p) Provisions, contingent liabilities and contingent assets

Provisions are measured at the management's best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. If the effect of the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects current market assessments of the time value of money
and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as
interest expense. The expense relating to a provision is presented in the statement of profit and loss net of any
reimbursement.

A provision is recognised when:

• The Company has a present obligation as a result of a 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.

The Company does not recognise contingent liabilities but it is disclosed in the financial statements unless the
possibility of an outflow of resources embodying economic benefits is remote.

Contingent assets are neither recognized nor disclosed. However, when realization of income is virtually certain,
related asset is recognized.

q) Employee benefits

i. Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short
term employee benefits. Benefits such as salaries, wages, performance incentives, etc. are recognised at
actual amounts due in the period in which the employee renders the related service.

ii. Post-employment benefits

1. Defined contribution plans: The Company makes payments made to defined contribution plans such
as provident fund and employees' state insurance. 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 recognised as employee benefit expense when they are due. Prepaid
contributions are recognised as an asset to the extent that a cash refund or a reduction in the future
payments is available.

2. Defined benefit plans: The liability is accounted for on the basis of actuarial valuation as per Ind AS
19 'Employee Benefits'. Liability recognized in the Standalone Balance Sheet in respect of gratuity is
the present value of the defined benefit obligation at the end of each reporting period less the fair value

of plan assets. The defined benefit obligation is calculated annually by an independent actuary using
the projected unit credit method. The present value of defined benefit is determined by discounting
the estimated future cash outflows by reference to market yield at the end of each reporting period on
government bonds that have terms approximate to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense
in the Standalone Statement of Profit and Loss.

Actuarial gain / loss pertaining to gratuity, post separation benefits are accounted for as OCI. All
remaining components of costs are accounted for in Standalone Statement of Profit and Loss.

3. Other long-term employee benefits: Other long-term employee benefits are recognised as an
expense in the Statement of Profit and Loss as and when they accrue. The Company determines the
liability using the Projected Unit Credit Method, with actuarial valuations carried out as at the balance
sheet date. Actuarial gains and losses in respect of such benefits are charged to the Statement of
Profit and Loss.

r) Borrowing costs

General and specific borrowing costs that are directly attributable to the acquisition, construction or production
of a qualifying asset are capitalised during the period of time that is required to complete and prepare the
asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of
time to get ready for their intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.

Other borrowing costs are expensed in the period in which they are incurred. Also, the effective interest rate
(EIR) amortization is included in finance costs.

s) Earnings per share

Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to equity
shareholders by weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit / (loss) for the year attributable to
equity shareholders and the weighted average numbers of shares outstanding during the year are adjusted
for the effects of all dilutive potential equity shares.

t) Segment reporting

The Company's operating businesses are organized and managed separately according to the nature of
services, with each segment representing a strategic business unit that offers different services to different
markets. The Company has three operating/reportable segments, i.e., engineering services, Power
generation projects and others represents trading of goods, and renting of equipments.

The operating segments are managed separately as each involves different regulations, marketing
approaches and other resources. These operating segments are monitored by the Company's chief
operating decision maker and strategic decisions are made on the basis of segment operating results.
All inter-segment transfers are carried out at arm's length prices based on prices charged to unrelated
customers in standalone sales of identical goods or services.

For management purposes, the Company uses the same measurement policies as those used in its financial
statements. In addition, corporate assets which are not directly attributable to the business activities of any
operating segment are not allocated to a segment.

No asymmetrical allocations have been applied between segments.

u) Share based payments

The fair value of options granted under Employee Stock Option Plan is recognised as an employee benefits
expense with a corresponding increase in equity. The total amount to be expensed is determined by reference
to the fair value of the options. The total expense is recognised over the vesting period, which is the period
over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity
revises its estimates of the number of options that are expected to vest based on the non-market vesting and

service conditions. It recognises the impact of the revision to original estimates, if any, in statement of profit
and loss, with a corresponding adjustment to equity.

v) Current/non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.
An asset is treated as current when it is:

• Expected to be realised or intended to be sold or consumed in normal operating cycle;

• Held primarily for the purpose of trading;

• Expected to be realised within twelve months after the reporting period; or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle;

• It is held primarily for the purpose of trading;

• It is due to be settled within twelve months after the reporting period; or

• There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.

