k) Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when the Company has a present obligation (legal or constructive) 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. When the Company expects
some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is
recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a
provision is presented in the Statement of Profit and Loss net of any reimbursements.

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

Contingent liability is disclosed in the case of:

a) A present obligation arising from the past events, when it is not probable that an outflow of resources will
be required to settle the obligation;

b) A present obligation arising from the past events, when no reliable estimate is possible;

c) A possible obligation arising from the past events, unless the probability of outflow of resources is remote.

Contingent assets are neither recognized nor disclosed.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

l) Leases

Company as a lessee

The Company recognises a right-of-use asset and a lease liability at the lease commencement date. The right-
of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any
lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying asset or to restore the site on which it is located, less any lease
incentives received. Certain lease arrangements include the option to extend or terminate the lease before the
end of the lease term.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. Rightof-use assets
are depreciated over the lease term. In addition, the right-of-use asset is periodically reduced by impairment
losses, if any, and adjusted for certain re-measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using incremental borrowing rate. For leases with reasonably similar
characteristics, the Company, on a lease by lease basis, may adopt either the incremental borrowing rate
specific to the lease or the incremental borrowing rate for the portfolio as a whole.

Lease payments included in the measurement of the lease liability comprises of fixed payments, including in¬
substance fixed payments, amounts expected to be payable under a residual value guarantee and the exercise
price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional
renewal period if the Company is reasonably certain to exercise an extension option.

The lease liability is subsequently remeasured at amortised cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is
a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if
Company changes its assessment of whether it will exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of
the rightofuse asset or is recorded in the Statement of Profit andLoss if the carrying amount of the right-of-use
asset has been reduced to zero.

Lease liability and the right of use asset have been separately presented in the balance sheet and lease
payments have been classified as financing activities.

The Company has elected not to recognise right-of-use assets and lease liabilities for short term leases that have

a lease term of less than or equal to 12 months with no purchase option and assets with low value leases. The
Company recognises the lease payments associated with these leases as an expense in Statement of Profit and
Loss over the lease term. The related cash flows are classified as operating activities.

m) Fair Value Measurement

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as under, based on the lowest level input that is significant to the fair
value measurement as a whole:

• Level I - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

• Level II - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable.

• Level III - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.

The Company does not have any financial instruments which are measured at fair value. The market rate used
for this purpose is based on Level III valuation techniques.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as
explained above.

This note summarises accounting policy for fair value. Other fair value related disclosures are given in the
relevant notes (Refer Note 34):

1. Disclosures for valuation methods, significant estimates and assumptions

2. Quantitative disclosures of fair value measurement hierarchy

3. Financial instruments (including those carried at amortised cost)

n) OperatingSegments

The Company's Chairman and Managing Director alongwith Board of Directors allocate resources and assess
the performance of the Company. Thus, they are the Chief Operating Decision Maker (CODM). The CODM
monitor the operating results of the business as one segment, hence no separate segments need to be
disclosed.

o) Dividend

The Company recognises a liability to pay dividend to equity holders when the distribution is authorised, and the
distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is
authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

p) Earnings per share

Basic earnings per share is calculated by dividing the profit or loss attributable to owners of the Company by the
weighted average number of equity shares outstanding during the financial year. The weighted average number
of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity shares that have changed the number of equity shares
outstanding, without a corresponding change in resources.

Diluted earnings per share, adjusts the figures used in the determination of basic earnings 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.

q) Share capital

The paid-up equity capital of the company as on March 31,2025 was INR 750 lakhs. The said shares is listed on
the BSE Limited. There was no change in the paid-up capital of the company, during the year under audit.

Note 4 New and revised Indian Accounting Standards in issue but not yet effective

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.

