(p) Provisions

Provisions for legal claims are recognised when the Company has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. Provisions are discounted only if the impact of discounting is considered material.

However, a disclosure for 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. When 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.

Commitments are future liabilities for contractual expenditure, classified and disclosed as estimated amount of contracts remaining
to be extracted on capital account and not provided for.

(q) Employee benefits

(i) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service are recognized in respect of employees'
services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

(ii) Other long-term employee benefit obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service. These are recognized on the basis of the actual obligations
calculated and are presented as current liabilities in the balance sheet if the entity does not have an unconditional right
to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is
expected to occur.

(iii) Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans such as gratuity and

(b) defined contribution plans such as provident & pension fund, superannuation fund and employee deposit linked
insurance scheme.

Gratuity obligations

The Company, on a prudent basis, accrues its gratuity obligations on the basis of actual liability using gross undiscounted
basis. Accordingly, the changes in the gratuity obligations are recognized in profit or loss.

Refer Note 25 of the financial statements.

Defined contribution plans

The Company pays provident, pension, superannuation and employee deposit linked insurance scheme contributions to
publicly administered provident & pension fund, contribution to superannuation fund and employee deposit linked insurance
scheme as per local regulations. The Company has no further payment obligations once the contributions have been paid.
The contributions are accounted for as defined contribution plans and the contributions are recognized as employee benefit
expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a
reduction in the future payments is available.

(r) Earnings/ (Loss) per share

(i) Basic earnings/ (loss) per share

Basic earnings/ (loss) per share is calculated by dividing:

• the profit/(loss) attributable to owners of the Company

• by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements
in equity shares issued during the year.

(ii) Diluted earnings/ (loss) per share

Diluted earnings/ (loss) per share adjusts the figures used in the determination of basic earnings/ (loss) per share to take
into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

• the weighted average number of additional equity shares that would have been outstanding assuming the conversion
of all dilutive potential equity shares.

Note 3: Critical estimates and judgements

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also needs to exercise judgement in applying the Company's accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more
likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed.

Judgements

In the process of applying the Company’s accounting policies, management has made the following judgements, which have the most
significant effect on the amounts recognized in the financial statements:

1. Going concern

Refer Note 33 of the financial statements

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 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.

1. Fair valuation measurement of unquoted 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 judgment is required in
establishing fair values. Judgments 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. Refer note 26 for further disclosures.

2. Events after the Reporting Period

Adjusting events are events that provide further evidence of conditions that existed at the end of the reporting period. The
financial statements are adjusted for such events before authorization for issue. Non-adjusting events are events that are indicative
of conditions that arose after the end of the reporting period. Non-adjusting events after the reporting date are not accounted,
but disclosed if material.

Nature and purpose of other reserves

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.

Equity component - Fair value adjustment on loans

The fair value adjustment on loans from group companies at inception is recorded in Other equity in accordance with provisions
of Ind AS 109.

The loan carries a fixed interest of 6.90% per annum and is repayable after 4 years from the date of withdrawal.

During the current year, repayment date for External Commercial Borrowings taken from Sharp Corporation, Japan,
has been extended to 31 December 2025. (During the previous year, repayment date for External Commercial
Borrowings taken from Sharp Corporation, Japan, was extended to 31 December 2024.)

Note :

(i) The Company had imported refrigerators during the financial year ended 31 March 2009 by paying nil duty on such imports
under the free trade agreement with Thailand. The custom authorities have challenged the classification under which the
refrigerators were imported under concessional rate of duty. The dispute is pending with the CESTAT authorities. The Company
has deposited Rs. 54.04 Lakhs under protest against this demand with the customs authorities which has been fully provided
for. During the year ended 31 March 2019, the company has received an order stating the appeal of the Company has been
dismissed. The outstanding provision amounting to Rs. 20.80 Lakhs as on 31 March 2025 represents interest on the demand
upto the date of payment.

(ii) The company owed amount of Rs. 8.36 Lakhs to one of its vendors from Chennai since 1998. The reason for the long pending
dues was a request received from the vendor for holding back the payment, followed by Court Order for withholding the payment.
The Vendor has been engaged in a dispute with Indian Bank for the last 27 years. There was an Order in 2016 from Debt
Recovery Tribunal (DRT) of Chennai ordering the company pay sum of Rs. 12.34 Lakhs jointly with the vendor & its director
along with Interest @ 6% from 1998. However, the Recovery Officer who was supposed to issue Notice has not acted upon
the DRT Order as yet. The company has recently moved DRT Chennai to revise its Order to limit the liability of the company
only to Rs. 8.36 lakhs. The company has requested DRT Chennai to exempt the payment of interest as the there was no fault
from the side of the company and the company was always ready to pay the dues as evidenced from Balance Confirmation
Letters and representations to Court and DRT. The matter is being pursued closely by the Company. On a conservative basis,
the company has provided for the amount demanded by the company excluding interest. The amount of interest has been
shown as a contingent liability.