All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.

w) Exceptional items

When items of income and expense within profit or loss from ordinary activities are of such size, nature or
incidence that their disclosure is relevant to explain the performance of the enterprise for the period, the
nature and amount of such material items are disclosed separately as exceptional items.

2.4 Recent accounting 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. For 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 leaseback transactions,
applicable to the Company w.e.f. April 1, 2024. The Company has reviewed the new pronouncements and based on its
evaluation has determined that it does not have any significant impact in its financial statements..

Note 3.1: Power plant litigation and Impairment

In respect of the on-going arbitration proceedings with the sugar mills for certain disputes in respect of cogeneration power plants,
the Company had filed petition under section 11 of the Arbitration and Conciliation Act, 1996 in the High Court of Punjab and
Haryana for appointment of an independent Arbitrator, which is still pending in the High Court, though the High Court was of the
prima-facie view that “there appears to be force in the submissions and the issue requires scrutiny”. The company also filed another
set of Section 11 petitions under Arbitration and Conciliation Act, on grounds of independent cause of action for various actions
by Sugar Mills, due to which the company is requesting the High Court of Punjab and Haryana for a composite Arbitration and
nomination of arbitrator for forming an Arbitral Tribunal for resolution of disputes.

Further during the year ended March 31, 2021, the Company had also challenged the mandate of the arbitrator under section 34
of the Arbitration and Conciliation Act, 1996 at District & Sessions Court, Chandigarh and thereafter, the Additional Registrar had
passed the arbitral awards in all the three arbitration proceedings against the Company. The arbitral awards consists of claims in the
nature of various amounts such as guarantee return, repair and maintenance of boiler, electricity purchased for operating plant etc
amounting to INR 7,234.73 lakhs and interest thereon. The Company has challenged aforementioned arbitral awards under section
34 of the Arbitration and Conciliation Act, 1996 which is pending at District & Sessions Court, Chandigarh. Furthermore, sugar
mills have restricted the company personnel to enter the power plant premises and company has filed police complaint against the
same.

Considering the facts explained above, management has decided to fully impair three cogeneration power plants in its books of
accounts set up with respective sugar mills on Build, Own, Operate and Transfer (BOOT) basis. Hence, the management has
recorded an impairment of INR 35,665.04 lakhs in the present value of the power plant as at March 31, 2025.

Out of the aforementioned impairment as at March 31, 2025 INR 26,788.49 lakhs pertain to two power plants, which were yet to be
capitalised and INR 8,876.56 lakhs are for power plant which has already been capitalised. .

Note 3.2: Contractual commitments

The Company does not have any outstanding contractual commitments to purchase any items of property, plant and equipment
(including capital work in progress).

Note 3.3: Property, plant and equipment are pledged as collateral for borrowings from banks and financial institutions (Refer Note
17 and Note 20).

Note 5.1.1 The management has committed to provide continued operational and financial support to its subsidiaries/associates
for meeting their working capital and other financial requirements and based upon approved future projections of the
subsidiaries/associates, believes that no impairment exist in excess of the provision already created and accordingly,
no further adjustment is considered necessary in respect of carrying value of investments.

Note 5.1.2 Investment in subsidiaries and associates, other than in shares, represents employee stock option granted to
employees of subsidiaries and associates.

Note 5.1.3 This amount pertains to employee stock option granted to employees of the subsidiary companies which were earlier
subsidiaries and now have become associates of the company.

Note 5.2 Investments pledged as collateral for borrowings from banks (Refer Note 17 and Note 20)

Note 5.3 The Company does not have any quoted investments.

(iv) Rights, preferences and restrictions attached to equity shares:

The Company has only one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for
one vote per share held. The Company declares and pays dividend in Indian rupees. The dividend proposed by the board of
directors is subject to the approval of the shareholders in the ensuing annual general meeting. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.

(v) No shares have been allotted as fully paid up pursuant to contracts without payment being received in cash or as bonus
shares for the period of 5 years immediately preceding March 31, 2025 and March 31, 2024.

(vi) No equity shares of INR 10.00 each bought back pursuant to Section 68, 69 and 70 of the Companies Act, 2013 for the period
of 5 years immediately preceding March 31, 2025 and March 31,2024.

(vii) Shares reserved for issue under options

Information relating to Employee option plan, including details of options issues, exercised and lapsed during the financial
year and options outstanding at the end of the reporting period, is set out in Note 27.2.