Terms/Rights attached to Equity Shares

For all matters submitted to vote in a shareholders meeting of the Company, every holder of an equity share
as reflected in the records of the Company on the date of the shareholders meeting shall have one vote in
respect of each share held. Any dividend declared by the company shall be paid to each holder of Equity
shares in proportion to the number of shares held to total equity shares outstanding as on that date. In the
event of liquidation of the Company all preferential amounts if any shall be discharged by the Company. The
remaining assets of the Company shall be distributed to the holders of equity shares in proportion to the
number of shares held to the total equity shares outstanding as on that date.

Nature and purpose of reserves:

A) Capital state subsidy reserve represents reserve created in earlier years on receipt of State Investment Subsidy
from The Directorate of Industries, Madhya Pradesh.

B) Securities premium is used to record the premium on issue of equity shares. The reserve can be utilised in
accordance with the provisions of the Act.

C) General reserve is created out of profits earned by the Company by way of transfer from surplus in the Statement
of Profit and Loss. The Company can use this reserve for payment of dividend and issue of fully paid-up shares.

D) Retained earnings are the profits that the Company has earned till date, less any transfers to General reserve and
payment of dividend. The amount that can be distributed by the Company as dividends to its equity shareholders
is determined as per the provisions of the Act and the dividend distribution policy of the Company.

In respect of the year ended 31 March 2025, the Board of Directors has proposed Rs 9.42 per share as final
dividend (31 March 2024: 8.85). The dividend to be declared is in accordance with Section 123 of the Act to the
extent it applies to declaration of dividend.

The above claims and assertions where a potential loss is possible, but not probable. The Company believes that
none of the contingencies described below would have a material adverse effect on the Company’s financial
condition, results of operations or cash flows. Also, the below amount excludes consequential interest and penalty, if
any.

It is not practical for the Company to estimate the closure of these issue and the consequential timing of cash flows if
any, as it is determinable only on receipt of judgement pending with various forum/authorities. The Company has
reviewed all its pending litigations and proceedings and has adequately provided for wherever required.

31. Commitments

Estimated amount of capital contracts remaining to be executed and not provided for (net of advances) is Rs. 10.95
lacs (31 March 2024: is Nil).

32. The Company's international and specified domestic transactions with associated enterprises are at arm's length, as
per the independent accountant's report for the year ended 31 March 2024. The Management believes that the
Company's international and domestic transactions with associated enterprises post 31 March 2024 continue to be at
arm's length and that transfer pricing legislations will not have any impact on the Ind AS financial statements,
particularly on the amount of tax expenses for the year and the amount of provision for taxation at the year end.

33. Operating Segments

a. Operating segment

The Company has a single operating segment, namely, "Dry batteries". The operating segments are reported in a
manner consistent with the internal reporting provided to the chief operating decision maker. The Chairman and
Managing Director (CMD) of the company has been identified as the chief operating decision maker who assesses the
financial performance and position of the company, and makes strategic decisions.

b. Geographical information

The geographical information analyses the company's revenue and non-current assets by the company's country of
incorporation (i.e. India) and other countries. In presenting the geographical information, segment revenue has been
based on the geographical location of customers and segment assets which have been based on the geographical
location of the assets.

'# The management assessed that the fair value of cash and cash equivalents, bank balance, trade receivables, other
financial assets, trade payables, lease liability and other financial liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments

Types of inputs are as under:

Input Level I (Directly Observable) : which includes quoted prices in active markets for identical assets such as quoted
price for an equity security on Security Exchanges.

Input Level II (Indirectly Observable) : which includes prices in active markets for similar assets such as quoted price for
similar assets in active markets, valuation multiple derived from prices in observed transactions involving similar
businesses, etc.

Input Level III (Unobservable): which includes management's own assumptions for arriving at a fair value such as
projected cash flows used to value a business, etc.

B. Measurement of fair values

i) Valuation techniques and significant unobservable inputs

Since there are no financial instruments measured at Fair Value, this is not relevant.

ii) Transfers between Levels I and II

Since there are no financial instruments measured at Fair Value, this is not relevant.

iii) Level III fair values

There are no items in Level III fair values.

