2.12. Provisions and Contingent liabilities

(a) Provisions

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of past event, it is probable that an outflow
of resources embodying economic benefits will
be required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation. When the Company expects some or
all of a provision to be reimbursed, for example,
under an insurance contract, the reimbursement
is recognised as a separate asset, but only when
the reimbursement is virtually certain. The expense
relating to a provision is presented in the statement
of profit and loss net of any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage
of time is recognised as a finance cost.

Provisions are reviewed at the end of each
reporting period and adjusted to reflect the current
best estimate. If it is no longer probable that an
outflow of resources would be required to settle
the obligations, the provision is reversed.

(b) Contingent liabilities

A contingent liability is a possible obligation that
arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
of one or more uncertain future events beyond the
control of the Company or a present obligation
that is not recognised because it is not probable

that an outflow of resources will be required to
settle the obligation. A contingent liability also
arises in extremely rare cases where there is a
liability that cannot be recognised because it
cannot be measured reliably. The Company does
not recognise a contingent liability but discloses its
existence in the standalone financial statements.
Contingent assets are only disclosed when it is
probable that the economic benefits will flow to
the entity.

2.13. Retirement and other employee benefits

(a) Defined contribution plan

Employee benefit in the form of Provident Fund,
Employees State Insurance and Labour Welfare
Fund are considered as a defined contribution
scheme. The Company has no obligation, other
than the contribution payable to the aforesaid
funds. The Company recognises contribution
payable to the provident fund scheme as an
expense when an employee renders the related
service. If the contribution payable to the scheme
for service received before the reporting date
exceeds the contribution already paid, the deficit
payable to the scheme is recognised as a liability
after deducting the contribution already paid. If the
contribution already paid exceeds the contribution
due for services received before the re date, then
excess is recognised as an asset to the extent
that the pre-payment will lead to, for example, a
reduction in future payment or a cash refund.

(b) Defined benefit plan

Gratuity liability is defined benefit plan and is
provided for on the basis of an actuarial valuation
on projected unit credit (PUC) method made at the
end of each year. Any actuarial gains or losses for
a defined benefit plan are fully recognised in the
statement of profit and loss during the same year
they occur.

(c) Short-term employee benefits

A liability is recognised for benefits accruing to
employees in respect of wages and salaries in
the period the related service is rendered at the
undiscounted amount of the benefits expected to
be paid in exchange for that service.

Accumulated leave, which are expected to be
utilised within the next twelve months are treated
as short-term employee benefit. The Company
measures the expected cost of such absences as

the additional amount that it expects to pay as a
result of unused entitlement that has accumulated
at that reporting date.

(d) Long-term employees benefit

The Company treats accumulated leave expected
to be carried forward beyond twelve months, as
long-term employee benefit for measurement
purposes. Such long-term compensated absences
are provided for based on the actuarial valuation
using the projected unit credit method at the year-
end. Actuarial gains/losses are immediately taken
to the statement of profit and loss and are not
deferred. The Company presents the leave as a
current liability in the balance sheet, to the extent
it does not have an unconditional right to defer its
settlement for twelve months after the reporting
date. Where Company has the unconditional
legal and contractual right to defer the settlement
for a period beyond twelve months, the same is
presented as non-current liability.

Remeasurement, comprising of actuarial
gains and losses, the effect of the 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. Remeasurements are not reclassified to
profit or loss in subsequent periods.

Past service costs are recognised in profit or loss
on the earlier of:

• The date of the plan amendment or
curtailment, and

• The date that the Company recognises related
restructuring costs.

Net interest is calculated by applying the discount
rate to the net defined benefit liability or asset. The
Company recognises the following changes in the
net defined benefit obligation as an expense in the
statement of profit and loss:

• Service costs comprising current service
costs, past-service costs, gains and losses on
curtailments and non-routine settlements; and

• Net interest expense or income.

