifetime of the individual assets, in order to reflect the credit risk of
the individual counterparties for non-collateralised financial instruments.
The Company evaluates the levelling at each reporting period on an instrument-by-instrument basis and
reclassifies instruments when necessary based on the facts at the end of the reporting period.
4.12 Leases:
Company as a lessee:
The Company has applied Ind AS 116 using the partial retrospective approach.
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract
conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Company applies a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and
right-of-use assets representing the right to use the underlying assets.
Right of use assets:
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of
right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease
payments made at or before the commencement date less any lease incentives received. Right-of-use assets
are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of
the assets.
ECL Finance Limited
Lease liabilities
At the commencement date of the lease, the Company recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments (including
in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an
index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present
value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change
in the lease tenn, a change in the lease payments (e.g., changes to future payments resulting from a change in
an index or rate used to determine such lease payments) or a c hange in the assessment of an option to purchase
the underlying asset.
Short term lease
The Company has elected not to recognise right of use asset and lease liabilities for short term leases of
property that has lease term of 12 months or less. The Company recognises lease payment associated with
these leases as an expense on a straight-line basis over lease tenn.
Company as lessor:
The Company's accounting policy under Ind AS 116 has not changed from the comparative period. As a
lessor the Company classifies its leases as either operating or finance leases. A lease is classified as a finance
lease if it transfers substantially all the risks and rewards incidental to ownership of the underlying asset, and
classified as an operating lease if it does not
4.13 Earnings per share:
Basic earnings per share is computed by dividing the net profit after tax attributable to the equity shareholders
for 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 securities or other contracts to issue
equity shares were exercised or converted during the year. Diluted earnings per share is computed by dividing
the net profit after tax attributable to the equity shareholders for the year by weighted average number of
equity shares considered for deriving basic earnings per share and weighted average number of equity shares
that could have been issued upon conversion of all potential equity shares.
4.14 Foreign currency transaction:
The Standalone Financial Statements are presented in Indian Rupees which is also functional currency of the
Company. Transactions in currencies other than Indian Rupees (i.e. foreign currencies) are recognised at the
rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary
items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at
the date when the fair value was detennined. Non-monetary items that are measured in terms of historical
cost in a foreign currency are not retranslated.
Exchange differences on monetary items are recognised in profit or loss in the period in which they arise.
4.15 Retirement and other employee benefit:
4.IS.l Provident fund and national pension scheme:

E.CL Finance Limited
The Company contributes to a recognised provident fund and national pension scheme which is a
defined contribution scheme. The contributions are accounted for on an accrual basis and
recognised in the statement of profit and loss.
4.15.2 Gratuity:
The Company's gratuity scheme is a defined benefit plan. The Company's net obligation in respect
of the gratuity benefit scheme is calculated by estimating the amount of future benefit that the
employees have earned in return for their service in the current and prior periods. that benefit is
discounted to determine its present value, and the fair value of any plan assets, if any, is deducted.
The present value of the obligation under such benefit plan is determined based on independent
actuarial valuation using the Projected Unit Credit Method.
Re-measurement, comprising of actuarial gains and losses, the effect ofthe asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognised
immediately in the balance sheet with a corresponding debit or credit to retained earnings through
OCI in the period in which they occur.
Remeasurement are not reclassified to profit or loss in subsequent periods.
4.15.3 Compensated absences:

The eligible employees of the Company are permitted to carry forward certain number of their
annual leave entitlement to subsequent years, subject to a ceiling. The Company recognises the
charge in the statement of profit and loss and corresponding liability on such non-vesting
accumulated leave entitlement based on a valuation by an independent actuary. The cost of
providing annual leave benefits is determined using the projected unit credit method.
4.15.4 Deferred bonus:
The Company has adopted a Deferred Bonus Plan under its Deferred Variable Compensation Plan.
A pool of identified senior employees of the Company is entitled for benefits under this plan. Such
deferred compensation will be paid in a phased manner over a future period of time The
measurement for the same has been based on actuarial assumptions and principles.
4.15.5 Share-based payment arrangements:
Equity-settled share-based payments to employees are granted by the ultimate parent Company.
These are measured by reference to the fair value of the equity instruments at the grant date. These
includes Stock Appreciation Rights (SARs) where the right to receive the difference between the
SAR price and the market price of equity shares of the ultimate parent Company on the date of
exercise, either by way of cash or issuance of equity shares of the ultimate parent Company, is at
the discretion of the ultimate parent Company. These are classified as equity settled share-based
transaction.
The fair value determined at the grant date of the equity-settled share-based payments is expensed
over the vesting period, based on the Group's estimate of equity instruments that will eventually
vest, with a corresponding increase in equity. Atthe end of each reporting period, the Group revises
its estimate of the number of equity instruments expected to vest. The impact of the revision of the
original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects
the revised estimate, with a corresponding adjustment to the 'ESOP reserve'. In cases where the
share options granted vest in instalments over the vesting period, the Group treats each instalment
as a separate grant, because each instalment has a different vesting period, and hence the fair value
of each instalment differs.
4.16 Property, plant and equipment:
Property plant and equipment is stated at cost excluding the costs of day- to-<lay servicing, less accumulated
depreciation and accumulated impairment in value. Changes in the expected useful life are accounted for by
ECL Finance Limited
changing the amortisation period or methodology, as appropriate, and treated as changes in accounting
estimates.
Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company and
the cost of the item can be measured reliably. The carrying amount of any component accounted for as a
separate asset is derecognized when replaced. All other repairs and maintenance are recognized in profit or
loss during the reporting period, in which they are incurred.
Depreciation is recognised so as to write off the cost of assets (other than freehold land and properties under
construction) less their residual values over their useful lives. Depreciation is provided on a written down
value basis from the date the asset is ready for its intended use or put to use whichever is earlier. In respect
of assets sold, depreciation is provided upto the date of disposal.
As per the requirement of Schedule II of the Companies Act, 2013, the Company has evaluated the useful
lives of the respective fixed assets which are as per the provisions of Part C of the Schedule II for calculating
the depreciation. The estimated useful lives of the fixed assets are as follows:
Nature of assets Estimated useful lives

Building (other than Factory Building) 60 years
Plant and Equipment 15 years
Furniture and fixtures 10 years
Vehicles 8 years
Office Equipment 5 years
Computers - Servers and networks 6 years
Computers - End user devices, such as desktops, laptops, etc. 3 years
4. 17 Intangible assets:
An intangible asset is recognised only when its cost can be measured reliably, and it is probable that the
expected future economic benefits that are attributable to it will flow to the Company
Intangibles such as software are amortised over a period of 3 years based on its estimated useful life..
4.18 Impairment of non-financial assets:
The Company assesses at each balance sheet date whether there is any indication that an asset may be impaired
based on internal/external factors. If any such indication exists, the Company estimates the recoverable
amount ofthe asset. Ifsuch recoverable amount ofthe asset or the recoverable amount of cash generating unit
which the asset belongs to is less than its carrying amount, the carrying amount is reduced to its recoverable
amount. The reduction is treated as an impairment loss and is recognized in the statement of profit and loss.
If at the balance sheet date there is an indication that a previously assessed impairment loss no longer exists,
the recoverable amount is reassessed, and the impairment is reversed subject to a maximum carrying value of
the asset before impairment.
4.19 Provisions and other contingent liabilities:
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can
be made of the amount of the obligation. If the effect of the time value of money is material, provisions are
determined by discounting the expected future cash flows to net present value using an appropriate pre-tax
discount rate that reflects current market assessments of the time value of money and, where appropriate, the
risks speci fie to the liability.
ECL Finance limited
A present obligation that arises from past events, where it is either not probable that an outflow of resources
will be required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent
liability. Contingent liabilities are also disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the Company. Claims against the Company, where the
possibility of any outflow of resources in settlement is remote, are not disclosed as contingent liabilities.
Contingent assets are not recognised in the financial statements since this may result in the recognition of
income that may never be realised. However, when the realisation of income is virtually certain, then the
related asset is not a contingent asset and is recognised.
4.20 Income tax expenses:
Income tax 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' as reported in the statement of profit and loss because of items of income or expense
that are taxable or deductible in other years and items that are never taxable or deductible. The
Company's current tax is calculated using tax rates that have been enacted or substantively enacted
by the end of the reporting period.
4.20.2 Deferred tax:
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are generally recognised for all deductible temporary differences
to the extent that it is probable that taxable profits will be available against which those deductible
temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the
period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would
follow from the manner in which the Company expects, at the end of the reporting period, to
recover or settle the carrying amount of its assets and liabilities.
4.20.3 Current and deferred tax for the year:
Current and deferred tax are recognised in profit or loss, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case, the current and
deferred tax are also recognised in other comprehensive income or directly in equity respectively.
4.21 Cash and cash equivalents:
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits
with an original maturity of three months or less.
5. Significant accounting judgements, estimates and assumptions:

rn the application of the Company's accounting policies, which are described in note 4, the management is required
to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not
ECL Finance Limited
readily apparent from other sources. The estimates and associated assumptions are based on historical experience
and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of
the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying accounting policies:

The following are the critical judgements, apart from those involving estimations, that the management has made in
the process of applying the Company's accounting policies and that have the most significant effect on the amounts
recognised in the financial statements.
5.1 Business model assessment:

Classification and measurement of financial assets depends on the results of the solely payments of principal
and interest (SPPI) and the business model test. The Company determines the business model at a level that
reflects how Company's of financial assets are managed together to achieve a particular business objective.
This assessment includes judgement reflecting all relevant evidence including how the performance of the
assets is evaluated and their performance is measured, the risks that affect the performance of the assets and
how these are managed and how the managers of the assets are compensated. The Company monitors
financial assets measured at amortised cost that are derecognised prior to their maturity to understand the
quantum, the reason for their disposal and whether the reasons are consistent with the objective of the business
for which the asset was held. Monitoring is part of the Company's continuous assessment of whether the
business model for which the remaining financial assets are held continues to be appropriate and if it is not
appropriate whether there has been a change in business model and so a prospective change to the
classification of those assets.
5.2 Significant increase in credit risk:
As explained in note 52.D.l, ECL is measured as an allowance equal to 12-month ECL for stage I assets, or
lifetime ECL for stage 2 or stage 3 assets. An asset moves to stage 2 when its credit risk has increased
significantly since initial recognition. In assessing whether the credit risk of an asset has significantly
increased the Company takes into account qualitative and quantitative reasonable and supportable forward-
looking information.
Key sources of estimation uncertainty:
The following are the key assumptions concerning the future, and other key sources of estimation uncertainty
at the end of the reporting period that may have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year, as described below. The Company
based its assumptions and estimates on parameters available when the financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to market
changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in
the assumptions when they occur.
5.3 Fair value of financial instruments:
The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction in the principal (or most advantageous) market at the measurement date
under current market conditions (i.e., an exit price) regardless of whether that price is directly observable or
estimated using another valuation technique. When the fair values of financial assets and financial liabilities
recorded in the balance sheet cannot be derived from active markets, they are determined using a variety of
valuation techniques that include the use of valuation models. The inputs to these models are taken from
observable markets where possible, but where this is not feasible, estimation is required in establishing fair
values. Judgements and estimates include considerations of liquidity and model inputs related to items such
as credit risk (both own and counterparty), funding value adjustments, correlation and volatility.
S.4 Effective Interest Rate (EIR) Method:

ECL Finance Limited
The Company's EIR methodology, as explained in Note 4.1, recognises interest income / expense using a rate
of return that represents the best estimate of a constant rate of return over the expected behavioural life of
loans given / taken and recognises the effect of potentially different interest rates at various stages and other
characteristics of the product life cycle including prepayments and penalty interest and charges.
This estimation, by nature requires an element of judgement regarding the expected behaviour and life cycle
of the instrument, as well expected changes India's base rate and other fee income, expenses that are integral
part of the instrument
5.5 Impairment of Financial assets:
The measurement of impairment losses across all categories of financial assets requires judgement the
estimation of the amount and timing of future cash flows and collateral values when determining impairment
losses and the assessment of a significant increase in credit risk. These estimates are driven by a number of
factors, changes in which can result in different levels of allowances.
The Company's ECL calculations are outputs of models with a number of underlying assumptions regarding
the choice of variable inputs and their interdependencies. Elements of the ECL models that are considered
accounting judgements and estimates include:
• PD calculation includes historical data, assumptions and expectations of future conditions.

• The Company's criteria for assessing if there has been a significant increase in credit risk and so allowances
for financial assets should be measured on a life-time expected credit loss and the qualitative assessment
• The segmentation of financial assets when their ECL is assessed on a collective basis
• Development of ECL models, including the various formulas and the choice of inputs
• Determination of associations between macroeconomic scenarios and, economic inputs, such as
unemployment levels and collateral values, and the effect on PDs, EAD and LGD
• Selection of forward-looking macroeconomic scenarios and their probability weightings, to derive the
economic inputs into the ECL models
It is Company's policy to regularly review its models in the context of actual loss experience and adjust when
necessary.
5.6 Impairment of Non-Financial assets:
The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If
any indication exists, the Company estimates the asset's recoverable amount. An asset's recoverable amount
is higher of an asset's fair value less cost of disposal and its value in use. Where the carrying amount exceeds
its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
5. 7 Provisions and contingent liabilities:
The Company operates in a regulatory and legal environment that, by nature, has a heightened element of
litigation risk inherent to its operations. As a result, it is involved in various litigation, arbitration and
regulatory investigations and proceedings in the ordinary course of its business.
When the Company can reliably measure the outflow of economic benefits in relation to a specific case and
considers such outflows to be probable, the Company records a provision against the case. Where the
probability of outflow is considered to be remote, or probable, but a reliable estimate cannot be made, a
contingent liability is disclosed.
Given the subjectivity and uncertainty of determining the probability and amount of losses, the Company
takes into account a number of factors including legal advice, the stage of the matter and historical evidence
from similar incidents. Significant judgement is required to conclude on these estimates.
5.8 Provisions for Income Taxes:

Significant judgments are involved in determining the provision for income taxes including judgment on
whether tax positions are probable of being sustained in tax assessments. A tax assessment can involve
complex issues, which can only be resolved over extended time periods.
ECL Finance Limited
Estimates and judgments are continually evaluated. They are based on historical experience and other factors,
including expectation of future events that may have a financial impact on the Company and that are believed
to be reasonable under the circumstances.
5.9 Leases:
Significant judgements are involved in evaluating if an arrangement qualifies to be a lease as per the
requirements of Ind AS I 16. The Company also uses significant judgement in assessing the applicable
discount rate which is an equivalent to incremental borrowing rate estimated on best effort basis.
6. Standards issued but not yet effective:

There are no new standard or amendment issued which are not yet effective.
7. Pursuant to Securities Subscription Agreement dated March 5, 2019 amongst the Company, Edelweiss Financial
Services Limited, Edelweiss Securities Limited, Edelweiss Rural & Corporate Services Limited and Edel Finance
Company Limited and CDPQ Private Equity Asia Pte Limited (as the "Investor"), a wholly owned subsidiary of
Caisse de depot et placement du Quebec (CDPQ), for an investment of US$ 250 million, amounting to
approximately Rs 18,000 million into the Company, the Investor has subscribed to l000 Equity shares of Re. I/-
each at premium of Rs. 31/- per Equity Share and 103,949,680 Compulsorily Convertible Debentures (CCDs) at
Rs. 100 per CCD and accordingly paid the Company a total sum of Rs. 10,395 millions on May 7, 2019, towards
first tranche.
8. A Scheme of Amalgamation for merger (Merger by Absorption) of Edelweiss Retail Finance Limited ("ERFL")
with the Company ("Transferee Company") and their respective shareholders under section 230 to 232 of the
Companies Act, 2013 and the Rules made there under has been filed with the Hon'ble National Company Law
Tribunal ("NCLT") on March 26, 2019.
ECL Finance Limited
Notes to the financial statement for the year ended Mar-ch 31, 2021
Asat As at
Much 31, 2021 March 31, 2020
9. Cash and cash equivalents
Cash in hand
Cash in hand 0.04
Balances with banks

In current accounts 15,086.10 9, 127.39
In fixed deposits with original maturity less than 3 months 2,500.00 9,000.00
Accrued interest on fixed deposits 1.06 0.99
17,587.16 18, 128.42
Asat A s at
March 31, 2021 March 31, 2020
10. Bank balances other than cash and cash equivalents
Fixed deposit with banks 589.91 19.65
Fixed deposits with banks to the extent held as margin money or security against
borrowings, guarantees, securitisation
1,371.38 981.79
(Refer Note JO.A Below)
Earmarked balance with bank 6,503.70

(Refer Note 2 Below)
1,961.29 7,505.14
Notes:
/) Fixed deposit balances with banks earns interest at fued rate.
2) Earmarked/or a specific purpose and therefore not available for immediate and general use.
10.A Encumbrances on fixed deposits held by the Company:
Asat As at
Marc• 31, 2021 March 3 I, 2020
Fixed deposits pled1ed for:
Bank guarantee for non-convertible debentures

RBL Bank Limited 25.71
Axis Bank Limited 145.00 146.75
ICICI Bank Limited 0.55
State Bank oflndia 27.50
Bank guarantee for cash credit lines/onrdraft

ICICI Bank Limited 50.11
Punjab & Sind Bank Limited 581.00
Security deposit for term loan and WCDL facilities

Union Bank oflndia 5.63 5.37
Bank guarantee for securitisatioa

DCB Bank Limited 35.25
ING Vysya Bank Limited 122.92 134.70
HDFC Bank Limited
~ - ~"::,..
313.44 324.68
ICICI Bank Limited ~l lluu' ' ""'-'-
,....--,-,, 256.89 258.67
'
1,371.38 981. 79
lJ 8..q
'--.....,_,_,,
.fer.au~
ECL Finance Limited
Notes to the financia l statement for the year ended March 31, 2021
Asat As at
March 31, 2021 March 3 I, 2020
11. Derivative financial instruments
Fair Value Assets

Mark to market on interest rate swap & Currency derivatives 54.93 85.65
Premium paid on outstanding exchange traded options 87.29 623.31
Embedded derivatives in market-linked debentures (asset) 1.43 80.41
143.65 789.37
Fair Value Liabilities

Premium received on outstanding exchange traded options (including MTM) 133.41 756.23
Mark to Market on interest rate & currency derivatives 61.98 162.84
Embedded derivatives in market-linked debentures (liabilities) 213.62 36.28
409.01 955.35
ECL Finance Limited
NotH to the financial statement for th• year endtd March JI, 2011 (continued)
Jl. Dttil'1tive lin ■ncial instruments
The Company enters 1n10 dct1vahves for tis.k management purposes These include hedgrs tha.t e-nher meet the hedge actounung requirements or hedges 1hat are economic hed~es.. but the Compan) ha.s
e lected not to apply hed.iie accountu'tQ requirements
The table below shows the fair values of derivative financial instruments recorded as assets or hab1ht1es together with their notional amounts/Units held
As 11 ll11rch 31, 1021
Unil Cur~JK"Y Notiotlal Fair vallM: assd U•it C■rreacy Notioaol faK" value- liabilily
Partic:ulan
(i) ldtttert rate ct.rivativa
Interest ntte swaps Rupees INR 7.750 54 93 Rupees INR 7.250 61 98
lntercR. rate futurc:s G-SecUmts 35.02.000 0.)6
Less: ...ounu offset (0.)6)
(11,/i:rNOlell A &SI)
Subtotal(;) 54.93 61.98
(•) Eq■lty liabd demariv..

Stock futura No ofShares 3. 10.450 0.48 Noof Shares 13,65,554 K95
Options purchased No of Shares 3,30,604 11.16
Options sold No of Shares 3,30,604 4 27
Less: amounts offset (0.48) (8 95)
(Re/tr Nold I A & $/)
s•••••ol(•1 11.16 4.27
(iii) lndu linked deriv1tive1

Index futures JndexUmts 86.475 191 Index Untts 1.300 0 0 31
Options purchased Index. Unlt! ).54,1 50 76.ll
Opuons sold Index Uniu 2.61.450 129 14
Less: amouPll offset (8.91) (0.31)
fR•fer NOie /J.A ,!d /)
Subtotal(iii) 76.U 119.14
(iv) laH<IMd deriv1tiYn•
In market Jinked debentures No of Debenture 1.176.00 1.43 No of Debenture 45.291 00 2 13.62
Sublolal(iY) l.4J 113.61
Tetal 4envatwe n.aacW . ..,,.. . .b 143.65 409.01
Aa al Marclt JI, 1820

P•rticulan URII Currenn Notional Fa,r ·valae a11et Unk Cu.,ftlln- N•tiotlal Fair value lia•it;IY
(I) ielffHI r■lo d«ivltm:s

Interest rate S\lr'lps Rupeos INR 4.250.00 85.65 Rupees INR 7.75000 162.84
Interest rate future G-SecUniU 1,24.72,000 7.02
Len: unounts off'sct (7.02)
(R,forNotel}_A &JI)
Subto11l(i) 85.65 161.84
(iiJ t:q,o;,y 1;,,w otema1;,..

Stoel: futures No ofShares 1.95.200 17 99
Lta: atnOWU offset (17.99)
(Refer Nor,// .A & Ji/
S.blotal(ii)
(iii) ladea 11111kN deffl'ativa
lndcx futures Index Units 2.55.340.0 26.74
Options purchued Index Units 6.44.47' 613.31
Options sold Index Units 6.67,875 75623
Lcn: IAl()Uftl&of&c1 (26.74)
(Ref,r /{ote/1.A & JI/
s.•tor•~iii) ,u.J1 756.U
(iY) Embedded d•riYativa•
Jn market linked debentures No of Deben<ure 80.4) No o( Debenture 36.28
S.btor•-iv) 10.41 36.18
Totaldenvatwt nna11t1al 1111tn1111ent1 719.J7 955.35
Note: The notionaVunits held indicate lhe value of trlnsattions outstandintc at the year ct'd •nd are noc indUtive of eicher the market risk or ~redit risk.
• An embtdded derivative is a component of• hybrid instrument that also includes a non-derivative host contract with the eff'cct that some of the cash flows of tlle combined instrument vary in a way similar to
1 stand--alone denvative. refer Note ◄ J.S for further dtiails.
HtdsiDC aclivit;o ad derivalm:s

The Company 11 ~posed to certain risks relating to its onaoing business operations. The primary risks 1112rta1ed using derivative iastruments are in&erest rate risk and equuy index risk. TIM: Company"s ri$k
m.nagement 'Strategy and how it is applied to manage risk are eJtplained in Note 52.
Deffi'■ti\la daip■ted u he4&lnl illstru111Hih

The Comparty has not designated any derivatives as hedamg lnstruments
ECL Filla ■ce Limited
Notes to tbe financial st1tH19t ror tbe year ended Mardi 31, 2021 (continued)
11.A Offsetting
The tables below summarioe the financial assets and liabilities subject to oflsctting. enforceable master nening and similar agreements, as well as financial collateral received to mitigate credit exposures for these financial assets, and whether o lfset is achieved in the
balance sheet
Fll@cjaJ Assgb SNjecl te off1ettjm, petti!c •JTYCC!K!!P
Assets not subjed to Maximum

Offsenia& ncopiud in baluu sbffl Nettina: poteatial aot recopised in bala11e• sbfft T otalAJMts
As at Mardi 31, 2021 aetti9a: arranc•- Expos■re to Risk
Aasets afier Recoenistd • the

Gross asact before Nel ..set ncognlHcl Collateral, A11cts n t OCftistd on th• After co,uiderarion
Am.mt offHt Fiuarial liabilities c.olllideratio• of b■laace
olfsel . . . . . . . . . . . s11.., rtteind loaluusl,cet or aenlnc poteori■I
nettma: potetlli■l sheec
Derivative As,ets 64,32 (9.39) S4.93 (S0.68) (5.38) (1.13) 88.n 143.64 87 59
M•nnn olaced with broker' 6St.94 (0.30) 6Sl.64 - - 6Sl.64 - 651.64 6Sl.64
fipancial Y,lpilieiss a►itcf to offssttiqg, PCUier IUWSIKPb
Liabilities aot mjttl 10 Mas.imum

Olfsettina: rec:opised ill balance sbfft NeNina: poltnti■l - recepistd ie balanc:c slleet Tola! Liabilities
aettin1 arr•ac•meots Exposure lo Risk
AJ at March 31, 2021
Net Liabilities Liabilities after Recopistd in the

Gns1 Lialtilitiff Fimncial Lial,ililin roc:opisecl . . After cousickratioo
A-toffscl recopscd on doe Collalerals Paid couidcntien or balautc
before offsel Assets Ille balant e sbcet of n•ttine potential
balaute sheel iwiua:pottlMial slleet
Derivative Liabilities 71.67 (9.70) 61.97 (50.68) (10.70) 0.59 347.03 409.01 347,62
fiMKial AsKts ,111,;,s1 11 offsstfilc, aeftill 1rrWtWCPt1
AISCIS not s lll,jt<:t to M axim...

Offxttina: rccoeai1td iio balance sheet Nettill1 potential aot recopisecl ie balan<c sllccl
nettina arrancement,
Total Assets
E1posure lo Ri, k
As at Marci, J 1, 2020
Assets ofter Recopistd in the

Gross - I before NetllSHtrecopisecl Colatcrals Assets recoenised on the After con.ickra tioo
A - , effsel Finan<ial liobilitiff comidcrolioa or baloute
offsel on the bala11e• sheet rettivtd balaucesbfft of uettine potential
aettinapoiellti■I sllut
Derivative Assets 85.65 - 8S.6S (97.83) 54.82 42.64 703.71

.
789.36 746.35
Manrin placed with broker• 794.53 (Sl.75) 742.78 - - 742.78 742.78 742.78
fimpsial LiahilitiH su►iest to ofJKltiv, vttin ■a111cNP•s
As at March 31 , 2020
Offsettiac ~ in balaaec sllcet N•trinc ,.,._tial aot recopised ia baluc:e sl,cet Liabi~ti.. DOI subject to
••llll>I
arrancemena
Total Liabilities Maximum .
E.posure to Rnk
. .. . Net Liabilities Lia bilitin a fter . ,,. . Rttoguised in the . .

_ ~~ G ress Liabilitin A ""-·• _ :.... ~- Fin■ucial C·" · .,. P-'~ id . ., LiabilitkS N<O£Discd OD b I Afler <ODSLderahon
~ N ' C ~ oa ~ ..-teraa mu ceas tratioa.. a aace . .
,,--a"A .,1- ;::,.,
-
befere efl'oet
alOIIDt D1DC1
bat -'-· · As..b . rial the balance sheet h of netting potential
l:t-":.l'~ , ,l.'l~ , auc:e ......,1 aeffl11& poten • ttl
r,•/ r Deni,ativl!.'l iabilities 214.S9 (S l.7S) 162.84 (97.83) (16 .65) 48.36 792.51 . 9SS.3S 840.87
::,:t ' ~."'
~l ~ n}$i r rting date, margin placed with broker netoffwidt net liabilicy towards mark to market loss on derivatives futw-e contracts and similarly, net mark to market gain are added to margin placed with broker. Accrodi~}~~ s::w~~: -pn:~~nted in the financial
~\, ~ ; ~, ;t . , · · ' - '·

~ <) ~\,,. ..,J .. r / ) fl •:...~/ •• - • •~
► '--_,-' C
tou,m,\\~
~
~'~ >---,..-.>'t
'"'0~~- - - ~
~ ... ... ,
ECL finance Umiled
Notes to the fin1ntl•l 1tttemtnt for the year ended March ll, 2021 (continued)
(Currency (ndian rupees in million)
Aul Man:h 31 2021 As at March J I, 2020

Fact Val•t Ouatn Aao•■t F~ce Value Ouantitv Amount
ll. Securilits held for tradi■g:
Ai/air 1,'ttlm• lhrot,gh ,,rofit anJ lo.f.( at.·t.·ow,1
Ceatral Gevtmae■t Dtbt S«writiu

6,6.S¾ Government Stock 09.04 2020 Bonds - . - 100 12,50,000 12902
7.00%Govemmcnt Stock2I .Ol .2021 Bonds - - 100 75,00,000 772 36
6. L"79/4 Government Stock 12 06 202) Bonds - 100 S,00,000 51 92
7 35'/, Government Stock 22 06.2024 Bomb - - - 100 20,00,000 216 22
8.40"/4 Oovemmertl Stoclc 28.07 2024 Bonds - -
. .-
100 20,00,000 222 24
7.72% Government Stock 2S.OS,202S Bonds - JOO 65,00,000 7 11 I I
7 S~✓- Government Stock 11.01 2026 Bonds . . JOO 5,00,000 53.87
7.27"/4 Government Stock 08.04 2026 Bonds - - . JOO 45,00,000 487 03
6.79%Govemment Stock JS OS 2027 Bonds - - - 100 I ,0 5.00,000 1,094 26
8.20'/o Government Stock 15.02 2022 Bonds JOO 70,00,000 733.44 JOO 3,50,00,000 3,724.80
8 i 5% Government Stock 16.10 2022 Bonds 100 33,54,000 367.10 - -
7 88% Government Stock 19.0J.2030 Bond, JOO 10,00,000 109.ll
.
-
7.61% Government Stock 09.05.2030 Bonds JOO 10,00,000 ll1.07
7.26% Government Stock 14.01.2029 Bonds 100 20,00,000 213.06 - - -
4.48% Government Stock 02.1 I .2023 Boods 100 SS,00,000 SS7.IJ - . -
5 J5%Govemment Stoel< 09.11.2025 Boods 100 25,00,000 249.S3 - -
5 85% Government Stock 01.12.2030 Bonds 100 s.00,000 ◄9,63
J 64% Treasury Bill 08.04.2021 100 4,S0,00,000 4,498.95
J .64% Treasury Bill 22 04 2021 JOO 40,00,000 399.S9
State Gfl,ern- Debt Securities

8. l 8¾ Tamilnadu State Development Loan Government Stock 19. J2.2028 Bonds 100 100 0,09 JOO 800 009
5.43% Bih■r State Development Loan J1.03.2024 Bonds 100 S0,00,000 ◄99,S8
6.69% Madhya Pradesh State Development Loon 17.03 2025 Bonds 100 lS,00,000 256.96 -
8.6i</o Maharuhtra State Da-elopment Loan Government Stock 06.0J.2023 Bonds 100 S,00,000 53.73
.
-
8.56% Rajasthan Government Stock 23.01.2023 Bonds JOO 25,00,000 268.9-4 - -
8.92¼ Tamiln■du State Development Loan Government Stock 08.08.Z022 Bonds 100 25,00,000 268.00 - - -
Dtbl Securities
To,a/ Gowrnmem /NIH S«uri tK3 (AJ
-~"'" 7 462.92
I .7So/• Edelweiss Retail Finanee Limited 22.03.2021 Bonds - - . 1,000 16,399 13 93

9.75% Edelweiss Housing Finance Limited 19.07 2021 Bonds 1,000 2,776 3.04 1,000 1,115 282
8.42% Edelweiss Retail Finance Limited 22.03.2023 Hoods - - . 1,000 J,221 2.63
8.65% Edelweiss Rei.ii Finance Limited 22.03.2023 Bonds 1,000 3,270 3.13 1,000 J,037 2.13
9.00'¼ Edelweiss Retail Finance Limited 22.03.2023 Bond, l,000 9,238 8.61 1,000 1,942 141
9.50%1M Financial Credit Solutions Limited 07.06.2023 Bonds 1,000 6,743 7.85 1,000 6,743 646
I 1.00"/4 Ed<!weiss Finw,t Privaoe Limited 29.07 2025 Bond, 10,00,000 S6 65.6S 10,00,000 56 45 14
10.00% Edelweiss Housing Finance Limited 19.07.2026 Bonds 1,000 1,58)33 162.79 1,000 23,250 21 62
8.&8% Edelweiss Retail Finance Limited 22.03.2028 Bonds 1,000 1,517 1.32 1,000 1,SJS I.OJ
9 25¾ Edelweiss Retail Finance Limited 22.03.2028 Boods 1,000 3,415 2.96 l.000 2,951 2.62
8.95% Aditya Bir1a Finance Limited 06.06.2029 Bonds . . 10,00,000 18 18 51
JO,S0'/4 lndusind Bank Limited Perpetual . . 10,00,000 45 44.19
0.00'/4 Edelweiss Housin& Finance Limited 19.07 202 l Bonds 1,000 637 0.98 - -
To1al /NIH S,,curitirs (BJ ZM.33 162.49
Equity lutrw-ts
Wabco India Ltd
Vedanta limited
-I -
44,88,800
-
1,026.81
5 2,000
.
12 28
Max India Limited JO 1,53,194 9.83 -

TOIDI t:q,,uy Jnstn,,,,.nu (CJ l •""'k 12.28
Mutual Fund
JM Luge Cap Fund-Dividend . - 10,89,97,766 1,271.84
-
.-
SBl Ovemig),t Fund-Dir«< Pl Growth 6,92,711 2,253.88
ICICI Ovemig),t Fund-Direct Plan-GroW!h - 2,09, 17,322 2,253.82
HDFC Charity Fund fnr Cancer Cure - Debi Plan Direct Option - .
10,00,000 J0.02
HDFC Ovemighl Fund -Growtli Option -Direct Plan
Edelweiss Fixed Maturity Plan - Series 49 • Diroct • G.-owth
-
40,00,000 47.08
40,112
40,00,000
119 JO
4].91
Edelwei,s Short Term Fund- Direct-Growth 8,39,906 20.45 12,JJ,997 21 09
Aditya Birla Sun Life Liquid Fund- Regular Growth 45,622 JS.02 - -
Edelwei11 Nifty PSU Bood Plus SOL Index Fund 4,97,02,269 502.43 -
Total Mut1u1/ Fund (DJ !iM.M 5 973.66
Total (A • B • C • D) 10,514.5' 13,611.]5
Notes:
Pl,asie refer ,wit JI -Fair f"ahtt mean,rement for ~OIHation medtodologies far Rcurilies heldfor trading
£Cl. Fir1anct Limited
Notes lo lht: tinandal statement for tht year tndfd. l\hlrth 11, 2011 (conftnue-d)
(Currenc:, lnd1wi rupees ,n m1ll1on►
AHi
March 31. 20 20
13. Trade nceivables
a) Track rtteiva•tes
Recen·a bles considered iOOd - unsecured 1,411.11 l.U¾ 1)5
Recell ables - cttd11 1rrc,a,red 7.01 11 47
1,419.11
Allo"-a.nce for expectf'd cred11 losus
Recen·ablcs considered good• unsecured (7.15) (IS 7'))
Recet, ables • cred11 impaired (7.01) (l 147)
l,41'-96 2J>41 l <t
forthe ) earended
March 31. 2020
JmpaimtMt allowance as per u mplified approach
lmp«.nment allowance• opening balance 17..U 6.75