Funding Arrangment & Policy

The money contributed by the Company to the fund to finance the liabilities of the plan has to be invested. The trustees
of the plan have outsourced the investment management of the fund to an insurance company. The insurance company
in turn manages these funds as per the mandate provided to them by the trustees and the asset allocation which is within
the permissible limits prescribed in the insurance regulations. Due to the restrictions in the type of investment that can be
held by the fund, it is not possible to explicitly follow an asset-liability matching strategy to manage risk actively. There is no
compulsion on the part of the Company to fully pre fund the liability of the Plan. The Company’s philosophy is to fund the
benefits based on its own liquidity and tax position as well as level of under funding of the plan.

The expected contribution payable to the plan next year is NIL.

The weighted average duration of the defined benefit obligation is 4.46 years

i) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication
about the reliability of inputs used in determining fair value, the Company has classified its financial instruments into three
levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. However, the Company does not
have any financial instruments that are measured using Level 1 inputs.

Level 2: The fair value of derivatives is determined using valuation techniques which maximise the use of observable market
data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument
are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
ii) Fair value of financials assets and liabilities measured at amortised cost

The carrying amounts of all financial assets and liabilities except for borrowings are a reasonable approximation of their
fair values. The fair value of borrowings are based on discounted cash flows using a current borrowing rate. They are
classified as Level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

27 Financial risk management

The Company's activities exposes it to market risk, liquidity risk and credit risk. The operative management of the treasury
activities of the Company is responsible for managing the financial risk position and maintaining adequate liquidity. The
financial risks are reviewed and monitored on a regular basis.

(A) Credit risk

Credit risk mainly arises from cash and cash equivalents, deposits with banks as well as security deposits.

The maximum exposure arising from these financial assets is their carrying value as disclosed in the balance sheet.

(i) Credit risk management

For banks and financial institutions, only high rated banks are accepted and hence, these are subject to low credit risk
with risk of default being negligible. Hence, no provision has been created for expected credit loss for credit risk arising
from these financial assets. Further, the Company has sales on one-off basis, which are made solely to its related parties.
As such, it does not bear any credit risk with respect to receivables, if any.

For security deposits also, generally the Company is subject to low credit risk with risk of default being negligible. However,
considering the nature of balances the Company evaluates the balances and recognises a loss allowance, if any, on a specific
identification

(B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions.
The Company obtains necessary funds mainly through loans from its parent company i.e. Sharp Corporation, Japan and
fellow subsidiaries. The management monitors rolling forecasts of the Company's liquidity position on the basis of expected
cash flows.

(C) Market risk

(i) Foreign currency risk and exposure

The Company operates internationally where transactions are conducted in currencies different from the Indian Rupees
(INR). This exposes the Company to risks arising from exchange rates fluctuations. For this purpose, the Company
has an exchange rate risk management policy which aims to neutralise the possible negative effects of the changes in
exchange rates on Company cash-flows. The Company is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to Japanese Yen and US Dollar. However, due to minimal operations, the gross exposure
is not very significant.

(ii) Interest rate risk exposure:

The Company has availed fixed - rate borrowings and hence is not exposed to any interest rate risk.

28 Capital Management
Risk management

The Company's objectives when managing capital are to:

- safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and

- Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may return capital to shareholders, issue new shares or sell
assets to reduce debt.

Refer Note 33 on Going Concern.

29 Related party transactions

A Name of the related parties and nature of relationship
(i) where control exists :

a. Holding Company

Sharp Corporation, Japan

b. Shareholders of the Holding Company

Hon Hai Precision Industry Co. Ltd.

Foxconn (Far East) Limited
Foxconn Technology Pte Limited
SIO International Holdings Limited

30 Contingencies

(i) The Company has evaluated the impact of the recent Supreme Court Judgment in case of "Vivekananda Vidyamandir
And Others Vs The Regional Provident Fund Commissioner (II) West Bengal" and the related circular (Circular No.
C-I/1(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees’ Provident Fund
Organisation in relation to non-exclusion of certain allowances from the definition of "basic wages" of the relevant
employees for the purposes of determining contribution to provident fund under the Employees’ Provident Funds &
Miscellaneous Provisions Act, 1952. In the assessment of the management, the aforesaid matter is not likely to have
a significant impact and accordingly, no provision has been made in these financial statements.

(ii) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the
Company towards Provident Fund and Gratuity. The draft rules for the Code on Social Security, 2020 have been released
by the Ministry of Labour and Employment on November 13, 2020. The Company is in the process of assessing the
additional impact on Provident Fund contributions and on Gratuity liability contributions and will complete their evaluation
and give appropriate impact in the financial statements in the period in which the rules are notified and become effective.