Note 17.1: Restructuring of borrowings under Corporate Debt Restructuring Scheme (CDR Scheme):

The Corporate Debt Restructuring (CDR) proposal to re-structure the debt obligations, including interest, additional funding and
other terms (hereafter referred to as “the CDR Scheme”) of the Company, having January 01, 2013 as the “cut-off date”, was
approved by the CDR Cell vide its Letter of Approval (LOA) dated December 28, 2013 as further modified dated February 03, 2014.
From the “cut-off date” the interest on the restructured debts has been recomputed and provided at the effective interest rates as
per the CDR Scheme.

Details of terms of repayment for the non-current borrowings (including current maturities) and security provided in
respect of secured non-current borrowings:

Note 17.2: Term loans from banks:

1) Term loans from banks amounting to INR 169.48 lakhs (March 31, 2024 INR 169.48 lakhs) having interest rate of 10.15%

- 10.75% per annum during the year are repayable in 28 quarterly installments, first installment was due in March 2016.
The above loan is secured against:

(i) First charge ranking pari passu on present and future fixed assets of the Power projects situated at Fazlika, Nakodar
and Morinda in the state of Punjab.

(ii) Second charge ranking pari passu on present and future current assets of the Power projects situated at Fazlika,
Nakodar and Morinda in the state of Punjab.

(iii) Second charge ranking pari passu on both present and future current assets, as well as fixed assets of Company other
than assets exclusively financed to other lenders.

2) Term loans from banks amounting to INR 71.52 lakhs (March 31, 2024 INR 253.74 lakhs) having interest rate from 10.15%

- 10.75% per annum during the year are repayable in 21 quarterly installments, first installment was due in March 2016.
The above loan is secured against:

(i) First charge ranking pari passu on both present and future current assets as well as fixed assets of the Company other
than assets exclusively charged to other lenders.

(ii) Second charge ranking pari passu on both present and future current assets of the power projects situated at Fazilka,
Nakodar and Morinda in the state of Punjab.

3) Term loans from bank amounting to INR Nil (March 31, 2024 INR 300.00 lakhs) having interest rate of 12% per annum,
pertains to settlement consideration payable to the bank pursuant to One Time Settlement Agreement (OTS) of facilities taken
from bank. For DBS, it is repayable in 3 installments and the first installment was due in March 2023. (Refer Note: 43.1).

The above mentioned loans of DBS Bank is secured against:-

i) Equity shares of A2Z Infraservices Limited (“’’subsidiary company””).

Pursuant to a One Time Settlement (OTS) agreement entered with the bank, the loan has been settled and paid during
financial year 2024-25.

Working capital term loans from bank amounting to INR 354.30 lakhs (March 31, 2024 INR 354.30 lakhs) having an interest rate
of 10.15% - 10.75% per annum as per CDR Scheme are repayable in 29 quarterly installments. First installment was due in March
2015.

The above loan is secured against:

(i) First pari passu charge on both present and future fixed assets as well as current assets of the Company or Borrower
other than assets exclusively charged to other lenders.

(ii) Second pari passu charge on both present and future current assets as well as fixed assets of the Power projects
situated at Fazlika, Nakodar and Morinda in the state of Punjab.

Note 17.3 (b) (i) : Funded interest term loan -1 (EPC):

Funded interest term loans from bank amounting to INR 298.01 lakhs (March 31, 2024 INR 298.01 lakhs) having an interest rate
of 10.15% - 10.75% per annum as per CDR Scheme are repayable in 25 quarterly installments. First installment was due in March
2015.

The above loan is secured against:

(i) First charge by way of mortgage ranking pari passu on both present and future fixed assets as well as current assets of
the Company other than assets exclusively charged to other lenders.

(ii) Second charge ranking pari passu on both present and future current assets as well as fixed assets of the Power
projects situated at Fazlika, Nakodar and Morinda in the state of Punjab.

Note 17.3 (b) (ii) : Funded interest term loan -2 (EPC):

Funded interest term loans from bank amounting to INR Nil (March 31, 2024 INR 311.24 lakhs) having an interest rate
of 10.15% - 10.75% per annum as per CDR Scheme are repayable in single installment, which was due in March 2021.
The above loan is secured against:

(i) First charge pari passu on both present and future current asset as well as fixed assets of the EPC business other than
assets exclusively charged to lenders.

(ii) Second charge pari passu on both current assets and fixed assets of the 3 biomass power plant projects situated at
Fazlika, Nakodar and Morinda in the state of Punjab.