Add/ (less) a.net origmated / acquired / rccoYcred (net) (13.10) 20.5 1
lmpainnent allowance• closing baJ,nce au, 27 26
Nore.s:
I) No 1,oJ~ or Ollur u ,y;w,h/t s are duf' ftvm d1r,c:tors or other officrrs ofthe c:ompany rrther Sew!rally or Jointl;i, wJ'th any 0 1her ~rson
]) 1~1u.ue refe"' nme -19 - Relattd purl}' d1s,•J,m~r, (Qr trade or other rec:enublcs due f rom _firms or P,11/!Qte companies in which dir«ton IS are parIner. a d,r~clor or a m#PIIMr
e) Tnde rec~ivables d•r• pau due
1.90
Curnnt 91-180 days 111-170 da,s l7~3'0 days > 360 day1 TOia!
••••
ECLRates l 7% 10.2% 26 7'4 61.3'4 1000•.4
E,timated total gross corryina amount at default• 2,364.33 44.70 3.18 . 9,90 701 2,42') 12
ECL • sunplified approoch 0.75 0 J2 6.08 701 14.16
Net Ufl')'ln& amo11111t l,.164.33 0.95 J.16 J.&J . 1,4U.'6
1-,0
Aul Morch JI, lOJO
c........ days
91-IMdays 111-270 u,y, 27~J60d•r• > J604ays Tow
ECLRala 13% 11% 298% K9.2% 100.0 %
Estima1ed total gross can,·irig amount at def1uJI• 1.803.12 102.61 149.75 0 07 1.40 11.47 2.068 42
ECL • simplified approach . 1.33 13 19 0.02 1.25 I l.47 27 26
Net<...,..__ UOJ.11 101.21 13'.56 0.115 o.as . 11141.16
•tnclude.1 reccuvoble., Jrom sloclc ttxchangc1 Cleanng h<Juu and companies ,n sam,e g,01,p. The Compony ha, no history Ql'J(/ expects no default on these rc,·u1\IQbldS, '1t·c.:ordmgly no allowan,-.: for E('/_has been
rtcognmtd on lheie rece,vahle:J.
ECL Finance Limited
Notes to the financial statement for the year ended March 31, 2021 (continued)
(Currency: lndian rupees in million)
As at As at
March 31, 2021 March 31, 2020
14. Loans (at amortised cost)
Term Loans;
Corporate credit 61,591.25 86,843.64
Retail credit 24,751.25 49.473.56
Total aross 86,342.50 1,36,317.20
Less: Jmpainnent loss allowance (5,277.09) (8, 132.80)

(Refer Note 14.B)
Total net 81,065.41 1,28, 184.40
Secured by tangible assets (property including land & building) 61,308.30 41,315.84
Secured by inventories, fixed deposits, unlisted securities, project receivables & other 1S,845.16 75,259.91
marketable securities
Unsecured 9,189.IM 19,741.45
Total gross 86,341.50 1,36,317.20
Less: Impairment loss allowance (S,277.09) (8, 132.80)

(Refer Note 14.B)
Total net 81,065.41 1,28 184.40
Loans In India
Public sector
Others 86,341.50 1,36,317.20
Total gross 86,341.50 1,36,317.20
Less: Impairment loss allowance (5,277.09) (8,132.80)

(Refer Note 14.B)
Total net 81,065.41 1,28, 184.40
14.A Loans given to directors

AJat As at
Marcia 311 24121 March 3 I, 2020
Loans Given to Directors

(refer note 49 related party disclosure)
ECL Financ" Limited
Notes to tbt finandaJ 1tatntt:11t fo, tile year ended March 311 2021 (co•Nlued)
(Cumncy:lndWI Npe<s;,. million)
14,B Cnclit qulil)' of.-,
The llblc below shows lhc cr<dit quality 1111d the mL'"""'" exposure .,,redit risk hosed on the Companysi<1r-<:nd st.,ge clusif,catioft. T h e - . pre:,cnlC,l are p,,<S ofKTipoinneot a!lowancc~ Details o£111c Comp..ys vtlemal aradlo& Cot .,.C' classil',c:otion •• explained Ill NOi< S2 0 .1 and pobcies on ECl.,3llowan<es .,, set out tn
Notc4.6
• CMit ·•ality ., Uldl

AsalMardaJl, 2tll A,atMudiJJ, lt?I
Stairef Stmll St•=Jli Total Staitel St•llCil StaRC Ill T,,t•I
P,rfonnin1
High arade 4 1.997.2S 41,997.2S 14.9SS30 l ol.955 30
Standard grade 38,103.33 38.103.33 46.233.0 -U,.233.43
N_.r__,.
Irufo·Ktudy impaired 6.241.92 6.241.92 5.I J.IS 47 S.1'.!.lt ,17
-- --- --
41,997.15 -- - -- --
Ja..,_IOJ.JJ 6JAt.n 9'_.39.50 ll4_,!S5.JO "6,lJJ.O - --- ·-
S.118.47 1.36.317.lO
b Rttoariliat;.. of ta.uses ia trDN ur..,...c . .OIIIIII a-..1 r.orrapuNc ECL aU.Waates for '-•s •d ldv&llffl to corporale Md retail r.11:oaen:
The followbtg diKloSUR provides st.lac wi.se r«:oncUi,ition of the Complft)'s grou tatf)ing ani,owu and ECL allowances ror low and advances to ,orpora1es and retail customers. ihe uansrcrs of financ1.i uacts rcprcsenta lhe lfflpad of su.ac transrcn upon the gross c~1n1 amounl and ,u.soc:1ated aUow:tncc ror ECL The net
rerncuurcrneat of ECL ariSUIR fro. staac transkn rcpr-cse.ts the illc:rcnc: Of' dcucuc d11t IO ~ tnnskrs
The ·New mets origimltd /rq,a,,mcnts rccch·cd (net)' reprcliC:nl the grosi Catl)YII amo..nt and. U50Cilled alk,.·MtC ECL impact from tr•SKUOni i.e Ile\\. kndir\i, further disb\lrscrnenU, rcp,aymenli and lfl~rt5t acc.T\W on loans
Bcsoeciltito I mtmncot fo, thl icar «Wd Marci! JI 2021
-....
Noa cr'Nk ._a.ind Cn411--,ain<I
"fotal
St... l Stq,D sa..,.m
Partic11\ar1
G,_. c...,,-ta1 .utMat "11ow....
,_ICL
c;,... cU'f'Ylel A...-
,\ll....N
... ta. Gt-Msra,.,,...Aa&Mat ..
for tCL
er..urryiaa A•.,..t
Ala.-alK~
fo,£CL
OpeDie1balutt lol,9S5.30 l .ll0.02 46,233.43 l.818.40 l . 128.47 694.31 l ,36.317 20 8. n2 go

New A$$CCS Pwdt.ased -
TrMSfer of rlMDGiaJ asseu
Stage I IO Stage II {17,41242) (lJO 30) 17,412.42 Sl030 -
S11ge l lO S<qe Ill (lll.ol) (10.66) - 335.02 10.66
Slap: 11 IO SIii" Ill - (1 1. 151.61) (Sll.32) Jl .151.61 522.Jl
Succ II to Stage I 4.203.27 766.13 (4.203.27) (766.83)
Stea< Ill IO Slap I 1.45 0.96 ( l .4l) (0.96)
SIi&< Ill to SUF II - M43.0S 641.58 (3.643 OS) (641.58)
R,mea,_..ent or ECL ariSvt&6- .....rt, or Sllge (nell (760.9 1) 225,30 146.Jl t31W 26)
New mc:t.s origiu&cd hepl)flltn1$ rtcei\·ed (N:l) (29.36S 33) 1121.69) (13.830.69) (2,ltl.02) 2,987.04 1,098.35 {40,20198) (1.-1()(, 36)
u,ans ,old 10 ARC {9.122.90) tl.060.09) (Y.122 90) ( I J){.f109l
AnloWLU wrillm off' (IICt) (642 82) (642&2)
a.a- 41.i!?Z,.15 91U5 Ja~IIJ.JJ J.591.41 6.141.92 769.43

--·
9'.34_2.50 - ·-- --
5.177.09
~
-~ ,,Ci ~
..'I .I..~ \.,,,j
~~
ECL Fiaaace Limited
Nota 10 tlle-faMcial at■tedlNt roe die year .Ud Marcil 31, 2021 (toarinued)
(Cunency.lndim n&p«S IR million)
14.B Credit qll&lily of mots I•••"-)
Note:
For C111rn11t )'Hr
I) ECU: had iMiMcd sale oCccrta1n financial aaclS bofor< Mor<h 31, 2021 and lor \\hlch d<lilli1Jv«-acts w=eX<CUICd post lhc: bal•u lheet dale. n.csc, financw uacts sold after M11ek 31, 2021, __,d co Rs. 2,761 Om~tionl 10 Alf uusa. A, per Ind AS 109, Financial Instruments. prcKnbed under scctooo 133 orlhc
Computies Act, 20l3 signifxlllljudaem,cnt is mvolved in clusifacalioli of"uScU "'b.ich hu been KC'tDWtttd on Kcount oUactors eaulCd byCOVlO 19. Aocordlllgl), tH01&c1nC1tt assn.,cd that such loans sold bJ the Company after Man:h 31, 2021 had an increased risk but were not credil unpl.lJN. As at March 31. 20.Zl. there an: no
impec:t on the fiaancial ,lltcmcDU or t)k- £CLF. as the compaoy hu not inc.urrcd M) k,u 0d sale of thc!IC WWlil:i.a assets,
ECLF had inil.iated sale of ccr\lul cffiiit impaired financial Q,e\S before March 31, 202l and for which definitive contracts were executed post the baSl[IC:e shec:t dill:. 'These financial ISKlS sold after Much 31, 2021. uaOUllled lo Rs. 6,253.10 11uUtonS (net of pro\isioltS and losses) to asset rCCOI\SU\lclaOn comparucs trus\.5 (ARC Trust) As
per lnd AS t 09. Financial lrmnuncnu, pR:SCribc:d under~ l 33 or the Compaaics A«:t. 2013 sipific.ant judsc:ment is ilu:oJ-ved in clusifac:lbon of assets which tw been -.centuatcd on accowit or racton c:au,ed by COVID 19. Accordingly. on account of subscq,utn1. sale to and rcco, ay &om ARC Trusts of nach crcd,1 impaired assels.
,,,.._.. 1'lo .....-ded SU<1, im-ial..,... as recov....,.. ODd oot u mdil imptnd fUIMCial .....,_ EFSL. . . boldiog C - bas, - - a l l y al nsl<s Md =atds in mpect ollh<,e financ;,......, aa,<gllina to R,, ◄,703 90 ,dliono. A5 It Mao-ch 31, 2021. the,-e ""' no .mpacl on the fmucial SIIJ<,oncnU or lhc
ECLF olber thon expected mdit los, reconled in the Profit Md Loos S111tmen1 for the llllfi~• and )'Cir ended March 31, 2021 omountina"' Rs. 79.50mi!llon,
Bcsoncili1tieo / m.Offlllad Cec the utr Ep,kd. Mauh lt 1020

No& credit a,ILM C"'1it iapoiffll
Tocal
SC11 I S••&<ll Sta&<III
Allowance Allowuc• Allowance Allowance
Gr•• Carryins Mount Gr0$I url')i•c Amouat Grou carryi•& Amo\lnt Grou carryins Amount
Partitu.lan for t:C(. ••r£CL forEC'I for ECL
~inc balHlff 2.12,533.31 1.191 05 25.864.50 168.92 5.687 55 3.351 72 2.44.0IHJ 6. llK 69
New A...u Purchased 14.063.46 3.607.15 108 80 17.780 11
Tr•sle:r ofr••cial auets:
SuJCIIOStaJCII (32,177.15) (46060) 32, 17715 460.60 -
Stal' I to Stage 111 (41,242.92) (592.S0) 41,242.92 592.S0
Stap II to Stage UI (20.679.77) (SSS.51) 20.679.77 SSS.51
Sta&< 1110 Stage I 6S6.4S 17.70 (6S6.4S) (17.70)
Sup Ill co Stage I 2.◄) 2.00 (20) (200)
Sllge Ill co Stage II 11.26 l .&7 (11.26) (1.87)
Remcuurcmcnt. oC ECL arisin& &om tnnsfe:r of stage (net) (II 41) 3,950 OI 504.19 .i..i.i:; -'9
New....., origimoed 1rcp.,,..nu re<eh·ed (n<t) (61.879.65) 70) 15 5,90119 1,112 14 (141 99) - 163.IIJ.ljl t.RM5W
Low sold ., ARC
Amounts written off (net)
- (51,269.01) (4,315.37) (ll,26901) ,.i.3 15 371
(3.465 88) (J.465 18)
~bol-- 114-----
- -2 955.lt - --- --
1,551.01 ~l,0 sa~
- -- - -
- --
~1U7 - - --
6~.31 1.,)6.Jl --
- - ---7.10 12132.80
Note:
For pn..-io111 yur
n.c Company had initil&cd Ale of cenaia ftnanew assets befOC'e March 31. 2020 and for v.hich dc:fsuti,·c conu1e1s v.erc cxcc:vled post. lhc balance sheet date. lllcx financW U!ICU ~ sub1e~t 10 Marca. 31. 2020. tMOUnted to Rs. 14.516 20 millloas '°
abcmatJ,e assets fund and asset reconstnacuon compa,ucs uusts As per Ind AS
109. Finanrial lnSIJUftlcntS. prescribed under section 133 o(thc Companies Act. 2013 signific1nt Judgement is UIYot,·cd 1n elas.siC'.c:ation or assets which hu been acccncuatcd on KCOUJlt or <a10rs cautcd by COV1 D 19 AccordU1J1'. maaugm,ene assc'"d that "Kh loans 10ld ~ the Compart) subse:q•cnt to M.vch 31. 211'10 had an
~re:ased risk but were I\Ol credit ln\paircd. Of the aboYc, on Rs. 6,400 miDIQns ~ld IO altcmali\:c asset funds, EFSL, the holding Company, his. ddc a put agrec:mcPl dated Jul)' I. 2020, underuken to purchue par1 of lhcsc rmanclal assets amounting to Rs. 3,210.00 mdlions under certatn contingencies as per the agreement Further. on
fNDCiaJ assets araOUillU.S to Rs. S. 116.20 nuJlioos: IGJd CO asset rcconmuc;tion uusu, EFSL, drl,c llolduig COMpany, and ERCSL. ieaow subsidiary, ha-vc, guaranteed qpu[,cant risks and uswntd rtVo·anh III rcspc:<:t of an asgregatt: wal.uc of fmanc1aJ assets or Rs. 5.137 SO millions A., a\ M.vch 31. 2020, there arc no \fflpacl on Ult tirwictal
statement or lhc C-0,npuoy other than expecltd credit losulrcady provided _ _ , . . , Rs. 5,080. 1o millions.
r{V:o o-\~~,\_
"" - .... ~.' ..., \
.', ,.(. . ~ <; ' ',
- ,,
: :t, ~
:.. '(
1
)
\
1·1·, ·~
•· ·;.•
1vl• t! ~, . r ;
\';~ ,t.:,,
.1.,\ .I-~/-
·\~,.,\.~ "~· ...
.ot"..;, --- -- ~- ~. /.1/
,,/
'::,..."EO.aC~~.,_,,.,,
..... ..::::.,--_:;:-
ECL Fiaaoce U111ited
Notes to the fiaancial statement for the year eaded March 31, 2021 (continued)
(CWTency:lndian rupees in million)
15. Other investments
Aul Marek 31, 2011 At fair value

At cost (subsidiaries,
Al a■ortioed cost ( I) Dai&ealed at fair val■• Subtotal usociatn, ud joi•t Total (7) = (14-5-Ni)
Tlln■gll OCI (1) Ilrot11ll P&L (3)
throu1h profit or lots (4) 5 =(2+3->4) veatu..)(6)
Preference shares 843 38 . . . . . 843 38

Security receipts (refer note 3) . . 46.408. lS 46.408 15 46,408 15
Pass lhrough certificates (refer note 3) 226.47 . 22647 22647
Uruts of AIF . . 8,244 33 8,244.33 8,244 33
TOTAL. crou (A) 843.38 54,878 95 . 54.878 95 55,722 33

(i) Investments outside India .
(ii) lnvesiment 11 India 843.38 54,878 95 54.878.95 . 55.7~1 33
Total (B) 843.38 54.878 95 . 54,878.95 SS,72:! 33
.
Less: allowance for irm,airment (C\ 46.22 . . 46 22
Total •<t (A-C) 797.16 54,!78.95 S ~&.95 SS,.676.11
Notes:
For Curnat year
I) Please refer note 15.B - Investment deloils for funher dctads
2) Please refer note 51 • Fair value measurement for valuation methodology
3) Sec■rily lltuipts hid as iavestae■ ts • During ea.-lier years and durina the yea.- ended March 31. 2011, the Company sold financial asset, amoining to Rs 54,697.60 millions (net of provisions and losses) and Rs. 9,988.70 mtlhoN (net of provisions and losses) respecu vriy to various
asset reconstructions company trusts ('ARC Trusts') and acquired security receipts (SR) amounting to Rs. 45,111.80 cmillions and Rs. 8187.60 millions respectively from these ARC Trusts. Ind AS 109 - ' Financial Instruments'. prescribed under section 133 of the Compames Act, :013.
requ.-es substanually all risks and rewards to be transferred for the pUIJ)Ose of de-recognition of such financial assets from the Company·, financial statements. Edelweiss Financial Services Limited (EFSL), the holding company. and Edelweiss Rural and Corporate Serv1<es L1m11ed
(ERCSL). a fellow subsidiary, had undertaken substaz6il)y all risks and rewa.-ds .,,ounting 10 !ls, 32,539.30 mtllions and Rs. 7,246.00 millions re,pectively for e.licr years and for the year ended March l t, 2021 11 respect of such financial assets As a rosul~ 1hese Secunty Receipts are
recogrused under Investments in Company·, fmancial ,taternents.
Based on a review performed by the Company' s management and EFSL. with effect from Jarnwy I, 2021, EFSL has directly undertaken substanually all risks and rewards and consequently ERCSL IS relieved of its obh&at>ons Funher, pu-suant to such review, certain terms and cond111ons
of risk and rewards agreements have been amended with effect from January I, 2021 , The Board of Directors of the Company in du, meeting held on June 10, 2021 have approved such amendments to the said agreements. Further, thc amendments to the said agreement shall be placed by the
management of ERCSL and EFSL in their respective ensuin& Board of Directors' meeting for review and approval.
4) During the year ended March 31, 2021, the Company re-assessed probability of default. loss given default ut respe<t of these financial assets 1n the lig),t vanouo foct0rs viz. operabonal challcnaes for exposures to certaIR sectors. increase in cred11 and market nsks for certam counter parties
relative to such risks at initial recognition, continued impact of COVID - J9 factors. Such re-assessments resulted in recognition of loss on fair value changes for the year ended March 31, 2021. Accordingly, as substantially all nsks and rewards on these financial assets are undertaken by
EFSL. such loss on fair value changes of Rs. 4380 80 millions for the year mded March 31, 2021 have been recorded in the financial statemenls of EFSL, Holdq Company. Accordingly, loss before tax of the Company for the year ended March 31 , 2021 IS lower by Rs 4380 80 mil hons
S) Pursuant to amendments in risk and rewards lljlroernent (as mentioned in note 3 above between tho Company. ERCSL and EFSL. with effect from January I, 2021. fees payable on these security receipts (ARC Fees) has been lliJ•ed to be borne by EFSL. as substanltally all risks and
rewards a,e W1dertalcen by EFSL. Accordingly, an amount of Rs. 469. 10 millions towards such expenses has been rocordcd by EFSL. Accordingly, loss before tax of the Company for the year ended March 31, 2021 is lower by Rs 469 IO mdl1ons
.&o(i!IT~~
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ECL Finance Limited
(Currency:lndian rupees m million)
At f'air value
As at Mardi 31, 2020
At cost (subsidiaries,
At amortised cost (I) Daignated at lair val•e Subtotal associates, and joint Total (7) =(!+5->f>)
nroug~ OCI (l) nrough P&L (3) veotures) (6)
through profit orloss (4) 5=(2+3+4)
Preference shares 774.52 - - - - 774 52
Security receipts (refer note 3) - - 44,124.98 44, 124.98 - 44, 12 498

4,894 42
Units of AIF - - 4,894.42 4,894.42
49,019.40 49,019.40 49,793 92

TOTAL• gro11 (A) 774.52
(i) Investments outside India - -
49,019.40 49.793 92
(ii) Investment in India 774.52 - 49,019.40
49,019.40 49,019.40 49 ,793 92
Total (B) 774.52
46 22
Less: allowance for imoairrnent fCl 46.22 -
Total Net IA-C\ 728.30 . 49,019.40 - 49,019.40 - 49,747.70
Notes:
F•t previous year
During the year ended March 31 , 2020 and March 31, 2019, the Company bas sold financial assets aggregating to Rs. 46,269.00 millions (net of provisions & losses} and Rs. 5,828.60 millions (net of provisions & losses) respectively to various asset reconstructions company trusts r·ARC
Trusts') and bas ""'!uired security receipts (SR) from ARC Trusts amounting to Rs. 42,901.70 millions. The Board approved committee approved such sale of financial assets to ARC Trusts. Ind AS 109 - Fmancial Instruments, prescribed under section 133 of the Companie, Act, 20 13.
requires substantial risks and rewards to be transferred for the purpose of de-recognition of such fmancial assets from the Company's financial statements. Edelweiss Financial Services Limited (EFSL}. holding company, and Edelweiss Rural and Corporate Services Limited (ERCSL). a
fellow subsidiary, on March 3 l, 2020, have giwanteed significant risks and assumed significant rewards in respect of an aggn,gate value of financial assets of R., 32,539.30 millions sold to ARC Trusts. As a result. these financial assets are de-recognized in Company's financial statements
Further, as the risks and rewards continues in ERCSL and EFSL, these continue to be accounted as financial assets in the consolidated financial statements of ERCSL or the Group and the respective consequent expected credit loss will b e recorded in the consohdated financial statements of
ERCSL or EFSL.
ECL Finance Limited
Notes to the financ~I statement for the year ended March 31, 2021 (continued)
IS.A Investments in preference shares measured at amortised cost:

i) Credit quality of asoeb:
The table below shows the credit quality and the maximum exposure to credit rislc based on the Company's year-end stage classification. The amounts presented arc gross of impairment allowances. Details of the Company's internal grading for stage clasS1ficatton are cxplamed m Note
52.D. l and policies on ECL allowances are set out in Note 4.6
As at Marth 31, 2021 As at March 31, 2020

Sta•• I Struze2 Stage 3 Total Stalle I StaJ>e2 Sta2e 3 Total
Performing
High grade 797.16 728.30
797,16 728,30
ii) Reconciliatlon of cbanaes in gn,11 carrying amoudt for investments in pre(erence skares and the corrapo11ding ECL:
Reconciliation/ movemeat for the year ended Marsh 31, 20l1
Non credit imoam Credit imnaircd

Total
St•• I St, e2 St< eJ
Allowance Allowance Allowance Allowance
Gross Carrying Amount Gross canying Amount Gross carrying Amount Gross canylng Amount
forECL for ECL forECL for ECL
Groa canying amoa■t- opeai111 balance 774.52 46.22 - - 774 52 4 6 22

Unwinding of discount 68.86 - - 6&86
(recognised in interest income)
Cruln8e in ECL provision -
Closi■• baJ•nce 843.38 46.22 - 843.38 46 22.
lle,i:;gnciliatipg / morenumt ror tile year ende:4 M1rc1t 31, 1020
Non credit impaired Credit imoaired

Total
Su c I St, ,.,2 Sta"" 3
AUowance Allowance Allowance Allo wance
Gross Carrying Amount Gross carrying Amount Gross carrying Amount Gross carrying Amount
for ECL forECL forECL for ECL
Gross carrying ameunl - opeaiu1 balance 711.13 - - - 711 13

New assets originated or purchased - - -
Unwinding of discount 63.39 - - - 63.39
(recognised in interest income) - -
Change in ECL provision - 46.22 - - 46 22
Clo.Jin• b1IHce 774,52 46.22 - - 774 52 46 :!:!
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ECL Finance Limited
(Currency:Jndian rupees in million)
As at Man:b 31. 2021 As at March 31, 2020

Face Value Ouantitv Amount Face Value Ouantitv Amount
15.B Other investments
Prefen:nce shares (fu/fy paid up)

At amonised cost
Edelweiss Rural & Corporate Services Limited 10 10,00,000 797.16 10 10.00,000 728.30
(7% Non cumulative non convertible redeemable)
Total (A) 797.16 728.30

Stturity rtteipls
At fair value through profit and loss
EARC Trust SC 006 169 2,18,SOO . 169 2,18,500 21.02

EARC Trust SC 007 654 1,04,SOO 72.92 654 1.04,500 100.98
EARC Trust SC 009 1 71,487 48.78 1 71,487 54.96
EARC Trust SC 043 1,000 54,000 17.32 1,000 54,000 21.17
EARC Trust SC 055 1,000 46,800 15.90 1,000 46,800 19.06
EARC Trust SC 102 1 7,68,570 240.28 1 7,68,570 240.67
EARC Trust SC 109 708 6,33,SOO 537.45 708 6,33,500 585.84
EARC Trust SC I 12 829 3,40,000 283.43 829 3.40.000 285.70
EARC Trust SC 223 363 23,37,SOO . 419 23,37,500 271.43
EARC Trust SC 229 1,000 2,55,000 113.37 1,000 2,55,000 128.06
EARC Trust SC 25 I 1,000 17,00,000 1,380.21 1,000 17,00,000 1,662.89
EARC Trust SC 263 128 13,60,000 555.SO 128 13,60.000 561.25
EARC Trust SC 297 I 24,887 0.32 1 24,887 0.44
EARC Trust SC 298 1,000 32,72,500 2,866.83 1,000 32,72,500 3,108.88
EARC Trust SC 308 534 2,40,550 130.92 534 2,40,550 130.92
EARC Trust SC 3 I 4 1,000 71,400 92. 12 1,000 71.400 107.47
EARC Trust SC 326 I 529 - 1 71,110 .
EARC Trust SC 329 978 2,88,000 355.41 978 2,88,000 360.45
EARC Trust SC 331 1,000 3,96,720 486.95 1,000 3,96.720 493.21
EARC Trust SC 342 (Class B) 1,000 83,810 &9.23 1,000 83,810 88.53
EARC Trust SC 348 (Class B) 1
902
2,16,750
2,40,000
-
227.9S
1,000
1,000
2,16,750
2,40,000
251.12
252.89
EARC Trust SC 361
Edelweiss ARF-1 Trust Scheme-I . . - 1,000 56,728 8.22
EARC Trust SC 372 629 2,54,745 160.32 981 2,54,745 249.79
EARC Trust SC 377 445 59,SOO 24.43
EARC Trust SC 381 1,000 4,67,SOO 461.75 1,000 4,67,500 467.50
EARC Trust SC 384 854 77,77,500 4,901.38 953 77,77,500 6,085.03
EARC Trust SC 386 1,000 10,03,000 917.75 1,000 10,03,000 939.25
EARC Trust SC 387 904 7,46,980 713.9S 970 7,46,980 722.69
EARC Trust SC 391 949 8,44,050 739.20 1,000 8,44,050 783.25
EARC Trust SC 392 981 16,42,625 1,470.114 1,000 16,42,625 1,537.63
EARC Trust SC 393 1,000 3,18,750 317.Sl 1,000 3,18,750 318.75
EARC Trust SC 394 938 S4,ll,185 4,446.06 1,000 54,11,185 4,586.88
EARC Trust SC 406 989 6,12,000 605.48
CFM ARC-Trust OI 1,000 19,96,S65 1,711.09 1,000 19,96,565 1,996.57
RARE ARC Trust - 049 1,000 18,10,SOO 1,437.50 1,000 18,10,500 1,539.00
RARE ARC Trust - 047
ACRE ARC Trust - I00
-
987 1,45,09,SOO
- -
14,007.85
1,000
1,000
26,35,000
1,45,09,500
1,730.03
14,413.45
OMKARA-PS-04/2020-21 TRUST 1,000 27,72,098 2,633.97 . -
PARAS- FAPL • 118 TRUST 1,00,000 29,750 2,937.05 . - .
CFM ARC-Trust 66 1,000 15,91,62S 1,407.13 . - .
Tola/ (B) 46408.15 44,124.98

Pass through certifitates (PTC)
At lair value through profit and loss
SACHIEL 2020 Trust 1,000 1,165 1.17 . -

URIEL 2020 Trust 1,000 2,25,304 225.30 .
Total (C) ""47

UnibofAIF
At fair value through profit and loss
Real Estate Credit Opponuniries Fund - Class B Units -1 10,000 S,01,368 5,363.68 10,000.00 4,77,652 4,776.52
Real Estate Credit Opponuniries Fund - Class BI Units - II 10,000 3,00,000 2,850.00 . .
Edelweiss Stressed and Troubled Assets Revival Fund 10,000 25,000 30.22 10,000.00 25,000 117.47
Edelweiss Shon Term Income Fund- Institutional Growth 10 40,799 0.43 10.00 40,799 043
Total (D) 8.244.33 4,894.42
Total (A +B +C +D) 55,676.11 49,747.70
0
ote 51 - Fair value measurement fot valuation methodologies for investments
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ECL Finance Limited
Notes to the financial statement for the year ended March 31 , 2021 (continued)

Asat As at
March 31, 2021 March 31, 2020
16. Other financial assets
Security deposits 623.19 629.79
Deposits placed with/exchange/depositories 73.55 91.05
Accrued interest on margin 0.08 0.07
Accrued interest on security deposits 2.39
Margin placed for trading in securities 651.64 742.78
(refer note I I .A)
Other assets 114.00
Advances recoverable in cash or in kind or for value to be received 0.92 3.3 1
Receivables from trust 6,252.87 1,712.00
7,716.24 3,181.39
17. Current tax assets (net)
Advance income taxes 3,250.62 1,779.55
(net of provision for tax t 10,714.25, previous year t 5,452.54 million)
3,250.62 1,779.55
18. Deferred tax assets (net)
Deferred tax assets
1&!!ll
Expected credit loss 1,289.90 2,245.96
Unamortised processing fees - EIR on lending 28.63 82.20
Employee benefit obligations

Provision for leave accumulation 1.65 4.99
Disallowances under section 438 of the Income tax act, 1961 (4.41) 1.42
Unused tax losses

Unused tax losses - accumulated losses 4,318.60 1,869.34
Investments and other financjal instruments
Unrealised loss on Derivatives 26.59 138.41
Fair valuation of investments ; SIT - loss in valuation 1,153.04 894.06
26.64
6,840.64 5,236.38
Deferred tax liabilities
Property, plant and equipment and intangibles
Difference between book and tax depreciation 263.36 172.20
Investments and other financjal instruments

Fair valuation - Derivative financial instruments 461.02
Borrowings
Effective interest rate on financial liabilities 303.31 286.27
24.96
1,027.69 483.43
5,812.95 4,752.95
19. Investment property

Investment in RE land
Opening balance as at April I 1,162.00
Add: Property acquired during the year 1, 112.75
Add: Capitalised subsequent expenditure 67.52
Less: Change in fair value ( 18.27)
1,162.00 1,162.00
ECL Finance Limited
Notes to the financial 1tateme111 for the yur ended Mardi 31, 2021 (continued)
(Currency: Indian rupees in million)
10. Property, plant and eq,aipmenl and i111an1ible assets
Property, plant and eg1&lpmenl Other lnlan&ibl• Assets R!i.ht lo U_se Astet,•
Leasehold Furniture and Office Computer Right to Use

Panicut.n Budding Vehicles Computers Total Total Total Total
improvements Fixtures equipment Software Assets
~
As ■tApril I, 2019 476,87 14.41 35,99 18,90 24.56 81.66 652,39 119 ss 119 85 772 24
Additions 19,98 2.92 3,&6 7,80 789 42 4S 82.31 82 3 1 298 06 298 06 422 82
Revaluation gain on buildW1g: 54919 54929 ~49 29
Disposa,s (0,01) (8.42) (0,26) (10,JS> (19.04) (19 04)
a1 •t Mard11 31, 1010 1,016. 16 34.39 ll.90 14.34 ll.10 79.ll 1,225.0, 212.1' 202.16 2'1.06 291.06 1.715.31
Additions 0,23 0,09 0.26 S.2 1 S.19 2.82 2 82 861

Revaluation gain on building
Disposah (28.07) (6,30) (S.48) (668) (lS.43) (61.96) (114.24) (114 24) (176 20)
u ai Man• JI, 2121 1,126. 16 6.55 ll.'9 U6 25,61 61.H 1,161.92 204.tl 204,,1 113.12 113.12 1,557.72
Prfflrittle M4 1-,.enn-
Ao at April I, 1119 41.17 l.21 lt.7l 9.15 It.II lt.13 ll4.t7 41.JS 41.35 155.42
De:perdatM>n/Amoctisation for the year 2180 9. 10 1.S6 3 07 9.80 2362 74 9S 53. 12 53 12 72 SJ 72 53 200 60
Disposals (0.01) (S 99) (0.25) (8.81) (IS 06) (I S 06)
Adjustment of revaluation p~n to aceumulated depreciation (61 99) (61.99) (61 99)
u at Marth ll, 1120 0.61 12.ll IUI 6.33 20.0 Sl.94 111.97 94.47 94.47 72.Sl 72.Sl 278,97
Deperciationl Arnortisa1ion for the year SS.87 6.01 5. 10 2.92 5.03 14,2S 89.18 6l.SO 61 so 50 47 50 47 201 l 5
o,sposab (16.29) (3.40) (3 56) (S.Ol) (12 SJ) (40.81) (40 81 )
Adjustment ofrevahwrion pin to accumulated depreciation
u at Mar<b 31, 2021 56.55 l,Ol 19.98 5.69 20,43 55.66 160.34 155.97 155.97 123.00 123.00 439.31
Net Book Value

As at March 31, 2020 1.02548 22.08 20.62 801 11.67 2S 26 1, 113. 12 107.69 10769 22~ 53 22~ Sl 1.446 3~
As 11 March 31. 2021 969.61 4,52 12.71 3,17 5.15 IJ.32 1,001.sa 49.01 49.01 60 82 6082 1,118.41
Nate: -- -
I Claarge against sen.red redu•abk 1t0n~:onwnibk tkNnhtru (R~jer nolt 21.8)
•Efftctfw J April 20/9, IM COMpany odop(td Ind AS I /6 "f.las,s", (l.pplitd to all leas, contracts existing°" I April 10/9 ming Utt ,,,odi/it d ntrospecliw 11t1tWand has IOMn the c1tmula1n-r adputmtnt ID rd4ined t arnings. on tlte datt of mitial apphcat10n Accordmg(..-. c<>mparacn,:sfar th,• ;war
mded March JI, 10/9 lratN not fntn rerrospecri,-elyadjusttd. On rran.s;do,r, the adoption ofthe ne\t' standard resuhed In recognition a/Right--0f-Use a1stt1 (ROU) o/R.s 2J7.j/ millions and a least liubility of Rs 168.07 milllons. The ci,mululive ef/t!crofapp/Jwg rhe ,;tar:dard r.-sulred"' Rs. 22.lf7 n11lf1om
TM Compony had dtcid~d to chanze lo roaluation modelfrom cost modtlfor acxo11nting ofa class of.fixed as.nts (i.,. F1ats and bul/ding) a.J at Morch JI, 101(). Accordingly, 1he managemtnl ha; approwd nvalualion ofowt1ed fond and buildings classified under property, plam and .-q111p111ent.
Manog,m,nt lras adop,,d vo/1K1tron, JJUJd, by duly oppo/ni,d tltd,p,nd,,u ,-a/t,er. Accordingly. 1h, C""'JJO"JI lras m:ognis<d tire nw,t.,;non goin ofRs 4$1. 4J Mt/lians (n,t oftax) ,,, 0/Mr ,...,p,, /wrJiw 111<011tt far lit, >~ar ,n<kdMo.dt JI. 1010.
ECL Finance Limited