2.14. Segment information

Segments are identified based on the manner in
which the Chief Operating Decision Maker ('CODM')
decides about resource allocation and reviews
performance. Segment results that are reported
to the CODM include items directly attributable to
a segment as well as those that can be allocated
on a reasonable basis.

2.15. Revenue recognition

Revenue from contracts with customer is
recognised upon transfer of control of promised
goods/services to customers at an amount that
reflects the consideration to which the Company
expect to be entitled for those goods/ services.

To recognise revenues, the Company applies the
following five-step approach:

• Identify the contract with a customer;

• Identify the performance obligations in
the contract;

• Determine the transaction price;

• Allocate the transaction price to the
performance obligations in the contract; and

• Recognise revenues when a performance
obligation is satisfied.

Revenue towards satisfaction of a performance
obligation is measured at the amount of transaction
price (net of variable consideration) allocated
to that performance obligation. The transaction
price of goods sold and services rendered is net
of variable consideration on account of various
discounts and schemes offered by the Company
as part of the contract.

Goods and Service Tax (GST) is not received by
the Company in its own account. Rather, it is tax
collected on value added to the commodity by the
seller on behalf of the government. Accordingly, it
is excluded from revenue.

The property in the merchandise of third-party
concession stores located within the main
departmental store of the Company passes to the
Company once a customer decides to purchase
an item from the concession store. The Company,
in turn, sells the item to the customer and is
accordingly included under Retail sales.

Gift voucher sales are recognised when the
vouchers are redeemed and the goods are sold
to the customer.

The Company operates a loyalty programme
which allows customers to accumulate points on
purchases made in retail stores. The points give
rise to a separate performance obligation as it
entitles them to discount on future purchases.
Consideration received is allocated between the
sale of products and the points issued, with the
consideration allocated to the points equal to
their fair value. Fair value of points is determined
by applying a statistical analysis based on the
historical results of the Company.

Revenue related to award points are deferred
and recognised when points are redeemed. The
amount of revenue is based on the number of
points redeemed.

Income from services are recognised as they are
rendered based on agreements/ arrangements
with the concerned parties, and recognised net of
goods and services tax/ applicable taxes

Interest Income is recognised on an accrual basis
using effective interest rate (eir) method.

Dividend is recognised when the Company's right
to receive the payment is established, which is
generally when shareholders approve the dividend.

Revenue in respect of Insurance and other claim
is recognised only on reasonable certainty of
its recovery.

>.16. Government grants

Government grants are recognised where there
is a reasonable assurance that the grant will
be received and all attached conditions will be
complied with:

• When the grant relates to an expense item, it
is recognised as income on a systematic basis
over the periods that the related costs, for which
it is intended to compensate, are expensed.

• When the grant relates to an asset, it is
recognised as income in equal amounts over
the expected useful life of the related asset.

When loans or similar assistance are provided by
governments or related institutions, at a below
market rate of interest, the effect of this favourable
interest is treated as a government grant. The loan
or assistance is initially recognised and measured
at fair value, and the government grant is measured
as the difference between the proceeds received
and the initial carrying value of the loan. The loan

is subsequently measured as per the accounting
policies applicable to financial liabilities.

2.17. Borrowing costs

Borrowing costs directly attributable to the
acquisition, construction or production of an asset
that necessarily takes a substantial period of time
to get ready for its intended use are capitalised as
part of the cost of the respective asset. All other
borrowing costs are expensed in the period they
occur in the Statement of Profit and Loss.

Borrowing cost includes interest and other costs
incurred in connection with the arrangement
of borrowings. Borrowing cost also includes
exchange differences to the extent regarded as
an adjustment to the interest costs.

2.18. Income taxes

(a) Current tax

The Income tax expense or credit for the period
is the tax payable on the current period's taxable
income based on the applicable income tax rate
adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and
to unused tax losses.

I ncome tax assets and liabilities are measured
at the amount expected to be recovered from or
paid to the taxation authorities. The tax rates and
tax laws used to compute the amount are those
that are enacted or substantively enacted at the
reporting date in India.

