J) Provision

Provisions are recognised in the balance sheet when the Company has a present obligation (legal or constructive) as
a result of a past event, which is expected to result in an outflow of resources embodying economic benefits which
can be reliably estimated. Each provision is based on the best estimate of the expenditure required to settle the
present obligation at the balance sheet date. Where the time value of money is material, provisions are measured on
a discounted basis.

Constructive obligation is an obligation that derives from an entity's actions where:

(a) by an established pattern of past practice, published policies or a sufficiently specific current statement, the
entity has indicated to other parties that it will accept certain responsibilities and;

(b) as a result, the entity has created a valid expectation on the part of those other parties that it will discharge
those responsibilities.

K) Onerous contracts

A provision for onerous contracts is recognised when the expected benefits to be derived by the Company from a
contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured
at the present value of the lower of the expected cost of terminating the contract and the expected net cost of
continuing with the contract. Before a provision is established, the Company recognises any impairment loss on the
assets associated with that contract.

L) Income taxes

Tax expense for the year comprises current and deferred tax. The tax currently payable is based on taxable profit for
the year. Taxable profit differs from net profit as reported in the statement of profit and loss because it excludes items
of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable
or deductible. The Company's liability for current tax is calculated using tax rates and tax laws that have been enacted
or substantively enacted by the end of the reporting period.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying values of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable
temporary differences. In contrast, deferred tax assets are only recognised to the extent that it is probable that future
taxable profits will be available against which the temporary differences can be utilised.

The carrying value 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the
asset is realised based on the tax rates and tax laws that have been enacted or substantially 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 cover or settle the
carrying value of its assets and liabilities.

Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and
there are legally enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.

Current and deferred tax are recognised as an expense or income in the statement of profit and loss, except when they
relate to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is
also recognised in other comprehensive income or directly in equity.

Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which is
likely to give future economic benefits in the form of availability of set off against future income tax liability. MAT is
recognised as deferred tax assets in the Balance Sheet when the asset can be measured reliably and it is probable that
the future economic benefit associated with the asset will be realised.

M) Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair
value of the consideration received or receivable net of discounts, taking into account contractually defined terms and
excluding taxes or duties collected on behalf of the government.

Sale of Goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred
to the buyer. No revenue is recognised if there are significant uncertainties regarding recovery of the amount due,
associated costs or the possible return of goods.

Interest Income

Interest income is accrued on a time proportion basis, by reference to the principal outstanding and the effective
interest rate applicable.

N) Borrowing Costs

Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are
assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the
cost of those assets, until such time as the assets are substantially ready for the intended use or sale.

O) Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand,
deposits held at call with financial institutions, other short-term highly liquid investments with original maturities of
three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the
balance sheet.

P) Trade Receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective
interest method, less provision for impairment, if any.

Q) Segment Reporting

Identification of Segments

The Company has identified Tea products as its sole operating segment and the same has been treated as primary
segment. The Company's secondary geographical segments have been identified based on the location of customers
and then demarcated into Indian and overseas revenue earnings.

R) Earnings Per Share

Basic earnings per share is 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. 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 are adjusted for the effects of all dilutive potential equity shares.

S) 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 recognized because it is not probable that an outflow of resources will be required to settle the
obligation. The company does not recognize a contingent liability but discloses its existence in the financial statements.

(b) Terms/rights attached to equity shares

(i) The Company has only one class of equity shares having per value of ^5/- per share. Each holder of equity shares
entitled to one vote per share. The Company declare and pays dividend in Indian Rupees. The Dividend ifany
proposed by Board of Directors is subject to the approval of the share holders in the ensuing Annual General
Meeting.

(ii) In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining
assets of the Company. The distribution will be in proportion to the number of equity shares held by the
shareholders.

(c) For the period of five years immediately preceding the date at which the Balance Sheet is prepared, the Company has
not allotted any shares other than for cash, ii) not allotted any shares by way of Bonus, iii) not bought back any shares.

# Term loans from banks includes loan from Punjab National Bank of India repayable upto 2034-35 amounting to ^1067.11
Lakhs (PY ^1032.32 Lakhs), bearing interest @ RLLR (8.50%). The said term loan is secured by first charge on the current
assets of the company and also secured by Pari Pasu first charge on all immovable assets of the company both present and
future excluding specific items of assets charged in favour of lenders or suppliers providing finance for the acquisitions
thereof and also personal guarantee of one director of the company.

## Vehicle loan includes loan from Punjab National Bank against vehicles repayable in equated periodic instalments as per
the scheme of loan. The loan are secured by hypothecation of respective vehicles.