As at Asat
March 31, 2021 March 3 I, 2020
21. Other non-financial assets
(Unsecured considered good, unless stated otherwise)
770.43 529.42
Input tax credit
Contribution to gratuity fund (net) 62.97
483.91 260.22
Prepaid expenses
Vendor advances 33.91 239.49
Advances recoverable in cash or in kind or for value to be received 9.54 238.39
Advances to employees 2.80 20.02
1,363.56 1,287.54
22. Trade Payables

Payable to:
Trade payables to non-related parties 642.62 1,078.33
(includes sundry creditors, provision for expenses, customer payables and net
payable for settlement to clearing house )
Trade payables to related parties 69.13 425.08
(refer note 49 related party disclosure)
711.75 1,503.41
22.A Details of dues to micro and small enterprises

Trade Payables includes Rs. Nil (March 31, 2020: Rs.Nil) payable to "Suppliers" registered under the Micro, Small and Medium
Enterprises Development Act, 2006. No interest has been paid / is payable by the Company during the year to "Suppliers" registered
under this act. The aforementioned is based on the responses received by the Company to its inquiries with suppliers with regard to
applicability under the said Act.
Asat As at
March 31, 2021 March 31, 2020
23 Debt securities
at amortised cost
(Refer Note 23.A and 23.B)
Redeemable non-convertible debentures - secured
Privately placed 32,691.46 41,988.66

Public issue 27,092.57 32,309.48
Market linked debentures 1,407.58 1,914.86
Comp11lsory Convertible Debentures - unsecured

9% Compulsory Convertible debentures 0 • 9,443.98 11,042.44
Redeemable non-convertible debentures - unsecured

Privately placed 146.02 141.94
Commercial papers - unsecured 1,250.00

Less: Unamortised discount (13.67)
1,236.33
ECL Finance Limited
Notes to tlle financial state...,nt for the year ended March JI , 2021 (coorinued)
(Currency·lndian rupees in million)
23.A M1turlty pr ofile ind rate of interest of debt secur ities are set out below:
As at Much 3I, 2021

Redtt,pablt 110ft:COQY<rtjble dt btnlllre, - St<U[!d
Ra te of lnrerest
Mot1th Grand total
0.()0% 8% .9•;. 9%- 10¾ 10%- 11·✓- MLD•
Apr 202 1 - - IS.DO 15.00
May 202 1 328.00 - - 50.00 378.00
Jun 2021 - - 59S.07 - 595.0 7
Aug 2021 - 5,964.33 - 5,964.33
Nov 2021 144.53 - 523.8 1 - - 668 .34
Dec 2021 1,750.00 - - 1,750.00
J8" 2022 - - - - 20.00 20.00
Feb 2022 - 8 ,000.00 - - - 8,000.00
Mar 2022 - - - - 24 5.90 24 5.90
Apr 2022 716.24 - - 1,648.64 - 2,364.88
Aug 2 022 180.83 - - 645.28 - 826.1 1
Oct 2022 - - 750.00 - 369.20 1,11 9.2 0
Feb 2023 156.66 - - 359.48 - 516.14
May 2023 - - 2,000.00 - 2,000.00
Jun 2023 6,250.00 - - 6 ,250.00
Aug 2023 - - 3,875.86 - 4.00 3,879.86
Oct 2023 - - 750 .00 - 750.00
Jul 2023 - - - 22.50 22.50
Jan 2024 456.64 290.00 1,213 .52 1.790.88 - 3,75 1.04
May 2024 144.SI - 674.13 296.75 1, 115.39
Oct 2024 - - 750.00 - 750.00
Nov 2024 99,02 - 806.22 381.09 - 1,286.33
Dec 2024 - - - 200.00 - 200.00
Feb 202 5 - - - 50.00 - 50.00
Mar 2025 - - - 100.00 - 100 .00
Apr 2025 - 100.00 - - 100.00
Aug 2025 - - - 30.00 30 .00
Sep 2025 - - - 70.00 70.00
Oct 2025 - - 1,07 5.00 - - 1,075.00
Nov 20 25 - - - 360.00 - 360.00
Dec 2025 - - 250.00 - 10.00 2 60.00
Jan 2026 - - - 8.00 8.00
Mar 2026 - - 250.00 - 400 .00 6 50.00
May 2026 - - 200.00 - 200.00
Jun 2026 - - 225.00 - - 2 25.00
Aug 2026 - - - 14.70 14 .70
Mar 2027 - - 5,000.00 - - 5,000.00
Sep 2027 - 1,250.00 - - - 1,250 .00
Aug 2028 - 4,054.22 - 4,054.22
Jan 2029 - - - 2,350.00 - 2,350.00
May 202 9 - 280.46 55.72 - 336.18
Nov 2029 - - 323.36 114.31 - 437.6 7
2,216.43 11,290.00 35,910.91 8,352.15 1,259.JO 59,0J8.16
Add: interest accrued & effective interest rate amortisation•• 2,I S2.75
•MLD rep"sent, mar/u,/ linlu!d debtntun, 61.191.61

•• Interest accrued but nol due is payable on next interest payment date for respective ISINs.
ECL Financ• Limited
Notes to tht finand.al statement for the )'tar endtd M•rch Jt, 2021 (continued)
23.A Maturity profile and rate of intrrest of debt securities are set out below:
-
Redeemable non-convertiblt debentures unsecured
Rate of Interest
Month Grand total
0.00% 8¾ -9"/., 9%- 10% 10%-11% MLD•
Aug 2023 - - - 21.60 21.60

Apr 2026 - - - II0.00 I J0.00
131.60 131.60
Add: interest accrued & cffe<:tivc lll.terest rate amortisation•• 14.42
146.02
A• •I March 3 I. 2020
Redum,blt non:coaverrible debentures· secured
Rate of lnlernl
Month Grand total
0.00% lo/o - 9% 9o/u -10% 10%-11¾ MLD*
Apr 2020 - 186.00 -
.
85.00 271.00
May 2020 - 37.00 215.00 24.00 276.00
Jun 2020 - 314.30 600.00 . 80.00 994.30
Jul 2020 - 28.00 .
.
- 45.70 73.70
Aug 2020 - - 84.50 84.SO
Oct 2020 - - - 1.333 .33 54.00 1,387.33
Nov 2020 - 500.00
-
1,220.00
10.00
20.20
J0.00
16.730.20
Dec 2020 14,990.00
Jan 2021 - - - 20.00 20.00
Mar 2021 - 1,000.00 -
.
- - 1.000.00
Apr 2021 - - - 15.00 15.00
May 2021 327.00 - - - 50.00 377.00
Jun 2021 . - 600.00 - - 600.00
Aug 2021 - 9,631.26 - - 9,631.26
Sep 2021 5.000.00 - - 5,000.00
Nov 2021 144,53 740.07 . 884.60
Jan 2022 - - 20.00 20.00
Mar 2022 - - 245.90 245.90
Apr 2022 - - 2,357.26 - 2,357.26
Aug 2022 186.02 - - 648.01 - 834.03
Oct 2022 - . 750.00 . 369.20 1,119.20
Feb 2023 156.66 . . 389.48 . 546.14
Jul 2023 - . 22.50 22.S0
Aug 2023 - 3,882.41 . 4.00 3,886.41
Oct 2023 . . 750.00 . 750.00
Jan 2024 . 290.00 1,213.52 2,349.02 3,852.54
May 2024 144.97 - 615.29 296.88 . 1,057.14
Oct 2024 . 750.00 . . 750.00
Nov 2024 896.52 - 860.54 473.58 - 2,230.64
Dec 2024 . - - 200.00 - 200.00
Feb 2025 - . 50.00 - 50.00
Mar 2025 - - 100.00 - 100.00
Apr 2025 - - 100.00 - - 100.00
Aug 2025 - - - 30.00 30.00
Sep 2025 - 70.00 70.00
Oct 2025 - 1,075.00 - 1,075.00
Nov 2025 - - 360.00 . 360.00
Dec 2025 - - 250.00 - 10.00 260.00
Jan 2026 - - - - 8.00 8.00
Mar 2026 - 250.00 - 400.00 650.00
May 2026 - 200.00 - - 200.00
Jun 2026 -
.
- 225.00 - - 225.00
Aug 2026 - - 16.30 16.30
Mar 2027 . 5,000.00 - - 5,000.00
Sep 2027 . 1,250.00 - - 1,250.00
Aug 2028 . 4,054.22 . 4,054.22
Jan 2029 - . . 2,320.06 - 2,320.06
May 2029 - 280.46 59.72 . 340.18
Nov 2029 - - 490.02 404.78 . 894.80
1"""5.70 13 605.30 28 752.79 11.342.12 I 684.30 72-130.21 I
Add: interest accrued & effective interest rate amortisation.. 3,982.79
76,213.00
ECL Finance Limited
Notes to the financial , tatement for the year ended March l l , 2021 (conlinll<d)
(Currency:lndtan rupees in million)
23.A Maturity profile and rate of iaterest of debt securities arc set out below:
•!vf!.,D repre,'fenl.f market Jmlftd dehe111ure.-.

•• lntcrcsl accrued but not due is payable on nexl interest payment dale for rcspet:1ive lSINs.
Red«m1blc non:cgnyfnjbls deMnhlm · uqsqyrff

Rat• or Interest
Month Gralld total
0.00% Ro/. -9% 9•;. • 10•1. 10% -11% MLD'
Aug 2023 . 2 1.60 2 1.60

Apr 2026 . . . 110.00 110.00
131.60 131.60
Add: interest accrued & effective interest rate amortisation•• 10.34
*MUJ repre.ttnlS rnar~t linlwd Jehent11rt.,

•• Interest accrued but not due is payable on next interest payment date for respective ISINs.
Commercial papen• -ured
Asat M•rdi 31. 2021

Rate of lotenst
Month Grand total
7% - s 1.
0
1%-9% 9%-11% 10%- llo/•
. . . .
Noto - Commercial papers were not oulstanding a,; 11 March 31, 2021
As •! Mardt JI. 2020

Rate or lnten1I
Month GrNCI total
7%-1% 8%-9% 9°/4 • 10¾ 10%-11%
May 2020 . . 1,236.33 . 1,236.33
l,l.lli.33 1.136.33
ECL Finance Limited
23.B Details of debt securities:
Redeemable non-convertible debentures - secured
Privately placed:
Privately placed debentures are secured by pari passu charge on receivables from financing business, securities held for
trading and property (excluding intangible assets).
During the current year, the Company has raised Rs 18,000 millions worth of redeemable non-convertible debentures
through private issue (previous year NIL). As at March 31 2021 the Company has utilised the whole of the aforementioned
net proceeds towards the objects of the issue as stated in the prospectus.
Public issue:
Debentures are secured by pari passu charge on receivables from financing business, securities held for trading and
property (excluding intangible assets) and corporate guarantee from parent
During the previous year the Company has raised Rs 7,325.95 millions worth of redeemable non-convertible debentures
through public issue. the Company has utilised the whole of the aforementioned net proceeds towards the objects of the
issue as stated in the prospectus.
Market linked debentures:
Market linked debentures are secured by pari passu charge on receivables from financing business, securities held for
trading and property (excluding intangible assets).
In case of market linked debentures the interest rate is linked to the performance of the underlying indices and is
fluctuating in nature.
Certain benchmark linked debentures have a clause for an early redemption event which is automatically triggered on the
achievement of pre determined benchmark index level(s).
Compulsory Convertible Debentures
9.00%, Compulsory Convertible Debentures (CCD) of Re 100 each fully paid are compulsory convertible into equity
shares at conversion rate to be decided based on fair value of equity shares, at any time after 24 months from the date of
allotment and within 5 years from date of allotment.
ECL Finance Limited
Notes to the financial statement for the yur ended March 31 , 2021 (continued)
As at As at
Martb 31, 2021 March 3 I. 2020
24. Borrowings other than debt securities

(at amortised cost)
Secured
Term roan from b■ok 44,570.65 55,452.88
(Secured by charge on receivables, cash & cash equivalents and other assets from
financing business]
(Refer Note 24.A)
Term fous from fjnagtial jnstitytions 4,925.00 7,419.74

[Secured by charge on receivables, cash & cash equivalents and other assets from
financing business]
(Refer note 24.A)
Oilier borrowings
Cash credit lines 2,467.48 14, 166.77
(Secured by charge on receivables, cash & cash equivalents and other assets from
financing business)
(Repayable on demand, Interest rate payable in the range ofS. 10% to 10%)
Working capital demand loan 6,900.00 8,309.04

[Secured by charge on receivables, cash & cash equivalents and other assets from
financing businessJ
(Repayable on demand, Interest rate payable in the range ofS. 10% to 10%)
Tri party REPO

TREPS facilitates, borrowing and lending of funds, in Triparty repo arrangement 8,103.90 7,752.70
[Secured by pledge of govcmmcnt securities]
(Repayable on April 05,2021 (March 2020; Repayable on April 01 , 2020)
Unsecured
Loan from related parties {rder pgte 49) (i,805.91 76.32
( Repayable on demand, Interest rate payable in the range of 10.70% to 12.25%)
Total 73,772.94 93,177.45
Borrowings in India 73,772.94 93, 177.45

Borrowings from outside India
Total 73,772.94 93 177.45

ECL Finance Limited
Notes to the fina11ci11I 1tatef1lent for tht year tddNf Marc• JJ. 2021 (rontinued)
(Cum! OC)' Indian rupee5 in m1ll1on)
24.A Maturity profile and rate of interest of borrowings from bank and other parties are set out below:
As•• March JI. 2021

Item 1010 rrom bank & trcrn loa• 'rOfll ocher Rtrties
Rate oflnterest Gr-end tot■I
Month 10•;. - 11•1. 11•11 - 12•1. 14•/4 - ISi/■
8% - 9o/e 9%-101/.
765.32 225.00 9090 1.081 22

Apr 2021
May 2021 4i7.82 . 417.82
Jun 20 2 1 721 90 2,338.98 ISO 00 25 00 3,235.88
Jul 2021 80 2 82 725.00 9100 1.618.82
Aug 2021 427.82 . 427 82
Sep 2021 527 74 4,49 3.34 55000 25.00 5,596.08
Oct 2021 752.82 275.00 1.027.82
Nov 2021 5n 82 . . 577.82
Dec 2021 671 90 3,033.94 400 00 25.00 4, 130 84
Jan 2022 802.82 650.00 1.452 82
Feb 2022 577.82 577 82
287.37 3,484.63 70000 25.00 4,497 00
Mar 2022
752 82 275.00 1,027.82
Apr 2022
May 2022 . 552.82 . 552.82
Jun 2022 390.00 1,610.49 375.00 2,375 49
Jul 2022 . 802.82 650.00 1,452 82
Aug 2022 552.82 552 82
Sep 2022 160.69 2,784.25 675.00 . . 3,619.94
Oct 2022 702.82 225 00 927.82
Nov 2022 . 552.82 . . . 552.82
Dec 2022 30000 817.26 175.00 1,292.26
752.82 275.00 . . 1,027 82
Jan 2023
Feb 2023 . SS2.82 552.82
2,168.19 125.00 . . 2,293.19
Mar 2023
Apr 2023 . 702.82 225 00 . 927.82
May 2023 452 82 . . . 452 82
Jun 2023 . 772 23 125.00 . 897.23
Jul 2023 80 60 125.00 . 205.60
Aug 2023 230.60 . 230.60
Sep 2023 530.60 125.00 . . 655.60
Ocl 2023 53693 75 00 . 611.93
Nov 2023 230.60 . . 230 60
Dec 2023 280.60 125.00 . 405.60
80.60 125.00 . 205.60
Jan 2024
Feb 2024 230.60 . 230.60
Ma, 2024 479.00 125.00 . 604.00
Apr 2024 100.00 75.00 . 175.00
May 2024 150.00 . 150 00
Jun 2024 . 150.00 . . 150.00
Jul 2024 . S0.00 . S0.00
Aua 2024 . 149.57 . 149.57
Sep 2024 J00.00 . 300.00
Oct 2024 . 100.00 . 100.00
Dec 2024 150.00 . 15000
Jan 2025 . . 50.00 . S0.00
Mar 2025 300.00 . 300.00
Apr 2025 . 100.00 . 10000
Sep 2025 150.00 . . 150.00
150.00 . ISO.OD
Mar 2026
. 15000 . . 150.00
Sep 2026
150.00 . 15000
Mat 2027
Sep 2027 . 150.00 . . 150.00
Mar 2028 150.00 . . 150.00
Sep 2028 . 150.00 . . . 150.00
Mar 2029 150.00 . 150.00
2029 . 219.88 . . . 219.88
""" JM16.1s 1,675.00 IIUO Ito.Of
Add: interest accrued & effective mterest rat~ amortisation.. -137.00
49 495.65
ECL Finance Limited
Nmte, to tht: fiaa11d111I stateme■t for tht year rndtd Marth 31. 2021 (continued)
(Currency lrw:han rupees in m\lhonl
24.A Maturity profile and rate of interest of borrowings from bank and other parties are set out below:
Asal March JI, 2020

Term lo•• from baok & •ue loan fro• Ofhcc p9rtin
Rate oflnterest Gr■nd Cotal
Monlh 10%- ll o/• 11•At-t2•1.
lo/• .. 9•;. 9o/... lO%
283.40 615.90 50 00 949.30

Apr 2020
May 2020 10000 187.50 25.00 312.SO
Jun 2020 1,552.48 2 ,302.53 588 06 22500 4,668 07
2020 732.bO 540.90 72 37 125.00 1,470.87
Jul
Aug 2020 100,00 187 so 25.00 312,SO
2020 3,21 9. 15 1,869.20 425,56 225 00 5,738 9 1
Sep
2020 20000 565.90 22 37 125.00 913 27
Oct
Nov 2020 100.00 187 so 25 00 . 312 50
Dec 2020 1,55 1 68 1,969. 10 320.00 225.00 4,065.78
Jan 2021 650 00 540.<lO . 125.00 1,31 5 90
Feb 2021 100.00 187.SO 25.00 312.50
Mar 2021 3, 135.75 1,869.20 320 .00 S0.00 S,374.9S
Apr 2021 20000 56S.90 12S 00 89090
May 2021 100.00 175.00 25.00 300,00
Jun 2021 1,469.08 1,969 20 320 00 50.00 3,808.28
Jul 2021 650.00 S41 .00 12500 1,3 1600
Aug 20 21 100.00 JS0.00 2S.00 275.00
Sep 2021 2,969.08 1,869. 10 320 00 5, 158. 18
Oct 2021 200.00 475.00 . 50.00 725.00
Nov 2021 100.00 150.00 25.00 2 75.00
Dee 2021 1,469.0 8 1,906.60 282 .SO . 3,658.18
Jan 2022 650 00 450.00 . 50.00 1,1 50.00
Feb 2022 100.00 150.00 2 5.00 275.00
Mar 2022 2,906.58 665.00 150 00 . 3,721.58
Ap< 2022 200.00 475.00 S0.00 72S.00
May 2022 10000 150.00 . 25000
Jun 2022 1,406.58 sso.oo . 1,956.58
Jul 2022 6S0.00 450.00 50 00 1, 150.00
Aug 2022 100.00 ,so 00 . 25000
Sep 2022 2,856.58 4S0.00 3,306. 58
Oct 2022 25 0.00 4 75.00 . . 72S.OO
Nov 2022 100.00 150.00 . 2 50 .00
Dee 2022 4S0.00 350.00 800.00
2023 600.00 125.00 . 725.00
Jan
Feb 2023 100 00 150.00 . 2 50 .00
Mar 2023 100.00 450 00 . . ssooo
Apr 2023 150 .00 475.00 . . 62500
May 2023 . 150.00 1s0.00
Jun 2023 . 350.00 . 350.00
lul 2023 . 125.00 . 125 .00
Aug 2023 . 150.00 . 150 .00
Sep 2023 . 450.00 . 4 50.00
Oct 2023 47S.OO . 475,00
Nov 2023 . 150.00 . 15000
Dec 2023 . 350.00 . . 350 00
Ian 2024 . 125.00 125.00
Feb 2024 . 150.00 . 150.00
Mar 2024 . 400.00 . 400.00
Apr 2024 . 175.00 . 175.00
May 2024 . 150.00 . 150 .00
Jun 20 24 . 175.00 . 175 00
Jul 2024 . S0.00 50.00
Sep 2024 . 175.00 . . 175.00
Oct 2024 . 100.00 . 100 00
Dec 2024 . 175.00 . 17S.00
Jan 2025 S0.00 . . S0 .00
Mar 2025 . 25.00 . 25 00
61,IIJ.33
Add: interest accrued & effective interest rate amortlsatlon•• 59 .29
62,872.61
••/nitres/accrued b11t nol d11e is payable on ne:Cl inltre.,1 payment date for rt$pectli-e tum loon
ECL Finan~e Limited
Notes to,~ financiAI stat.-nl for the year ended March 31, 2021 (continU<d)
(Currency Indian rupees in million)
Asat As at
M•~bJl 2021 March 3 I. 2020
ZS. Subordinated liabilities (unsecured)

(al amorti.ted c:o.rr)
(liefer Note 25.A)
Subordinated debt
Privately placed non-convertible redeemable 7,'34.71 8,350.18
Public issue of non-convertible redeemable 4,409. 10
Market linked debentures 4,100.39 3,756.95
Perpetual debt 3,172.12 3,273.05
Total 15.007.22 19,789.28
Subordinated liabilities in India 15,007.22 19,789.28

Subordinated liabilities outside India
Total 15,007.22 19,789.28
25.A Maturity profile and rate of interest of subordinated liabilities are set out below:
Aut Marsh Jt. 2021

Subordinated debt (umecuredl
Rate of l.aterett
Month Grand total
9o/o - too/. l0"/4-11% II •/4 • llo/• MLD*
Jun 2022 . . 500.00 . 500.00

Jun 2023 . . . 1,253.30 1,253.30
Jul 2023 . . 253.00 253.00
Aug 2023 . . . 1,179.50 1, 179.50
May 2025 . . 2,998.00 . 2,998.00
Jun 2025 . . . 50.00 50.00
Sep 2025 . 200.00 . . 200.00
Jun 2026 . 2,500.00 . . 2,500.00
Apr 2027 . . 450.00 450.00
Jun 2027 . . 100.00 100.00
Sep 2027 200.00 . . . 200.00
Oct 2027 1,000,00 . . . 1,000.00
1,200.00 2,700.00 3,498.00 3,285.80 10,683.80
Add: interest accrued & effective interest rate amortisation.. 1,051.30
II 735.10
•MW represents market linked d•benlures

•• lnterrst accn,ed but 1101 due Is payable on next interosl payment daJ• for respective ISINs.
ECL Finance Limited
Notes to the financial statement for the year ended March JI, 2021 (conrim,ed)
(C'~ncy:lndian rupees in million)
fsrpetual debt
Rate of l■te~t
Month Grand total
9¾ -10¾ I IOo/o - II o/'. I II "I. - 12¾
May 2027 - I 3.000.00 I - J,000.00
3,000.00 3,000.00
Add: interest accrued & effective interest rac.c amortisation•• 272.12
3,272.12
A• at Morch JI. 2020
Swbordiyted debt (ygsecured}
Rate of lnletttt
Month Grand total
9%-10% 10°/4-11% 11%-12% MLD•
Apr 2020 - - 3,9SS.06 - 3,9S5.06

Sep 2020 - - 500.00 - 500.00
Dec 2020 - - 200.00 200.00
Jun 2022 - - 500.00 - 500.00
Jun 2023 - - 1,253.30 1,253.30
Jul 2023 253.00 253.00
Aug 2023 - - 1.179.50 1,179.50
May 2025 - - 2,998.00 2,998.00
Jun 2025 50.00 - - 50.00
Sep 2025 - 200.00 - - 200.00
Jun 2026 - 2,S00.00 - - 2,500.00
Apr 2027 450.00 - - 4 50.00
Jun 2027 100.00 - - . 100.00
Sep 2027 200.00 - - . 200.00
Oct 2027 1,000.00 - - . 1,000.00
1,aeo.00 2,7to.OO 8,153.06 2,685.80 15,JJl.86
Add: interest accrued & effective interest rate amortisation•• 1, 177.37
16 SIUJ
Rate of lnteresl
Month Grand Toial
9°/4- 10% 101/o- 11°/4 11•1.- 12%
May 2027 . 3,000.00 . 3,000.00
JOOl.00 3 000.00
Add: interest accmed & effective interest rate amortisation•• 273.05
3,273.0S
'MLD represents marlcet /;nk,,d dehen111res

" Interest acemed b11t not d11e Is payable on next intere.• t {'<Jyment dote for re.,pectlve IS/Ns.
25.B Details of subordinated liabilities:
Markel Linked Debentures:
In ctie ofmarket linked debentures the interest rate is linked to the performance of the underlying indices and is fluctuating in nature.
Certain benchmarl< linked deben111res have a clause for an early redemption event which is automaticaUy triggered on the achicvcmenl of pre dctcnnined benchmark
index level.
Perpdllal debt:
Step up of 1'-' in coupon once during the life of the insrrumont after IO years from the date of allolment. if can option is llOI exercised.
ECL Finance Limited
(Cumncy Indian rupees m million)
Asat As at
March 31, 2021 March 3 I , 2020
26. Other financial liabilities
Payable on behalf of employees 33.48

Payable on account of securitisation 3,931.17 3,650. 11
Book overdraft 44.03
Accrued salaries and benefits 18.84 7.50
Payable - SLB segment 253.51
Lease liabilities (refer note 41 .C) 75.99 267. 10
4,059.48 4,222.25
27. Current tax liabilities (net)

Provision for taxation 192.61
(net of advance Tax~ Nil, previous year, 5,527. 18 million)
192.6 1
18. Provisions
Provision for employee benefits

Gratuity 4.77
(Refer Nole 40.A)
Compensated leave absences 6.54 19.84
6.5" 24.61
19. Other non-financial liabilities
Statutory liabilities• 184.60 280.09

Others 34.27 65.54
218.87 345.63
• includes withholding taxes, Provident fund, profession tax and other statutory dues payables
ECL Finante Limited
Notes to the financial statement for the year ended March 31, 2021 (conlinutd)
(Currenc, lndum rupee-s in mtlhon)
As ■t Marc:• 31, 2021 As al March 31, 2020

No of 1hares A.mo1u1t No of shares Amount
JO. Equity share capital
A11thorised :
Eljuity shares of Re. I each 6,70,00,00,000 6,700.00 6,70,00,00,000 6,700.00
Preference shares of Rs IO each 40,00,000 40.00 40,00,000 40.00
6,70,40,00,000 6,740.00 6,70,40 00 000 6,740.00

ISS11td, s11bscri~ and paid up:
Equity shares of Re. I each l,13,82,67,6541 2,138.27 2. 13,82,67,650 2,138.27
bll,82,67,650 2,138.17 2, 13,82,67,650 2,138.27
A. Receocillation of ■umber of shares

As at Mardi 31, 2011 As at March 31, 2020
No of lh■ra "-nt No ofshares Amount
Outstanding at the beginning of the year 2,13,82,67,650 2,138.l7 2.13,82,66,650 2,138.27

Shares issued during the year• I 000 o•
Outstanding at the end of the year ;u.81,67,650 1,138.27 2,138.27
Notes:
Fiaancial year 2020
During the previous year the Company has issued I000 fully paid-up equity shares off I each al a premium of, 31 each for aggregate consideration of, 32,000 to CDPQ Private
Eljuity Asia Pie Limited.
B. Termslrig/rts _,1,e,1 to eq,,ilp sll11ru:
The Company has only one class of equity shares having a par value of~ I per share. Each holder ofequity shares is entitled to one vote per share.
In the event ofliquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after distn'bution of all preferential amounts, if
any, in proportion to the number of equity shares held by the shareholders.
C Sloara held by llokliaef11lthnate boldine coP1pa11y and/or lheir subsidiarialusodates
As at Mardi 31, 2021 As at March 31 , 2020

Nul.dians % lloldlai No of shares % holding
H.iclln& company
Edelweiss Financial Services Limited 2,13,82,6',650 1,66,19,89,133 77.73•/o
FtUow subsidiaries
Edelweiss Securities Limited 9,74,16,683 4.S6o/.
Edelweiss Rural & Corporate Services Limited 29,44,72,650 13.77%
Edel Finance Limited 8,43,88,184 3.95%
Otlaen
CDPQ Private Equity Asia Pte Limited. 1,000 0.00% 1,000 0.00%
2 13 82 67 650 100.00¾
D. Details of sliara beld by sil■rebolden holdln& more than 51/. of the aurecate sbara ill die Compaay
As at Mardi 31, 2811 As at March 31, 2020

No efIIMINI "lo iloldlq No of shares % holding
Holding company#
Edelweiss Financial Services Limited 1,13,82.66,650 1,66,19,89,133 77.73%
Fellow subsidiaries
Edelweiss Rural & Corporate Services Limited 0.00% 29,44,72,6S0 13.77%
_..,;;:Z.;&;l;,;;3if2.;;;,1;•"1-r,;;6S0;;;;;,_ _ _ _ _1_00.=oo•••y• _ _,;l,.9;,;;S,i;6;,;4,i;6;,,;1,i;7,.8_,3_ _ _ _ _~9,:,,l..:,SO;;.•;;.~
# including 6 shares held by nominees of Edelweiss Financial Services Limited
£. There are IHI sba,... reserved for Issue under options and contracts/ commitments for tbe sale of sllara I disi•veslmtllt.
F. CoapHy has not issued any sb■res for consideration olhtt than cash
ECL Finance Limited
(Currency :lndian rupees in million)
31. Other equity

As at As at
March 31, 2021 March 31 , 2020
Securities premium reserve ll,879.96 11,879 .96

Statutory reserve S,028.78 5,024.31
Debenture redemption reserve 2,736.39 3,837.87
Retained earnings 2,476.29 1,305.75
Deemed capital contribution - equity 140.02 140.02
Revaluation Reserve 423.59 457.43
22,685.03 22,645.34
A. Nature and purpose of reserves
a. Securities premium reserve

Securities premium reserve is used to rCCOl"d the premium on issue of shares. The reserve can be utilised only for limited purposes
such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
b. Statutory reserve
Reserve created under 45-IC{ I) in The Reserve Bank of India Act, 1934 a sum not less than twenty per cent of its net profit every
year as disclosed in the profit and loss account and before any dividend is declared.
c. Debenture redemption reserve

The Company being an NBFC is required to create and maintain debenture redemption reserve (DRR) equivalent to 25% of the
public issue of debentures, as required by Companies Act. 2013 . The amounts credited to the ORR may not be utilised except on
redemption of such debentures. On redemption of debentures, the amount may be transferred from debenture redemption reserve to
retained earnings. However, as per the recent amendment to the Companies Act 2013, NBFCs are no longer required to create and
maintain ORR. Accordingly, the Company has not created incremental DRR on existing public issue of debentures, post the said
amendment, though the Company continues to maintain the ORR created earlier till the maturity of these debentures.
d. Retained earaings
Retained earnings comprises of the Company's undistributed earnings after taxes.
c. Deemed capital contribution - equity

Deemed capital contribution relates to share options granted to eligible employees of the Company by the parent company under its
employee share option plan.
f. Revaluation Reserve
The revaluation reserve relates to the revaluation of property, plant and equipment done
ECL Finance Limited
31. Other equity
B. Movement in Other equity

As at As at
March 31, lOll March 31, 2020
I. Securities premium reserve
Opening balance 11,879.96 11,879.93
Add : Premium Received on issue of securities 0.03
11,879.96 I 1,879.96
II. Statutory reserve

Add : Reserve created for the year 4.47
5,028.78 5,024.31
Ill. Debenture redemption reserve

Add : Reserve created for the year
Less: transferred to retained earnings (1,101.48)
2,736.39 3,837.87
IV. Retained earnings

Add: Profit/(Loss) for the year 22.35 (14,144.59)
Add: Other comprehensive income 17.34 (0 91)
Add: transferred from debenture redemption reserve 1,101.48
Less: Impact of Lease accounting (22.87)
Add: Balance released revaluation reserve 33.84
Amount available for appropriation 2,480.76 1,305.75
Appropriations:
Transfer to statutory reserve (4.47)
l,476.29 1,305.75
V. Deemed capital contribution - equity

Opening balance . 140.02 140.02
Add : ESOP charge for the year
148.0l 140.02
VI. Revaluation Reserve

Opening Balance 457.43
Add : Reserve Created during the year 457.43
Less : Transferred to retained earnings (33.84)
423.59 457.43
22,685.03 22,645.34
ECL Finance Limited
Notes lo the financial statement for lhe year ended March 31, 2021 (continued)
(Currency:lndian rupees in million) For the year ended For the yea r ended
March 31, 2021 March 3 1. 2020
32. Interest Income
On financial asset• measured at amortised cost
Interest on loans
Loans 16,292.38 31 .962.15
Interest income from inwsttMnts

Collaleralised borrowing and lending operations / TriParty REPO 19.89
Investment in preference shares 68.86 63.39
Interest on deposits with bank

Fixed deposits 112.19 59.81
Other interest income

Margin with brokers 32.32 132.00
Others 177.87 26.70
16,683.62 32,263.94
On financial H!ICtS mea.ured at FVTPL
lntuest Income from invesltMnn
Interest income • securities held for trading 827.76 1.466.44
827.76 l .466.44
17~11.38 33,730.38
33. Dividend Income
Dividend • Securities held for trading 23.36 1,466.33

Dividend • preference shares 0 .70
23.36 1,467.03
34. Fee income
Processing and other fees 849.94 1,369.00

849.94 1,369.00
JS. Net gain/ (lo5s) on financial inslrumt•ts at FVTPL

Investments
Profit on trading • Securities held for trading ( net) 1,303.66 1,749.07
Fair value• Securities held for trading (net) 234.08 (1,7 14.75)
Derivatives
Profit on trading - Interest rate swap (net) (0.3!1) 75.77
Profit on trading• Equity derivative instruments (net) 115.ll 769.19
Profit on trading - C urrency derivative instruments (net)
Profit / (loss) on trading - Interest rate derivative instruments (net) 46.09 (381.88)
Fair value - Derivative financial instruments (net) (53.53) (2 10. 11 )
Others
Profit on sale/redemption • Security receipts (739.29) 70.25
Fair value - Security receipts (1,118.01) (775.88)
Fair value • debt instruments (CCD) 1,740.00
(i?,'f<:r no/c• 3 11 ~I)

1~7.87 !41834i
Fair val11e cha•ges

Realised 725.JJ 2,282.40
Unrealised 802.54 (2,700.74)
1~7.87 j4l8.34)
36. Other income
Miscellaneous income 207.89 28.46
207.89 28.46
ECL Finance Limited
Notes to the financial statement for the year ended Mar(h 31, 2021 (continued)
(Currency·lndian rupees in million) For the year ended For the year ended
March 31, 2021 March 3 I , 2020
37, Finance costs
On financial liabililies measured al amorlised cos/
Interest on borrowings other than debt securities 7,567.97 11,234.42