The management periodically evaluates positions
taken in tax returns with respect to situations
in which applicable tax regulation is subject
to interpretation and establishes provisions
where appropriate.

(b) Deferred tax

Deferred tax is recognised on temporary differences
between the tax bases of assets and liabilities
and their carrying amounts for financial reporting
purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable
temporary differences, except when the deferred
tax liability arises

• from the initial recognition of goodwill or an
asset or a liability in a transaction that is not a
business combination,

• at the time of the transaction, affects neither
the accounting profit nor the taxable profit or
loss, or

• does not give rise to equal taxable and
deductible temporary difference.

The carrying amount of deferred tax assets is
reviewed at each reporting date and writes down
the carrying cost to the extent that it is no longer
reasonably certain that sufficient taxable profit will
be available to allow all or part of the deferred
tax asset to be utilised. Unrecognised deferred tax
assets are re-assessed at each reporting date and
are recognised to the extent that it has become
reasonably certain that future taxable profits will
allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply in the
year when the asset is realised or the liability is
settled, based on tax rates and tax laws that have
been enacted or substantively enacted at the
reporting date.

Deferred tax assets and deferred tax liabilities are
offset, if a legally enforceable right exists to set off
current tax assets against current tax liabilities and
the deferred taxes relate to the same taxable entity
and the same taxation authority.

Tax benefits acquired as a part of business
combination, but not satisfying the criteria for
separate recognition at that date, are recognised
subsequently if new information is received or
circumstances change. Acquired deferred tax
benefits recognised within the measurement
period reduce goodwill related to that acquisition,
if they result from new information obtained
about facts and circumstances existing at the
acquisition date.

Current tax and deferred tax relating to items
recognised outside the Statement of Profit and Loss
are recognised outside the Statement of Profit and
Loss (either in OCI or in equity). Current tax and
deferred tax items are recognised in correlation to
the underlying transaction either in OCI or directly
in equity.

2.19. Earnings per share

Basic earnings per share are calculated by dividing
the net profit or loss for the period attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
period. Earnings considered in ascertaining the

Company's earnings per share is the net profit for
the period after deducting preference dividends
and any attributable tax thereto for the period.
The weighted average number of equity shares
outstanding during the period and for all periods
presented is adjusted for events, such as bonus
shares that have changed the number of equity
shares outstanding, without a corresponding
change in resources. For the purpose of calculating
diluted earnings per share, the net profit or loss
for the period attributable to equity shareholders
and the weighted average number of shares
outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.

2.20. Exceptional Items

An item of income or expense which by its size,
type or incidence is material & requires disclosure
in order to improve an understanding of the
performance of the Company is treated as an
exceptional item and disclosed as such in the
Financial Statements.

2.21. Dividend

Dividend declared is recognised as a liability
only after it is approved by the shareholders in
the general meeting. The Company recognises a
liability to make cash or non-cash distributions to
equity holders of the parent when the distribution
is authorised and the distribution is no longer at the
discretion of the Company. As per the corporate
laws in India, a distribution is authorised when it
is approved by the shareholders. A corresponding
amount is recognised directly in equity. Dividend
is recognised when the Company's right to receive
the payment is established, which is generally
when shareholders approve the dividend.

2.22. Share Issue Expenses

The share issue expenses incurred by the Company
on account of new shares issued are netted off
from securities premium account.

2.23. Key accounting judgments, estimates and
assumptions

The preparation of the Company's standalone
financial statements requires management to
make judgements, estimates and assumptions that
affect the reported amounts of revenues, expenses,
assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions
and estimates could result in outcomes that

require a material adjustment to the carrying
amount of assets or liabilities affected in future
periods. Uncertainty about these assumptions and
estimates could result in outcomes that require
a material adjustment to the carrying amount of
assets or liabilities affected in future periods.

I n particular, the Company has identified the
following areas where significant judgements,
estimates and assumptions are required. Further
information on each of these areas and how
they impact the various accounting policies are
described below and also in the relevant notes to
the standalone financial statements. Changes in
estimates are accounted for prospectively.