(' in Lakhs)

27.1 Corporate social responsibility (CSR) expenditure

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least
2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR)
activities. The areas for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture,
healthcare, destitute care and rehabilitation, environment sustainability, disaster relief, and rural development projects.
The funds were primarily utilized through the year on these activities which are specified in Schedule VII of the Companies
Act, 2013:

b) Defined Benefit Plan - Gratuity

The Gratuity scheme is a final salary defined benefit plan, that provides for lump sum payment at the time of separation;
based on scheme rules the benefits are calculated on the basis of last drawn salary and the period of service at the
time of separation and paid as lump sum. There is a vesting period of 5 years.

Associated Risks :

Where there is a benefit being promised and benefit being provided, there will always be some uncertainty for the
benefit provider and the benefit recipient.
i. Risk to the Beneficiaries (i.e. for Employees)

Insufficient funds: The greatest risk to the beneficiary is that there are insufficient funds available to provide the
promised benefits. This may be due to:

-The insufficient funds set aside, i.e. underfunding
-The insolvency of Employer

-The holding of investments which are not matched to the liabilities; or
-A combination of these events

ii. Risk to the Benefit provider (i.e. for employer)

Parameter Risk: Actuarial valuation is done on basis of some assumptions like salary inflation, discount rate and
withdrawal assumptions. In case the actual experience varies from the assumptions, fund may be insufficient to
pay off the liability.

Risk of Illiquid Assets: Another risk is that the funds, although sufficient, are not available when they are required
to finance the benefits. This may be due to assets being locked for longer period or in illiquid assets.

Risk of Benefit Change: There may be a risk that a benefit promised is changed or is changeable within the terms
of the contract.

Assets Liability Mismatching Risk: ALM risk arises due to mismatch between assets and liabilities either due to
liquidity or changes in interest rates or due to different duration. (' in Lakhs)

Party_Relationship_

I. Holding Company

A. Diana Capital Limited

II. Key Managerial Personnel

A. Mr. Sandeep Singhania Managing Director

B. Mrs. Sarita Singhania Whole Time Director

C. Mr. Devang Singhania Whole Time Director (From 11.11.2024)

D. Ms. Kriti Jain Company Secretary (ceased as CS from 01.07.2023)

E. Mr. Ravi Narayan Company Secretary (from 28.09.2023 to 06.10.2023)

F. Mrs. Namrata Saraf Company Secretary (from 02.01.2024)

III. Related Party

A. Singhania Builders Limited Enterprise owned and influenced by key managerial personnel or their

relatives

B. Singhania Commercial Enterprise owned and influenced by key managerial personnel or their

Corporation relatives

C. Mr. Devang Singhania Relative of KMP (upto 10.11.2024)

D. Ms. Shachi Singhania Relative of KMP

E. Ms. Satakshi Singhania Relative of KMP

F. Mrs. Varda Singhania Kumar Relative of KMP

37. Details of Loans and Guarantees given covered under section 186(4) of the Companies Act, 2013:

The Company has made investments in the shares of different companies and given loans to different parties which
are general in nature. The loans given are interest bearing which are not lower than the prevailing yield of related
government security close to the tenure of the respective loans. Further, the company has not given any guarantee or
provided any security.

38. The company has provided deferred tax liabilities and tax effect of the changes in OCI in the Current Year for ^ 26.36
Lakhs and ^ 0.14 Lakhs respectively (PY deferred tax asset and tax effect of the changes in OCI in the Current Year for
^ 30.96 Lakhs and ^ 11.53 Lakhs respectively). The net deferred tax asset including MAT as at 31.03.2025 is amounting
to Rs. 39.73 Lakhs. The management is of the view that future taxable income will be available to realise/ adjust such
deferred tax assets.

43 Financial risk management objectives and policies

~ The Company's principal financial liabilities, comprise loans and borrowings, trade and other payables, security
deposits, employee liabilities, unpaid and finance lease obligation. The main purpose of these financial liabilities is
to finance the Company's operations and to provide guarantees to support its operations. The Company's principal
financial assets include trade and other receivables, and cash and short-term deposits that derive directly from its
operations.

~ The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees
the management of these risks. The Company's senior management is supported by a Risk Management Compliance
Board that advises on financial risks and the appropriate financial risk governance framework for the Company. The
financial risk committee provides assurance to the Company's senior management that the Company's financial risk
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Company's policies and risk objectives. It is the Company's policy that no trading
in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for
managing each of these risks, which are summarised below.

a) Market risk

~ Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and
borrowings and deposits.

~ The sensitivity analyses in the following sections relate to the position as at 31 March 2025 and 31 March 2024.

~ The sensitivity analyses have been prepared on the basis that the amount of debts.

~ The following assumptions have been made in calculating the sensitivity analysis:

~ The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This
is based on the financial assets and financial liabilities held at 31st March 2025 and 31st March 2024.

in Lakhs)

b) 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 subject to variable interest rates on some of its interest bearing liabilities. The Company's interest
rate exposure is mainly related to debt obligations. The Company also uses a mix of interest rate sensitive financial
instruments to manage the liquidity and fund requirements for its day to day operations like short term loans.