A provision is recognised for expected warranty claims, based on past experience, for expected cost of meeting obligations of
rectification/replacement. The Company accounts for the provision for warranty on the basis of the information available with
the management duly taking into account the current and past technical estimates / trends. These estimates are established
using historical information on the nature and average cost of warranty claims and management estimates regarding possible
future incidence based on corrective actions on product failures. The timing of outflows will vary as and when warranty claim
will arise.

ii) Defined benefit plan and long term employment benefit

A General description:

Gratuity [Defined benefit plan]:

Gratuity liability is defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit
credit method made at the end of each financial year. The gratuity plan is governed by the Payment of Gratuity Act,
1972. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary
(last drawn salary) for each completed year of service. The scheme is funded with an insurance company (Kotak Life
Insurance) in the form of a qualifying insurance policy.

A reconciliation of the Company's defined benefit obligation (DBO) and plan assets, i.e. the gratuity plan, to the
amounts presented in the statement of financial position for each of the reporting periods is presented below:
Assets and liability (Balance sheet position)

a) The working capital loans of INR 712.47 lakhs (March 31, 2024 INR 832.47 lakhs) and Cash credit facilities of INR
4,916.17 lakhs (March 31,2024 INR 14,798.78 lakhs) from banks are secured against whole of the assets (both current
as well as fixed) of the Company, namely stock of raw material, stock in process, semi-finished and finished goods,
stores and spares (consumable stores and spares), bills receivables and book debts and all other movables and fixed
assets (except fixed assets exclusively financed by other lenders) both present and future stored or to be stored at the
Company's godown, premises and division at O-116, First Floor Shopping mall, Arjun Marg, DLF City Phase - I, Gur-
ugram or wherever else the same may be by way of first pari - passu charge amongst the consortium members. The
charge is also additionally secured by first charge over immovable properties i.e.

I) Plot No. G-1030 A having 1500 sq mtr. area situated at Industrial Area, Bhiwadi Phase-III, Bhiwadi, Rajasthan in
the name of Shree Balaji Pottery Private Limited;

II) Plot No. G-1030 having 1500 sq mtr. area situated at Industrial Area, Bhiwadi Phase-III, Bhiwadi, Rajasthan in the
name of Shree Hari Om Utensils Private Limited;

III) Office space on 7th Floor of a B G 7 storied commercial building on east side of LA-VIDA Mall at CK-3,4, 48, 49
Salt Lake City, Sector-II, Kolkata

IV) Mortgage of following properties :

(a) Land measuring 17 Bigha-1 Biswa, situated at village Morinda, Tehsil Chamkur Sahib, District Roop Nagar,
Punjab;

(b) Land measuring about 5.309 Hectare situated at village Palsora, District Indore;

(c) Land with Boundary wall, Khasra No. 70, Vill Sherpur Madho urf Ghania Khera, Near India Brick Kiln, Pargana

& Tehsil Bilari, District Moradabad admeasuring about 1.465 Hectare or 3.62 acre;

The Company makes Provident Fund contributions to defined contribution retirement benefit plans for qualifying employees, as
specified under the law. The contributions are paid to the respective Regional Provident Fund Commissioner under the Pension
Scheme. The Company is generally liable for annual contribution and any shortfall in the trust fund assets based on the government
specified minimum rate of return and recognises such contribution and shortfall, if any, as an expense in the year it is incurred.

Note 27.1 Defined contribution plan

The Company has certain defined contribution plans. The contributions are made to provident fund in India for employees at the
rate of 12% of the basis salary as per regulations. The contributions are made to registered provident fund administered by the gov¬
ernment. The obligation of the company is limited to the amount contributed and it has no further contractual nor any constructive
obligation the expense recognised during the year towards the defined contribution plan is INR 5.64 Lakhs (March 31, 2024 INR
28.93 Lakhs).

Note 27.2 Share-based employee remuneration

(a) A2Z Employees Stock Option Plan, 2014

The members of the Company vide special resolution at the Annual General Meeting held on September 27, 2014 had
approved the A2Z Employees Stock Option Plan, 2014. The ESOP Compensation Committee in its meeting held on July 6,
2015 has granted 4,500,000 number of stock options convertible into equivalent number of equity shares of INR 10.00 each
to the eligible employees / directors of the Company and its subsidiary companies at the exercise price of INR 15.50 each
which is NSE closing market price on July 03, 2015 (i.e. previous trading day of the grant date). The entire granted stock
options shall vest and will be exercisable 30% on the first anniversary, 30% on the second anniversary & 40% on the third
anniversary of the grant date till completion of five years since then.