(a) Judgements

(i) Leases

IND AS 116 requires lessees to determine the
lease term as the non-cancellable period of
a lease adjusted with any option to extend or
terminate the lease, if the use of such option
is reasonably certain. The Company makes an
assessment on the expected lease term on a
lease-by-lease basis and thereby assesses
whether it is reasonably certain that any
options to extend or terminate the contract
will be exercised.

I n evaluating the lease term, the Company
considers factors such as any significant
leasehold improvements undertaken
over the lease term, costs relating to the
termination of the lease, and the importance
of the underlying asset to Company's
operations taking into account the location
of the underlying asset and the availability of
suitable alternatives. The lease term in future
periods is reassessed to ensure that it reflects
the current economic circumstances.

For leases which are expired and under
discussion for renewal, the Company considers
such leases as short term leases since, the
Company is not certain that option to extend
the lease will be exercised as lessor has right
to terminate the lease. Further, the Company
has exercised its judgement in using a single
discount rate to a portfolio of leases with
reasonably similar characteristics.

(ii) Contingencies

Contingent liabilities may arise from the
ordinary course of business in relation to

claims against the Company, including legal,
contractor, land access and other claims. By
their nature, contingencies will be resolved
only when one or more uncertain future
events occur or fail to occur. The assessment
of the existence, and potential quantum,
of contingencies inherently involves the
exercise of significant judgments and the
use of estimates regarding the outcome of
future events.

(iii) Recognition of deferred tax

The extent to which deferred tax asset to be
recognised is based on the assessment of
the probability of the future taxable income
against which the deferred tax asset can
be utilised.

(b) Estimates and assumptions

The key assumptions concerning the future and
other key sources of estimation uncertainty
at the reporting date, that have a significant
risk of causing a material adjustment to the
carrying amounts of assets and liabilities within
the next financial year, are described below. The
Company based its assumptions and estimates
on parameters available when the standalone
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.

(i) Useful lives of property, plant & equipment
and intangible assets

The Company reviews its estimate of the
useful lives of property, plant & equipment
and intangible assets at each reporting date,
based on the expected utility of the assets.

(ii) Defined benefit obligation

The cost of the defined benefit plan and other
post-employment benefits and the present
value of such obligation are determined using
actuarial valuations. An actuarial valuation
involves making various assumptions that
may differ from actual developments in the
future. These include the determination of the
discount rate, future trends salary increases,
mortality rates and future pension increases.
In view of the complexities involved in the
valuation and its long-term nature, a defined

benefit obligation is highly sensitive to changes
in these assumptions. All assumptions are
reviewed at each reporting date.

(iii) Impairment of assets

In assessing impairment, the Company
estimates the recoverable amount of each
asset or cash-generating units based on
expected future cash flows and uses an
interest rate to discount them. Estimation
uncertainty relates to assumptions about
future operating results and the determination
of a suitable discount rate.

(iv) Fair value measurement of financial
instruments

When the fair values of financial assets and
financial liabilities recorded in the balance
sheet cannot be measured based on quoted
prices in active markets, their fair value
is measured using valuation techniques
including the DCF model. The inputs to these
models are taken from observable markets
where possible, but where this is not feasible, a
degree of judgement is required in establishing
fair values. Judgements include considerations
of inputs such as liquidity risk, credit risk and
volatility. Changes in assumptions about these
factors could affect the reported fair value of
financial instruments.

(v) Assessment of potential markdown
inventory

The Company at each reporting date makes
an assessment of potential markdown due
to aged inventory. In doing so, it estimates
the net realisable value of aged inventory
based on historic trend of sale of such/ similar
aged inventory. Further, it also estimates the
provision for shrinkage based on past trends
which it believes is more than or near to actual
shrink to be booked as and when stores are
counted annually.