Interest on debt securities 7,850.17 11,001.21
Interest on subordinated liabilities 'Hl.50 l,41587
Other finance cost and bank charges S14.26 585 10
Interest on lease liabilities 16.79 2885
(Refer note 41.C)
16,860.69 24,265.45
38. Net loss on derecognition of financial instruments

(Refer note 39.A)
Loss on sale of credit impaired assets 3,724.22 12,10174
(Refer note 54.D)
3 724.22 12,101.74
39. Impairment on financial instrumentll

(Refer note 39,A)
Provision for diminution in value of Investment 46.23
Er.peeled credit loss
Loans (Including undrawn commitments) (3,918.92) 6,947.79
Bad debts and advances written off (642.82) 3,465.88
Trade receivables (13.11) 20.52
Other Credit Cost 395.48 770.29
Provision for credit loss on securitisation (0.07) 2.27
(4,179.44) 11,252.98
39.A During the previous year ended March 31, 2020, the Company completed its re-assessment of probability of default, loss given default in
respect of exposures to certain sectors that were experiencing operational challenges. Credit and market risks for certain counter parties
increased significantly relative to such risks at initial recognition, resulting in recognition of higher amount of expected credit losses and
gain/loss on fair value changes for the year ended March 3 I, 2020. Management judgement for expected credit losses and gain/loss on fair
values changes has been accentuated on account of factors caused by the COVID-19 pandemic. Accordingly, the Company has recorded for
the year ended March 31, 2020, an amount of Rs I 1,252.98 towards impainnent on financial instruments, Rs. 12,101.74 towards net loss
on derecognition of financial instrument and Rs. 775,88 towards fair value change on security receipts.
39.8 Under the Shareholders' Agreement dated March 5, 2019, entered between Edelweiss Financial Services Limited (EFSL), CDPQ Private
Equity Asia PTE. Limited (CDPQ) and the Company (together referred as Parties), EFSL had agreed, pursuant to clause 8.1 & 8.2 to make
equity investment of an amount equivalent to the amount of losses on Select real state/structured finance Loans (Select Loans) into the
Company within six months of the default leading to loss incurred by the Company on or before the date of the conversion of the Investor
CCDs into Equity Shares. The rationale for this undertaking was to keep the total equity/net worth of the Company unimpacted on account
of impainnent in these loan accounts. During the year ended March 31, 2021, Parties have discussed and agreed that loss event for two of
the borrowers in the Select Loans have crystahzed and hence, EFSL has agreed to make good the loss amounting to Rs. 1400.10 millions
incurred by the Company in earlier years. Accordingly, ECLF has recorded such recovery in its profit and loss account for the year ended
March 31 , 2021 . The Parties have agreed that no loss event has been crystalized in respect of other Select Loans mentioned in above said
clauses of the agreement and hence as at March 3 I, 2021 there is no obligation EFSL has as at March 31, 2021.
For the yur ended For the year ended
March 31, 2021 March 31 2020
40. Employee benefit er.pensH
Salaries wages and bonus 898.38 1,531.49

Contribution to provident and other funds 54.94 106.90
Expense on share based payments - refer note below 7.44 46.66
Staff welfare expenses 24.25 51.lS
Employee Stock Appreciation Rights (ESAR) - Refer note below 27.'3
1,012.64 1,736.20
Notes:
I) Edelweiss Financial Services Limited ("EFSL") the holding Company has granted an ESOP/ESAR option to acquire equity shares of
EFSL that would vest in a graded manner to Company's employees. Based on group policy I arrangement, EFSL has charged the fair value
of such stock options, Company has accepted such cross charge and recognised the same under the employee cost.
2) The Indian Parliament has approved the Code on Social Security, 2020 which subsumes the Provident Fund and the Gratuity Act and
.,~;"·:-='~~ ~!..l!.ere under. The Ministry of Labour and Employment has also released draft rules thereunder on 13 November 2020, and has invited
~~v;'c,,~" ~ ) ~ s from stakeholders which are under active consideration by the Ministry. The Company will evaluate the rules, assess the
I' '.:!mP1ii.t ., y, and account for the same once the rules are notified and become effective.
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ECL Finance Limited
Notes to the financial statement for the year ended March 31, 2021 (conlinuedl
40.A Employee Benefits
a) Defined contribution plan - provident funds

In accordance with Employees' Provident Fund and Miscellaneous Provisions Act. 1952, employees of the Company are entitled to receive benefits under the provident fund, a
defined contribution plan, in which, both the employee and the Company contribute monthly at a determined rate. These contributions are made to a recognized provident fund
administered by Regional Provident Fund Commissioner. The employees contribute 12% of their basic salary and the Company contributes an equal amount.
The Company recognised Rs. 45.51 million (March 31, 2020 : Rs 82.36 million) for provident fund and other contributions in the Statement of profit and loss.
b) Defined benefit plan - gratuity

In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity, a non=ntributory defined benefit arrangement providing lump-sum gratuity benefits
expressed in terms of final monthly salary and year of service, covering all employees. The plan provides a lump sum payment to vested employees at retirement or termination of
employmenl in accordance with the rules laid down in the Payment of Gratuity Act, 1972.
The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity were carried out as at March 31, 2021. The present value of the
defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.
Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan and the amounts recognised in the Company's financial
statements as at balance sheet date:
Al at Asat
Particulars Jlfarch 31, 1021 March 31, 2020
Present value of funded obligations (A) SS.22 102.01

Fair value of plan assets (B) 1]8.19 97.24
Present value of funded obligalions (A• B) (62.97) 4.77
Net deficit/ (assets) are analysed as:
Liabilities - (refer note 27) - 4.77
Movement in net defined benefit (asset) liability

The following table shows a reconciliation from the opening balances to the closing balances for net defined benefit (asset) liability and its components:
Defined benefit obliKation (D80) Fair value ofDlan asseu NCI defined benefit fassel) liability
Particulars March 31, 2021 March 31. 2020 March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Opening balance 102.01 93.02 97.24 88.62 4.77 4.40
Current service cost 8.73 19.82 - 8.73 19.82

Interest cost (income) 4.04 6.50 5.72 5.80 (1.68) 0.70
114.78 119.34 102.9' 94.42 11.82 24.92

Other comprehensive income
Remeasurement loss (gain): - - - -
Experience (8.09) (11.28) IS.23 (5.72) (23.32) (5.56)
Financial assumptions 0.15 6.11 - - 0.IS 6.11
(7.94) (5.17 15.23 (512 (lJ.17) 0.55

Others
Transfer in/ (out) (33.48) (0.09) - (33.48) (0.09)
Contributions by employer - 18.13 20.61 (18.13) (20.61)
Benefits paid (18.13) (12.07) (18.13) (12.07) - -
Closing balance SS.23 102.01 118.19 97.24 162.96) 4.77
Represented by
Net defined benefit asset 62.96 -
Net defined benefit liability 4 .77
ECL Finance Limited
Notes to the financial statement for the year ended March 31, 2021 (continuedl
Components of defined benefit plan cost:
For year ended For year ended

Particulars Marth 31, 2021 March 31, 2020
Recognised in statement of profit or loss

Current service cost 8.73 19.82
Interest cost / (income) (net) (1.68) 0.70
Total 7.0S 20.52
Recognised in other comprehensive income

Remeasurement of net defined benefit liability/(asset) (23.17) 0.55
Total (23.17) 0.55
Percentage break-down of total plan assets

uat asat
Particulan March 31, :021 March 31, 2020
Investment funds with insurance company

Of which. unit linked 95.10 97.40
Cash and cash equivalents 4.90 2.60
100.00 100.00
Note: None ofthe assets carry a quoted market price in an active marker or represem the entily's own transferable financial instruments or are
property occupied by the entity.
Actuarial assumptions:
The following were the principal actuarial assumptions at the reporting date:
As•t Asal
Partlculan Mardi lt, 2021 March 31, 2020
Discount rate !5.00o/o 5.90%

Salary growth rate 7.00% 7.00%
Withdrawal/attrition rate (based on categories) 2s.oo•.r.. 13% to25%
Mortality rate IALM2012· !ALM 2012-
l4(Ultilute) I 4(Ultimate)
Expected weighted average remaining working lives of employees 3Yean 4 Years
Interest rate on net DBO/ (asset)(% p.a.) S.90% 7.00%
Notes:
a) The discount rate is based on the benchmark yields available on Government Bonds al reporting date.
b) The estimates of.future salary increases talce into account the inflation, seniorily, promotion and other relevant factors.
c) Assumptions regarding future mortality experience are set in accordance with the statistics published by the Life Insurance Corporation of
India.
ECL Finance Limited
Notes to the financial statement for the year ended Marci! 31, 2021 (continued)
(Currency:lnd,an rupees in milhon)
Sensitivity analysis:
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amounts shown below.
All at Mardi 31, 2021 As at March 3 I , 2020

Increase Decrea,e Increase Decrease
Salary Growth Rate ( +/- I'¼) 1,78 (l,70) 5.61 (5.29)

Discount Rate ( +/- I%) (1.72) 1.13 (5.30) 5.73
Withdrawal Rate ( +I- I%) (0.13) 0.14 (0.30) 0.33
Note: The sensitivity is performed on the DBO at the respective valuation date by modifying one parameter whilst retaining other parameters
constant. There are no changes from the previous year to the methods and assumptions underlying the sensitivity analyses.
Deseription ofasset liability matching (ALM) pGlky
The Company has an insurance plan invested in market linked bonds. The investment returns of the market-linked plan are sensitive to the changes
in interest rates. The liabilities' duration is not matched with the assets' duration.
Description of fundiag arrangements and funding policy that affect future contributions
The liabilities o f the fund are funded by assets. The company aims to maintain a close to full-funding position at each Balance Sheet da te. Future
expected contributions are disclosed based on this principle.
Maturity profile
The weighted average duration of the obligation is 3 years (March 3 1, 2020: 4 years) as at the date of valuation. This represents the weighted
average of the expected remaining lifetime of all plan participants.
Asset liability comparisons
Partic•lan Mardll, 1121 M■rcb 31, 1020 M■r<k 31, 2119 M■rcb 31, 1018
Present value of DBO 55.22 102.01 93.02 58.74

Fair value of plan assets 118. 19 97.24 88,62 59.48
Net (assets)/liability -62.97 4.77 4.40 {0.74i
C) Compensated absences :
The Company provides for accumulated compensated absences as at the balance sheet date using projected unit credit method based on actuarial
valuation.
ECL Finance Limited
Notes to the fi11anc ial statement fo r the year ended March 31, 2021 (continued)

For tbe year ended For the year ended
March 31, 2021 March 31, 2020
41. Other expenses
Advenisement and business promotion 1.38 20.88

Auditors' remuneration (refer note 41 .A) 15.36 17.02
Commission and brokerage 85.33 218.94
Communication 9,61 20.88
Directors' s itting fees 1.00 1.00
Insurance 2.08 0.34
Legal and professional fees 518.48 678. 13
Management fees paid to Asset reconstruction companies 1,661.44 676.62
Printing and stationery 4.08 13.30
Rates and taxes 11.06 -2.27
Rent(refer note 4I.C & 4 1.D) 75.29 134.36
Repairs and maintenance (refer note 41.DJ 7.94 17.00
Electricity charges (refer note 4 1.D) 5.57 10.92
Computer expenses 99."3 78.31
Corporate social responsibility (refer note 4 1.B) 64.56 196.60
Corporate guarantee commission 193.48
Clearing & custodian charges 16.01 36.43
Dematerialisation charges 1.76 4.24
Ratin& support fees (refer note 41.D) 3-4.92 30.S7
Loss on sale of property, plant and equipment 7.59 -2. IS
Membership and subscription l.15 3.96
Office expenses (refer note 41.D) 220.07 727.93
Securities transaction tax 178.28 JIS.37
Loan origination cost 20oU 5 542.46
Goods & service tax expenses 452.76 554.75
Stamp duty 60.97 58.40
Travelling and conveyance 12.65 64.14
Miscellaneous expenses 14.1.92 51.24
Housekeeping and security charges (refer note 41. D) 16.41 25.42
Amortisation - Right to Use Assets 2.42
4.102.25 4,294.79
41.A Auditors' remuneration:

For tlte year eaded For the year ended
Marcll 31, 2021 March 31. 2020
As a Aaditor
Statutory audit of the company 7.00 7.00
Limited review 4.50 3.00
Fees for debentures issuances/other services 3.40 6.35
Towards reimbursement of expenses G.21 0.67
15.11 17.02
41.B Details of CSR ExJKnditure:
For die year ended For the year ended

Marth 31, 2021 March 31, 2020
G rau Amount required to be spetat by tbe Coapa■y 11.1 per tbe provisio ■s or
Section 135 of Com p■aies Act 2013. 166.56
Amount Spe11t (paid la casb)

i) Construction/ acquisition of any assets
ii) On purpose other than (i) above 64..56 196.60
A•o.at Spent (yet to be paid i■ a ..)

i) Construction/ acquisition of any assets
ii) On purpose other than (i) above
64..56 196.60
Amount paid to EdelGive Foundation 166.00

(refer note 49 related party di.tcfosure)
Paid to external parties 30.60
196.60
ECL Finance Limited

41.C Transition to Ind AS 116 on Lease
Effective April I, 2019, the Company has adopted Ind AS 116 "Leases" and applied the standard to all lease contracts existing on April I, 20 19 using
modified retrospective method. The Company recorded the lease liability at the present value of the lease payments discounted at the incremental
borrowing rate and the right of use assets al an amount equal to the lease liability discounted at the incremental borrowing rate at the date of initial
application.
Right to uy of USC!S
Aul As at
March 31 1021 March 31, 2020
Building
Opening balance as at April OI, 2020 llS.53 237.5 1
(Transition to Ind AS I /6)
Addition I disposal during year (114.2-4) 60.55
Depreciation expenses (511.47) (72.53)
Closing balance u at March 311 2021 60.Sl 225.53
Lease li•bjlity
Aaat As at
Man:111 31 2011 March 31, 2020
Opening balance as at April OI, 2020 267.10 268.07

(Transition to Ind AS II 6)
Addition/closed during year (134.47) 60.55
Accretion of interest 16.79 28.85
Payments during the year (73.43) (90.37)
Closlnl balance as at March 3112021 75..99 267.10
On transition, the adoption of the new standard resulted in recognition of Right-of-Use asset (ROU) of Rs 237.51 millions and a lease liability of Rs
268.07 millions. The cumulative effect of applying the standard resulted in Rs. 22.87 millions being debited to retained earnings, net of taxes.
Amo■-t recog■ised in statement or profit and lots

For tlle year eaded For the year ended
Marcll31 l02J March 31, 2020
Depreciation expenses • right of use assets 50.47 72.S3
Interest ei<penses on lease liabilities 16.79 28.8S
Expenses relating to shon term leases (included in other expenses) 75.29 134.36
Total amou■t recognised in statement of profit and loss 142.55 235.74
41.D Cost sharing
Edelweiss Financial Services Limited, being the holding company along with fellow subsidiaries incurs expenditure like Group Mediclaim, insurance,
rent, electricity charges etc. which is for the common benefit of itselfand its certain subsidiaries, fellow subsidiaries including the Company. This cost so
expended is reimbursed by the Company on the basis of number of employees, time spent by employees of other companies, actual identifications etc.
On the same lines, employees' costs expended (if any) by the Company for the benefit of fellow subsidiaries is recovered by the Company. Accordingly,
and as identified by the management, the expenditure heads in note 40 and 41 include reimbursements paid and are net of reimbursements received
based on the management's best estimate are Rs. 253.27 millions (previous year Rs. [.001 .26 millions)
ECL Finance Limited
Noles to lbe financial statement for the year ended March 31, 2021 (continued)
(C urrency:lndian rupees in million)
42. Income tax
Component of income tax expenses
For tile yuir ended For the year ended

Marcil 31, 2021 March 31 , 2020
Current tax
Adjustment in respect of current income tax of prior years (557.59) (117.39)
Deferred tax relating to temporary differences (1,065.83) (3,413 .25)
Total tax charge for the year (1,623.42) (3,530.64)
Curreat tax (refer aote 42.A) (557.59) (1 17.39)

Deferred tax ( refer note 42.B) (1,065.83) (3,413 .25)
42.A The income tu: expenses for the year can be reconciled to the accounting profit as follows:
For tlle year ended For the year ended

Mardi 31, 2021 March 31 , 2020
Profit before taxes (1,601.07) ( 17,675.23)

Statutory income tax rate 25.11•1. 25.17%
Tax cluirge at statwtory rate (402.96) (4,448.50)
Tax effect of:
A) Adjustment in respect of curreat income tax of prior year (557.59) (117.39)
B) I.come not swbject to tax or char1eable to lower tax rate (17.33) (385.65)
C) Tax impact due to revaluation of deferred tax due to change In Income

tu. rate* 415.78
D) Item oa which no deferred tax is created 252.76 954.78
E) Deferred tu created on Item, o■ which deferred tax ■ot created in

prnious year (!H6.66)
F) Noa dedactible expe ■ses 18.36 50.34
Total tax reported i• statement of profit a ■d loss (1,623.42) (3,530.64)
Effective iacome ta-s rate 101.40°1. 19.98%
NOie ; During the year ended March 31, 2021, the Company has accounted for deferred tax assets of Rs. 1,060.00 millions on carried forward business
losses and other components. Such deferred taxes assets have been recognized based on business plans approved by the Board of Directors in its meeting
dated June 10, 2021.
'"The Government of India, on September 20, 2019, vide the Taxation Laws (Amendment) Ordinance 2019 (the Ordinance), inserted a new Section
I ISBAA in the Income tax Act, 1961, which provides an option to the Company for paying Income tax at reduced rates. Accordingly, the Company had
adopted reduced tax rate from financial year ended March 31 , 2020.
ECL Finance Limited
Notts to tile finncial statement for the year ended March 31, 2021 (continued)
(Currency:Indian rupees in million)
42.B Table below shows deferred tax recorded in the balante sheet and changes retorded in Income tax expenses:
As at Recognised directly As at
For tilt J_tar e■dtd March 31, 2021 April 01, 2020 Rtcog■iHd ia profit or Ion Rec_og_niu d i■ OCI i■ e~ March 3 1.,_2021
Deferred tu assets
Expected credit loss provision 2,241.45 (1,017.21) 1,224 .24
Effective interest rate on financial assets 215.98 ( 187.35) 28 63
Stage 3 Income recognition 84.26 (1860) 65 66
Retirement benefits 6.46 (3.39) (5.83) (2 76)
Accumulated Loss 1,869.34 2,449.26 4 .318,60
Others (3 183) 1,238.10 1,206.27
Deftrrtd tax liabilities

Difference between book and tax depreciation (including intangibles) (172.21) (9 1.15) (:?63 .36)
Effective interest rate on financial liabilities (420.10) I 16.79 (303.31)
Fair valuation ofassets and liabilities 1,032.49 (1 ,493.51) (46 1 02)
Interest spread on assignment transactions (72.89) 72.89
Deferred tu asset (att) c_,7s2.,s ~ ~ ~ ~__1_06s.s3 (5.33) 5,812.95
Asat Recognised directly As at

For tbe year tndtd March 31, 2020 April 01, 2019 Recognised in profit or loss Recogaised in OCl in equity March 31~ 2020
Deferred tax assets
Expected credit loss provision 1,853.25 388,20 2,241 45
Effective interest rate on financial assets 309.27 (93.29) 2 15 ,98
Stage 3 Income recognition 26.38 57.88 84,26
Retirement benefits 10.53 (3.71) (0.36) 6 46
Tax break on employee stock option scheme 1,869.34 1,869 .34
Others 2.66 (42. 18) 7,69 (3 1 83)
Deferred tu liabilities
Difference between book and tax depreciation (including intangibles) (26.98) 8.62 (18 36)
Revaluation of Property Plant & Equipments ( 153.85) (1 53 85)
Effective interest rate on financial liabilities (413.48) (6,62) (420 10)
Fair valuation of assets and liabilities (272.51) 1,305 .00 1,032.49
Interest spread on assignment transactions (2.90) (69,99) (72 89)
Dtferred tax asset (act) 1,486.22 3,413.25 ~ ~ ~ ~~ 1154~1) 7.69 4,752.95

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ECL Finance Limited
43. Earnings per Share

Basic earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted average number of equity
shares outstanding during the year.
Diluted earnings per share is calculated by dividing the profit attributable to equity shareholders of the Company with the weighted average number of equity
shares outstanding during the year adjusted for assumed conversion of all dilutive potential equity shares.
For die :,:eu flld.ecl. For the year ended

Mardi 31. 2021 March 3I , 2020
Basic Earnings per Share
Net (Loss) / Profit attributable to Equity holders of the Company • A ·22.3! -14,144.59
Weighted average Number of Shares

• Number of equity shares outstanding at the beginning of the year 2.13.IIZ(i7,6SO 2, 13,82,66.650
- Number of equity shares issued during the year 1,000
Total number of equity shares outstanding at the end of the year -2.13.82.'7,eG 2, 13,82,67,650
Weighted average number of equity shares outstanding during the year (based on the date of
2.13.Ji.'7,6SO 2, 13,82,67,650
issue of shares)• B
Number of ordinary shares resulting from conversion ofCCD ( Compulsory Convertible

Debentures) - C 56,IUG,JO 56,18,90,162
Weighted average number of equity shares outstanding during the period (based on the date of
issue ofshares)-D (B+C) 2,70,01,57,812 2,70,01,57,812
0.01 (6.61)
Basic earnings per share (in rupees) (A/B)
Diluted earnings per share (la rupees) (AID) 0,01. (661)
44. Contingent Liability & Commitment:

In the ordinary course of business, the Company faces claims and assertions by various parties. The Company assesses such claims and assertions and
monitors the legal environment on an ongoing basis, with the assistance of external legal counsel, wherever necessary. The Company records a liability for
any claims where a potential loss is probable and capable of being estimated and discloses such matters in its financial statements, if material. For potential
losses that are considered possible, but not probable, the Company provides disclosure in the financial statements but does not record a liability in its
accounts unless the loss becomes probable.
The Company believes that the outcome of these proceedings will not have a materially adverse effect on the Company's financial position and results of
operations.
Contiav:eat Liabilitv
For the year ended
. March 31, 2020
Direct tax Litigation pending against the Company JMM 190.95
To meet the financial needs of customers, the Company enters into various irrevocable committnents, which primarily consist of undrawn commitment to
lend.
The Company has received demand notices from tax authorities on account of disallowance of expenditure for earning exempt income under Section 14A of
Income Tax Act 1961 read with Rule 80 of the Income Tax Rules, I 962. The company has filed appeal/s and is defending its position. Based on the
favourable outcome in Appellate proceedings in the past and as advised by the tax advisors, company is reasonably certain about sustaining its position in the
pending cases, hence the possibility of outflow of resources embodying economic benefits on this ground is remote"
Commitment
For the year ended
March 31 , 2020
Estimated amount of contracts remaining to be executed on capital account (net of advances) 10.18
and not provided for
Undrawn committed credit lines
Others
ECL Finance Limited
45. Segment Reporting
Primary Segment (Business segment)
The Company's business is organised and management reviews the perfonnance based on the business segrnents as mentioned be[ow:
Activities covered l
!Capital based business Income from treasury operations, income from investments and dividend income I
JFinancing business Wholesale and retail financing 7
Income for each segment has been specifically identified. Expenditure, assets and liabilities are either specifically identified with individual segments or have been allocated
to segments on a systematic basis. Based on such allocations, segment disclosures relating to revenue, results, assets and liabilities have been prepared.
Secondary Segment
Since the business operations of the Company are primarily concentrated in India, the Company is considered to operate only in the domestic segment and therefore there is
no reportable geographic segment.
Segment information as at and for the year ended Morch JI, 2021
Particulan Financing business Capital based

Treasury Unallocated Total
bu.sine.ss
Reve11111e from Operations

Interest Income 16,257.42 915.13 337.19 1.64 17,51 l.38
Other Operating income 861.00 1,724.57 23.49 2,609.06
Total Re><enue from Operation, 17,118.42 2,639.70 360.68 1.64 20,120.44
Tntefest Expenses 15,814.52 822.68 223.50 16.860,70
Other Expenses 4,381.SO 413.77 65.54 4,860.81
Total E1penses 20,196.02 1,236.45 223.50 65.54 21,721,!II
Segment proflt/(1011) before taution (3,077.60) 1,403.25 137.18 (63.90) (1,601.07)
Income Tax Expenses (1,623.42) (1,623.42)
Profit for the year

22.J!I
Other Comprehensive Income 17.34 17.34
Total comprehensive (lou) / in«1me

39.69
Segment Am,19 1,62,989.68 12,885.18 4,081.85 9,834.01 1,89,790.72
Segment Liabilities 1,43,940.83 12,195.33 1,306.41 7,524.85 1,64,967.42
Capital expenditure 8.61 8,61
Depreciation and ■rnortisa•ion 201.15 201.JS
Sirnilkant non-cash items (3,932.10) (3,932.10)

ECL Finance Limited
45. Segment Reporting
Segment information ■1 at and for the year ended March JI. 2020
Partitulan Capital ba•ed

Financing bu:,iness Tre11ury Unallocated Total
business
Revenue from Oper.1tion9

Interest Income 31,761.24 1,618.34 324.11 26.70 33,730.39
Other Operating income 59707 1,575.68 273.39 2,446.14
Total Revenue from Operations 32,358.3 l 3,194.02 597.50 26.70 36,176.53
Interest Expenses 21,203.18 2,572.81 489.46 24,265.45

Other Expenses 29,013.18 329.31 4623 197.59 29,586.31
Total E,pen, es 50,216.36 2,902.12 535.69 197.59 53,851.76
Sqment profit/(loss) before taxation (17,858.05) 291.90 61.81 (170.89) (17,675.23)
Income Tax Expenses (3,530.64) (3,530.64)
Profit for the year (14,144.59)
Other Comprehensive Income 457.43 (0.91) 456.52
Total comprehensive (loss)/ income (13,688.07)
Sqment Asset• 2,02, 140.98 18,578.19 5.843.39 7,065.35 2,JJ,627.91
Segment Llabiliti.. 1,81,787.59 16,233.33 3,855.08 6,968.30 2,08,844.30
Capital expenditure 124.71 124.71
Depreciation and amortiaation 198.09 2.52 200.61
11,206.76 46.23 11,252.99

ECL Finance Limited
Notes to the finan.dal 11tatrme11t for the year endf'd March 3J, 2021 (contiaued)
(Currency Indian rupees on million)
46. Transfer of fina11eial asset.
46.A Transferred financial a55els that are not derecocnised ia their entirely
The following tables provide a summa,y of fmanc1al assets dial have been transferred 1n such a way that part or all of the transferred financial assets do not qualify for dtrecogmtioo. together
w1th the associated habthtaes
For die year ended For the year ended

Mardi 31 2021 March 31 2020
Sc:cu riti11ti0tts
Canyan_g amount of transferred assets 3,710.25 3,907 82

(lield as Co//aterul)
Carrying amount of associated hab1li11es 3,%06.46 J.412 55
Fair value of assets 3,300.14 3.752 60
Fair value of assoc1a1ed liabilities 3,%20.90 3,552 SI
Net po51t,on at FV 7'.24 200.09
46.B Transferred financial asset, that are derecognised in tloeir entirety but where the Company bas continuing involvement:
The Company has not transfen-cd any assets that are derecogmsed in their en(j~ where the Company cOPtinues to have continuing mvolvcrnent
47. C hance in liabilities arisiloc from fi■ancin& activities
Cult FloWI Other,

Particalars As II April 01, 1020 Changes i• Fair vatve As at Marth 31, 2011
net act•
Debt securities 88,633.71 (14,430.92) (1.74000) (1 .681.18) 70,781.61

Borrowings other than debt secunues 93. 177.45 (19,213 02) (191 .49) 73.772.94
Subord1nated liabilities 19,789.28 (4.627.66) (154.40) 15,007.:?2
2,o,,60l.4-4 (38,271.60) (1,740.00) (1,917.07) 1,59,561.77
Cash Flows Otben

Partkulan As al April 01, 2019 c•anges in Fair value As al Marcb 31, 2010
(net) (net)*
Oebt sec..-illes 94,871.85 (6,961 62) 72348 88,633.71

Borrowing,, other than debt securities 1.13.287.45 (20.080.9 1) (29.09) 93.177.45
Subordinated liabilities 19,99459 (471.31) 26600 19.789.J8
1,21,153.89 (27t5IJM) 960.39 1,01,600.44
•other column includes the effect of accrued but not paid intm51 on borrowing. amortisation of processing fees etc
ECL Finance Limited
Notes to the financial statement for the year ended March JI, 2021 (continued)
(CWT<ncy:lndian rupees in million)
48. Maturity Analysis of assets and liabilities
The table below shows an analysis of assets and liabilities analysed according to when they are expected to be recovered or settled. Derivatives (excluding embedded
derivatives). securities held for trading have been classified lo mature and/or be repaid within 12 months. regardless of the actual contractual maturities of the products.
With regard to loans and advances to customers, the company uses the same basis ofexpected repayment behaviour as used for estimating the EIR.
As al March 31, 2021 As al March JI, 2020

Particulars Wilhin 12 month, After 12 monlhs Tobi Wilhin 12 monlhs After 12 month• Total
Financial Asseta
Cash and cash equivalents 17.587.16 17,587.16 18,128.42 18,128.42
Bank balances other than cash and cash equivalents 1,96129 1,961.29 7,373.45 131.69 7,505.14
Derivative financial instnnnents 143.65 143.65 709.12 80.25 789.37
Securities held for irading 10,514.60 10,514.60 13,611.35 I 3,611.35
Trade receivables 2,414.96 2,414.96 2.04116 2,041.16
Loans 24,426.70 56,638.71 81,065.41 44,230.48 83,953.92 1.28, 184.40
Investments 14,616.70 41,059.41 55,676.11 787.03 48.960.67 49,747.70
Other financial assets 7,019.50 696.74 7,716.24 2,460.55 720.84 3.181.39
Non-financial assets
Current tax assets (net) 3,250.62 3,250.62 1,779.55 1,779.55
Deferred tax assets (net) 5,812.95 5,812.95 4,752.95 4,752.95
Investment Property 1,162.00 1,162.00 1,162.00 1,16200
Property, plant and equipment 1,069.40 1,069.40 1.338.65 1,338.65
Capital work in progress
Intangible assets tmder development 3.76 3.76 10.60 I0.60
Other intangible assets 49.0l 49.01 107.69 107.69
Other non- financial assets 1.363.56 1,363,56 1,287.54 1.287.54
Tolal AS1ets 78,634.56 1,11,106.16 l,ll9,790,71 89,341.56 1,44.286.35 2,33,617.91
Financial Liabilities
Derivative financial instruments 199.95 209.06 409.0l 934.64 20.71 955.35
Trade payables 711.75 711.75 1,503.41 1,503.41
Debt securities 20,834.44 49.947.17 70,781.61 31,283.47 57,350.24 88,633.71
Borrowings (other than debt securities) 48,63979 25.133.15 73,772.94 56,196.83 36,980.62 93,177.45
Subordinated liabilities 604.36 14,402.86 15,007.22 5,743.02 14,046.26 19,789.28
Other financial liabilities 2,956.19 1,I03.29 4,059.48 1,610.78 2,611.47 4,222.25
Non-fmancial liabilities
Current tax liabilities (net) 192.61 192.61
Provisions 6.54 6.54 24.61 24.61
Other no1>-financial liabilities 218.87 218.87 345.63 345.63
Total Liabilities 74,165.35 90,802.07 1,64,967.42 97,617.78 1,11,226.Sl 2,08,844.30
Net 4,519.21 10,304.09 24,823.30 (8,276.22) 33,059.83 24,783.61
Noto:
The Company has considered that the Cash Credit facilities availed by it aggregating to Rs. 9367.48 million as at March 31, 202 l will be repaid on their renewal dates and accordingly
reflected the same in the "within 12 months" bucket.
ECL Finance Limited
49. Related Party Disdosure for the yur April I, 2020 to March JI, 2021
A) List of related parties and relationship:
Name of related parties by whom control is exercised :

Holding company Edelw,,iss Financial Services Limited
Fellow subsidiaries Edelweiss Rural and Corporate Services Limited
(with whom transactions have taken place) Edelweiss Retail Finance Limited
Edelweiss Housing Finance Limited
ECap Equities Limited
Edelweiss Asset Management Limited
Edelw,,iss Finance and Investments Limited
Edelweiss Broking Limited
Edelweiss Tokio Life Insurance Company Limited
Edel Finance Company Limited
Edelweiss General Insurance Company Limited
Edelweiss Securities Limited
Edelweiss Asset Reconstruction Company Limited
Edelweiss Securities And Investments Private Limited (Magnolia)
Edelweiss Custodial Services Limited
Edel Investments Limited
Edelweiss Asset Reconstruction Company Limited - Trust SC 406
Edelweiss Asset Reconstruction Company Limited -Trust SC 412
Edelweiss Alternative Asset Advisors Limited
Edelweiss Global Wealth Management Limited
EC Commodity Limited
Edelcap Securities Limited
Edelweiss Comtrade Limited
Edel Land Limited
Allium Finance Private Limited
EdelGive Foundation
Edelweiss Gallagher Insurance Brokers Limited
Edelweiss Capital Services Limited
Edelweiss Trusteeship Comany Limited
Fellow Associates (From March 26, 2021) Edelweiss Investment Advisors Limited
Edelweiss Broking Limited
Edelweiss Finance & Investments Limited
A) List of related parties and relatioaship (Contd.•)
Key management personnel Rashesh Shah (Chairman and Managing Director)

Deepak Mittal (Managing Director and Chief Executive Officer)
Venkatchalam Ramaswamy (Vice- Chairman and Non-Executive Director)
PN Venkatachalam (Independent Director)
Kunnasagaran Chinniah (w.e.f February 18, 2019) (Independent Director)
Vidya Shah (Non-Executive Director)
Biswamohan Mahapatra (Independent Director)
Phanindranath Kakarla (w.e.f April 01, 2019)
Archibold Serrao (upto Oct 15, 2020) (Company Secretary)
Kashmira Mathew (w.e.f Oct 30, 2020) (Company Secretary)
Sarju Simaria (upto Aug 14, 2020) (Chief Financial Officer)
Deepalc Khetan (w.e.f. Aug 14, 2020) (Chief Financial Officer)
Anita George (Nominee Director)
Enterprises over which promoter /KMPs/ relatives exercise significant Mabella Investment Adviser LLP
influence , with whom transactions have taken place
ECL Finance Limited
Noles lo lhe financial statement for the year ended March 31, 2021 (continued)
49. Rel•led Party Dl!dmurr for the ye11r April 11 2020 to March ll, 2021
B) Transactions with related partin:
F o.- the period ended For thf! period end.-d March

Particulars March 31, 1021 31, 2020
Cutl'fDt euounl tran1arfion1
Loans taken from (M111:im.11m transaction during the ye:ar)