(b) A2Z Employees Stock Option Plan, 2013 & 2014 (Regrant)

The Nomination and remuneration Committee in its meeting held on August 17, 2017 has regranted 1,760,000 number of
stock options (788,000 against stock option lapses under A2Z Employee Stock Options Plan, 2013 and 972,000 against
stock options lapses under A2Z Employee Stock Options Plan, 2014) convertible into equivalent number of equity shares of
INR 10.00 each to the eligible employees/directors of the Company and its subsidiary companies at the exercise price of INR
36.90 each which is NSE closing market price on August 16, 2017 (i.e. previous trading day of the grant date). The entire
granted stock options shall vest and will be exercisable 30% on the first anniversary, 30% on the second anniversary and
40% on the third anniversary of the grant date till completion of five years since then.

(c) A2Z Employees Stock Option Plan, 2018- Tranche I

The members of the Company vide special resolution at the Annual General Meeting held on September 29, 2018 had
approved the A2Z Employees Stock Option Plan, 2018. The ESOP Compensation Committee in its meeting held on October
24, 2018 has granted 3,800,000 stock options convertible into equivalent number of equity shares of INR 10.00 each to the
eligible employees/directors of the Company and its subsidiary companies at the exercise price of INR 10.00 each . The
entire granted stock options shall vest and will be exercisable 30% on the first anniversary, 30% on the second anniversary
and 40% on the third anniversary of the grant date till completion of five years since then.

(d) A2Z Employees Stock Option Plan, 2018- Tranche II

The members of the Company vide special resolution at the Annual General Meeting held on September 29, 2018 had
approved the A2Z Employees Stock Option Plan, 2018. The ESOP Compensation Committee in its meeting held on April 8,
2019 has granted 1,200,000 stock options convertible into equivalent number of equity shares of INR 10.00 each to the eli¬
gible employees/directors of the Company and its subsidiary companies at the exercise price of INR 10.00 each . The entire
granted stock options shall vest and will be exercisable 50% on the first anniversary and 50% on the second anniversary of
the grant date till completion of five years since then.

(e) A2Z Employees Stock Option Plan, 2013 & 2014 (Regrant II)

The Nomination and remuneration Committee in its meeting held on January 3, 2022 has regranted 1,098,000 number of
stock options (105,000 against stock option lapses under A2Z Employee Stock Options Plan, 2013 and 993,000 against
stock options lapses under A2Z Employee Stock Options Plan, 2014) convertible into equivalent number of equity shares
of INR 10.00 each to the eligible employees/directors of the Company and its subsidiary companies at the exercise price of
INR 10.00 each. The entire granted stock options shall vest and will be exercisable 30% on the first anniversary, 30% on the
second anniversary and 40% on the third anniversary of the grant date till completion of five years since then.

(f) A2Z Employees Stock Option Plan, 2018 (Regrant I)

The Nomination and remuneration Committee in its meeting held on January 3, 2022 has regranted 3,50,000 number of
stock options against stock options lapses under A2Z Employee Stock Options Plan, 2018 convertible into equivalent num¬
ber of equity shares of INR 10.00 each to the eligible employees/directors of the Company and its subsidiary companies at
the exercise price of INR 10.00 each. The entire granted stock options shall vest and will be exercisable 30% on the first
anniversary, 30% on the second anniversary and 40% on the third anniversary of the grant date till completion of five years
since then.

(g) A2Z Employees Stock Option Plan, 2013 & 2014 (Regrant III)

The Nomination and remuneration Committee in its meeting held on February 14, 2023 has regranted 1,735,000 number of
stock options (367,000 against stock option lapses under A2Z Employee Stock Options Plan, 2013 and 1,368,000 against
stock options lapses under A2Z Employee Stock Options Plan, 2014) convertible into equivalent number of equity shares of
INR 10.00 each to the eligible employees/directors of the Company and its subsidiary companies at the exercise price of INR
10.00 each. The entire granted stock options shall vest and will be exercisable 50% on the first anniversary and 50% on the
second anniversary of the grant date till completion of five years since then.