(vi) Incremental borrowing rate for leases

The Company cannot readily determine the
interest rate implicit in the lease, therefore, it
uses its incremental borrowing rate (ibr) to
measure lease liabilities. The IBR is the rate
of interest that the Company would have to
pay to borrow over a similar term, and with a
similar security, the funds necessary to obtain
an asset of a similar value to the right-of-use

asset in a similar economic environment.
The IBR therefore reflects what the Company
'would have to pay', which requires estimation
when no observable rates are available or
when they need to be adjusted to reflect
the terms and conditions of the lease. The
Company estimates the IBR using observable
inputs (such as market interest rates) when
available and is required to make certain
entity-specific estimates.

(vii) Assessment of Impairment of investments
in subsidiaries

The Company reviews its carrying value
of investments in subsidiaries annually or
more frequently when there is indication for
impairment. If the recoverable amount is less
than its carrying amount, the impairment
loss is accounted for. Determining whether
the investment in subsidiaries is impaired
requires an estimate in the value in use
of investments. The Management carries
out impairment assessment for each
investment by comparing the carrying value
of each investment with the net worth of
each company based on audited financials,
comparable market price and comparing the
performance of the investee companies with
projections used for valuations, in particular
those relating to the cash flows, sales growth
rate, pre-tax discount rate and growth rates
used and approved business plans.

.24. Recent Pronouncements

Ministry of Corporate Affairs ("MCA") notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time.
During the year ended March 31, 2025, MCA has
notified Ind AS 117 - Insurance Contracts and
amendments to Ind As 116 - Leases, relating to sale
and lease back transactions, applicable from April
1, 2024. The Company has assessed that there is
no significant impact on its financial statements.
On May 9, 2025, MCA notifies the amendments to
Ind AS 21 - Effects of Changes in Foreign Exchange
Rates. These amendments aim to provide clearer
guidance on assessing currency exchangeability
and estimating exchange rates when currencies
are not readily exchangeable. The amendments are
effective for annual periods beginning on or after
April 1, 2025. The Company is currently assessing
the probable impact of these amendments on its
financial statements.

*Equity Shares of S 5 each (S 10 each until September 7, 2023) fully paid

b) Terms / rights attached to equity shares:

The Company has only one class of equity shares having a par value of S 5 per share (s 10 per share until
September 7, 2023). Each holder of equity shares is entitled to one vote per share. In the event of liquidation of
the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.

c) The Company does not have any Holding Company / Ultimate Holding Company.

d) Details of shareholders holding more than 5% shares in the Comnany_:

f) Note on sub-division of equity shares

Pursuant to the resolution passed by the Board of Directors of the Company and approval of the members at
the Annual General Meeting of the Company held on August 25, 2023, each equity share of nominal face value
of g 10 each was sub-divided to 2 (two) equity shares of g 5 each. The effective date for the said sub-division
was September 8, 2023. The impact of share split has been accordingly considered for the computation of
Earnings Per Share as per the requirements of Ind AS 33.

g) Note on bonus issue of equity shares

The Company has issued and allotted 2,61,31,392 bonus shares on July 2, 2021 to the equity shareholders in
the ratio of 6 (six) fully paid-up equity shares of face value of g 10 each for every existing 1 (one) fully paid
up equity share of the face value g 10 each, held by the members as at July 2, 2021, the Record Date, by
capitalisation of a sum of g 26,13,13,920 from and out of Securities Premium account of the company.

h) No ordinary shares have been reserved for issue under options and contracts/commitments for sale of shares/
disinvestment as at the reporting date.

i) No Calls are unpaid by any Director or Officer of the company during the year ended March 31, 2025 and year
ended March 31, 2024.

First pari-passu charge by way of equitable mortgage over the following immovable properties, all standing
in the name of the Company:-

(a) A commercial property with a covered area of 1,968 sq. ft. and super built-up area of 2,361.6 sq. ft., and a
covered area of 2,235 sq. ft. and super built-up area of 2,682 sq. ft., located on the 1^st Floor of the building
"Lalanalaya Apartment", Holding No. 239/192 295/209, Ward No. 20, Hoogly Chinsurah Municipality, RS Dag
Nos. 3448 & 3449, RS Khatian No. 181, JL No. 20, PS - Chinsurah, District - Hooghly.