Edelweiss Rural and Corporate Services Limited 1,600.00 10,080 00
Edelweiss RetaiJ Finance Limited 1,500 00 1,19000
Edelweiss Housing Finance Limited 1,500 00 1,500.00
Edelweiss Financial Services Limited 2,000.00 -
Loans taken from (volume of transaction during thr year)
Edelweiss Rural and Corporate Services Limited 3,821 54 86,586.21
Edelweiss Retail Finance Limited 2,035.00 5,640.00
Edelweiss Housing finance Limited 6,010.00 7,890.00
Edelweiss Financial Services Limited 3,800.00
Loan repaid to (Maximum tranuctioa during the year)

Edelweiss RuraJ and Corporate Services Limited 1,600.00 10,259.60
Edelweiss Retail Finance Limited 35.00 1,350.00
Edelweiss. Housing Finance Limited 2,000.00 2,000.00
Lo.11. repaid to (volume ortransattion during the year)

Edelweiss RuraJ and Corporate Services Limited 3,827.45 87,591.21
Edelweiss Retail Finance Limjted 7000 5,605.00
Edelweiss Houaing Finance Limited 5,020.00 7,880.00
Loans 1iven to (Mu:imum tra■Hceio• during the year)

Edelweiss Rural and Corporate Services Umited 2,450.00 4,000.00
ECap Equities Limited 1,600.00 -
Edelweiss Housing Financ:e Limited 250.00 -
Edefweiss Retail Finance Limited 1,000.00 -
Loaas given lo (vol11ane oftranuctioa during the year)
Edelweiss Rural and Corporate Services Limited 8,360.00 9,994.00
ECap Equities Limited 5,800.00
Edelweiss Housing Finance Limited 250.00 100.00
Edelweiss Retail Finance Limited 1,000.00 O.Q7
Loans repa5d by (Maslm111t1 tramaction durina the year)

Edelweiss Rur~I and Corporate Services Limited 2,450.00 4,000.00
ECap Equities Limited 1,940.00 -
Edelweiss Housing Finance Limited 250.00
Edelweiss Retail Finance Limited 1,000.00
Lou• repaid by (volumo of transaction during the yoar)

Edelweiss Rural and Corporate Services Limited 9,%4.00 8,390.00
ECap Equities Limited S,800.00
Edelweiu Housing f inance Llrnited 250.00 100.00
Edelweiss Retail Finance Limited 1,000.00 O.Q7
-
Lo■m1 given iddudi11.g intuat accra■I to key management penOJ1nel & rel■tivu
Decpak Mittal - 24.75
Pooja Mittal 7.61
Mabella Investment Advise, U..P 300.00
Repayment orlo■ns including interest by key management penonael & relatives

Deepak Mittal 366.93
Pooja Mittal - 276.57
Mabella Investment Adviser LLP 187.16 -
Issuance olNon Convertible Debentares
Edelweiss Rural and Corporate Services Limited 200.00
Issuance of benchmark linked dtbeotlares

Edelweiss Asset Management Limited 44.20
Redempti011 of Non Convertible Otbeature, I benchmark linked debenture&

ECap Equities Limited 0.01 5,504.70
Edelweiss Finance and Investments Limited 27.45
Edelweiss Brokin2. Limited 0.37
ECL Fi■ance Limited
Notes to tile fi• ..cial stalt1Mnl for tht yur tmkd Mardi ll, 2021 (coatinutd)
49. Rtlatod Party Ondo,urr lor th• Y•■r Ap,~ I, 2020 lo M■rcb 31, 202 1
B) Tra■sac:tlMIS witlt related parties:
For the ptriod ended For the period ended March

Partkul■rs Marek JI, 2021 JI, 2020
Stcoodary nt•rket transaction,

Purcllau, o f se:c■rit~s frOOI
ECap Equities L1m11ed 14200 597 64
Edelwet5S Rural iUld Corporate Scrvtces L1m1ted 654.55 2,787 05
Edelweiss Finance and Investments Limited 1,28461 1,646 89
Edelweiss Broking L1mtted 47.75 25445
Ede,weiss Tok10 Life (nsurance Company LimJted 114 17 507 49
Edel finance Company Limued 460.04 665 86
Edelweiss General Insurance Company L1m1ted 98.54 157 75
F..delwe1" Retail Finance Limited 102.02 2,323 50
Edelweiss Secunt,es Limited 2 85
Edelweiss As.set Reconstruction Company Lamited 1000
Edelweiss Housing Finance L,m~ted 2,144 87 .
Sale/ s11btc:r"ipcio11 of 1ecuri1ia

Edelweiss Rural and Corporate Services Limited 212.24 1. 727 JO
Edelweiss Finance and Investmenu Limited 4,012 67 724 39
Edelweiss Sec.untW:S Limited 839.71 247 30
Edelweiss Brokmg Ltmtted 28062 2,052 95
Edelweiss Tokio Llfc Insurance Company Limited 98.56 nS65
Edelweiss Gener3l Insurance Company Limited . 6006
Edel Finance Company Llmited 529.19 1, 363 93
Edelweiss Secunt1es And Investments Pnvate Lam11ed 36 77 53 19
Edelweiss Retail Finance Limited 83 64 .
Moren, placed witk (In volume)
Edelweiss Secunties Limited 96,350 12 1,639 22
Edelweist Custodial Services Limited 59,842 29 97.977 4 1
Edel Investments Llm1tcd
. 8 65
Margin refund rttmrcl r.- (ioo •ol-•)

Edelweiss Securities Limited 96,579 12 1.701 29
Edelwei" Custodial Scrvtcts Ltmned 59,797 09 96,961.89
Edel Investments Limited . 8.65
Stt■ril}'
Deposit• ploced with
Edelweiss Rural and Corporate Services u mited . 500.00
ECap Equities Limited . 100.00
Amou•t paid to brok..- for tradina in tash segmtdt (in volume)

Edelweiss Secunties ltmited 1,01,875 25 39,107.96
AIDOll•t receiv"9 from br'oka- for tradi11g i■ cmll seg.w-at (in vol•111~)
Edelweiss Secuntles Limited 1.01,08341 40,01608
A11icnment ofloan book to

Edelweiss Hous,ng f inance Ltmit:cd 1,937.86
Edelweiss Retail Finance Limited 1,784 69
L°"n / NCO Purchaoe rr-

Edel Finance Company Limited 17,780 12
Edelwejss Rural and Corporate Servjces Limited 152 38
Loan I NCO Sale to

Edelweiss Retail Finance Limited . 3,999 43
Sale efttt•rieies reteipts to

Edelw~JSS As.set Recon.struetton Company Limited 26920
EdelweiS3 Securities And lnvestment:s. Private Limited 60,00 .
Sale of loaa• lo
Edelweiss Asset Reconstruction Company Limi1ed • SC 372 . 29970
P..delweiss Asset Reconstrocuon Company Lirnited • SC 381 5S000
Edelweiss A,set Reconstruction Company Limited • SC 384 . 9,15000
Edelweiss Asset Reconstruction Company Limited - SC 386 1, 18000
Edelw..iss Asael Reconstruct1on Company Limited - SC 387 . 878 80
Edelweios Asset Re<:onstruction Company Llmited • SC 391 . 99300
Edelweiss Asset Reconstruc11on Company Limited • SC 392 . 1,932.50
Edelweiss Asset Reconstruction Company Limited • SC 393 . 375 00
Edelweiss Auel Reconstruction Company Limited • SC 394 . 6,366.10
Edelweiss Asset Reconstruction Company Limited - SC 406 790.00 .
Edelweiss Asset Reconstruction Company Limi!Od • SC 412 4.10
ECL Finance Limited
Note• to the linancial statement for the year ended March 31, 2021 (continued I
49. Rol•ted Party Diltclosuro for the year April I, 202G to March JI, 2021
B) Tra nsac:1ionJ with related parties:
For the- period ended For the period e11ded Marc h

March ll, lGll 31, 101G
Par1icul■n
lncome
Cosnmi1:1ion and brokerage received from

23.65
Edelweiss Securities Limited 0.43
98.53 58.33
Edelweiss Ahernative Asset Advisors Limited
0.04
Edelweiss Rural and Corporate Services Limi1ed
Co,t reimbuneftlent rtten'ed rrom

1,869 27
Edelwetss Financial Services Umited 0.16
0.02
Edelweiss Generat Insurance Company Limited
1.59 0.41
&lelweiss Retail Finance L•mited
3.98
Edelweiss Housing finance Limited
0.09
Edelweiss GlobaJ Wealth Management Limited
0.16 0.68
EdeJweiss Broking Limited
0.10 0.78
0.0 1
EC Commodity Limited 0.02
004
Edelwe iss Custodial Services Limited
0. 17 11.73
Edelweiss Finance and Inve stments Limited
519.60 0 .05
0.02
Ede lcap Securities Limjted
0 .01
Edelweiss Asset Reconstruction Compat1y Limited
I 13.03
Edelweiss Insurance Brokers Llmjted
0.15
Edelweiss Tok)o Life Insurance Company Limited
0.06
Edelwe iss Securi6es Limited
Dividend rHeived on investments 0.70

Edelweiss Rural and Corporate Services Limited
Interest income o• margin placed witb brokers

32.32 127.28
F.delweiss Custodial Services Limited
4 57
l11ter~t inicome on Security Deposits 1.99

60.50
121 0 0.40
lnteresl income on loans give r1 to

3.65
Deepak Mittal 2.91
Pooja Mittal
1.87
Edelweiss Retail Finance Limited
124.69 26 2. 13
Edelweiss Rund and Corporate Services Umited
32.3)
0.50
Edelweiss Housing Finance Limited
29.37
Mabelle Inve stment Adviser LLP
Interest recrived on sec11rJties

3.66 0.21
Edelweiss. Housing Finance Limited
66.09
Edelweiss Asset Reconstruction Company Limited
6. 15 1.67
Edel Finance Company Lirnited
3. 17 1.02
EdelweiH Retail Finance Llmited
Shared premi,es cost recei•ed fNim

3.90 3.95
Edelweiss Alternati ve Ass et Advisors Limited
2.43 5.03
Edelwe iss Broking Limited
001
Edelwejss Asset Reconstruction Company Limited
0.1 1
0.1 4
1.74
Edelweiss Finance and Investments Limited
025 145
Edelweiss Financial Services Llmited
0 .09
E del Finance Company Limited
21.13 22.48
0 .01 1.09
4.36 8 71
Edelweiss Housing f inance Limited
0 .05 0.83
Edelweiss Tokio Life Insurance Company Limited
0.17 0.60
Edelweiss Comtrade Limit4'd
0.05 080
0.04
Edel Land Limited
lnteTe:St lncoate 011 Investment 63.39

68.86
Ede lweiss Rural and Corporate Services Li mited
Advisory & Support services lees

200.00
Edelweiss Financial Services Limited
120.00
Edelweiss Securities And Investments PrLvate Limited
ECL Finance Limited
Notes to the financial statement for the year cndtd March 31, 2021 (continued)
49. Relnted Party Di,clO!!ure for the year April I, 2020 lo Morch JI, 2021
8) Transadions with related parties:
for lhe pr riod ended For lhe period ended M a rch

Particulars March JI, 2021 31, 2020
E1:penst
Advisory fees paid to

Edelwe iss Asset Reconstruction Company Limited
576.85
33 93 74.69
Eddweiss Housing Finance Limited
Ct:,rpor'att guarantee support ree paid to

Edelweiss F inancial Services Limited 0.41 0.06
Edel Land Limited 0.01
Risk and reward sb■ti11g rees

Edelweiss RuraJ and Corporate Services Limit~ 142.49
Edelweiss Financial Services Limited 50.57
□earing charg,s paid to

Edelweiss Custodial Services Limited 14.41 17.02
Comnii,sior1 and brokerage paid to

IS.SO 157.99
Edelweiss Investment Advisors Limited - 1.52
Edelweiss Securities Limited 27.54 233.03
Edelweiss Broking Limited - 0.93
S.00
Edelweiss Financial Services Limited
Edel Investments Limited 3.85
Edelweiss Rural and Corporate Services Limited 1.59 18.76
Cott reiDLburseme11t paid to

ECap Equities Limited 0.60 6.10
Edelweiss Broking Limit ed 0.40
Edelweiss Financial Services Limited 17.33 68.69
Edelweiss Housing Finance Limited 1.99
Edelweiss Ahemative Asset Advisors Limited 3.22 32.56
Edel-w-eiss Securities Limited 3.81 3.30
Edelweis s lnveslmcnt Advisors Limited
3.11
0.26 0.23
Edel Land Limited
Corporate Social raponsibility e:,;pen,a paid to

EdelOive Foundation
64.56 166.00
ECL Finance Limited
Noles lo th• financial stalcmcnl for the y,ar ended March 31, 2021 (continued)
49. Related Party Disclosure for the yHr April I. 2020 to March JI, 2021
B) Tra112111dions wilh related parties:
For the period ended For the period ended M11r~h

Parlitulars March 31, 2021 JI, 2020
Enterprise Service charge paid to
Edelweiss RuraJ and Corporate Services Limited 125.88 509.72
lnt~resl paid on loan
Edelweiss Rural and Corporate Services Limited 0 . 14 22.78
Edelweiss Retail Finance Limi ted 4 .31 56 .9)
Edelweiss Housing Finance Limited 8 .39 14.25
Edelwe1ss f inancial Services Limited 1.82
M1111agemeal Fees Paid to

Edelweiss Alternative Asset Advisors Liml1ed 127.99 107.87
Edelweiss Rural and Corporate Servic05 Limited 0.40 0 29
Edelweiss Global Wealth Management Limited 12.88
Edelweiss Financial Services Limited 2.73 2 50
Edetweiss Asset Reconstruction Company Limited 969.37
Rating support foes paid to

Edelweiss Fi nancial Services Limited 0.44 1.66
Ede lweiss Rural and Corporate Services Limited 0 .91
Shared premises t'Olt paid to

ECap Equities Limited 27.98 19 2)
Edelweiss Rural and Corporate Services Limited 46.71 88 13
Edelweiss Retail Finance Limited 46.60 62,2)
Edefweiss Securities Limited 0 .20 0.80
Edelweiss Custodial Services Limited - 0 .03
lnttrfll paid on beach mark linked debentures

ECap Equities Limited 48.64 1.118.80
[nterest paid on securities

ECap Equities Limited - )01.38
Interest espense1 on noa-con.vertible debentures

Ede[weis:s: Finance and Investments Limited 0.01 0 .14
Ede lweiss Retail Finance Llmjted 22.70 2 .84
ECap Equities Li mited 33.53 12.94
Edelweiss Securities Limited 0. 11
Edelweiss Housing finance Limited 18.50 -
ESOP cost reimbursement
Remuneration p a id t o
Himanshu Kaji 25.00
Rashe sh Shah
- 37.SO
Deepalc Mittal
Phanindranath Kakarla
- 36 .80
11.77 21.16
Kashmira Mathew
Archibold Serrao
S.23 -
3 .09 8 .52
Deepalc Khetan 8,77
Sarju Simaria 4 .01 10.92
Silting fees paid

PN Venkatachalam 0,44 0.48
Biswamohan Mahapatra 0 .44 0 .44
Kunnasaga,an Chinniah 0 . 12 0 .08
ECL Finance Limited
Notes to th< financial statement for the year tnded March 31, 2021 (continued)
49. Related Party Disc:J0;1ure- for the yt>ar April 1, 2020 to March JI. 2021
B) Transactions with related p•rtie!o:
As ■t Asal
Particula rs March JI, 2021 March 31, 2020
Assets
Interest accrued on loaas giv~n to

Edelweiss Rura! and Corporate Services L\mited 0.87 30 52
Edtlweiss Reta;l Finance Limited I 73
Mabella lnvestrnenr Adviser LLP L23
lnte~st Accrued 011 Snurity Depotits

Edelweiss Rural and Corporate Services Limited 1.99
ECap Equities Limited 0.40
lnvestmtdts in preference shares (al amortU•d cost)

Edelweiss Rural and Corporate Semccs Limited 843.38 7745]
lnttrest accrued on securitits:

Edel Finance Company Limited 4.15 4.16
Edelweiss Housing FlnMce Limited 11.29 1.72
Edelweiss Retail Finance Limited 0.07 0. 11
Margin money balance with

Edelwelss Custodial Services Limited 5]1.71 486.52
Edelweiss Securities Limited 40.17 64.21
Sec:urity Deposits balance with

Loan given outstanding

Edelweiss RuraJ and C orporate Servl<:es Limited 1,604.00
Mabella Investment Adviser LLP 142.21
Nod convertible debe-ntures held for trading

Edelweiss Housing F inance Limited 166.82 24.44
Edel F111ance Company Llmited 65.65 45.14
Edelweiss Retail Finance Limited 16.03 23.76
Tr ad~ n:ceivablu
Edelweiss Securities And rnvestments Private Limited 201.60 -
EC Commodity Limited 0.17
Edekap Securities Limited
Edelweiss Alternative Assel Advisors Limited 7.48 35.22
-
Edelweiss Custodial Services Limited 20.28
Edel F inance Company Limited 13.79 115.18
Edelweiss General lnsurance Company Limited 4.34 13.94
Edel Investments Limited 0.10 0. 13
Edelweiss Asset Management Limited 0.04 -
Edelweiss Finance and Investments. Limited - 15 .55
Edelwe iss Securities Limited - 288.80
Edelweiss Comtrade Limited - 0.12
Edelweiss Global Wealth Management Limited 0.01
Ede lweiss Rural and Corporate Services Limited 84.24
Edelweiss Finandal Services Limited 2,095.36
Other rec:eiv1bles
Edelweiss Broking Limited 0.14 -
Edel Finance Company Limited 0.17 -
Edelwe iss Securities Limited 0.02 -
Edelweiss f inance and Investments Limited 0.05 -
Edelcap Securities Lim ited 0.01 -
Edelweiss Asset Manage ment Limited 0.01
Ede lweiss Gallasther Insurance Brokers Limited 0.01
ECL finance Limitrd
Not.. to the fin•ncial statement for lh• ytar eaded M•n:h JI, 1021 (contin11ed)
49. Related Party Disclosure for lh• year Aprill, 2020 to Mor<h JI, 2021
B) Transactions witk relattd parties:
A.sat Aaat
P■rtiul1rs Mar<h JI, 2021 March J 1, 2020
Porchne or property, plut ond •q•ip,M•t

Edelweiss Securities Lam1tcd 001 0 55
Edelweiss F inance and Investments Limited 004
Edelweiss Retail Finance Limited 00) 0 18
Edelweiss Housing Finance Limited 003 0 7)
ECap Equ1t1es Lirruted 0.01
Edelcap Securities Limited 0 II
. 001
Edelweiss Brok.an& Limited 0.04 046
Edelweiss Custodial Services Limited 003
Edel~lSS Financ1al Services Lamtted
. 007
Edelweiss Global Wealth Manasemenl Limited 0.01
Edelweiss Investment Advisors Um1ted 004
Edelwriss Rural and Corporate Services Limited
. 3 31
EderG,vc Foundation
. .
Edelweiss Alternative Asset Advisors limited 0.01
Edel~ss Asset Rec.onstruct1on Company Limited 0.05 0 04
EdelweLss Comtrade Limited . 064
Edelweiss Gallagher Insurance Brokers Llmited . 002
Edel Investments Limited 0.05 .
Edelweiss Asoel Mamt. Ltd.
Edelweiss finance & Investments Limited 0. 13
Edelweiss Rural & Coq,orale Sen,ice• Limited 0.38
Sale or pro~ny. p1..1 aad equipm•nt

Edel t...,d Limited
.
Edelweiss Alternative Asset Advisors Limited . 0.03
Edelweiss Asset Reconstruction Company Limited 006
Edelwtiss Broking l.Jmited I 52 027
Edelweiss Custodial Services limited 0.01 005
Edelweiss Fmancull Services Limited 0.08 004
Edel Finance Company Limiled . 060
Edelweiss General Insurance Company Limited 1.24 oos
Edelweiss Housfog Finance Limited 0.01 0.25
Edelweiss RuraJ and Corporate Services Limited . 0.62
Edelweiss Securities Limited 0.17 007
Edelcap Securities Limited 1.56 0.04
Edel Investments Limited
. 001
Edelweiss Gallagher lnswance Broken Limited o.oi 00)
Edelweiss Global Wealth Manasement Limited 0.01 0.02
Edelweiss Retail finance Limited 002 004
EdelOive foundation 001 .
Edelweiss A5'el Mgmt. Ltd. 0.01 .
Edelweiss Finance & Investments Limited 0.40
Edelweiss Rural & Coq,orate Services Limited 0. 19 .
Sal• or capi11l work i• proven (CWIP)

Edelweiss Retail Finance limited 24.28 .
Liabilitin
Noa •-venible 4ebetolur.. Hid by

Edelweiss Rural and Corporate Services Limited 3,150.00 2.557 so
Edelweiss Finance and Investments Limited 21.40 .
Edt-Lweiss Retail Finance Limited 47.40 21000
Edelweiss Brok.ina Limited 4.10 .
Edelwei" Secucities And Investments Private Limited 045 .
lnteral accrued 011 loa11 taken from

Edelweiss Retail Finance Limiled 3.29 13 51
Edelweiss Financial Services limited 1.68
Edelweiss Housing Finance Limited I.S7 11 90
laterest accn.ed bat lloC dae oe aoe co,n,ertible debeat■m kid tt,,
Edelweiss Relail Finance Limiled 1.61 19 35
ECap Equities Limited . 22 17
ECL Finance Limited
Notes to the financial st•tement for the year endtd March 31, 2021 (continutd)
49. Related Party Diodosure for the year April I. 2020 to March 31, 2021
B) Transactions with related parties:
Atat A, at
P1rticul1rs March 31, 2011 March 31, 2020
Market linl<•d debentured held by
ECap Equities Limited 267 90
lnten~lt acC:l'ued but not due on market Jinked debentures held by

ECap Equities Limited 7404
Loari 1aken from

Edelweiss Rural and Corporate Services Limited' S.91
Edelweiss Retail Finance Limited 2,000.00 35.00
Edelweiss Housing Finance Limited 1,000.00 10.00
Edelweiss Financial Services Limited 3,800.00 .
Trade payables
Edel Finance Company Limited . 0.21
Edelweiss Alternative Asset Advisors Limited 17.50
Edelweiss Asset Management Limited 0. 18
Edelweiss Rural and Corporate Services Limited . 51.84
Edel Finance Company Limited .
Edelweiss Global Wealth M3rulllement Limited 40.03
Edelweiss Housing Finance Limited 1.84 9 .94
Edetweiss Retail Finance Limited 0 .98 6 .54
Edelweiss Securities Limited 0 .94 .
Ede)wejss Custodial Services Limited . .
Edelweiss Asset Reconstruction Company Limited 53.78 232.77
Edelweiss Financial Services Limited . 69.57
Edelweiss Broking Limited 0 .04 0 .91
Edelweiss Tokio Life Insurance Company Limited . 0 .19
Otbor Payables
ECap Equities Limited 0 .23
Edelweiss Alternative Asset Advisors Limited 6.80
Edelweiss Asset Management Limited o.oi .
Edelweiss Asset Reconstruction Company Limited 0. 14
Edelweiss Broking Limited 0.01
Edelweiss Custodial Services Limited 1.23
Edelweiss Finance and Investments Limited 8.45 .
Edelwei:ii:i, Financial Services Limited 35.28
Edel Finance Company Limited 0.33
Edelweiss Global Wealth Management Limited O.Q7
Edelweiss Housing Finance Limited 7. 12 .
Edelweiss Retail Finance Limited 6.68 .
Edelweiss Rural and Corporate Services Limited 2.02 .
Edelweiss Securities Limited 0.60 .
Edelweiss Tokio Life Insurance Company Limited 0 .01 .
Edelweiss General Insurance Company Limited 0 .04 .
Corpor"ate paranlee lakeo fr"om

Ede1weiss Financial Services Limited 3,600.00 3,600.00
Risk &dd rtwards sharing Al'r'8111dlltlll wilh

Edelweiss Financial Services Limited 40,455. 17 .
Edelweiss Rural and Comorate Services Limited . 32,539.30
Notes
J. Information relating to remuneration paid to key managerial person mentioned above ex:c1udes provision made for gratuity~ leave encashment, bonus and deferred bonU$ which are provided
for group of emptoyees on an overall basis. These are included on cash basis. The variable compensation included herein is on cash basi1.
2. As part of fund based activities., intergroup company loans and advances ac.tivitie-s undertaken are generally in the nature of revolving demand loans. Such loans and advances.., voluminous in
nature, are carried on at arm's Jength and in the orcUnary course of business, Pursuant to Ind AS 24 - Related Party Disclosures, max,jmum amount of loans given and rep.aid alongwith the
transaction volume are disclosed above. Interest income and expenses on such roans and advance$ are djsclosed on the basis of full amounts of such loans and advances given and repaid.
3 The above list contain name of only those related parties with whom the Company bas undertaken transactions for the year ended 31 March 202 I and 31 March 2020.
ECL Finance Limited
Notes to the financial statement for the year ended March 31 , 2021 (continued)
SO. Capital management
The primary objectives of the Company's capital management policy are to ensure that the Company complies with externally
imposed capital requirements from its regulators and maintains strong credit ratings and healthy capital ratios in order to support
its business and to maximise shareholder value.
The pillars of its policy are as follows:
a) Maintain diversity of sources of financing and spreading the maturity across tenure buckets in order to minimize liquidity
risk.
b) Maintain investment grade ratings for all its liability issuances domestically and internationally by ensuring that the financial
strength of the balance sheets is preserved.
c) Manage financial market risks arising from Interest rate. equity prices and minimise the impact of market volatility on
earnings.
d) Leverage optimally in order to maximise shareholder returns while maintaining strength and flexibility of balance sheet.
This framework is adjusted based on underlying macro-economic factors affecting business environment, financial market
conditions and interest rates environment
Regulatory capital
The below regulatory capital is computed in accordance with Master Direction DNBR. PD. 008/03.10.119/2016-17 dated
September I, 2016 issued by Reserve Bank of India. updated with changes suggested in circular Number RBU2019-20/170
DOR (NBFC).CC.PD.No. I 09/22.10.106/2019-20 dated March 13, 2020.
Asat As at
Particulars March 31, 2021 March 3 I, 2020
Capital Funds
Net owned funds (Tier I capital) 20,718.21 20,648.17
Tier II capital 17,525.3' 20,648.17
Total capital f11nds 38,243.60 41,296.34
Total risk weighted asset~ exposures 1,51,199.70 1,96,485.28
o/o of capital funds to risk weighted asset~exposures:

Tier I capital 13.70% JO.SI %
Tier II capital 11.s,•1. I0.51 %
Total capital Funds 2s.2,•1. 21.02%
No changes have been made to the objectives, policies and processes from the previous year. However, they are under constant
review by the Board.
ECL Finance Limited
(Currency :lndian rupees in million)
SI. Fair Value measurement:
A. Valuation principles
Fair value is the price that would be received to sell an asset or paid lo transfer a liability in an orderly transaction in lhe pnncipal (or mosl advanla1,'COus) market at the
measurement date under current markel conditions (i.e., an exit price), regardless of whether that price is directly observable or cstimaled using a valuation techmque . In order
to show how fair values have been derived. financial instrwnents arc classified based on a hierarchy ofvalualion techniques:
Level 1 - valuation technique using quoted market price: financial instruments with quo1ed prices for identical instruments in active markets lhal company can access al lhe
measurement date.
Level 2 - valuation lechniquc using observable inputs:Thosc where lhc inpuls lhat are used for valualion and arc significant, are derived from directly or indirectly observable
market data available over lhe enlire period oflhe instrument's life.
Level 3 - valuation lcchnique with significant unobservable inputs: Those lhat include one or more unobservable input that is significanl lo lhe measurement as whole.
Refer note 4 .11 for more delails on fair value hierarchy
B. Valuation goventa■ce framework
The Company's fair value methodology and the governance over its models includes a number of controls and other procedures to ensure appropriate safeguards are in place to
ensure its quality and adequacy. All new product initiatives (including their valuation melhodologies) are subject to approvals by various functions of the Company including
lhc risk and finance functions.
Where fair values are determined by reference to externally quoted prices or observable pricing inputs to models. independent price determination or validation is used. For
inactive market5, Company sources alternative market information, with greater weight given to infonnalion that is considered to be more relevant and reliable.
The responsibility of ongoing measurement resides wilh the business and product line divisions_ However finance department is also responsible for establishing procedures
l(oveminR valuation and ensuring fair values arc in compliance with accounting standards.
C. The following table shows an analysis of fmaacial iastnnnents recorded at fair value by level of the fair value hierarchy
Aul March 31, 2021 Level 1 Level 2 Level 3 Total

Assets measured at fair value on a recurrini: basis
Derivative fin1ncial instni-ts
Exchange-traded derivalives 96.68 96.68
OTC derivatives 54.93 54.93
Embedded derivatives in market-linked debentures 1.43 1.43
Total derivative fi■a•cial instn111e11b- A 96.68 54.93 1.43 )53.04
Financial Auds held for tradhac

Government debl securities 8,636.61 8,636.61
Other debt securities 256.33 256.33
Mutual fund units 584.98 584 98
Equity instruments 1,036.64 1,036.64
Tetal Financial assets held for tradi•1 - B 10 258.23 256.33 JO 514.56
l•vesllllents
Securi1y receipts & pass through certificates 46,634.62 46.634.62
Units of Alf 8,244.33 8,244.33
Total investme■ts 1Mas11red at fair value• C 54 878.95 54 878.95
Tetal (A+B+Q 10,354.91 311.26 54,880.38 65,546.55
Liabilities meaaured al fair value on a recurrin1 basis
Derivative financial instruments

Exchange-traded derivatives )43.11 143.11
143.11 61.98 213.62 418.71
ECL Finance Limited
(Currency: lndian rupees in million)
51. Fair Value measurement:
As at March 31, 2020 Levd I Levd 2 Level 3 Total
Assets measured at fair value on a recurrinc basis

Derivariv• finucial i.stnomenls
Exchange-traded derivatives 41 5.55 207.76 623.31
Embedded derivatives in market-linked debentures 80.41 80 41
Total d•rivative fiaancial instno,..■ts - A 4 15.55 293.41 80.4 1 789.37
Financial assets llcld for tradinc
Government debt securities 7,462.92 7,462.92
Other deb! securities 162.49 162.49
Mutual fund units 5,973.66 5,973.66
Equity instruments 12.28 1228
Total financial assets held for tndinc - B 13 448.86 162.49 13611.35
Investments
Security receipts 44,124.98 44,124.98
Units of AIF 4,894.42 4,894.42
Total investments meHured at fair value - C 49 0 19.40 49 0 19.40
Total (A+B+q 13,864.41 455.90 49,099.81 63,420.12

Liabilities measured at fair value on a recurrinc basis
Exchange-traded derivatives 321.37 486.6 1 807.98
321.37 649.45 36.28 1,007.10

ECL Finance Limited
!'ii. Fair Value measurement:
D. V1Ju1tion tecliniqlleS:
Government debt se<urities:
Government debt securities arc financial instruments issued by sovereign governments and include both long tenn bonds and sh0<1-tenn Treasury bills with fixed or floating rate
interest payments. These instruments arc generally highly liquid and traded in active markets resulting in a Level I classification.
Debt securities:
Whilst most of these instruments are standard fixed rate securities. however nifty linked debentures have embedded derivative characteristics. Fair value of these instruments is
derived based on the indicative quotes of price and yields prevailing in the market as at the reporting date. Group has used quoted price of national stock exchange wherever
bonds are traded actively. In cases where debt securities arc nOI activity traded Company has used CRISIL Corporate Bond Valuer model for measuring fair value.
Security receipes
The market for these securities is nOI a<:tive. Therefore, the Company uses valuation techniques to measure their fair values. Since the security receipts are less liquid
instruments therefore they are valued by discounted cash flow models. Expected cash flow levels arc estimated by using quantitative and qualitative measures regarding the
characteristics of the underlying assets including prepayment rates, default rates and other economic drivers. Securities receipts with significant unobservable valuation inputs
are classified as Level 3
Equity instruments and units of mutual fund:
The majority of equity instruments are actively traded on stock exchanges with readily available active prices on a regular basis. Such instruments are classified as Level I .
Units held in funds are measured based on their published net asset value {NAV), taking into account redemption and/or other restrictions. Such instruments are also classified
as Level 1. Equity instruments in non-listed entities are initially recognised at transaction price and re-measured at ea<:h rep0<1ing date at valuation provided by external valuer at
instrument level.
Units of AIF Fund
Units held in AIF funds are measured based on their published net asset value (NAV), taking into account redemption and/or other restrictions. Such instruments are classified
as Level 3
Interest rate swaps:

Under Interest rate swap contract, the Company agrees to exchange the difference between fixed and floating rate interest amount calculated on agreed notional principal. Such
contracts enable the Company to mitigate the risk of changing interest rate. the fair value of interest rate swap is determined by discounting the future cash flows using the
curves at the end of reporting period and the credit risk inherent in the contract. company classify the Interest rate swaps as level 2 instruments.
Eabedded derivative:
An embedded derivative is a component of a hybrid instroment that also includes a non-derivative host contract with the effect that some of the cash flows of the combined
instrument vary in a way similar to a stand-alone derivative.
Company uses valuation models which calculate the present value of expected future cash flows, based upon ' no arbitrage' principles. Inputs to valuation models are
detennined from observable market (Indices) data wherever possible, including prices available from exchanges, dealers, brokers. company classify these embedded derivative
as level 3 instruments.
Exdla■ge traded derivatives:
Exchange traded derivatives includes index/stock options, index/stock futures, company uses exchange traded prices to value these derivative and classify these instrument as
level 1
E. Tllere have bee■ no trusfen betwtt11 levebd■riac dteyear e■ded March 31, 2021 a■d Man:li 31, 2020.
ECL Finance Limited
(Currency: Indian rupees in million)
F. The following table shows a reconciliation of the opening balances and the closing balances for fair value measurements in Level 3 of the fair
value hierarchy.
Financial ;rear ended March 2021 Securiti recei2ts• Unilsof AIF Tolal
Investments - at April I, 2020 44,124.98 4,894.42 49,019.40
Purchase 8,414.10 3,26535 11,679.45

Sale during lhe year (1,730.00) (1,730.00)
Redemplion during the year (2,329.55) (103.72) (2.433.27)
Profit/(loss) for lhc year recognised in profil or loss (1,844.91) 188.28 (1,656.63)
Investments- at March 31, 2021 46,634.62 8,244.33 54,878.95
Unrealised gain/(Loss) related to balances held at the end of the year (4,658.04) 167.94 (4,490.10)
'Note - Security receipts includes pass through certificate also
Financial ;i:ear ended March 2020 Securi!}: recei(!IS Unilsof AIF Tola!
Investments - at April I, 2019 9,899.83 139.84 10,039.67
Purchase 39,417.90 4,785.20 44,203.10