(h) A2Z Employees Stock Option Plan, 2018 (Regrant II)

The Nomination and remuneration Committee in its meeting held on February 14, 2023 has regranted 7,55,000 number of
stock options against stock options lapses under A2Z Employee Stock Options Plan, 2018 convertible into equivalent num¬
ber of equity shares of INR 10.00 each to the eligible employees/directors of the Company and its subsidiary companies at
the exercise price of INR 10.00 each. The entire granted stock options shall vest and will be exercisable 50% on the first
anniversary and 50% on the second anniversary of the grant date till completion of five years since then.

Note 31:

The Company has incurred a net loss after tax of INR 105.35 lakhs for the year ended March 31,2025 (March 31, 2024 INR 871.27
lakhs) and has accumulated losses amounting INR 1,07,569.40 lakhs as at March 31, 2025 (March 31, 2024 INR 1,07,546.89
lakhs). At present, company is facing acute liquidity issues on account of delayed realization of trade receivables from the clients.
Also, certain lenders have filed an application with the Debt Recovery Tribunal for recovery of its dues for which management be¬
lieves that no additional liability shall devolve on the Company in addition to the carrying value of such liability as at March 31,2025.
Further, two parties have also filed applications with the National Company Law Tribunal (NCLT) for recovery of their dues. The
said outstandings are disputed in nature, and Company is pursuing the same before the NCLT hence at present the said matters
are sub-judice. Conditions explained above, indicate existence of uncertainties that may cast significant doubt on the Company's

ability to continue as a going concern due to which the Company may not be able to realise its assets and discharge its liabilities
in the normal course of business in future. However, the management is evaluating various options and has entered into one-time
settlement agreements with various lenders, including interest and other related terms and conditions apart from further negotiating
the terms with the remaining lenders for settlement of its existing debt obligations. Further the management is in discussions with
certain customers for an immediate recovery of the amount due from them and believes that the substantial portion of such trade
receivables shall be realized within the upcoming year. Management believes that the Company will be able to settle its remaining
debts in the due course and in view of the proposed settlement of debt obligations together with the expected increased realisation
from the trade receivables, no adjustments are required in the standalone financial statements and accordingly, these have been
prepared on a going concern basis.

The Company's risk management is carried out by a central treasury department (of the company) under policies approved
by the board of directors. The board of directors provides written principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess liquidity.

A. Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The. Credit risk arises from cash and
cash equivalents, trade receivables, investments carried at amortised cost and deposits with banks and financial institutions.
The Company's maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at the report¬
ing date.

The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the
Company, and incorporates this information into its credit risk controls. Where available at reasonable cost, external credit
ratings and/or reports on customers and other counterparties are obtained and used. The Company's policy is to deal only
with creditworthy counterparties.

The Company's receivables comprises of trade receivables. During the periods presented, the Company does not expect to
receive future cash flows or recoveries from collection of cash flows from written off. The Company has certain trade receiv¬
ables that have not been settled by the contractual due date, as given below:

In respect of trade and other receivables, the Company is not exposed to any significant credit risk exposure to any single
counterparty or any group of counterparties having similar characteristics. Trade receivables consist of a large number of cus¬
tomers in various industries and geographical areas. Based on historical information about customer default rates manage¬
ment consider the credit quality of trade receivables that are not past due or impaired to be good. The Company recognizes
lifetime expected credit losses on specific trade receivables using a simplified approach and uses historical information to
arrive at loss percentage relevant to each category of trade receivables. The Company follows a single loss rate approach and
estimates expected credit loss on trade receivables to be 7%. Further, specific provision is made for any individual debtors
which are considered to be doubtful and non-recoverable in part or in full. The reconciliation of expected credit losses on trade
receivables is given below.

The credit risk for other financial assets is considered negligible, since the counterparties are reputable organisations with
high quality external credit ratings. However, specific provision is made in case a particular receivable is considered to be
non-recoverable.

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. Due to the nature of the business,
the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company's liquidity position and cash and cash equivalents on the basis of
expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition,
the Company's liquidity management policy involves projecting cash flows in major currencies and considering the level
of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory
requirements and maintaining debt financing plans.