(b) A residential flat at Snehalata Abasan, 4^th Floor, Flat Nos. 2 & 3, Holding No. 137, Pilkhana Road, P.O. & P.S. -
Berhampore, District - Murshidabad, West Bengal, admeasuring 1,243 sq. ft.

(c) Commercial land and building located at Mouza - Gobinda Sarak, Parganas - Ukkhra, JL No. 94, comprising
RS Khatian No. 354, LR Khatian Nos. 5591 to 5596, RS Dag No. 532, LR Dag No. 620, Ward No. 20, Holding Nos.
37, 38, now 65, under Krishnanagar Municipality, PS - Krishnanagar, District - Nadia, with a super built-up
area of 11,400 sq. ft.

(d) Commercial complex named "Venus Plaza", comprising Ground Floor, 1^st Floor, and 2^nd Floor, situated at
Holding No. AN21BOLO18211, Bolpur-Sriniketan Road, Bolpur, PS - Bolpur, PO - Bolpur, District - Birbhum, West
Bengal - 731204.

(e) Commercial premises in the building "Euphoria", comprising Ground Floor (North-West Side) and 1^st Floor
(East-West Side), located at Holding No. 643/449, Benimadhab Road (Dangalpara), Suri, PS - Suri, PO - Suri,
District - Birbhum, West Bengal.

(f) Commercial apartments being Flat Nos. 3, 4, and A5, located at Premises No. 68, Ward No. 011, Sri Aurobindo
Road, District - Howrah, PS - Golabari, under Howrah Municipal Corporation, Pin - 711106.

The charges registered against the following properties have been discharged due to substitution of properties
during the period: -

a) Commercial cum residential land & building located Mouza - Baruipur. J.L. No.31, Touzi No. 250, Re Sa 72, R.S.
Khatian No. 2554, Dag No, 138, Holding No. 70, under Baruipur Municipality under Ward No. 17. P.S. Baruipur.
Entire Ground Floor measuring super built up area of 1971 Sq. Ft., entire First Floor measuring super built
up area of 2646 Sq. Ft. and entire Second Floor measuring super built up area of 2646 Sq. Ft, little more
or less together with demarcated strip of land on the Ground Floor measuring super built up area of 152
Sq. Ft. use as Baggage Counter and another demarcated strip of land on the Ground Floor measuring
super built up area of 59 Sq. Ft. used as Diesel Generator Space, owned partially by the company and
partially by Mr. Shreyans Surana.

b) Commercial property consisting of G 3 storied commercial building names as Style Baazar of RS Dag no.
1650, 1635, 1849, RS Khatian No. 719,721, Mouza: Bizpur & of the premises no. 4, Kabiguru Rabindra Path (South),
Station Road, PO: Kanchrapara in the name of Gouri Shankar Shaw, Shakuntala Devi & Bhagwan Prasad.

c) Commercial land and two storied building situated at Holding No.11213, Netaii Subhash Path, under P.S.:
Bizpur, Pin- 743145, PO: Kanchrapara, Ward No. 6, Dist.: 24 Parganas (North) admeasuring 3189 sq. ft, in the
name of Sakuntala Devi and Bhagwan Prasad.

The charges registered against the following properties exclusively on term loan were satisfied during
the period:

Rabindra Venue Bus Stop, District: Malda, P.S:- English Bazar, Municipality: English Bazar, Ward No: 6, Holding
No: 26127, Road: Rabindra Avenue, Pin Code: 732101.

Refer note 42 for details of carrying amount of assets pledged as security.

(i) Credit risk

If the scheme is insured and fully funded on PUC basis there is a credit risk to the extent the insurer(s)is/ are
unable to discharge their obligations including failure to discharge in timely manner.

(ii) Pay-as-you-go risk

For unfunded schemes, if any, financial planning could be difficult as the benefits payable will directly affect
the revenue and this could be widely fluctuating from year to year. Moreover there may be an opportunity
cost of better investment returns affecting adversely the cost of the scheme.