Sale during the year
Redemption during the year (1,097.73) (3038) (1,128.11)
Loss for the year recognised in profit or loss (4,095.02) (024) (4,095 26)
Investments - at March 31, 2020 44,124.98 4,894.42 49,019.40
Unrealised gain/(Loss) related to balances held at the end of the year (3,540.03) (20.34) (3,560.37)
The following table shows a reconciliation of the openini: balances and the closing balances for fair value measureme11ts in Level 3 of the fair
Embedded O11tions
Finaacial %ear ended March 202 I Assets Liabili1ies Net Balance
As at April 1, 2020 80.41 36.28 44.13
Issuances
Settlements (0.17) (15.58) 15.41
Changes in fair value recognised in profit or loss (78.81) 192.92 (271.72)
As at March 31, 2021 1.43 213.62 (212.19)
Embedded QJ!lions
Financial ;rear ended March 2020 Assets Liabilities Nel Balance
As at April I, 1019 28.77 279.2S (2S0,48)
Issuances 74.58 5.73 68.85

Settlements (23.52) (65.17) 41.65
Changes in fair value recognised in profit or loss 0.58 ( 183.53) 184.11
As at March 31, 2020 80.41 36.28 44.13

ECL Finance Limited
Notes to the financial statemeot for the year eoded March 31, 2021 (continued)
G. lmpoct OIi fair value ofltvel J liDaacial ia•lnl-•I of cbangu to kty UDoboervablt inputs
The below table summarises the valuation techniques togdher VAth the significant W\Observable inputs used to calculate the fJir value of 1he Company's Level 3 Instruments i.e. Securities receipts, Units of Alf Fwtd and Real Estate Fund. The range of values indicates the
highest 81'1d lowest )¢'1el input used in the valuation technique and. as such, only reflects the ch111acteristics of the instruments as opposed 10 the )evel of uncertainty to their valuatK>n. Relationships between unobservable inputs have not been incorporated in ttus summary
Type of Fi11aacial Iastrunaents Fait value of uset .u on JI Sipificant WIObst'rvable Rance ol tm1naks for Jacreut in the DttffllR in Chit
Valuation tedudqHII Cllla11ce in fair value
Monh2021 iaput uaobsenrable input unobsel"Yablt' iDput Chance in fair v-9\le
unobxnrablt inl)llt
So/, increase in Expee1ed So/.. ~easein

Dis~unted Cash ffow. The pl'CSC'llt value of Expected future cash flows !3.612.43 2.0J l.!8 Expe<ted future Cash (2.009 70)
Security Tec;eipts & pass through expected futme economic benefits to be future Cash !low
46,634.62 !low
derived &om lhe o"'1crship of the underlying
investmems of the Trust. 0. 5% in.crease UI Risk- 0.5% Decrease in
Risk-adjusted discount rate 12.()0% ( 115. 7U) Risk-adjusted discount 121 63
adjusted discoLD1.I rate
rate
Units of AIF Fair value of underlying 5% Increase- in Fair value 5% Increase 111 Fair
!.244.33 Net Asset approach 9,237.01
investments 412.22 value of Underlying {4 12.22)
of Underlying Investment
Investment
Eni>edded derivarives (net) 212. 19 Nifty level So/, increase in Nifty 5% Deere~ in Nifty
14.690.70 77.70 (64 30)
Fair value using Black SchoJes model or Index curve Ind.ex. curve
Monte Carlo approach based on the embedded
derivative
IUsk-adjusted discount rate J% increase in Risk.. l 7. 70 I~• Deer~ m Risk-
4,50% to6% (16 60)
adjUS1od discount rate ad.Justed di:scount rate
Type of ti111:111cial lnstrumeats Fair value of as.set as on lt Valuation tedlaiques Sipifk:aat unobsen-able Ranee of ntirutt-s f'or lnc:Ttase in the l>ftrHK in the
l\lard, 2020 input 11aobserv1ble input unobsen-able inpul Ch•ce in fair val~ Chan&e in rair v-111-(f
u.nobRnablr: inp11t
Discounted Casi, flow. The present value of 5% Decrease in

Expected future cash flows S% increase in Expected
80.579.67 l,912. J6 ExpectedfutureCash {l.887 99)
Security receipts & pus through e,q,«red future economic benefits ro be future Cash flow
44.124.91 flow
derived from the ownership of the underlying
investments of the Trust. 0.5% increase: in Risk-
o. 5"1• l)ecrease 111
.Risk-adjusted discount rate 12.00o/. ( 183.90) Risk-adjusted discount 190 97
adjusted discount rate
Units of AIF fair val~ofundeclying 5'1/. Incre~e in Fair value 5% Increase in Fair
4.894 42 Net ru!ct approach 5,779.93
investments 244. 70 value ofUnderly,ng (244 70)
of Underlying Investment
lrtvcstment
Embedded derivatives (net) (44. 13) Nifty level 5% inc:rease in Nifty 5% Decease in Nifty
8,597.15 1.13 (0.91)
Fair value using Black Scholes model or Index curve (l\M,c: CUJ'Ve
Monte Carlo approach hosed on the embedded
derivative
Risk-adjusted discount rate 1% mcrea.se in Risk- 1% Decrea.se m Risk~
4.SO% to 6% 0.45 (0 41)
adjusted disco1111t rate adjusted discount rate
'))
ECL Finance Limited
Notes to the financial statement for the year ended Man:h 31, 2021 (continued)
SI. Fair Value measurement:
H. Fair value or lil'ladtial in3truments not measured ■t rair v■lue:
the 1able below is a comparison, by class, of the carrying amounts and fair values of the Company's financial instruments that are not carried at fair value in 1he financial
statements. Carrying amounts of cash and cash equivalents, trade receivables, loans and trade and other payables as on March 31, 2021 approximate the fair value because of
their short-term nature. Difference between carrying amounlS and fair values of bank deposits, other financials assets, other financial liabilities and borrowings subsequently
measured at amortised cost is not significant in each of the years presented
Fair value
Carrying Value Total
As at March 31, 2021 Level I Levell Level 3
Financial Assets
Loans 81,065,41 77,197.72 77,197,72
Flnanclal Liabilities
Debt securities 70,781.61 74,974.64 74,974.64
Borrowings (other than debt se<:urities) 73,772.94 73,772.94 73.772,94
Subordinated Liabilities 15,007.22 14,723.53 14,723.53
Offbalanc-heet items
Undrawn commitments 3,894.41 3,388.55 3,388,55
Fairv1h1e
Carrying V•l•• Total
As at Mardi 31, 2020 Level I Level 2 Level3
Financial AJSeb
Loans 1,28,184,40 1,31,280. 1J 1.31,280.13
Debt securities 88,633,71 90,806,79 90,806.79
Borrowings (other than debt securities) 93,177.45 93,177.45 93,177.45
Subordinated Liabilities 19,789.28 19,607.05 19,607.05
Off balance-sheet ilellls

Undrawn commitments 15,637.40 15,881.35 15,881.35
I. Valuation Methodologia of Financial ln1trumenta not m.asured at (air value

Below are the methodologies and assumptions used to determine fair values for the above financial insttwncnts which are not recorded and measw-ed at fair value in the Company's financial
statements. These fair values were calculated for disclosure purposes only. The below methodologies ond assumptions relate only to the instruments in the above tables and, as such, may differ
from the techniques and assumptions explained in notes.
Fin■Rdal assets at amortised cost

The fair values financial assets measured at amortised cost are estimated using a discounted cash flow mode-I based on contractual cash flows using actual or estimated yields and distounting by
yields incorporating the coW1terparties' credit risk.
Issued Debt
The fair value of issued debl is estimated by a discounted cash flow mod<,J.
orri,.,IIID<Hheel
Estimated fair values of off•baJance sheet positions in form ofundrawn commitment are estimated using a dis.counted cash flow model based on contractual commih.ed cash flows, using actual
or estimalcd yields and discowiling by yields incorporating the oounte,parties' credit risk
ECL Finance Limited
52. Risk Management
52.A Introduction and risk profile

Risk is an inherent part of Company's business activities. When the Company extends a corporate or retail loan, buys or sells securities in
market, or offers other products or services, the Company takes on some degree of risk. The Company's overall objective is to manage its
businesses, and the associated risks, in a manner that balances serving the interests of its customers and investors and protects the safety
and soundness of the Company.
The Company believes that effective risk management requires:
l) Acceptance of responsibility, including identification and escalation ofrisk issues, by all individuals within the Company;
2) Ownership of risk identification, assessment, data and management within each of the lines of business and Corporate; and
3) Firmwide structures for risk governance
The Company strives for continual improvement through efforts to enhance controls, ongoing employee training and development and
other measures.
52.B Risk Management Structure

We have a well-defined risk management policy framework for risk identification, assessment and control to effectively manage risks
associated with the various business activities. The risk function is monitored primarily by the business risk group. The Edelweiss Group
has also established a Global Risk Committee that is responsible for managing the risk arising out of various business activities at a central
level.
Our risk management policy ensures that the margin requirements are conservative to be able to withstand market volatility and scenarios
of sharply declining prices. As a result, we follow conservative lending norms. The Edelweiss Group centralises the risk monitoring
systems to monitor our client's credit exposure which is in addition to the monitoring undertaken by the respective businesses.
The Company's board of directors has overall responsibility for the establishment and oversight of the Company' s risk management
framework. The board has established the Risk Management Committee, which is responsible for developing and monitoring the
Company's risk management policies. The Committee holds regular meetings and report to bo ard on its activities.
The audit committee oversees how management monitors compliance with the Company's risk management policies and procedures. and
reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The audit committee is assisted in
its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures,
the results of which are reported to the audit committee.
52.C Risk mitigation and risk culture
The Company's business processes ensure complete independence of functions and a segregation of responsibilities. Credit appraisal &
credit control processes, centralised operations unit, independent audit unit for checking compliance with the prescribed policies and
approving loans at transaction level as well as our risk management processes and policies allow layers of multiple checks and
verifications. Our key business processes are regularly monitored by the head of our business or operations. Our loan approval and
administration procedures, collection and enforcement procedures are designed to minimise delinquencies and maximise recoveries.
At all levels of the Company' s operations, specifically tailored risk reports are prepared and distributed in order to ensure that all business
divisions have access to extensive, necessary and up-to-date information.
It is the Company's policy that a monthly briefing is given to the Board of Directors and all other relevant members of the Company in the
utilisation of market limits, proprietary investments and liquidity, plus any other risk developments.
It is the Company's policy to ensure that a robust risk awareness is embedded in its organisational risk culture. Employees are expected to
take ownership and be accountable for the risks the Company is exposed to. The Company's continuous training and development
emphasises that employees are made aware of the Company's risk appetite and they are supported in their roles and responsibilities to
monitor and keep their exposure to risk within the Company's risk appetite limits. Compliance breaches and internal audit findings are
ents of employees' annual ratings and remuneration reviews.
ECL Finance Limited
52. Risk Management
52.D Types of Risks

The Company's risks are generally categorized in the following risk types:
Notes Risks Arisine from Measurement, monitorini= and manai=ement of risk
52.D.1 Credit risk

Credit risk is the risk of financial Arises principally from Measured as the amount that could be lost if a customer
loss if a customer or counterparty financing, dealing in Corporate or counterparty fails to make repayments;
fails to meet an obligation under a Bonds, Investments in Mutual
contract. Fund, Equity, but also from Monitored using various internal risk management
certain other products such as measures and within limits approved by individuals
guarantees and derivatives within a framework of dele2ated authorities: and
Managed through a robust risk control framework,

which outlines clear and consistent policies, principles
and 2uidance for risk mana2ers.
52.D.2 Liquidity risk

Liquidity risk is the risk that we do Liquidity risk arises from Measured using a range of metrics, including Asset
not have sufficient financial mismatches in the timing of cash Liability mismatch, Debt Equity Ratio,
resources to meet our obligations flows.
as they fall due or that we can only
do so at an excessive cos I. Arises when illiquid asset Regular monitoring of funding levels to ensure to meet
positions cannot be funded at the requirement for Business and maturity of our
the expected terms and when liabilities.
required.
Maintain diverse sources of funding and liquid assets
to facilitate flexibility in meeting our liquidity
requirements of the Company
52.D.3 Market risk

Market risk is the risk that Exposure to market risk is Measured using sensitivities, detailed picture of
movements in market factors,such separated into two portfolios: potential gains and losses for a range of market
as Interest rates, equity prices and trading and non-trading. movements and scenarios.
Index prices, will reduce our
income or the value of our
portfolios Monitored using measures, including the sensitivity of
net interest income.
Managed using risk limits approved by the risk

management committee
ECL Financt Limited
Notes to the rmandal statement for the year ended March JI, 2021 (continued)
(Currency:lndia1t rupees in m111inr.)
52.D.I Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. and arises principally from the Company's Trade receivables and Loans. The Company has adopted a policy of dealing "'ith
credilWorthy countel'parties and obtains sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults. In case the loans are to be restructured, similar credit assessment process is followed by the Company.
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk of the industry and country in which
customers operate.
The Company manages and controls credit risk by sening limits on the amount of risk it is willing 10 ..:cept for individual counterparries/Groups (Single Borrowing Limit/Group Borrowing Limit) and for industry concentrations, and by monitoring exposures in relation to such
limits.
Credit quality of a customer is assessed based on its credit worthiness and historical dealings with the Company and market intelligence. Outstanding customer receivables arc regularly monitored.The credit quality review process aims to allow the Company 10 assess 1he
potential loss as a result of the risks to which it is exposed and take corrective actions.
Petivafivt financial Jnstryrnenrs:
Credit risk arising from derivative financial instruments is, ar any time, limited to those with positive fair values, as recorded on the balance sheet, With gross-settled derivatives, the Company is also e,cposed 10 a settlement risk. being the risk 1ha1 the Company honours ics
obligation, but the counterparty fails to deliver the counter value.
J,gpai,111.e11t A11eumtnt:
The Company applies the expected credit loss model for recognising impairment loss. The expcoted credit loss allowance is computed based on a provision matrix which talces into account historical credit loss experience and adjusted for forward-looking infonnation.
The eKpected credit loss is a product of exposure at default, probability of default and loss given default. The Company has derived an mternal model to evaluate the probability of default and loss given default based on the parameters set oul in Ind AS including quahlaci,·,
factor of an accunt or of pool of retail loan portfolio. Accordingly, the loans arc <lassified into various stages as follows:
Internal ratinuradc Internal gradinc de1criptio11 SloJ_es
Performing
High grade 0 DPD & lto 30 DPD S1age I
S1andard grade 311090 DPD Stage II
Non-perforn1i11.g
Individually impaired 90+DPD Stage Ill
Credit loss i, the difference beiween all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects 10 receive (i.e., all cash shortfalls), discounced at the original EIR. Expected Credil Loss (ECL) computatrnn is
not driven by any single methodology, however methodology and approach used must reflect the following:
1) An unbiased and probability weighted amount thal evaluates a range of possible outcomes
2) Reasonable and supportable information that is available without undue cost and cffon 11 the reporting date about past events, current conditions and forecasts of future economic conditions:
3) Time value of money
Wrule the rime value of money clement is currently being factored into ECL measurement while discounting cash flows by the Effective Interest Rate (EIR), the objective of developing a macroeconomic model using exogenous macroeconomic variables (MEVs) is lo address
the first IWo requirements. This has been achieved by using the model output to adjust the PD risk component in order to malce it forward looking and probability-weighted.
ECL Finance Limited
(Currcncy:lndian rupees in million)
52.D.1 Credit Risk
Significant increase in credit risk (SICR.I

Company considers a fmancial instrument defaulted. classified as Stage 3 (credit-impaired) for ECL calculations, in all case, when lhe borrower becomes 90 day, past due. Classification of assets fo,m stage I to stage 2 has been carried out based on SICR criterion. Accounts
which arc more lhan JO day, past due have been identified as accowats where significant increase in credit risk has been observed. These accounts have been cbssified as Stage 2 assets. When such events occur, the Company carefully considers whether the event should result
in treating the customer as defaulted and lhcrefore assessed as Stage J for ECL calculations or whether Stage 2 is appropriate.
Prebability ef Default
Probability of default (PD) is .., estimate of the likelihood of default over a given time horizon. PD estimation proce,s is done based on historical internal data available with the Company. While arriving at the PD. the Company also ensures that the factors that affects the
macro economic trends are considered to a reasonable extent. wherever necessary. Company calculates the 12 month PD by taking into account the past historical trends of !he Loans/portfolio and its credit performance. In case of as.sets where there is a significant increase in
credit risk / credit impaired assets, lifetime PD has been applied.
Loss Given Default (LGDI

The LGD represents expected losses on the EAD given the event of default, taking into a«:Ount, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised and the time value of moocy. The Loss Given Dcfauh (LGD) has been
computed with workout methodology. Workout LGD is widely considered to be the most flexible, transparent and logical approach to build an LGD model. Along with actual recoveries, value of the widcrlying collateral has been factored in to estimate future recoveries in LGD
computation. Workout LGD computation involves the actual recoveries as well as future recoveries (as a part of the workout process) on a particular facility, as a percentage of balance outstanding al the time of Default/Restructuring. The assessment of workout LGD was then
performed. Principal outstanding for each loan was assessed. which went into the denominator of the LGD calculation. LGD computation has been done for each segment and sub-segment separately.
Exposure at Qdeplt (EAD)

The amount wbich the borrower will owe to the portfolio at the time of default is defined as Exposw-c at Default (EAD). While the drawn credit line reflects lhe explicit e<posure for the Company, there might be variable exposure that may increase the EAD. These exposures
arc of the nature where the Company provides future commitments, in addition to the current credit. Therefore, the exposure will contain both on and off balance sheet value,. The value of exposure is given by the following formula:
EAD = Drawn Credit Line + Credit Conversion Factor • Undrawn Credit Linc
Where,
Drawn Credit Line = Current outstanding amount
Credit Conversion Factor (CCF) = Expected future drawdown as a proportion of undrawn amount
Undrawn Credit Linc = Difference between the total arnowat which the Company has committed and the drawn credit line While the drawn exposure and limits for the customer arc available, the modelling of CCF is required for computing the EAD
Forward Jookinc adjustmeotJ

"A measure of ECL is an unbiased probability-weighted amount that is determined by evaluating a range of possible outcomes and using reasonable and supportable information that is available without undue cost or effort at the reporting date about past events. current
conditions and forecasts of future economic conditions."
To fulfil the above requirement Company has incorporated forward looking information into its measurement of ECL. The objective of developing a macroeconomic model using exogenous macroeconomic variables (MEVs) is to address the requirements of unbiased.
probability weighted outcomes while taking into accowit current conditions as well as future economic conditions. This will be achieved by using the model output to adjust the PD risk component in order to make it forward looking and probability-weighted.
Exogenous macroeconomic parameters were used as independent (X) variables to predict the dependent (Y) variable. Keeping in mind Ind AS requirements around obtaining reliable and supportable info,mation, without incurring undue cost or effort- based on advice of risk
committee members and economic experts and consideration of a variety of external actual and forecast info,mation, the Company formulates base case view of the future direction of relevant economic variable as well as a rcprcscntarivc range of other possible forecast
scenario. This process involves developing two or more additional economic scenarios and considering the relative probabilities of each outcome.
ECL Finance Limited
Notes to the f"mandal statement for the year ended Marc,b 31, 2021 (continued)
(Currency.Indian rupees in million)
S2.l>.l Credit Risk
Data soprc;ing
The Company is expected to obtain reasonable and supponable infonnation that is available without mdue cost or effort. Keeping in mind the above requirement macroeconomic information was aggregaled from Economic lnlelligence Unil (ElU ), Bloomberg. World Bani..
RBI database. The EIU dala has a database of around 150 macroeconomic variables as well as their forecaslcd values. Beyond 2022 macro-economic variables are forecasled by mean reverting lbe values 10 their long term average. Exlemal information includes economic data
and forecasts published by governmental bodies and monetuy authorities in the country, supranational organisations such as the OECD and the IMF, and seleclcd privalc sector and academic forccas1crs.
Probability weighted .teenario creations:

To incorporate macrocconontic impact into probability-weighted. each scenario has an associated probability. In order to ensure consistency across macroeconomic models, these probabilities were calculated at an overall level for both Retail and Non-Retail portfolios. keeping
in ntind that though the impact of a scenario across different portfolios may differ based on endogenous factors, the probability of a scenario unfolding is purely exogenous, and hence should not vary.
The Company has identified and docwnented key drivers of credit risk and credit losses for each portfolio of financial instruments and using an analysis of historical data, has estimated relationship between macro-economic variables and credit risk and credit losses.
Prcdiclcd relationship between the key indicators and default and loss rates on various portfolios of fmancial assess have been developed based on analysing historical data over the past years.
Impact ofCOVID-19
The COV!D-19 pandcntic outbreak across the world including India has resulted in most countries announcing lockdowns and quarantine measures that have sharply stalled economic activities across the world. The Indian Government 100 has imposed lockdowns starting from
March 24, 2020. Subsequently, the national lockdown was lifted by the government for certain activities i,, a phased manner outside specified containment zones, but regional lockdownslresttictions continued to be implemented in areas with a significant number of COVID-19
cases. The Indian economy is impacted and would continue to be impacted by this pandemic and the resultant lockdown. due to the conrracrion in industrial and services output across small and large businesses. The impact of the COVID -19 pandemic. including the current
"second wave" on Company's results, including credit quality and provisions, gam/loss on fair value changes, investment, remains uncertain and dependent on the current and further spread ofCOV!D -19, steps taken by the government, RBI and other regulators to mitigate the
economic impact and also the time it takes for economic activities to resume and reach the normal levels. Further, the Company has assessed the impact of the COV!D-19 pandemic on its liquidity and ability to repay its obligations as and when they arc due. Management has
considered various financial support from banks and other fundraising opportunities i,, determining the Company liquidity position over the next 12 months. Based on the foregoing and necessary stress tests considering various scenarios, management believes that the ( ompan)
will be able to pay its obligations as and when these become due in the foreseeable future. In assessing the recoverability of loans, receivables, deferred tax assets and investments, the Company has considered internal and external sources of information, including credit
reports, economic forecasts and industry reports up to the date of approval of these financial result<. Since the situation continue lo evolve. its effect on the operations of the Company may be different from that estimated as at the date of approval of these financial results. The
Company wiU continue to closely monitor material changes in markets and future economic conditions.
Overview or modified and forborne loam:

The table below shows assets that were modified and, therefore, treated as forborne during the year, with the related modification loss suffered by the Company.

March 31_._2021 March 31_,_ 2020
Amortised costs of financial assets modified during the year 5,812.67 6.51
Net modification Joss (IS6.58) (0.02)
there were no previously modified financial assets for which loss allowance has changed to l2mECL measurement during the year:
Risk Concentration
Concentrations arise when a number of counterparties arc engaged in similar business activities, or activities in the same geographical region, or have similar economic features that would cause their ability to meet contractual obligations 10 be similarly affected by changes in
economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company's perfonnance to developments affecting a particular indust,y or geographical location.
to avoid excessive concentrations of risk. the Company's policies and procedures include specific guidelines to focus on maintaining a diversified portfolio. Identified concentranons of credit risks arc controlled and managed accordingly. ~
~,~Jli
c5i'
Ull
ECL Finance Limited
Notes to the linandal statement for the year ended March 31, 2021 (continued)
(Currency.Indian rupees in milhon)
Sl.D.l Credit Risk
The following table show, the risk concentration by indusby for the components of the balance sheet
As at Martb 31, 2021
P1rtkular1 c ..fral & State- Goventaaau Fiaaacl-1 servict1 Acriculhlrc Mualacturia1 indu11ry Realatatt Strvic-e stdor Retail loan, Total
Fia••cial u1et1
Cash and cash equivalents 17,587. 16 17,587 16
Bank balance.1 other than cash
1,961.29 1,961 ~9
and cash equivalents
Derivative financial instruments 14l 6S 143 6S
Se<uriues held for crad,ng 8,616 61 841.lS 1,02681 9 Bl I0,Sl4 60
Trade re<::t1v1bles 2.373.86 41.10 2.414 96
Loans 22910 37.47 S,442. 10 46,225.00 S,4S0.47 23,681 27 8 1 Q6qJ
Investments 19.690 67 JS,9&S 44 SS,676 11
Other financi.aJ assets 7,716.24 7,7 16 ~4
l.63'.,1 so,s43.3l J7.A7 6~11.01 12,ll0.44 SMO.lt 2J,61t.27 1.n,.019.42
Al •• March 31.1020
Partic•Jan Ceatral & State Gonn-.at Fillucial 1i1rvi«1 Api<-llure Maa•fact111'Ull& illllutry RtalHt■tt Service sector R•l1illoa•1 Total
Flaand■I assets
Ca.sh and cash equivalents 18,128.42 IS.I:!& 4'.?
Sank belances other than cash
7,S0S. 14 7,S0 S 14
and cash tquivaJen&s
Derivative financial lMtnlments 789.37 780 37
Securities held for trading 7,46191 6,116.16 12.28 I l .611 JS
Trade reuivables 2.041. 16 2.041 16
Loans 3.774.IS 470,04 8,62.S.SS S6,32S. IS 10,403.44 48.586 07 1,28,18440
lnvesbnents 16,394.73 J3.JS197 49,747 70
Other financial assets 3. 181.39 3, 18 1 39
7~1.91 57,!51.Sl 470.14 !e!7,83 r.>.678.12 lt~.44 48.586.07 2,?J,181.93

ECL Finance Limited
Nota to the flaa■cial statC111nt for 111.e year e■dcd Marcil 31, 2021 (co■tlaued)
52.D.l Credit Risk(Coatd.)
Collateral and other credit enhancements

The amount and type of collateral required depends on an assessment of the credit risk of the counterparty. Guidelines are in place covering the acceptability and valuation of each type of collateral. The main
types of collateral obtained are charges over real estate properties, inventory, trade receivables. mortgages over residential properties, Securities. Management monitors the market value of collateral and will
request additional collateral in accordance w ith the underlying agreement.
TIie tables below sllows the muinaum exposure to credit risk by cla,s or fJDancial asset along with detail'! on collatenls held aeaiost exposure.
Maum■m e~•n to crcd_l! risk

Asal As at
Principal type of collateral
Mardi 31-'-2011 March 31.,_ 2020
Financial Assets
Cash and cash equivalents 17,511.16 18,128.42
Bank balances other than cash and cash equivalents 1,9'1.29 7,505.14
Derivative financial instruments 143.65 789.37
The Company invest in Highly liquid CentraUState Government

Securities held for trading 10,514.60 13,611.35
securities, high rated Corporate Bonds and liquid Mutual fund units
These are receivables mainly from Clearing houses, Group. Carrying

Trade receivables 2,414.9' 2 ,041.16
minimum risk.
Loans
Equity Shares, Mutual Fund units, Land, Property, Project Receivable,
Corporate credit 61,591.25 86.843.64
etc.
Property: Office Space, Flats, Bungalow, Pent house, Row house,

Retail credit 24,751.25 49,473.56
Commodities, Equity shares and Mutual fund units, Bonds, etc.
Investments SS,676.11 49,747.70
~
\.~
Other financial assets 7,716.24 3,181.39
1,s2,JS6.st 2,31,32 1.73

(
fO<,."
Equity Shares, Mutual Fund units. Land, Property. Project Receivable,
M lffll' Loan Commitments 3,805.96 15,637.40
Office Space, Flats, Bungalow, Pent house, Row house Commodities.
~-------,..,
•. •\. '
·~~£_a~·
.......... ~-
✓-
'
~(.)
~u.i
'--•
3i
~i-·h
ECL Finance Limited
S2.D. I Credit Risk (Contd.)

Collateral and other credit enhancements
Financial assets that are stage 3 and related collateral held in order to mitigate potential losses are giYen below:
Maximum exposure to credit risk Hat March JI. 2021
Carrying amount before

Associated ECL Carrying amount Fair value of collateral
ECL
Finanda I Assets
Loans
Corporate Credit 5,805.29 543.16 5,262.13 8,662.01
Retail Credit 436.63 228.51 208.12 421.78
Trade Receivables 7.01
6,248.93 778.68 5,470.25 9,083.79
Maximum exposure to credit risk as at March JI, 2020
Carrying amount before

Associated ECL Carrying amount Fair value of collateral
ECL
Financial Assets
Loans
Corporate Credit 4.888.87 641.09 4,247.78 9,713.54
Retail Credit 239.60 53.29 186.31 289.43
Trade Receivables 11.47 11.47
S,139.94 705.85 4,434.09 10,002.97

ECL Finance Limited
Notes to the 11nancial statement for the year ended March 31, 2021 (continued)
(Currency:lndian rupees i n million)
52.D.2 Uquidity Risk
Liquidity risk is defined as the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or
another financial asset Liquidity risk arises because of the possibility that the Company might be unable to meet its payment obligations when they fall due as a result of
mismatches in the timing of the cash flows under both normal and stress circumstances.
Company has a Liquidity Contingency Policy in place to ensure various liquidity parameters are defined and tracked regularly. Liquidity Management Team is provided with
update on expected liquiditv shortfalls in Normal as well as Stress scenario.
To manage the stressed circumstances the Company has ensured maintenance of a Liquidity Cushion in the form of Investments in Government Securities and Mutual
Funds. These assets carry minimal credit risk and can be liquidated in a very short period of time. A liquidity cushion amounting to 6-9% of the borrowings is sought to be
maintained through such assets. These would be to take care of immediate obligattons while continuing to honour our commitments as a going concern. There are available
lines of credit from banks which are drawable on notice which further augment the available sources of funds. Funding is raised through diversified sources including Banks,
Public and Private issue of Debt, Commercial paper . ECB, Sub Debt etc to maintain a healthy mix.
Liquidity Cushion:
As at Asat
March 31, 2021 March 3 I, 2020
Liquidity cushion
Government Debt Securities" ~I 7.462.92
Mutual Fund lnvestment5 514,,a 5,973.66
Total Liquidity cushion 9,lll.59 13,436 58
• Government debt securities are hypothkated agamst the Tn party REPO
Financing Arrangement
The Company had access to the following undrawn borrowing facilities at the end of the reporting year
Al at Asat
M•rch 31, 2021 March 31, 2020
Committed Lines from Banks 3,319.62
Analysis of financial assets and liabilities by remaining contractual maturities

The table below summarises the maturity profile of the undiscounted cash flows of the Company's financial assets and liabilities as at:
A> ■t Marth 31, 2021
Partitulan On Demand Less lhan 3 months 3 to 12 months 1 to 5 yean Onr5 'Vtars ToW
Financial As,ets
Cash and cash equivalents 15,086.10 2,501.06 17,587. 16
Bank balances other than cash and cash equiv, 1,171.44 647.40 142.45 1,961.29
Derivative financial instruments 143.65 143.65
Securities held for trading 10,413.80 100.80 10,514.60
Trade receivables 2,414.96 2,414.96
Loans 8,293.05 21,438.90 61,471.66 12,611 .88 1,03.815.49

Investments 14,6l6.70 41,059.41 55,676. 11
Other financial assets 7,502.50 116.90 96.84 7,716.24
Tobi 1111discounted fiaancial assets t5,016.I0 32,440.46 36,920,70 1,01,673.52 12,708,72 1,99,819,50
Derivative financial instruments 409.01 409.0t
Trade payables 71L75 711 75

Debt securities 2,789.23 22,637.92 St,449.27 17,491.Q6 94.367.48
Borrowings (other than debt securities) 29,540.40 23,449.62 26,571.62 1,354.08 80,91572
Subordinated Liabilities 561.25 525.97 11,098.90 8,388.02 20,574.t4
Other financial liabilities 1,013.69 1,99490 299.00 751.89 4,059.48
Tot■I u11dilcou111ed financial liabiUties 35,025.33 41,60&.41 19,418.79 27,985,05 2,01,037.58
Total aet finaocial ■ucrs / (li•bilities) 15,0111.10 (1,514.171 1111681.111 13,254.73 (15.176.ll) (1,201.01)
ECL Finance Limited
Notes to the financial statem,nt for the year ended March 31, 2021 (continued)
52.D.2 Liquidity Risk
Current year note:

The Company has considered that the Cash Credit facilities avallcd by it aggregating to Rs. 9367 48 million as at March 31, :?021 will be repaid on their renewal dates and accordingly reflected the same in
the "within 12 months" bud,et
A• at Man:h 31, 2020

On Dem■nd Less than 3 mooth1 3 lo 12 mooth1 I to 5 years Over5 Ytats Total
Pardt_.l•n
Fjnancial Aneh
9,128.42 6_000.00 3.000.00 18.128 42
Cash and cash eci.uivalenti
Bank balances ocher than cash and cash JOO.JS 7.073 11 111.69 7,505 15
eQuivalents
708.% 0. 17 80.24 789 37
~rivativc financial instruments
8.976.88 4.614.46 13.611.34
Securities held for trading
].602.65 438.50 2 ,041 15
Trade receivablei
18.573.77 14,778.59 1.10.643 81 IS,690.08 1.79,686 25
Loami
1.000.00 49.078.10 50.078. 10
Investments
550.81 2,000.79 629 .79 l.181.J9
Other financial a~u
9,679.23 33,163.40 50,92-4.IJ 1,59,9".14 2,75,021.17
Total uadbcountff financial ■sseb
FltlanciAl Liabilities
934.32 0.32 20.71 955.35
1,503.42 1,503.42
T rade payables
4 .416.20 27.489.35 63.210.01 22.311 .74 1.17.447.J0
Debt securities
20,520.05 39.489.65 41 .485 14 1,01.494.84
Borrowings (other than debt securities)
5,351.66 1.279.37 7,Sl7.01 12.413 .68 26.861.72
Subord;nated Liabilities
909.77 815.04 2.477.44 4.222.25
Othl:I' financial liabilities
"·635,42 69,093.73 1,15,030.31 34,725.42 2,52,414.81
Total undisco1,1nled fil'lancial liahilities
9,679.23 4,527.98 (11,161.90) 44,903.53 (18,405.55) 22,536.29

Total ne;I financial assttJ I (li•bilitits)
Previous year aou:

The Company has conservatively considered that the Cash Crcdtt fatilities avai]td by it aggregating to Rs 14,166.77 million as at March 31, 2020 will be repaid on their renewal dates and accordingly
reflected the same in the "within 12 months" bucket. Subsequent to March JI, 2020, lenders have rolled over the shon tenn cash credit fadlity amounting to Rs. 8,000 miUion into long term working capital
demand loan.
Additionally. subsequent to balance sheet datt, the Company has, as part of its ALCO activities, with a focus on raising long tenn funds approached bankers for raising funds through LTRO and PCG
schemes offered by the Reserve Bank of India •• pan of COVII}..19 package. TIii date. the Company ha> raised R.s. 6,750 million through LTRO scheme and Rs. 1,250 million through PCG scheme.
Contractual expiry of commitments

The table below shows the contractual expiry by maturity of the Company's commitments,
As ol Marcb JI, 2021
On Dem.ond L<H than 3 months 3 lo 12 months I to5yHn Ower 5 Vcan Total

P•rtX:ulan
3.805.96 3.805.96
Undrawn committed credit lines
Estimated amount of contracts capital account
88.4 5 88.45
Others
3,194.41 3,194.41
As 01 Morch JI, 2Dl0
OnDemud Leis than 3 month.s lt0Umonlh1 I toSyean Ovcr5 YHn Total