~ The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This
calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk
exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt
outstanding during the period.

~ The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion
of loans and borrowings affected. With all other variables held constant, the Company's profit before tax is affected
through the impact on floating rate borrowings, as follows:

c) Credit risk

~ Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade
receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange
transactions and other financial instruments.

~ Customer credit risk is managed by each divisions subject to the Company's established policy, procedures and
control relating to customer credit risk management. Outstanding customer receivables are regularly monitored and
any shipments to major customers are generally covered by letters of credit or other forms of credit insurance.

~ The risk relating to trade receivables is shown under note no 10.

d) Liquidity risk

~ Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

~ The Company has obtained fund and non-fund based working capital lines from various banks. The Company's
objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts,
bank loans, buyer's credit and other means of borrowings. The company invests its surplus funds in liquid schemes of
mutual funds, which carry no/low mark to market risk.

~ The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The
Company has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled
over with existing lenders.

e) Agricultural Risk

~ Cultivation of tea being an agricultural activity, there are certain specific financial risks. These financial risks arise
mainly due to adverse weather conditions, logistic problems inherent to remote areas, and fluctuation of selling price
of finished goods (tea) due to increase in supply/availability.

The Company manages the above financial risks in the following manner :

~ Sufficient inventory levels of agro chemicals, fertilisers and other inputs are maintained so that timely corrective
action can be taken in case of adverse weather conditions.

~ Slightly higher level of consumable stores viz. packing materials, coal and HSD are maintained in order to mitigate
financial risk arising from logistics problems.

~ Sufficient working-capital-facility is obtained from banks in such a way that cultivation, manufacture and sale of tea
is not adversely affected even in times of adverse conditions.

f) Other Risk-Impact of the COVID 19 pandemic

The Company has assessed and considered the impact of the ongoing Covid-19 pandemic on carrying amounts of
Property Plant & Equipment, Investments, Trade receivables, Inventories, other assets and its business operations
including all relevant internal and external information available up to the date of approval of these financial results.
Basis such evaluation, the management does not expect any adverse impact on its future cash flows, its liquidity
position and shall be able to continue as a going concern. However, the eventual outcome of the impact of the
Covid-19 pandemic may be different from those estimated as on the date of approval of these financial results owing
to the nature and duration of the pandemic.

44 Financial Instruments

The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity
instrument are disclosed in note 2 (I) to the financial statements.

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either
observable or unobservable and consists of the following three levels:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can
access at the measurement date;

Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability,
either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset or liability.

The investments included in Level 2 of fair value hierarchy have been valued using quotes available for similar assets
and liabilities in the active market. The investments included in Level 3 of fair value hierarchy have been valued using
the cost approach to arrive at their fair value. The cost of unquoted investments approximate the fair value because
there is a range of possible fair value measurements and the cost represents estimate of fair value within that range.

Notes:

i) There have been no transfers between level 1 and level 2 for the years ended March 31, 2025 and March 31, 2024.

45 The Company does not have any Benami Property. Further there are no proceedings initiated or are pending against
the Company for holding any Benami Property under the prohibition of Benami Property Transaction Act., 1988 and
rules made there under.

46 The Company does not have transactions with any Struck off Company's during the year.

47 The Company has not traded or invested in Crypto Currency or virtual Currency during the financial year.

48 The Company has not advanced or loaned or invested funds to any other person(s) or entity(s) including foreign
entities (intermediaries) with the understanding that the intermediaries shall:

a. Directly or indirectly lend or invest in other persons or entities in any manner what so ever 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.

49 The Company has not received any fund from any person(s) or entity(s), including foreign entities ( funding party) with
understanding ( whether recorded in writing or otherwise) that the Company will:

a. Directly or indirectly lend or invest in other persons or entities identified in any manner what so ever by or on
behalf of the funding party ( ultimate beneficiaries); or

b. Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

50 The Company has not done any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the Tax assessments under the Income Tax Act.,1961

51 The Company has not been declared as a wilful defaulter by any Bank or Financial Institution or Government or any
Government Authority.

52 The Company has not filed any scheme of arrangements in terms of Section 230 to 237 of the Company's Act., 2013
with any competent Authority.

53 Figures for the previous year have been regrouped, rearranged and recast wherever necessary.

In terms of our report of even date For and on behalf of the Board

For B. Nath & Company

Chartered Accountants Sd/- Sd/-

Firm Registration No. 307057E Sandeep Singhania Sarita Singhania

Managing Director Whole Time Director & CFO

Sd/- (DIN : 00343837) (DIN : 00343786)

Gaurav More

Partner Sd/-

Membership No. 306466 Namrata Saraf

Place: Kolkata Company Secretary

Date :May 29, 2025 (Membership No.A40824)