Maturities of financial liabilities

The tables below analyse the company's financial liabilities into relevant maturity groupings based on their contractual matur¬
ities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.
Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

C. Market risk
(a) Interest rate risk

(i) Liabilities

The Company's policy is to minimise interest rate cash flow risk exposures on long-term financing. As at March 31,2025, the
Company is exposed to changes in market interest rates through bank borrowings at variable interest rates. The Company's
investments in fixed deposits all pay fixed interest rates.

Interest rate risk exposure

Below is the overall exposure of the Company to interest rate risk:

During the year ended March 31, 2015 the Company had filed appeals with Commissioner of Income Tax (CIT) (Appeals)
challenging these orders against which the said authority had granted partial relief to the Company. The Company has further
filed appeals with Income Tax Appellate Tribunal (ITAT) challenging the orders for these assessment years in respect of the
matters, where the CIT(A) has not accepted the Company's contention. Additionally, the DCIT has also filed appeals with the
ITAT against the matters where the relief has been given to the Company.

Further, during the year ended March 31,2018, the Company had received penalty orders for the Assessment year 2009-10
to 2013-14 from DCIT and for the Assessment year 2008-09 from CIT demanding additional tax liability of INR 1,277.64 lakhs
against which the CIT (Appeals) had not granted relief to the Company.

During the year ended March 31, 2019, the Company has received orders from CIT (Appeals) quashing the penalty orders
aggregating INR 477.71 lakhs out of the aforementioned and upholding the rest. During the year ended March 31, 2023, the
company has received order from ITAT quashing the penalty order and quantum order is still pending at ITAT level.

Based on their assessment, the management believes that the Company has reasonable chances of succeeding before the
ITAT and does not foresee any material liability. Pending the final decision on the matter, no further adjustment has been made
in the standalone financial statements. The auditors have expressed an emphasis of matter on the same.”

(h) The Company has a process whereby periodically long term contracts are assessed for material foreseeable losses. At the
year end, the Company has reviewed and ensured that adequate provision as required under the law/accounting standards
for the material foreseeable losses on such long term contracts has been made in the books of accounts.

Note 42 : DISCLOSURE PURSUANT TO IND AS 116 “LEASES”

The Company's lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a contract
contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of
an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the
use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company
has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the
right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease lia¬
bility for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases)
and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating
expense on a straight-line basis over the term of the lease. Gross rental expenses aggregate to INR 72.12 Lakhs (March 31,2024:
INR 61.87 Lakhs).

Note 45 : OTHER STATUTORY INFORMATION

(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 has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(iii) During the current year, 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.

(iv) During the current year, 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 on behalf of the ultimate beneficiaries.

(v) The Company does not have 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 (such as, search or survey or
any other relevant provisions of the Income Tax Act, 1961.

(vi) 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.

(vii) The Company is not declared wilful defaulter by and bank or financials institution or lender during the year.

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

(ix) The title deeds of all the immovable properties, (other than immovable properties where the Company is the lessee and the
lease agreements are duly executed in favour of the Company) disclosed in the financial statements included in property,
plant and equipment and capital work-in progress are held in the name of the Company as at the balance sheet date.

(x) The Company has not had any transactions with struck off companies under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956.

(xi) Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement
with the books of accounts.

(xii) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was
obtained

Note 46 : CORPORATE SOCIAL RESPONSIBILITY (CSR)

Company is not fulfilling the criteria as specified under Section 135 of the Companies Act, 2013 in the preceding financial year.
Hence, the provisions of Section 135 are not applicable on the Company for the Financial year 2024-2025.

Note 47 :

Figures for the previous year have been regrouped/reclassified to confirm to the figures of the current year.

Note 48 : POST-REPORTING DATE EVENTS

No adjusting or significant non-adjusting events have occurred between the March 31,2025 reporting date and the date of author¬
isation May 28, 2025.

Note 49 : AUTHORISATION OF FINANCIAL STATEMENTS

The financial statements for the year ended March 31, 2025 (including comparatives) were approved by the board of directors on
May 28, 2025.

For MRKS and Associates For and on behalf of the Board of Directors

Chartered Accountants
Firm Registration No.: 023711N

Sd/- Sd/- Sd/-

Saurabh Kuchhal Amit Mittal Dipali Mittal

Partner Managing Director and CEO Non Executive Director

Membership No. 512362 (DIN 00058944) (DIN 00872628)

Sd/- Sd/-

Lalit Kumar Atul Kumar Agarwal

Place : Gurugram Chief Financial Officer Company Secretary

Date : May 28, 2025 M. No.: FCS - 6453