P■rticul■n
15.637.40 15,637.40
Undrawn comm,tted credit lines
10.18 10. 18
Estimated amount of contracts capital account
15,647.58
The Com~ny expects that not all of the contingent liabilities or commitment!! will be drawn before expiry of the commitments
ECL Finance Limited
S2.D.3 Market Risk
Market risk is he risk that the fair value or future cash flows of financial instruments will fluctuate due to changes in market variables such as interest rates, equity prices and Index movements. The company classifies
exposures to market risk into either trading or non-trading portfolios and manages each of those portfolios separately. All the positions are managed and monitored using sensitivity analyses.
Total Market risk exposure
As at Man:b 31, 2021 As at March 31, 2020

Tnded Traded
Particulars Carrying Amount Non traded risk Carrying Amount Non traded risk Primary risk Sensitivity
risk risk
Financial Assets
Cash and cash equivalents 17_587.16 17,587.16 18,128.42 18,128.42
Bank balances other than cash and cash
Interest rate risk
c:quivalents 1,96129 1,961.29 7.505. !4 7,505. 14
Derivative financial instruments 143.65 142.22 1.43 789. H 708.96 80.41 Price risk , Interest rate risk
S~curiiies held for trading 10,514.60 10,514.60 13,611.35 13,611.35 Price risk , Interest rate risk
Trn.Je receivables 2,414.96 2,414.96 2,041.16 2,041.16
Loans 81,065.41 81,065.41 1,28,184.40 1,28,184.40 Interest rate risk
Investments 55,676.11 S5.676. 11 49,747. 70 49,747.70 Interest rale risk
Other financial assets 7,716.24 7,716.24 3,181.39 3, 181.39 Interest rate risk
Total Assets 1,77,079.42 10_,_656.82 1,66,422.60 2,23,188.93 14_,_320.31 2,08,868.62
Derivative financial instruments 409.01 195.39 213.62 955.35 919.07 36.28 Price risk , Interest rate
Trade payables 711.75 711.75 1,503.41 1,503.41
Debt securities 70,781.61 70,781.61 88,633.71 88,633.71 Interest rate risk
Borrowings (other than debt securities) 73,772.94 73,772.94 93,177.45 93,177.45 Interest rate risk
Subordinated Liabilities 15,007.22 15,007.22 19,789.28 19,789.28 Interest rate risk
Other financial liabilities 4,059.48 4,059.48 4,222.25 253.SI 3,968.74 Price risk
Total Liabilities 1£74?:0f 195.39 1,64,546.62 2,08,281.45 1~112:5s 2,07,108.87

ECL Finance Limited
Notes to the fipandal statemePt for the year ended March 31, 2021 (continued)
52.D.. Market Risk (Contd.)
Interest Rate Risk

The principal risk to which non-trading portfolios are exposed is the risk of loss from fluctuations in the future cash flows or fair values of financial
instruments because of a change in market interest rates. Interest rate risk is managed principally through monitoring interest rate gaps and by having
pre-approved limits for repricing bands.
ALCO is the monitoring body for compliance with these limits. ALCO reviews the interest rate gap statement and the mix of floating and fixed rate
assets and liabilities. Balance Sheet Management Unit is in-charge for day to day management of interest rate risk.
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. The
Board has established limits on the non-trading interest rate gaps for stipulated periods. The Company's policy is to monitor positions on a daily basis
and hedging strategies are used to ensure positions are maintained within the established limits.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates (all other variables being constant) of the Company's
statement of profit and loss and equity. The sensitivity of the statement of profit and loss is the effect of the assumed changes in interest rates on the
profit or loss for a year, based on the floating rate non-trading financial assets and financial liabilities held at 31 March 2021 and at 31 March 2020
Interest rate sensitivity
As at March 31, 2021

Increase in Sensitivity of Decrease in Sensitivity of
Sensitivity of Profit Sensitivity of Profit
basis eoints Egui!}'. basis eoints Egui!l::
Bank Borrowings 25 (104.81) 25 104.81

Interest Rate Swaps 25 (8.75) 25 8.75
Floating rate loans 25 32.63 25 (32.63)
Government securities 25 (21.59) 25 21.59
Corporate debt securities 25 (0.64) 25 0.64

basis ~ints Egui!l:: basis ~ints Egui!l::
Bank Borrowings 25 (151.58) 25 151.58

Interest Rate Swaps 25 7.50 25 (7.50)
Floating rate loans 25 51.06 25 (51.06)
Government securities 25 (18.66) 25 18.66
Corporate debt securities 25 (0.41) 25 0.41
Price risk
The Company's exposure to price risk arises from investments held in Equity Shares, Exchange traded futures, Mutual fund units, all classified in the
balance sheet at fair value through profit or loss. To manage its price risk arising from such investments, the Company diversifies its portfolio.
Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the level of individual
investment in prices of financial instruments.
ECL Finance Limited
Notes to the financial statement for the year ended March 31. 2021 (continued)
52.D.. Market Risk (Contd.)
As at March JI, 2021

price(% ) Equity price(% ) Equity
Derivative instruments 5 60.14 5 (60.14)

Equity instruments 5 51.83 5 (5183)
Interest rate futures 5 ( 16.88) 5 16.88
Mutual fund units 5 29.25 5 (29.25)

price(% ) Equity price(%) Equity
Derivative instruments 5 (102.37) 5 !02.37

Equity instruments 5 0.61 5 (0.61)
Interest rate futures 5 (63.57) 5 63.57
Mutual fund units 5 298.68 5 (298.68)
52.D.. Prepayment Risk

Prepayment risk is the risk that the Company will incur a financial loss because its customers and counterparties repay or request repayment earlier or
later than expected, such as fo,ed rate Loans/borrowings in the falling interest rate scenario.
If 5% of total repayable financial instruments were to prepay at the beginning of the year following the reported period, with all other variables held
constant, the profit before tax for the year would be reduced by Rs 239. 99 million (previous year Rs. 245.44 million)
ECL Finance Limited
53. Regulatory disclosures - RBI
Disclosure pursuant to Reserve Bank of India Circular DOR.NBFC (PD) CC. No.102/03.10.001 /2019-20 dated 4th November 2019
pertaining to Liquidity Risk Management Framework for Non-Banking Financial Companies.
Qualitative Disclosure on Liquidity Coverage Ratio (LCR)
The Liquidity Coverage Ratio (LCR) is a global minimum standard to measure the liquidity position in a stress scenario. Reserve Bank of
India introduced LCR requirement for all deposit taking NBFCs and non-deposit taking NBFCs with an asset size of Rs. I 0,000 crore and
above. LCR will promote resilience of NBFCs to potential liquidity disruptions by ensuring that they have sufficient High Quality Liquid
Asset (HQLA) to survive any acute liquidity stress scenario lasting for 30 days. HQLA refers to the category of liquid assets that can be
readily sold or immediately converted into cash at a little loss of value or used as collateral to obtain funds in a range of stress scenarios.
LCR is calculated by dividing the stock of HQLA's by its total net cash outflow over a 30 day calendar period.
The Company has adopted the liquidity risk management framework as required under RBI guidelines. It ensures a sound and robust
liquidity risk management system by maintaining sufficient liquidity through inclusion of a cushion of unencumbered, high quality liquid
asset to withstand a range of stress events, including those involving the loss or impairment of both unsecured and secured funding sources.
The Board of Directors have delegated responsibility of balance sheet Liquidity Risk Management to the Asset Liability Committee.
The LCR is calculated by dividing a Company's stock of HQLA by it's total net cash outflows over a 30 -day stress period. The guidelines
for LCR were effective from Ist December 2020 with the minimum LCR to be 50%, progressively increasing, till reaches the required level
of I 00% by I st December. 2024 as follows:
From 01-12-2020 01-12-2021 01-12-2022 01-12-2023 01-12-2024

Minimum LCR 50% 60% 70% 85% 100%
In order to determine HQLA, Company considers Cash and Bank Balances, Investment in Government Securities without any haircut. In
order to determine net cash outflows, Company considers total expected cash outflow minus total expected cash inflows for the subsequent
30 calendar days. As per guidelines, stressed cash flows is to be computed by assigning a predefined stress percentage to the overall cash
inflows (i.e. 115%) and cash outflows (with haircut of 25%). Net cash outflow over next 30 days is computed as stressed outflows Jess
minimum of stressed inflows, 75% of stressed outflow. Accordingly, LCR would be computed by dividing Company's stock of HQLA by
it's total net cash outflow.
Cash outflow under secured wholesale funding includes contractual obligations under Term loans, NCDs, Interest payable within 30 days.
Outflow under other collateral requirement, the Company considers the loans which are callable under rating downgrade trigger up to and
including 3- notch downgrade. Outflow under other contractual funding obligations primarily includes outflow on account of overdrawn
balances with Banks and sundry payables. In order to determine Inflows from fully performing exposures, Company considers the
contractual repayments from performing advances in next 30 days. Other Cash inflows includes investments in liquid mutual funds, and
other assets which are maturing within 30 days.
ECL Finance Limited
Notes to tile fiuncial st1teme■t for tile year ended March 31, 2021 (c1111ti■-ed)
53. Regulatory disclosures - RBI (Contd.)

---···-·-·- ---~~--- -- -----·-••7 --· --- - ·-- -----, ...... . ___,._ .........._,..,._ ---- - ..... -- ___...
QHrter Ended Quarter Ended Quarter Ended Quarter Ended
31-Mar-21 31-Dec-20 30-Se11-20 30-Jun-20
U■wricbted Wei&llted Uawaillted Weiglated Unweighted Weigllted Uaweighted Weighted
Value - average Value - average Value - average Value - average Value - average Value• average Value - average Value - average
(nfirraottl) (ttfUMtf:]) (ffler ...ttl) (rtfer-..tt:t) (rtltr • t t l ) (rdcrDflt t) (ttrtrMtC'll frtJtr notc- 1)
Hi&II Qu1litv Liquid Assets.

I Total Hi11h-Qualitv Liquid Assets 13,026.67 13,026.67 10,318.77 10,318.77 ll,746,78 11,746.78 12,370.97 12,370.97
(i) Cash & Bank Balances I 1,694 .80 11,694.80 8,881.50 8,881.50 11 ,518.83 11 518.83 11 ,871.46 11,871.46
( ii) Investment in Govt. Securities I 331.87 1,331.87 I 437.27 I 437.27 227.96 227.96 499.50 499.50
Casb Outnows
2 Deoosits (for deoosit taking companies} . - - - - . - -
3 Unsecured wholesale funding 1,531.81 1,761.58 91.24 104.92 624. 70 718.41 1,814.55 2.086.73
4 Secured wholesale fundinR 4,948.17 5,690.39 4509. 17 5,185.55 6,474.57 7,445.76 9,274 84 10,666.07
5 Additional reouirements, of which
Outflows related to derivative exposures and other
( i) 8,723.60 10,032.14 8,949.54 10,291.97 8,814.54 10,136.72 15,488.16 17,811.38
collateral requirements 1rd" - 11
(ii) Outflows related to loss of funding on debt products 61.36 70.57 152.36 175.22 71.71 82.46 229,36 263.77
(iii) Credit and liquiditv facilities i,.rer ..,. ,l 363.36 417.87 506.88 582.92 743.40 854.91 900.71 1,035.8 1
6 Other contractual fundin11. obliRations 2,31 4.70 2,661.91 3,124.95 3,593.70 2,205.47 2 536.29 1,797.23 2,066.82
7 Other contingent funding oblil(lltions 9.74 11.20 9.79 11.26 9.79 11.26 9.74 l l.20
8 TOTAL CASH OUTFLOWS 17,952.74 20,645.65 17,343.93 19,945.52 18,944. 17 21,785.80 29,514.59 33,941.78
Cash Outflows
9 Secured lendinl!: - - - - - - - -
10 Inflows from fully perforrnin11: exoosures 3,465.88 2,599.41 4 ,636.54 3,477.41 4,284.50 3 213.38 4,267.13 3 200.3 5
11 Other cash inflows 6,084.79 4,563.59 7 794.71 5 846.03 7,723.40 5,792.55 1,960.10 1,470.08
12 TOTAL CASH INFLOWS 9 550.67 7,163.00 12,431.25 9,323.44 12,007.90 9,005.93 6,227.23 4,670.43
Total Adj■sted Val■e Total Adi■sted Val■e Total Adjusted Val■e Total Adjusted Value
TOTALHQLA 13,026.67 10,318.77 11,746.78 12,370.97
TOTAL NET CASH 29,271.35
13,482.65 10,622.08 12,779.87
OUTFLOWS
LIOUIDITY COVERAGE 92°1. 42°/4
97-;. 97°1.
RATIO(%)
Notes:
I. The average weighted and urrweighted amounts are calculaJed taking simple (lllerages ofmonth~v observations for the respective quarters.
Consist ofoutflows related to collateral requirements where downgrade triggers up to and including 3 notches downgrade.
Commilled customer undrawn is considered after applying runofffactor ofrespective products as defined in 'Basel lJI Framework on Liquidity Standards - Liquidity Co>'erage Ratio (LCR), liquidity Risk Monitoring T~
CR Disclosure Standards '.
~-r
,.( ·~ )i;:.
i<
~l
'"' 841 J) ..
J?
~\ )~
'':f.~-.....'---·/~
~~4CCO\\~
---
.... ..~-:-;.,-,'
ECL finance Limit~
No1-ts to the financial stahmenl fc,r the )'Hr ended March JJ, 2021 (continued)
tCurrency Indian rupees 1n million)
S4. Regulatory disclosures - RBI

The followmg additional informatJOn 1s disclosed m the 1erms of Master Direction • Non•Banking fmancia1 Company • Sys1em,ca:Jly Important Non•Depos1t taking Company and Deposit taking Company (Reserve Bank)
D1rect1on.s, 2016 issued vide Master Direction DNBR PD 008/03 IO I t9n 016-17 dated September OJ .2016 as amended
S4.A Capital:
Capital to risk aS1etJ ratio (CRAR)

Asal Asal
Mon:b JI 2021 Morch 31. 2020
C'RAR(¾ ) lll.2!>% 21.02%

CRAR - Tier I capital (% ) 13,70% 10.St¾
CRAR - Tier II Capitol (%) 11.59% JO.SI%
Pcmtual Pcbt
As ■t and for yur ended
l\lardoll 2021 Ma,ch 31 . 2020
Amowit ra~d by issue of perpetial debt instruments
Perpetual debt outstanding including Interest 3,171.12 3,273.05
Percentage of Perpetual debt to Tier I Capital; 14.48% 14.:53%
Subonlinated debt
A• at and for year ended
Mardt31 2021 March 3 I 2020
Amount of subordinated debt raised as Tier-II capital
S4.B lnve1,t111ents
Asal >.sat
Murial! :!Oll March l I. 2020
I) Value of lnvellmenl
Gro11 val11e of inl'estmears

In India li0,l9U9 Sl.S79.74
Outside India
Provi,ion1 fer depreciation / ■ppreciati•
In India (4,71UI) (3,832.04)
Outside India
Net value of i11vesfmenh
In India 55,676.11 49,747.70
Outside India
PJ~au refer note no. I J.B for more details on ;nvesrmenl,f
II) Moveateat of p.-.visioa1 lleld toward, depftciation/appredalion on iDvestmtats.
For the year ended

March 31 2020
Opeeln1 balance (331 .38)

Add : Provisions nude during the year 4,}89.31
Less : Write--off / writo-b•ck ofex,ess provisions during the year (225.89)
Clol:idl bala11ct J 832.04

ECL •·in2nce Limitrd
(Currenc) lnJ,an rnpecs m m1\hon)
54. R•iulatory disdosures - RBI

The foUow,rig addtt1onal mformatlOf\ 1:- dtsclost'd 1n 1he term..-; of Masler DLrectton • Non-Bank111g Fi.nancial Comp,nv - Systerrucallv fnlpO"an1 Nc,n-Ocpoiut takmi:;, Coltl)any and Oeposn takm~ C'ompany (Ri:sel"\le Bank>
Direc11on.s 20i6 1.ssuc<1 vide Master D1rcchon DNBR PD 008/03 l0 l lQ/2016,..17 dated September 0l 2016 as amended
Aaat As at
Man::h 31, 2021 March l I. 2020
The norional prar1c1paJ of swap agreements IS,000.00 12.000 00
Losses which would be incurred 1f coW1terpart1es fuled to fuJfil

their obhphons untier the qreements SUl Sl6S
Collateral requ•red by the NBFC upon entenng 1n10 swaps

C'oncentrauon of credit risk a.ming from the swaps• 100.M% 100.00%
The fair value of che swap book (7AS) (17.19)
• !4 of c,mcl!nfrotion ofcrtd11 rlilt. annngfl'llm s,.-ap., wuh ha•1
Aue As11
M_.Jl 1021 March l I 2020
II) EJ1Cha11.t;e tnidtd UltrrHt rate (IR) drri-vative.t
Notional pnnc.pal &m01D1t of exchange traded JR denvatlvcs

undtnaken dunn& the yew 1.73.409 so
Notiornd principal arm,unt of exchange traded IR deriva.tivq
outnandmg JSO.Zli 1.247 20
Not10nal pr11C'f)aJ tlfflOUllt of excluinge traded I.R derivatives

outsu,ndmg Jf1d not "lnghly eff<ct,vc"
Mark•to•maike1 value of e,u:han1e traded JR derivauves
outstanding and not 11 highly effective••
Qualitative dbdosutt
The C001)&Ry \.l\dertake, 1r111sactions an denvauve producti ,n the role of a user with cowxer parties. The Co"1)8f'IY deals in the deriva.11\l'fS for balance sheet ~ l.t for hedging fixed rate. float°'& rate or
foreign etrrcnc:y 1$$C'tslhabdlt.es and for hedg.l,g 1he variahle interest WI case of benchmark hnkc:d debentures AJI derivatives are nw-lc:ed to market on ,eport1111 dares and the resulting g.1JJ\11oss is recorded ,n the
statement of proftt and toss
DcaJSlg u, denvat1ves is earned ouc by specified amups of the treasucy depu1ment of che Coq,any bmed. on the purpose of lhe transacuon. Derivative 1ransact10ns are entered into by the treasury front office Mid
office team conducts an independent check of the transacttons entered into by the front office and also Wlderta.kcs achv,ties such as con6nnatK>n, settlement, nsk roonitoring and repon1ng.
The Company ha a credit and marl.et risk depanment that as.sesses counterparty risk and nwket risk limits, within rhe nsk arthited ure and processes of the Company. The Company has in place I pohcy which co,,ers
vartOUS aspeccs that apply 10 che functioning of che derivanve business. Limes are rnonioored on a daily basis by the mod-office
Quaacilative ditd0911re
Aa •• Mo... JI 1021 As ac March 31, 2020
Currency Ocriv&UYeS tn1erest Rate Denv1f1ves
Dtrinffl'«t (JM>liNal pri•cipal am. . .r}

For hedg,n& IS,3511.20 13,247.20
Ma.l'Md. to 111111Vt pollitiffs

AsselS (+) 5U3 8S6S
Liability (·I (61.98) (162 84)
132.SO 127 50
ECL Financ< Limited
Notes to the financial sta te menl ror lhf' year ended March ll, 2021 (contir1utd)
lCurre-ncy Indian rupees in mtlhon)
54. Regulatory disclosures• RBI

The folloWMg •dd11ional mformauon 1s d1sclosed Ln the terms of Master Direction - Non-Banking FmanciaJ Company - Systemcally lmponant Non-Deposit taking Company and Deposit takmg Conipany (Reserve Bank)
D,r~ctions, 2016 issued V1dc Master Direction DNBR PD. 008/03 . 10. 119/2016-17 dated September 01.2016 as amended.
54.D Di1clmurr1 relating to s(fcurititation
n , inrorm■tion on ,ecuritisation pf the- Com11■ny as an prigin.ator in rt![petf of outstandinf 9mpynt or Hcuritized a!lttfs it 1iven below·
Atat Asal
Mama 31, 2021 Ma«h 3 I, 2020
a) No of SPVs sponsored by the NBFC for securitisation transactions 7.00 7.00
b) TotaJ amount ofsecuritised assets as per books of the SPVssponsored by the NBFC
3,71Cl.25 3,907.82
c) Total amount of exposures re-tamed b-J the NBFC to comp}y wsth MRR as on the date or balance sheet
424.18 J7l.66
Off-balance sheet exposures
- fjrst loss
-Others
On-balance sl\eet exposures

-First loss
J7l.66
•Othe rs
d) Amount of exposures to securi1isation transactions other than MRR

323.18
Off-balance sheet e,iposures
Exposure to own M:cua-itisations

- First loss
- Others
Exposure ro th.ird party securiti.utiollS

• First loss
• Others
On-balance sheet exposures

Exposure to own securilisations
- Firsl loss
611.19 323. 18
- Others
Exposure to third party securitisations
• First Joss
- Others
Dgtajlp pffia■ncial wlll ■old •o acsurili1aricpn / reson•truction t9mpagy (or UfS! '!fen•trucrion
A. .1 Asar
M - 311 .ZOJI Mareh 31. 2020
No. of accounts
111.00 47.00
Aggregate value (net ofprovislOns}of acc:ounts sokf to SC / RC IJ,2,!6.79 58,269. 14
Aggregate consideration 9,991.71 46, 167.40
Additional consideration realized in respet;t of accounts transferred in earlier years

A83"'8'1tc gain I (loss) over net book value (3,2,M.01) (12,101.74)
loss on sale 10 SC/RC during the yea,
(3,2,M.GIJ (12,101.74)
Amount receiw:d in resp«t of accounts transferred in prior year
ECL Finance LimitN
Notes to fhf' financial ,tatement for lhe JHr ended MJ1n:h Jl, lOll ((ontinutd)
(Currency Indian rupees 1n million)

The following add1t1onat informatLon is d1s,1;:lo.sed m the lcrms of Master D1rec11on - Non-Bankm~ Financial Company - Systemically Important Non-Deposit t akm& Company and Deposit tilkmg Company (Reserve Bank)
Directions, 2016 issued v,de Murer D•rection DNBR PD 008/0J 10 119/2016-17 dated September 01,2016 as amended
The inremalion on dirsct auienmenj of the Ceme,ex HIP eridn■ter in meed pf ous111nding ■mount ,r u:srt, 1ui,:nrd under P*r' $Jrudurt: it e;iytd bd.O!f'
A,at Asar
Marth 31, 1011 March JI , 2020
a) No Qftransac1L0ns assigned by the NBFC l:!.00 11 00
b) Total amount outstandlJlg 5,32-4.5] S,112.62
c)
TotaJ amount of exposures retained by the NBFC to comply with MRR as on the dale of balance sh.cet !1-47,!12 l,024 23
Off-balance sheet c,cposurc:s

- First loss
- Others
On-balance sheef exposures

- First loss
• 01hers 'M7.9l 1.024 23
d) Amount of exposures 10 secuntisation transacuons other than MRR
Off-balance sheet exposures
Exposure to own s.ec;uritisations

- First Joss
• Others
Exposure to third party &ecuritisations

- First loss
• Olhers
On-batance sheet exposures
Exposure to own securitisations

• First loss
• Others
Exposure to third party securitisations
• First loss
• Olhers
Derail1 pf-:no•Mierfonnia1 finaac-iah usets p1H-rha!IN rnm / 1ald lo other NBFC1

Ant Asal
Mardi 31 1021 Mocch 31 , 2020
~•ails er 0911-mrforminc finam:ial anets punhued

No. of accounts pwchased during the year 2.00
Aggregate outstancling toS.80
Of these, number of accounts restructured during the year
Aggregate outstanding
Pttei•ao'Non-otdeonia& Finmcial Awts 1o•d;

No. of accounts purchased during the year
Aggregate outstanding
Aggregate consideration f'Oeeived
ECL fjnance Lin1itf"d
Note110 1he fipancial staltmtnt for 1hf' ynr ended Marth 3l, 2011 (continued)
(Curr~ncy lnd)an rupees in milbonl
54, Regulatory disdo,.,res - RBI

The foi1ow1ng addjtional mformat1on LS disclosed m the terms of Muter D1rect1on - Non-Banking F1narn::1aJ Company - SysteRUcally I~ortant Non-Deposit takmg, Company and Deposit takulg Company ( Reserv~ BMk)
D1rect10rL"-, 20161ssued vidc Master Dircchon DNBR. PO 008/0.~ 10. i 19/2010-17 dated September 01 .2016 as amended
54.E Ass-el liability mianagem~nt
Maturity oatttm or urtaUI it•m, of •mh an• liahiJi1in as at Marsh 31, 1021
L.iabilitit:s
Loan• lnvestmenls 1111
Borrowings rrorn bank Othn bom,wings
I day to 30/31 days (One month) 841 50 1D.2S8.20 S,806.20 13.035.60
Over One months 10 2 months 1,1306G 1,627.80 1,892.20

Over 2 months up to J months 1,686.70 155.50 3,148 40 1,449.40
Over 3 months to 6 months S,208.00 S.40UO 7.292.70 8,571 60
Over 6 months to I year 15,559.90 8,148.20 13,656.70 13.603.80
Over I year to J years 38,705.50 21,119 40 19.445.SO 27,056.40

Ovet J year.s to S yeari 7,766.00 21.102 11 1,799.60 11,07J.70
Over 5 years 15,444.30 1,132.40 28,969.77

86,341.50 156,190,71 53 909.30 105,651.47
•Jnvrsrmmts afs<> include securiri~!r held.for troding and /nV(!.str,,em in properry
~ (Offlpany /ta!r c:onsidurd that th~ Cash Credit fadlili~s availed hy ii aggregating to Rs. ')]67.48 millioo cu ul Mard, JI , 2021 wit/ be repaid on their renewal dates and occonlingly nfle,:tcd JJ.e same in the
''wilhtn J 1 ntonths" h11ekE1,
Maturity eaUFm of grtJ.in itf1111 or N:tth ed li9t,ilitig ■a at Maab 31, 2019

Aae11 Liabililin
Loan• Investments• Bo1TDWinp from bank Other borrowinr;1
I day to 3013 I doys (One mon1h) 3,700.83 7,717.41 l,91682 18,543.88
Over One rtlDnths to 2 months 276.0S 2,508.8) 10,989 09
Over 2 months up to 1 months 6,720.39 1.259.47 5,343 07 5,976.40
Over J mcnths to 6 monrhs 10,197.62 7,699.90 2,559.63
Ovt,r 6 :T\ont'hs to , yeu 23,335.59 5.421.50 25,765 79 7,919 92
Over I y~.-1 to l year$ SS,294 62 3,988.91 28,466 27 21,JlUJ
Over 3 yem ro 5 years 19,412.29 45,089 19 3.464.JJ IS.778.90
Over 5 ye:us 16,685.58 1,162.00 39.J IS 88
lt3§,62U7 64,631.41 791165.01 1,2243!.43
•JnwsllntHli also incfl«R securitlt!.r heldfor 1rading and lnwstme?nt in praptrt)-'
1'tr Cnmpany has ronsitkred 1ha1 the Cash Credit facililies a...ailed by it afQ!regating lo Rs. JJ. M6. 71 m,1/ion a,r al March JI, 2010 wlll bt npaid Ol1 lheir n!llewal dates and ac:cordint:IJ' ,-cjlectf!d lhe .tame in 1he
"williin J1 n1on1hs" bucket. Suhs~q11tm 10 March JJ. 1010, ltndcn haw rolled oW!r /lie short Um, cash creditfacilily amou1t1ing lo Rs. 8. 000 mt/lion 1,110 long t~nn working capilal demand loon.
u.,
Addirinna/ly, sulM~q,,~nt to balance ,thee/ datt, the Cmnpt,ny has, as parl a/ Al.CO acr;l'ilies. with a focus on rai':ling long 11:m, fttnds approached hanker., /Qr raiJ·ing j,,mls lhmugh tTRO and f'CG icheme.t
ojfel'f!d by 1he &sen'll Ran/co/ l,,diu as part oJC'OVJf)./9 package. till dattJ, 1he Company has raised Rs. 6,750 mlllioh through LTRO scheme am/ Rs. 1,150 million 1.hr01,gh PCG s,:heme.
[CL Finance Limited
Nottt f• ck fiHncul 1tat~r1t rer the yur tndNf Marth Jl. 1011 (tonlinwed)
(Currency Indian rupees tn m1lhon)
54. Rtculatory disclosurn - RBI

The following addmonai mformat1on 1s disclosed 1n t he term-. ofMa.ster Direction - Non-Banlung Fmancud Comi,any • S~ste,rucally l"l)Ortant No,..Oepos11 takutg Company and Oepos11 takwig r ompany (Reserve Bartk)
D1rec11ons, 201 6 issued vide Master Directton ONBR PO 008/03 10 I 19f2.0J 6 .. 17 date d September 01,20 16 as amended
EIPOSPB fR " ' ' cstnts astor

A••t Asat
Mardt 31 lllll March l l. 2020
A) Din,t HpolNR
Rt'sidenrial rnon1■1es ..
Lending fulty seeured by moneae:es on reSKfent11I property that 1s or will be occupied by the bonow« or that ls re1oed:( Individual housing 6,709.2)
loans up 10 Rs.15 lokhs may be shown sq,arllely)
Comffll'rtial rtal ~,fate •

Lendmg secured by mortgaccs on c.ommerc1.t real estates (office bu1ldinp. retail space. multlpurpose commercial premises. multi-family 75.494 47
resoden<w bu1hbngs. lll\ll1~1<nlllCed commereaal preOU<S. tndustnal 0< warehouse spac<. hotels, land Kq.J,Stl10n. de""lopment and
coostructton. et,}. Exposure includes non~fund hued (NFB) limns.
lnnst.-nb i,. Olarte•~ 1Ntkff s«11ritit1 (MBS) •11d other 1eeuritited t1po1u11re1 •
- Residen4w
• Commercial Real Estate 40.06) 81
b) l•dirut npo,utt
Fund lwed and non•fund based exposures on National Housina B111k (NHB) and Housing Firtance Companies (HFCs)
E11m0 rs re s1ei11I madfct

A,at Asal
M - Jl, 21111 March l I. 2020
a) di.rec, investment in equity Jhares. convertibl• bonds, convertible debentwes and uruts of eqwty"(lriented mutual funds the corpu:s of whtdt
is not exclusivety invested in corporate debt 1,03"-'4 1,284 12
b) advan«-1 agunst shares / bonds / deben1ures or other secunbts or on clean basl.l co indaV1duals for investment u, $h.tn:s (Bcludu1g lPOs /
ESOPs), convertible bonds, convertible debenturts, and unns of equity-onenred mutuaJ funds 1,713.74 l l.461.ll
c) advances for any other purposes: where shares or convert1hle bortdi or convertible debenture& or units of eqWt) oriented mutual funds are
taken as p,,rna,y s«urity. U ,111.73 18.030 48
d) advances for any other pufpOses to rhe ment setured by the collateral secunty of shares or convenible bonds or convertible deben1ures or
unics of equity oriented mutuaJ funds i.e. where the primary security other than shares I convenible bonds / convertible debentures I wtits of
equ,ty orietted mutual funds "does not fully cover the ad,,ances. 1.062 27
e) secured and unsecured advan«S to stockbrokers and guarantees mued on behalf ofstockbrokers and market maker,.
1.83
f) loans 51ftdioned 10 corpora1es against the see:urily of shares I bonds I debentures Mother n,curtties or on+DlSI clean ham for meeting
promoter's contribution ro the equity of new COf11>arHCS ., 1111,cipanon of raisena resources
&) bridge iolnS 10 <0111>anies against e,q,ected equity flows / issues
h) 111 exposures to Venture Capital Funds (hoth resmered and unre&'51ered)
i) o thers (not covered Above) • .,71.37 5.1)0.54
54.C Details oftinaocht1 orpar..t «-PHY prod,oct1:

Detads of financing of parent cotqJany products Nil (Previous yw : Nil)
[CL fipance Limited
NotH ta the financial statc111t1U lot the ye-at tlldtd Manh 31, ZOll (contin11cd)
(Currency lndum rupees m mlhon)
54. Rtgulatory disclo,urts - RBI

The folloWll'lg additional mformatton 1s disclosed m the terms of Master 01rec11on - Non-Banking Financ1al Company - Sys1errucaJly lmponant Non-Deposit takmg Company and Deposn taking Company (Reserve Bank)
D,recuons. 2016 issued vide Master Direction DNBR PD 008/0J.10.119/2016-17 dated Sepcember 01,2016 as amended
S4.H Details of sing!e borrower limit and borrower group limit Hcteded by the Company:
Dunng the year ended 31 March 2021 . the Coffl)any's credit exposure to sangle borrowers and group borrowers were wuh1rt 1he hmi1s prescnbed by the RBI, except ex:posure to below entitles
GMR Enterprises Priva1e Limited

Azeem Jnfinite Dw~lllllg India Private LlMlted
Ecstasy Realty Private Limited
The above Joans and investments were d.isbu.rsed / invested within in tbe limit of Single Bonower Limit (SBL) and Group Borrower Limit (GBL) as defined Ul RBI Master Duection "DNBR. PO. 003/03.JO. I 19/2016-
17 Master Direction - Non-Banking Financial Company - Systemi<:aUy ImportMt Non-Deposit ta.klflg Company and Deposit taking Company (Reserve Bank) Directions. 2016 dated September t. 2016 as amended,
However due to losses incurred by the corq,any during the financial yea, ended March l 1, 2020, the Company wimessed significant reduc1ion in i1s net•-worth/ owned funds This reduction in owned funds ha.s led to
passive SBL and GBL (jrnit breach during che current year. The Company is i.n process of exploring options such as discussion with borrower, sell down opponooities etc.• to bring down the exposures of above
borrowers within appJicable limit.
During the year ended 31 March 2020, the Company's credit exposure to single borrowers and group borrowers were within 1he limits prescribed by the RBI.
54.J Registration obtained from other financial sector regulators - None
~4.J Ojsclosure of penalties imposed by RBI and other regulators- Nil million in respect of penalty for securities pay in shortage (Previous year • Rs. NlL million)
S4,K Related party trantactions

All Material tramactions with related panies are reflected in NNe .1r;
54.L Dttails of t._.sadion with non eucutive directen:

Jordlo7-ea<lod For the year ended
Name of DirKtar Nature Marcb JI 2021 March 3 I 2020
PN Ven~,tachalam Sitting Fees 0.44 0.48
Biswarnohan Mahapatra Sitting Fees 0.44 0.44
Kunnasagaran ChiMiah Sittlllg Fees o.u 0.08
54.M Provisions and contingencia.