(iii) Discount rate risk

The Company is exposed to the risk of fall in discount rate. A fall in discount rate will eventually increase in
the ultimate cost of providing the above benefit thereby increasing the value of the liability.

(iv) Liquidity risk

This risk arises from the short term asset and liability cash-flow mismatch thereby causing the company being
unable to pay the benefits as they fall due in the short term. Such a situation could be the result of holding
large illiquid assets disregarding the results of cash-flow projections and cash outgo inflow mismatch. (Or it
could be due to insufficient assets/cash.)

(v) Future salary increase risk

The Scheme cost is very sensitive to the assumed future salary escalation rates for all final salary defined
benefit Schemes. If actual future salary escalations are higher than that assumed in the valuation actual
Scheme cost and hence the value of the liability will be higher than that estimated.

(vi) Demographic risk

I n the valuation of the liability certain demographic (mortality and attrition rates) assumptions are made.
The Company is exposed to this risk to the extent of actual experience eventually being worse compared to
the assumptions thereby causing an increase in the scheme cost.

(vii) Regulatory risk

Gratuity Benefit must comply with the requirements of the Payment of Gratuity Act, 1972 (as amended up-to-
date). There is a risk of change in the regulations requiring higher gratuity payments (e.g. raising the present
ceiling of g 20,00,000, raising accrual rate from 15/26 etc.)

Reconciliation of the net defined benefit (asset)/ liability

The following table shows a reconciliation from the opening balances to the closing balances for the net defined
benefit (asset)/ liability and its components:

45 Fair value of financial assets and financial liabilities:

45.1 The management has assessed that the fair values of cash and cash equivalents, trade receivables, trade
payables, short term borrowings, and other current financial liabilities approximates their carrying amounts
largely due to the short-term maturities of these instruments. The management has assessed that the fair
value of floating rate instruments approximates their carrying value.

45.2 The fair values of non-current borrowings are based on the discounted cash flows using a current borrowing
rate. They are classified as Level 3 fair values in the fair value hierarchy due to the inclusion of unobservable
inputs including own credit risks, which was assessed as on the reporting date to be insignificant.

46 hair value nierarcny

The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities
(Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements). Fair value of the
financial instruments is classified in various fair value hierarchies based on the following three levels:

• Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.

• Level 2: Inputs other than quoted price including within level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).

The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If significant inputs required to fair value an instrument are observable, the instrument is included
in Level 2. and

• Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable
inputs).

If one or more of the significant inputs is not based on observable market data, the fair value is determined
using generally accepted pricing models based on a discounted cash flow analysis, with the most significant
input being the discount rate that reflects the credit risk of counterparty. This is the case with listed instruments
where market is not liquid and for unlisted instruments.

46.1 The following are the judgements and estimates made in determining the fair values of the financial
instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and
for which fair value are disclosed in the financial statements. To provide an indication about the reliability of
the inputs used in determining fair value, the Company has classified its financial instruments into the three
levels of fair value measurement as prescribed under the Ind AS 113 "Fair Value Measurement".

46.2 There are no transfers between levels during the year.

b) Liquidity risk

It is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing
liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when
due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Company's reputation. Typically the Company ensures that it has sufficient cash on demand to meet
expected short term operational expenses. The Company's objective is to maintain a balance between
continuity of funding and flexibility through the use of bank loans/internal accruals. The table below provides
details regarding the remaining contractual maturities of significant financial liabilities at the reporting date.

Risk Concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities
in the same geographical region, or have economic features that would cause their ability to meet contractual
obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate
the relative sensitivity of the Company's performance to developments affecting a particular industry.

c) Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market prices.

