(P) Provisions and Contingent Liabilities

The Company creates a provision when there is a present obligation as a result of a past event
that probably requires an outflow of resources and a reliable estimate can be made of the amount
of the obligation. A disclosure for a contingent liability is made when there is a possible
obligation or a present obligation that may, but probably will not, require an outflow of

resources. Where there is a possible obligation or a present obligation in respect of which the
likelihood of outflow of resources is remote, no provision or disclosure is made.

(Q) Operating Cycle

Based on the nature of products/activities of the Company and the normal time between acquisition
of assets and their realisation in cash or cash equivalents, the Company has determined its operating
cycle as 12 months for the purpose of classification of its assets and liabilities as current and non
current.

(R) Financial Instruments
(I) Financial Assets

(i) Initial recognition and measurement

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets and financial liabilities, which are
not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Purchase
and sale of financial assets are recognised using trade date accounting.

(ii) Subsequent measurement

(a) 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.

(b) 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.

(c) 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.

(iii) Impairment of financial assets

In accordance with Ind AS 109, the Company uses ‘Expected Credit Loss’ (ECL) model, for
evaluating impairment of financial assets other than those measured at fair value through profit and
loss (FVTPL).

Expected credit losses are measured through a loss allowance at an amount equal to:

(a) The 12-months expected credit losses (expected credit losses that result from those default
events on the financial instrument that are possible within 12 months after the reporting date);
or

(b) Full lifetime expected credit losses (expected credit losses that result from all possible default
events over the life of the financial instrument)

For trade receivables Company applies ‘simplified approach’ which requires expected
lifetime losses to be recognised from initial recognition of the receivables. The Company uses
historical default rates to determine impairment loss on the portfolio of trade receivables. At
every reporting date these historical default rates are reviewed and changes in the forward
looking estimates are analyzed.

For other assets, the Company uses 12-month ECL to provide for impairment loss where
there is no significant increase in credit risk. If there is significant increase in credit risk full
lifetime ECL is used.

(II) Financial Liabilities

(i) Initial recognition and measurement

All financial liabilities are recognized at fair value and in case of loans, net of directly
attributable cost. Fees of recurring nature are directly recognised in the Statement of
Profit and Loss as finance cost.

(ii) Subsequent measurement

Financial liabilities are carried at amortized cost using the effective interest method. For
trade and other payables maturing within one year from the balance sheet date, the
carrying amounts approximate fair value due to the short maturity of these instruments.

Note: 28 The previous year figures have been regrouped/reclassified, wherever necessary to conform
to the current presentation as per the schedule III of Companies Act, 2013.

Note-28: Other statutory requirements

• Valuation of PP&E and Intangible Assets: 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.

• Details of Benami Property: No proceedings have been initiated or are pending against the
Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and the rules made thereunder.

• Willful Defaulter: The Company has not been declared willful defaulter by any bank or financial
institution or Government and any Government Authority.

• Relationship with Struck off Companies: The Company does not have any transaction/relationship
with any struck off company.

• Registration of Charges or Satisfaction with Registrar of Companies: The Company does not have
any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

• Compliance with number of layers of companies: The Company has complied with the number of
layers prescribed under the Companies Act, 2013.

• Compliance with approved scheme(s) of arrangements: The Company has not entered into any
scheme of arrangement which has an accounting impact on current or previous financial year.

• Undisclosed Income: There is no income surrendered or disclosed as income during the current or
previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in
the books of account.

• Details of Crypto Currency or Virtual Currency: The Company has not traded or invested in any
crypto currency or virtual currency during the current or previous year.

As per our report of even date
For DBS & Associates
(CHARTERED ACCOUNTANTS)

Firm Reg. No : 018627N

Roxy Teniwal ANJALI GURNANI ANKUR JAYKISHOR SIDDHARTH

CHATURVEDI CHATURVEDI CHATURVEDI

(Partner) Company Secretary CFO Director Director

Membership No. 141538 A56287 DIN-00467706 DIN-01968300

Date: 30.05.2025

Place: Mumbai Place: Vadodara Place: Vadodara Place: Vadodara Place: Vadodara