(iii) The company owed amount of Rs. 8.36 Lakhs to one of its vendors from Chennai since 1998. The reason for the
long pending dues was a request received from the vendor for holding back the payment, followed by Court Order for
withholding the payment. The Vendor has been engaged in a dispute with Indian Bank for the last 27 years. There was
an Order in 2016 from Debt Recovery Tribunal (DRT) of Chennai ordering the company pay sum of Rs. 12.34 Lakhs
jointly with the vendor & its director along with Interest @ 6% from 1998. However, the Recovery Officer who was
supposed to issue Notice has not acted upon the DRT Order as yet. The company has recently moved DRT Chennai

to revise its Order to limit the liability of the company only to Rs. 8.36 lakhs. The company has requested DRT Chennai
to exempt the payment of interest as the there was no fault from the side of the company and the company was always
ready to pay the dues as evidenced from Balance Confirmation Letters and representations to Court and DRT. The
matter is being pursued closely by the Company. On a conservative basis, the company has provided for the amount
demanded by the company excluding interest. The amount of interest has been shown as a contingent liability.

32 Segment reporting

The Company was exclusively engaged in the business of ’consumer electronics’ consisting of all types of Color Televisions,
LED TVs and Air-conditioners which constitute one single segment. The Company is domiciled in India. Revenue from
operations is within India. There is no revenue from operations during the FY 2024-2025 ( FY 2023-2024 - Rs.NIL).

33 Going concern assessment

During the year ended on March 31, 2025, the Company incurred a loss of 1928.71 Lakhs. The accumulated losses of the
Company as at March 31, 2025 are Rs. 16,657.76 Lakhs.There is no production of LED TVs from April, 2015 and of Air
Conditioners since June, 2015 onwards in the absence of any orders. However, the Company continues to receive financial
and operational support from Sharp Corporation, Japan, the majority shareholder and holding company and as at March
31, 2025, the Company has received support letter from Sharp Corporation, Japan for financial and operational support
until March 31,2026. Based on this continued support from the holding company, the management is of the opinion that the
Company will be able to continue as a going concern. Nevertheless, the recognition and measurement of assets has been
considered at cost in case of Freehold Land and that in case of other assets, at lower of their carrying value or net realizable
value. Therefore in the opinion of the management, no further adjustments would be required if going concern assumption is
not considered as appropriate.

34 Additional regulatory information required by Schedule III

(i) Details of benami property held

No proceedings have been initiated on or are pending against the company under the Benami Transactions (Prohibition)
Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Borrowing secured against current assets

The Company has no borrowings from banks and financial institutions.

(iii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

(iv) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(v) Compliance with number of layers of companies

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

(vi) 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.

(vii) Utilisation of borrowed funds and share premium

The Company has not advanced or loaned or invested funds to any other person or entity, 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

The Company has not received any fund from any person or entity, 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 on behalf of the ultimate beneficiaries

(viii) 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.

(ix) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(x) Valuation of PP&E, intangible asset and investment property

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) Registration and Satisfaction of charges with Ministry of Corporate Affairs

There are no charges or satisfaction which are yet to be registered with ROC beyond the statutory period except the charge
in favour of Bank of India amounting to Rs. 3,300 Lakhs and two charges in favour of State Bank of India amounting to
Rs 390 Lakhs. The charge in respect of Bank of India has been subsequently satisfied on April, 30 2025. In respect of
charges pertaining to State Bank of India, the charge satisfaction forms were previously submitted to ROC office during
physical filing regime. However these charges are still appearing on MCA website and the company has submitted
application along with necessary proofs of previous filings and is following up with the ROC for rectification and satisfaction
of these charges.

36. The trading of the Company’s shares was suspended from December 18, 2023 and shareholding of promoters had been
frozen from August 3, 2023. The trading in the shares of the Company has resumed on Bombay Stock Exchange from
February 5, 2025 under XT Category after requisite compliance.

For G.D. Apte & Co. For and on behalf of the Board of Directors of

Firm Registration Number: 100 515W Sharp India Limited

S_ant_osh B. R_ashi_nk_ar Makarand Date Abhijeet Bhagwat Jaideep A Palsule Chandranil Belvalkar

P_artner Managing Director Audit Committee Chairman Chief Financial Officer Company Secretary

_{Membership No 103483} DIN : 08363458 DIN : 01981922 Membership No 17208 Membership No A 24015

UDIN : 25103483BMNAOT5896

^{Place : Pune} Place : Pune Place : Pune Place : Pune Place : Pune

^{Date : May 28, 2025} Date : May 28, 2025 Date : May 28, 2025 Date : May 28, 2025 Date : May 28, 2025