Market risk comprises two type of risks:

i) Interest Rate Risk

ii) Product price Risk

c. i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in market interest rates. The Company's exposure to the risk of changes in market
interest rates relates primarily to the Company's long-term debt obligations with floating interest rates.
The Company is exposed to risk due to interest rate fluctuation on long term borrowings. Such borrowings
are based on fixed as well as floating interest rate. Interest rate risk is determined by current market
interest rates, projected debt servicing capability and view on future interest rate. Such interest rate
risk is actively evaluated and is managed through portfolio diversification and exercise of prepayment/
refinancing options where considered necessary.

c. ii) Product price risk

In a potentially inflationary economy, the Company expects periodical price increases across its retail
product lines. Product price increases which are not in line with the levels of customers' discretionary
spends, may affect the business/retail sales volumes. In such a scenario, the risk is managed by offering
judicious product discounts to retail customers to sustain volumes. The Company negotiates with its
vendors for purchase price rebates such that the rebates substantially absorb the product discounts
offered to the retail customers. This helps the Company protect itself from significant product margin
losses. This mechanism also works in case of a downturn in the retail sector, although overall volumes
would get affected.

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.

(ii) The Company did not have any transactions struck-off companies.

(iii) The Company did not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the Financial year.

(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the company (Ultimate Beneficiaries), or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or
on behalf of the funding party (Ultimate Beneficiaries), or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vii) The Company has not been declared as Wilful defaulter by any Banks, Financial institution or Other lenders.

(viii) Title deeds for immovable properties are held in the name of the Company.

(ix) The Company did not have any transaction which was not recorded in the books of account that was
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
such as search or survey or any other relevant provisions of the Income Tax Act, 1961.

(x) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) or intangible
assets or both during the current or previous year.

(xi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of layers) Rules 2017.

(xii) The Company has not entered into any scheme of arrangement which has an accounting impact on current
or previous financial year.

During the year ended March 31, 2025, the Company has undertaken Pre-IPO placement of 9,56,072 equity
shares for cash consideration aggregating to g 3,700.00 lakhs (including securities premium of g 3,652.19 lakhs).
Additionally, the Company has completed an Initial Public Offering ('IPO') of 21,458,707 equity shares with a face
value of g 5 each at an issue price of g 389 per share (includes 19,570 equity shares issued to eligible employees
with a face value of g 5 each at an issue price of g 354 per share), comprising fresh issue of 38,06,387 equity shares
for cash consideration aggregating to g 14,800.00 lakhs (including securities premium of g 14,609.68 lakhs) and
offer for sale of 17,652,320 equity shares. The Company's equity shares were listed on the National Stock Exchange
of India Limited (NSE) and BSE Limited (BSE) on September 6, 2024.

The Company had received an amount of g 17,498.63 lakhs (net of estimated Pre-IPO and IPO expenses of g 1,001.37
lakhs including taxes) from proceeds out of fresh issue of equity shares through Pre-IPO placement and IPO.

The Utilisation of the Pre-IPO & IPO Proceeds is summarised below:
52 Audit Trail

The Company uses accounting softwares for maintaining its books of account including interfaces across
accounting softwares for inventory records and supply chain management, etc., for the financial year ended March
31, 2025 which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the accounting softwares. However, the audit trail feature is not
enabled at the database level for the accounting software, softwares for property, plant equipment and payroll
records, and other interfaces across accounting softwares for inventory records and supply chain management.
There is no instance of audit trail feature being tampered with was noted in respect of the above accounting
softwares. Additionally, the audit trail of prior year has been preserved by the Company as per the statutory
requirements for record retention to the extent it was enabled and recorded in the prior year.

Previous Year's figures have been reclassified/ regrouped to conform with the presentation requirements under
IND AS and the requirements laid down in Division-II of the Schedule-III of the Companies Act, 2013.

As per our report of even date attached For and on behalf of the Board of Directors

For Singhi and Co. Pradeep Kumar Agarwal Shreyans Surana

Chartered Accountants Chairman Managing Director

FRN: 302049E DIN: 02195697 DIN: 02559280

Shrenik Mehta Nitin Singhania Abinash Singh

Partner Chief Financial Officer Company Secretary

M. No: 063769 M.No.: A35070

Place: Kolkata
Date: May 14, 2025