Aul Asat
Mmft31 2021 March 31. 2020
Bn:■bp of prvyjsion.s and tontinpndt.s shown undel' the head o ther e ..peaMt in dlf: 11111tenwnt
of pnfit ■11d loss
Provisions for depreciation/(appreciationi) on ln~meflt (1,118.Gl) 3,4S0.9S

Provision towards Stage 3 75.8$ (2,664.34)
Provi!ion made towards IACOme tax (557.9) (117.39)
Provision fur Stage I /St.age 2 Assets lllcluding restructured and others (l,993.!l'I) S.404 59
Other Provision and Contingencies
Provision for credit loss on securilisation (6.07) 2.27
Pro\1sion towards ECL on trade receivables (13.11) 20.52
S◄.N Draw down from reserves

The Company has drawn Rs. l JO 1.48 ntillion (previous year Nil) from the debenture rede"1)tt0n reserve and transferred to retained earnings on redemption of debentures till March 31. 2021. Further, purs11ant to
amendments in the Companies Act. 2013, debenture redeqttion reserve is not required to be created for the debentures issued by Non~Bank:Lng Finance Coq,anies by Reserve Bank of India.
S4.O Con«a(ration or deposits.. advances., exposures and ttag~ J 111ut1

Ant Asar
Ma,..31,2021 Match J I , 2020
Cnnuntmtion oCadYIPffl
Total Advances to hwnty largest borro'M!rs 48.489.0S
% of Advances to twenty largest borrowm 10 Total Advances 35.57"/4
Co•tcefnfion tltlPIIURI
TotAI Exposures to twenty Jargesl borrowers / Cu.stomers 49,870.26
¾ of Exposure~ to twenty Largest borrowers I Customers to Total Advances 36.58%
Canrm1t11i2u pf u,n J
Total Exposures to top Four Stage 3 Assets s,sou, 5,065.45
Secto...wiB Stm l MKY

% of Stace J a9#t.S to Total Adv•nce, ia th■t sector
Sectors Mardi )I lOJI Marci, 31. 2020
Agricultuie & &Wed aceh,ities Ja.53% 1.45%

MSME I.J9% 0.36%
Corporate borrowers 10,.)5¾ 6.56%
Services o~•"'• 0.00'/o
Unsecured Joans 0.00-/4 0.000/4
Auto loans 0.00% 0.00%
Other Loans ♦.74¾ 0.50''1.
Otlwr lcmm rcprrscnts rt!tail loans

E<:L Finance Limited
rrtof~s to th~ finanti•l 5tatunent for tht yur-endtd Man:h 31. 2011 (continued)
(Currency·Ind1an rupees 1n millLon)

The folJowmg additionaJ 1nformatmn 1s disclosed in the teems of Master Direction - Non-Ba.nkLng fmam;:1al Company - Systecrucally lmponant Non-Deposit talung Company and Deposit t-akmg Company (Reserve Be.nk)
D1re(;t1ons. 20l6 issued vide Master Direction DNBR PD. 008/0J. 10. 119/2016-17 dated September 01,20~6 as amended.
54.P Move-ment ofStage J usets

The following. table sets forth. for the periods. indicated. the details of movement of Stage 3 assets, Stage J assets net of stage 3 provis.10n net .and Stage 3 pJovision
Asat As11
Marcb 31 2021 March 3l. 2020
•AO% 3.27%
Staie 3 asset1 aet or stase 3 proviNotJ to nl!t advanus (o/e)
Movement of Stat,e J assets

5,IJIA7 S,687.SS
Opening b,a.lance
14,$33.67 61,189.50
Additions during the year
Reductions during the year• (13.4ID.lJ} (61,748.58)
"241.92 5,128.47
Closing balance
M~emrnt of Staie l oet of st•ce 3 provisions
4,434.0!I 2,328.8]
Opening balance
Additions during the year 12,745.99 59,lll.60
(tl.707.59) (~7.428.]4)
Reductions durUlg the year
5,47l.49 4,414.09
Closing baJance
Movement of 1tace 3 provilions
(excluding provisitm on Stage I/Stage 2)
Opening Balance 694.39 3.)Sl.72
Additions during the year 1,777.61 1,655.90
{1,701.63) (4,320.24)
Reductions during che year
7'9.43 694.38
Clos.ing balance
•Jnd11du S1age J a.vseJs wrillen off d11ring tlit yea, Rs 642.IJ] r,,i/lion (P"vious year: R.r J,461.8/J mUlion)
54.Q Oveneas a11ets - Nil (Previous year• 11il)
54.R Ofr-bol""« 1hffl SPV sponsored - Nil (p...,,;o,.. Y•., - Nil)
S4.S Customer complaints

For die yur oded for the year ended
Matt~ 31 2011 March 31, 2020
11.00
No. of oomplaints pending at the beginning ofthe yelU
257,00 369 00
No. of complaints received during the year
Ul.00 361.00
No of complaints redressed dwing the year
Z.00 8.00
No. of complainis pending at the end of the year
ECL Finance Limited
Notes to the fi■a■ cial statement for tlle year e■ded Marcia 31, 2121 (co■ti■ued)
54.T Rating assigned by credit rating agencies

The following additional infonnation is disclosed in the terms of Master Direction• Non-Banking Financial Company• SyslcmicalJy lmponOIII Non-Deposit taking Coq,any and Deposit taking Company (Reserve Bank) Directions. 2016 issued vidc Master Drntion DNBR
PD. 008/03.10. I 19/2016-17 dated SeptembcrOl,2016 as amended.
CRISIL ICRA CARE Bri<kworks Acute

•••, ...•-h31. 7Ml Kalin• Amount Karin• AmOWlf llolill2 Amount llari- Amount lloliDt! Amou11t
CRISILAA· [ICRA] CARE BWR A+/stable, BWR ACUITE

Long Tcrm Insttwnents 2,65,050.00 2.36,465.00 1,71,874.90 14,000.00 9,00000
/Negative A+/Negative A+/stable AA.,lstable AA/nel!"tive
Short term instruments CRlSILAI+ 1.10,000.00 . . CARE Al+ 40,000.00 . .

Mml<ct linked debentures
Short term CRJSILPP-
12,000.00 . . . . . . . .
MLDAl-tt
CRISIL PP- PP-MLO

CAREPP-MLD BWR PP-MLO AA• .
Long Term MLDAA- 24,905.50 (ICRA)A+/Neg 2,867.20 1,019.80 1,500.00
A+/Stable /stable
r/Negative ative
CRISIL ICRA CARE Brickworks Acute-

u•tM•rcll31 ,n,o Ralin• Am_, Karin• Ameunf Rariae AmDIIDf Ila- A.,_f Katin,: Amount
CRJSILAA· CARE AA· BWR AA/negative,BWR ACUITE AA-

Long T errn Instruments 1, 18,800.00 [ICRA] AA- 1,32,862.50 52,629.70 18,000.00 3.000.00
/stable /stable AA./negative /negative
CRISILAI+ CARE Al+
Short term instruments CRISIL AA- 2,60,000.00
ICRAAI+
1,85,000.00 CARE AA· 2.26,866.60 . .
[ICRA]AA·
/1::t"hl~ /~u1hlf'l
Mad<ct linked debentures
CRlSILPP- PP-MLDICRA . . . . .
Short tenn 12,000.00 9,000.00
MLDAl+R Al+
CRISIL PP-
PP-MLD CAREPP-MLD BWRPP•MLD .
Long Term MLDAA· 24,941.50 24,116.30 5,032.80 1,500.00
[ICRA)AA· AA.,lstable AA/negative
r/,itable
54.U Note to the Balance Sheet of a non-banking financial company as required in tenns of Chapter II paragraph 5 of Monitoring of frauds in NBFCs (Reserve Bani::) Directions, 2016 • Nil
ECL Fillao« Limited
N.1a 10111< 6aoaciol ...,_, foe doe y u r - Mordl JI, 21111•-d)
(CWTtncy:Indian rupcts in million)
~ .V~) DiMMw,ef- - A «- •
(osn(fl4,r~dbyR.JJJpulel1ttU auukr refermtt DNBS. CO. PD. No. 167 03.10.01 20/J-/4do1edJan110Ty2J, 10/4)
Disdot11tt ar Rtttncmrn Attou•tl for tlle year eaded Mardi JJ 9 28Jt
-·
ow,,
[Type ol~trUCt
Sl No l..... ~ Siuda<d
I
Un,x,CORM<charum
I--·I
I
Ooubdl<I I
I
Lon I
I
T«.\
I
I
~
I I
Doob((l,I
I
....
SME Dcbc lutuuctwlAI: ~ I m \
I ......,. 1--•I I II To<al I Slaodud 1............

I
Doob<f•I Lou Tola\
I
Stanct.rd
T°"I
Doub<f<A Lo,s TOia!
..
Delalla > "
Res1;ructund1~t.s1Sool1t
A.pal 2020 (OpenlJll 6guml
No. ofborrov,u1
AIQ()dt OIKSIUdina
, .... ~
67!1 I , 02
a
I .\ . I 1623
"I.J I
.., ....
I
- ...'...L-
67 !I
•I
,o, -~- , __ 1'
76 2'
Pnnuio,,_thereoo I., 7 7l I I -1
.1
16 u I , 11) 16 I S
. J -1
2
l••ahmt=tunngd"'"'S"'"Y"' j:;_ofl,ono,><ndm
I UJ110\llllWI .&
I I -I I I I I I I I I -·--'~'. Ij --·-
'"' I
2,205 60
j'I
275-000
_:_I
·I ·I _.::
- ~I_
' "' I
I
4.95S 60 l .20560
40) I
2.7J0 00 4 ~S5 60
,<M
[Provu..,........, _ ..:.. ~ 21
"'""L 87 JJ 4 1S U )!790 i7 ll _ _,:.
3 11..lpp•d1hon, oCresvuc1.w.d [No. ofbottowm Ill I I\

account, to StaDdard Cltf:g<W)'' AlllolaAl._011,tstandia; --;o,r (I 07J I 07 (I 01;
.----~-1 I l EI 13=:f=.t .I .I _
Pro,'U~ thereon on I __JQ__!!l -
0 92 _ LO 9:Zl
§~i:~~~ lI
10MU"actbt.per pr0\'11100V'ftftdl« No. o f ~
.tdlbOMlmk,~ .. d,tndol
Amountoouundma
[Pro,;,.,........,
_ _ . _
18}1
1864 I
164
)
jll
OOS\
11)1
I
l!
(111)[
38] jl18ll[
(Q__Mj_
1811
11.71_
Dmn1radauans of1cstruc1ur.i. [No. of borrowa-, (6) 6

1•c.cQUftttdurmgthc~ [Amo,u,t OIIISIWliaa 136 Jl) l 6Sl Hi:Sl
Prcnilion thac:on Sil JU
1 :1 :r :1- : 1 : 1 : 1 : 1 : 1 <>•~1
(585)
1 :~~:~-~-b 1::.=~, Jtnn,sKJn diermn

1 - : 1 -:
- • - • - - • • - - -
~1
((1
1 12)
(6 JO)
1 1 C207
8) 6
1 rnl
6 10
7 lk1trKturoda.cc:oYDtSu on31st INo. ofbottowm m m J9l 2 ; <>5

Mw. 1021 (Clostng figt.lrN) A.iaouat a.tstaodillut: ! .)1046 2,719 00 ' 5..:!!!_9~ ! .310 46 2.719 1)') s.nl'J-16
Pro\ision thereon JJ5 58 17 99 .u; s1 lHSt 8799 H~ 57
NOi< :
'ia:lodos """'"Y mMI< donas Ille yea, - Ille S-..i.rd """"'""" OC<OOAU.
••includes rclCO\"el) made durin& I.he )UI' from Lbt standard rcstnacture accounts
54.V (ii) Micro, Small aad Medium EntCl'J)riw (MSME) KCtOr • R ~ o( adnnca
Thee Comp&J\~ l,u ,-ntruc.11.nd the KCOWLts aspn RBI circular DBR No BP BC 100'110404112017•lldaad Feffllal)' 7. 2() 18. DBR. No 8 P BC 10&121 04 CM8fl017-t8Jatal 1ww 06
.1018 , c.rculw DBR No BP BC 18121 <M04112011-19 dMed Jaowan, 01, 2019. ctrc.lN IX>R. No BP BC Hnl 04048 /2011)-lO J.tird f1brw.n' ll, 2020 IAd DOR. No BP BC
l•fll 04 041/20:0-!I JI.to! Au:ul 6, 20~ . .
l:::Nrnwor 1:=h 7,:::.7

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ECL Finanrr Limited
Noles to the linant:ial statement fo r the year ended March J I, 202 1 (continuNI)
(Currency·Jndian rupees in million)
~ .W Schedule to the Bala■ce S heet
A$ required 1n terms o f paragraph I g o f Master D1rect1on - Non-B1nlnng Financial Company - Sys1em1cal1y Important No n-Depos, t taking Company and Deposit ta kins Company (Reserve
Bank} D1rcc u o ns. 2016 issu ed v1de Master O1rec.Cton DNBR PD 008/03. l 0 ! 19/2016,.17 dated September 01 .2016 as amended
AutMarc•31 lfll As at M.1tch 31. 202t

Amouat Amoudt
A- tNataad.,. OveNh11e A1110u,u 01U1t anda• Ovetlll■e
I. Loa u ■,ul lldv.1at:e1 a vaik-d by 1tw 11..,.h•U1 r•aoclal cot11,-.ny

j11d■1ive oflnter n l ac-c naed thereon bul not paid :
a ) Debentures (other tha n those faU1na with in the meamna of Public

deposit)
i) Secured 61,191.61 . 76,21 3 00

ii) Unsec:ured l5,153~ . 19 ,93 1 22
b) Deferr•d Credits . .
c) Term Loans (Bank and Other panie!) 49,495.65 . 62,872 62
d ) l nter-corpo,ate loans and bofl'ow,ng . .

e) Commercial Paper . . 1,236.33
I) Public Depos its . .

8) Oth<,r Loans (specify na-)
i) Working Capital Demand Lotl\ 6,90t.OO 8,309.04
ii) Bank Overdnift 2,467M . 14,166.77
iii) COLO Borrowinas 1,11"8 7,7S2. 70 .
rv) Loan from related parties ',115.91 76 32
Aaoa■t 0.htaDdal•
Ant Au l
Mud131 2021 March 3 1 2020
2. Brak •P of 1-s aad A<lv-. iacldio.t bills .,...;,,a1>1<,
,) Secured
ii) Unscc..ured ,...,..
77,153.46 1,16,S7S.7S
19.741.4S
J . Break • • of Ltased 411ttl aa4 tlKk oa Ill ire ttlMI o tller • JMU CCMJ■till&
towaNl1 AFC acdvititt
NA NA
•> Lease assets iocluding lease rentals under sundry debtors: .
i) f inancu, I Lease
iii Operating Lease
b) Stoc:k on hire includina hire charaes under sundl')I debtors
i) Assets on hire
it) Repossessed assecs . .
c) Other loans countmg toWlrds Asset Financma Company acuvmes
i) Loans where asse[j have been repossessed .
ii) 0th~ loans
4. Break•• ol l■vntmeatai (int:Wt1111 st:naritiH ll~hl for lndJllt )

a) Current Investment .. Quoted
i) Shores
Equity 1,836M 12.28
Preference Shares .
il) Debentures and Bonds 256.33 162.49
iii) u n;ts of Mutual Funds !14., . S,9 73.66
iv) Government Securities &.06-61 7,4 62.92
v) Othen .
•l Currenl Investment - Unquoted
i) Shom
Equily .
Preference Shares .
ii) Debentures and Bonds .
iii) Units of MuruaJ Funds 0.Al 0.◄l
iv) Government Securi1ies .
v) Others .
E('. L Finante Limited
Notes lo the fi■antial statement for the year ended March 31, 2021 (continued)
54.W Sched■le to the Balance Sheet

As reqw.cd 1n terms of paragraph I 3 of Master D1recuon. Non--Bankrng F1nanc1al Company• Syilemtca!ly Jmportant Non-Deposit ?.)king Company and Deposu talung Company (Reserve
Bank) Duectmns. 2016 issued v1de Ma.ster Dircx;t1on DNBR PD. 008/0) 10 ! 19/2016,.1 7 dated SeptemberOl ,2016 as amended
Amount Outst•ndin•
Ant /Uat
Mlll'dl 31 2011 Morch JI, 2020
4 . Break up of lavHl,.,_b {ia~ludill1 HC.Uritiet Mid for tradiftt) (Coatd.)
a) Long term Investment• Quoted

i) Shares
Equity .
PTeferen<;e Shares
ii) Debentures a nd Bonds .
ui) Units of Mutual Funds .
1v) Govemrnenl S~ur1ties .
v) Others .
a) Long term Investment - Unquoted
1) Shares
Equity . -
Preference Shares 7"1.16 72&.30
11) Debentur"' and Bon<b . -
iil) Units of Mutual Funds
1v) Government Securities
v) Othen
• Invesunena ln secut1ty receipts of trusts 4',634.62 44, 114 98
• lnvestmen1 1n Unns of AIF l,14UO 4,893.99
5. Borrowrr 1rou~wiM clauirac■tiea of UHl1 fmuclfd as ia (2) M4 (3) 1Nve as•• Mardi 31, 2011
Amount aet of nroviliens

Secuttd U11.1ec11red Total
■) RdarN P1rtie1
Subsidiaries -
Companies in the same a,oup -
b) Other than related panics 72,381 .9 1 1,683.50 81,06HI
Bornwer 1rHp-wia du1itlc■tioa of lHd.l r• .■.ce, &1 ill (1) ud (3) above a.a at Marcil ll, 1120
Anaouat net of DrOvisio•s

Secared Un,ec.-ured Total
1) Rcl11d hrtia
S ubsidiari,.
Companies in the same group 1.633 65 1,633.6$
b) Olher than related ponies 1,09,869.30 16,681.45 1,26,550.7'
Al at Mardi 31 2021 As at March 31 2020

M_V....,J'• IIHl<V.o(l'fet.r Boo~ V,lue (Net of
v... _.,...,} Market Value/ Fait Value fttt'IViSIOfll
•l Roloted PartiH
Subs;diaries . . - -
Companies ffl the same group J,N5,'4 l,8'5.64 &21.63 821 .63
Other related ~nies . -
h) Other than related parti1C$ '5,1-45.03 65,1-45.03 62,537.42 62,537.42
Amouaf Ouhtu•m
Al•t Asat
Ma,.. 31 2011 Morch JI 2020
Staie 3 assetl
i) Rel.a~ Parties
ii) Other than related patties 5, 12147
b) Stap 3 assets net of stage 3 provision

i) Related Parties
ii) Other than related parues 4,434.09
e) Assets kqu1ted in satisfaction of debt

ECL Finance Limited
Notes to the nna■cial statement for the year Cllded Marclll 31, 2021 (continued)
54..X Prudential Floor for ECL

As required in tenns of paraiflll)h 2 of circular RBl/2019-20/170 DOR (NBFC).CC.PD.No.109/22.10.106/20 19-20 dated March 13, 2020 - Noo-Banking Financial Company• Implementation of Indian Acc:ounting
Standards.
Lo.. Allowantes
Differeace bttwttt lad
Asset Ou~lfic:atioa as per RBI Norms
AMet d assifiatioa as c .... carryia& (Provisiou) as
Net Carryiaz Amount
P...visioas reqwlred as
AS 109 provisions and
per I■d AS 109 A■aouat as per lad AS required under Ind AS per lRACP ■onas
IRACP ■oras
lllQ
A B C D E ~ C-D F G~D-F
Perfol'llling Assets
Standard Stage I 41,997.25 914.25 41 ,083.00 170.62 743.63

Stage 2 38,103.33 3,593.40 34,509.93 339.89 3,253.51
Total Perlwaiq Aatfl 30,100.5' 4,507.65 75,592.93 510.!l l,ffl.14
Non Performing Assets (NPA)

Substandard Stage 3 6,228.91 768.15 5,460.76 622.89 145.26
Doubtful - up to I year Stage 3 2.99 0.26 2.73 0.60 (0.34)

I to 3 years Stage 3 0.04 0.03 0.01 0.01 0.02 I
More than 3 years Stage 3 9.98 1.00 8.98 4.99 (3.99)
Total Doubtt\al
Loss Assets Stage 3 . . . . .
Total Noa Perl-'■& Aueta (NPA) 6,241.92 769.44 5,472."8 628.411 140.95
Other items such as guarantees, loan commibnents, Stage I . . . .

etc.which are in the scope of Ind AS 109 but not covered Stage 2 . . . . .
underlRACP Stage 3 . . . . .
S.beotal - . . . .
Stage I 41,997.25 914.25 41,083.00 170.62 743.63
- ~
!J~
Total Stage 2 38,103.33 3,593.40 34,509.93 339.89 3,253.51
Stage 3 6,241.92 769.44 5,472.48 628.49 140.95
. ~
' ; 1otal 1 - Book 86,342.50 5,277.8' 81,065.41 1,139.00 4,138.09
' <"'
-~ t j
~- ~/,
ECL Finance Limited
54.Y Disclosure on liquidity risk

As required in 1erms of paragraph 3 of RBI Circular RBJ/2019-20/88 DOR.NBFC (PD) CC. No.102/03.10.001/20 19-20 daled November 4, 20 19 on
Liquidily Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies.
a) Funding Concentration based on significant counterparty (both deposits and borrowings)
Asat
March 31, 2021
Number of significant counterparties* 20.00

Amount of borrowings from significant counterparties 99,795.29
% of Total deposits NA
% of Total liabilities•• 60.49%
• "Significant counterparty" is defined as a single counterporty or group ofconnected or affiliated counterparties accounting in aggregate for more than
1% ofthe NBFC-NDSI'
•• ''Total liabilities "refers to the aggregate offinancial liabilities and non-financial liabilities.
b) Top 20 large deposits

The Company being a Systemically lmponant Non-Deposit taking Non-Banking Financial Company registered with Reserve Bank of India. does not accept
public deposits.
c) Top 10 Borrowings
Asat
March 31, 2021
Amount of Borrowings from top 10 lenders 85,230.60

% of Total Borrowings 53.42%
d) Funding Concentration based on significant instrument/product*

% of Total
Amount Liabilities**
Debentares
Non Convertible 76,344.84 46.28%
Compulsory Convertible 9,443.98 5.72%
Bank Borrowings
Term Loans 49,495.65 30.00%
Cash Credit Lines 2,467.48 1.50~.
Working Capital Demand Loan 6,900.00 4.18%
Other Borrowings
TriParty Repo 8,103.90 4.91%
• "significant imtn1m,mtlproduct" is defined a.s a single instrument/product ofgroup of similar insrnmrentslproducts which in aggregate amount to more
than 1% ofthe NBFC-NDSl's borrowings
•• "Total liabilities "refers to the aggregale offinancial liabilities and non-financial liabilities.
ECL Finance Limited
54.Y Disclosure on liquidity risk

As required in terms of paragraph 3 of RBI Circular RBin 0I9-20/88 DOR.NBFC (PD) CC No.102/03. \0.00 1/2019-20 dated November 4, 2019 on
Liquidity Risk Management Framework for Non-Banking Financial Companies and Core Investment Companies.
e) Stock Ratios
As at
March 31, 2021
Commercial papers as a % of total public funds 0.00°;.

Commercial papers as a % of total liabilities 0.00%
Commercial papers as a % of total assets 0.00%
Non-convertible debentures as a% of total public funds NA

Non-convertible debentures as a % of total liabilities NA
Non-convertible debentures as a % of total assets NA
Other short-tenn liabilities. if any as a% of total public funds• 15.21%

Other short-tenn liabilities, if any as a % of total liabilities•• 14.72%
Other short-tenn liabilities, if any as a% of total assets 12.79%
*'Total public funds" r efers to the aggregate ofDebi securities, borrowings other than debt securities and subordinated liabilities.
•• "Total liabilities "refers to the aggregate of.financial liabilitiu and non-financial liabilities.
f) Institutional set-up for liquidity risk management
The Boa.rd of Directors of the Company has constituted the Asset Liability Management Committee and the Risk Management Committee.
- Tk Asset Liability Managemcat Committee, inter alia
a. Review of macro-economic scenario, impact of industry and regulatory changes monitoring the asset liability gap.
b. Strategizing action to mitigate liquidity and other risks associated with the asset liability gap. Review and suggest corrective actions on liquidity
mismatch, negative gaps and interest rate sensitivities. Formulate a contingency funding plan (CFP) for responding to severe disruptions and develop
alternate strategies as deemed appropriate, which take into account changes in:
i. Interest rate levels and trends
ii. Loan products and related markets
iii. Monetary and fiscal policy
c. Articulating and monitoring liquidity risk tolerance that is appropriate for its business strategy and its role in the financial system, and verifying
adherence to various risk parameters and prudential limits.
d. Implementation of liquidity risk management strategy of the Company and reviewing the risk monitoring system.
e. Ensure that credit exposure to any one group does not exceed the internally set limits as well as statutory limits set by RBI.
f Decide the strategy on the source, tenor and mix of assets & liabilities, in line with its business plans, taking into account the future direction of interest
g. Endeavour to develop a process to quantify liquidity costs, benefits & risk in the internal product pricing.
h. Review behavioural assumptions and validate models for study of assets & liabilities in preparation of Liquidity and Interest Rate Sensitivity Statements
and ALM analysis.
i. Review stress test scenarios including the assumptions and results.
j . Review and approve the capital allocation methodology.
k. Analyse and deliberate at meetings, issues involving interest rate and liquidity risk, including capital allocation, liquidity cost, off balance sheet
L Review the results of and progress in implementation of the decisions made in the previous meetings. Report the minutes of its meeting to the Board of
Directors on quarterly basis.
m. Formulate ALM policy for the Company; and
n. In respect of liquidity risk oversight would include, inter alia, decision on desired maturity profile and mix of incremental assets and liabilities, sale of
assets as a source of funding, the structure, responsibilities and controls for managing liquidity risk, and overseeing the liquidity positions of the Company.
- The Risk Management Committee, inter alia
/I;,:
~
j/ (
(k
~
4\)\ ! - ·J~';&,,:r..
g 4-,~,,.,..
..
?.'~~ing,
. measuring and monitoring the various risks faced by the Company;
b"'.'' "ilt~)ng various risks .associated with functioning of the Company through Integrated Risk Management Systems, Strategies and Mechanisms;
c. Ti>~ooij ' ith issues relatmg to credit policies and procedure and manage the credit risk, operational risk, management of policies and process;
i\',Jllrl> ar,'tti ~n developing the Policies and verifying the Models that are used for risk measurement from time to time;
\\ ~( . 'ti e. To~ 'versight over implementation of risk and re lated policies;
~
~~ A , f Pr~
~.<',-t.\.'--...,,_,,~ p t . int e xpertise; and
' , __ ~J'fRH ~' 'iia~ishing a common risk management language that includes measures around likelihood and impact and risk categories
~-
0~(_
~~g an enterprise risk management competence throughout the organisation, including facilitating development of IT-related enterprise ris;;k~...,..,;;:~
0~
~•nee
i-
;;
q
'-'-
ECL FiHnce Limited
NoltS to th• financial statement for the ytar ended March JI, 2021 (continued)
{CurTency:Indian rupees in million)
54.Z Covid-19 pandemic
The COVID-19 pandemic outbreak across the world including India has rtsulted in most countries announcing lockdowns and quarantine measures tl1at have sharply stalled
economic activities across the world. The Indian Government too has imposed lockdowns starting from March 24. 2020. Subsequently, the national lockdown was lifted by the
government for ce11ain activities in a phased manner outside specified containment zones, but regional lockdowns/restrictions continued 10 be implemented in areas with a
significant number of COVID-19 cases. The Indian economy is impacted and would continue lo be impacted by this pandemic and the resultant lockdown, due lo the contraction
in industrial and services output across small and large businesses. The impact of the COVID -19 pandemic. including the current "second wave". on Company's results,
including credit quality and provisions, gain/loss on fair value changes, investment, remains uncertain and dependent on the current and further spread ofCOVID -19, steps
taken by the government. RBI and other regulators 10 mitigate the economic impact and also the rime it takes for economic activities to resume and reach the normal levels.
Further, the Company has assessed the impact of the COVID-19 pandemic on its liquidity and ability 10 repay its obligations as and when they are due. Management has
considered various financial support from banks and other fundraising opportunities in determining the Company's liquidity position over the next I 2 months. Based on the
foregoing and necessary stress tests considering various scenarios, management believes that the Company will be able to pay its obligations as and when these become due in
the foreseeable future. In assessing the recoverability of loans, rtteivables, deferred tax assets and investments, the Company has considered internal and external sources of
information, including credit reports, economic forecasts and industry reports up to the date ofapproval of these financial results. Since the siruation continue to evolve, its effect
on the operations of the Company may be different from that estimated as at the date of approval of these financial results. The Company will continue to closely monitor
material changes in marlce13 and future economic conditions.
54.AA Disclo•u~ o■ moratoriu111
As required pursuant to RBI Notification - RBl/2019-20/220 DOR.No.BP.BC.63/21.04.048/2019-20 dated 17 April 2020 SMNovcrdue categories. where the
moratorium/deferment was extended
Asal Asal
Marci, 31, 2021 Marcll 31, 2020
Respeclin amounu in SMA/overdue c31eSories. where the moratorium/deferment was

e:ttended, in leffl'I! of puapaph 2 and 3 (OuucandinR amou.n1 as at March 31) 5,1129.58 9.433.52
Jlespecm·e alTIOUnt where asset class1fic,t1on benefits is exknded (Ou.tsund1ng amounc as

at Mareh 31) 5,795.38 332.01
Provisions made in teffl'IS of paragraph 5 o(&he drcular (N per para 4. applicable to NBFC
co,ered under lndAS) 183.67 16.(,0
Provisions adjusted qainit slippages / wnte-back / adjusted acai.nst the ¥tual pronsioning
requiremerits: in terms ofparagraph 6 of the circular
Residual provisions in tcmu of P¥1efaph 6 of the cittular 12138
54.AB Details of Resolution plan implemented under the R=!ution Fnmework for COVID-19 related stress as per circular dated August 6, 2020.
(Al
N_..,.o( _ _ <•>
1:.,._.. ...., _ (CJ
(u)
A..iitleul -Ille (E)
............. plu - o < ( A ) Of(•).-... lmttlteff, if 911)', IKftut ia ,..-vtUON
bub... wo... IIIIIOIIIK DI del,t tbat NKWln1behrt'ttn on ac:uwt •I tllt
implnnmlod """'• implemtntation or the WU CORnrtrd Into i...-ocadon ol the plan lenplementation oftllt
ITv.,. ol lt•no..er tloi, ....... alan •tller tetlll'ltl~• oa
Penoaal LoMS
.t\l'TWV'!lle~•
135.00
4.00
297.91
1.435.76
- """ -
molu-DIM
8.~
511.57
Of-..hich MSME& . -
Other, - . -
Tollll 119.00 1,7".67 - 59.52
In accordance with the instructions in the RBI circular dated April 7, 2021, all lending instirutions shall refund / adjust 'interest on interest' to all borrowers including those who
had availed working capital facilities during the moratorium period, irrespective of whether moratorium had been fully or partially availed, or not availed. Pursuant to these
instructions. the Indian Banks Association ()BA) in consultation with othtt industry participants / bodies published the methodology for calculation of the amount of such
S4.AC ~nterest on interest'. Accordingly, the Company has estimated Rs. 111 millions and made provision for refund I adjustment.
ECL Finance Limited
55. Other Disclosures
55.A Initial Disclosure under SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 on Large corporates
Particulars Details
Name of the Company ECL Finance Limited
CIN U65990MH2005PLC 154854
Outstanding borrowing of company as on 31st March 2021 Rs. 1,59,561.77 millions
Highest Credit Rating During the previous FY along name of the Credit CRISIL AA-, ICRA AA-, CARE AA-, BWR AA,
Rating Agency ACUITEAA
Name of stock Exchange# in which the fine shall be paid. in case of shortfall
BSE Limited
in the required borrowing under the framework
we confirm that we are a large Corporate as per the applicability criteria given under the SEBI circular SEBI / HO/ DDHS / CIR/ P / 2018
/144 dated November 26, 2018.
55.B Details of incremental borrowings during the year ended March JI, 2021
Particulars Details
Incremental borrowing done in FY (a) 32,400.00
Mandatory l>orrowing to be done through issuance of debt securities (b) = (25% of a) 8,100.00
l\ctual borrowings done through debt securities in FY (c) 18,000.0U
Shortfall in the mandatory borrowing through debt securities, if any (d) = (b) - (c)
l If the calculated value is zero or negative, write "nil"} Nil
Reasons for short fall, if any, in mandatory borrowings through debt securities NA
55.C The Company has a process whereby periodically all long tenn contracts (including derivative contracts) are assessed for material foreseeable losses. At
the year end, the Company has reviewed and ensured that adequate provision as required under any law/ accounting standards for material foreseeable
losses on such long tenn contracts (including derivative contracts) has been made in the books of accounts.
55.D There are no amount due and outstanding to be credited to Investor Education and Protection Fund as at March 31, 2021.
56, Figures for the previous year have been regrouped/ reclassified wherever necessary to confonn to current year presentation.
The accompanying notes are an integral part of the financial statements

As per our report of even date 8.ltached.
For S. R. Batliboi & Co. LLP For and on behalf of the Board or Directors
'iL:~•;::'"::
(l~hartered Accountants
per Shnwan Jalan

Partner
w,oo,~ - ,
~
Deepak Mitllll
Managing Director & CEO
Vidya Shah
Non Executive Director
Membership No: !02102 DIN : 00010337 DIN· 00274831
) ~ ~ t~J,~
Phanindnnath Kakarla Kashmin Mathew
Chief Financial Officer Company Secretary
Mumbai June I 0, 2021 Mumbai June I0, 2021

ECLF Annual Report FY20 21

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ECL Finance Limited

Corporate Identity Number: U65990MH2005PLC154854

Annual Report for the year ended March 31, 2021

Mr. Rashesh Shah - Chairman & Managing Director

Chief Financial Officer

Mr. Deepak Khetan

SBICAP Trustee Company Limited Axis Trustee Services Limited

Registrar & Transfer Agent

Link Intime India Private Limited Kfin Technologies Private Limited

To the Members of ECL Finance Limited,

Information on the state of affairs of the Company

Major events during the year

Acquisition of entire stake of Edelweiss Housing Finance Limited (“EHFL”)

Reserves and Surplus

ECL Finance Limited

Subsidiaries, Joint Ventures and Associate Company

Our network of offices

Loans, Investments and Guarantees

Related Party Transactions

ECL Finance Limited

Directors and Key Managerial Personnel

(i) Independent Directors

(ii) Change in Directors

ECL Finance Limited

(iii) Key Managerial Personnel

Name of the KMP Nature of Change Effective Date

Number of Board Meetings held

Member Category Meetings Meetings

ECL Finance Limited

Evaluation of the performance of the Board

Internal Control Systems

Internal Financial Controls

ECL Finance Limited

Member Category Meetings held # Meetings

Member Category Meetings held / Liable Meetings attended

Nomination and Remuneration Committee

Member Category Meetings held / Meetings attended

ECL Finance Limited

Corporate Social Responsibility Committee

Member Category Meetings held /liable Meetings attended

Stakeholders Relationship Committee

Member Category Meetings held Meetings attended

ECL Finance Limited

Prevention of Sexual harassment of Women at Workplace

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings / Outgo

(i) Steps taken or impact on conservation of energy:

(iii) the capital investment on energy conservation equipment - Nil

(i) The efforts made towards technology absorption:

The following efforts have been taken towards technology absorption:

c) Engineering of better technology solutions & elimination of fragmented applications, legacy

a) Reduction of data-loss during customer onboarding.

a) the details of technology imported

ECL Finance Limited

(iv) The expenditure incurred on Research and Development:

a) We do not have a dedicated R&D division.

C. Foreign exchange earnings and outgo

Whistle Blower Policy/Vigil Mechanism

ECL Finance Limited

SBICAP Trustee Company Limited Axis Trustee Services Limited

Beacon Trusteeship Limited