C. Financial risk management

The Company has a well-defined risk management framework. The Board of Directors of the Company has
adopted a Risk Management Policy. The Company has exposure to the following risks arising from financial
instruments:

Ý Credit risk ;

Ý Liquidity risk ; and

Ý Market risk

Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s
risk management framework. The board of directors evaluate and exercise independent control over the entire
process of market risk management. The board also recommends risk management objectives and policies.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company,
to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies
and systems are reviewed regularly to refect changes in market conditions and the Company’s activities. The
Company, through its training and management standards and procedures, aims to maintain a disciplined and
constructive control environment in which all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the company’s risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks
faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit
undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are
reported to the audit committee.

(i) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay
amounts due causing financial loss to the company. The potential activities where credit risks may arise include
from cash and cash equivalents and security deposits or other deposits and principally from credit exposures to
customers relating to outstanding receivables. The maximum credit exposure associated with financial assets is
equal to the carrying amount. Details of the credit risk specific to the company along with relevant mitigation
procedures adopted have been enumerated below:

Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
However, management also considers the factors that may influence the credit risk of its customer base. Majority
of the customers have been associated with the company for a considerable period of time. Company has
established a credit policy under which each new customer is analysed individually for creditworthiness before the
Company’s standard payment and delivery terms and conditions are offered. Sale limits are established for each
customer and reviewed regularly.

An impairment analysis is performed at each reporting date based on the facts and circumstances existing on that
date to identify expected losses on account of time value of money and credit risk. The company reviews the
receivables in light of their historical payment patterns and adjusts the same to estimate the expected loss on
account of credit worthiness of the customer or delay in payments leading to loss of time value of money.

As at the end of the reporting periods, the maximum exposure to credit risk for trade and other receivables by
geographic region was as follows:

Other financial assets

Other financial assets includes loan to employees, security deposits, cash and cash equivalents, other bank
balance, etc. Cash and cash equivalents and Bank deposits are placed with banks having good reputation and
past track record with adequate credit rating.

(ii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are proposed to be settled by delivering cash or other financial asset. The Company’s
financial planning has ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever
due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Company’s reputation.

Management monitors the Company’s liquidity position and cash and cash equivalents on the basis of expected
cash flows. The Company’s liquidity management policy involves periodic reviews of cash flow projections and
considering the level of liquid assets necessary, monitoring balance sheet, liquidity ratios against internal and
external regulatory requirements.

37. Employee benefits

In accordance with the stipulations of the Indian Accounting Standard 19 “Employee Benefits”, the disclosures of
employee benefits as defined in the Indian Accounting Standard are given below:

Defined contribution plans

The Company makes contributions towards provident fund to defined contribution retirement benefit plan for qualifying
employees. The provident fund is administered by the trust owned and managed by the Company. Under the plan, the
Company is required to contribute a specified percentage of payroll cost to the retirement benefit plan to fund the benefits.

The provident fund plan is operated by the “Panasonic Energy India Company Limited Employees Provident Fund Trust”
(the “Trust”). Eligible employees receive benefits from the said Provident Fund Trust which is a defined contribution plan.
The employees make monthly contributions to the Provident Fund trust equal to a specified percentage of the covered
employee's salary. The company's share of 12%, amount pertaining to nation pension scheme is paid to the government
and balance 8.33% is paid to provident fund trust. The minimum interest rate payable by the Trust to the beneficiaries
every year is being notified by the Government. The Company has an obligation to make good the short fall, if any,
between the return from the investments of the trust and the notified interest rate.

The Company recognized I NR 210.22 Lakhs (Previous year: INR 202.16 Lakhs) for provident fund contributions.

Defined benefit plans
1) Gratuity

15 days salary (Basic Salary) for each completed year of service. Vesting period is 5 years and the payment is at actual on
retirement, resignation, termination, disablement or death.

Scheme is funded with LIC. The liability for gratuity as below is recognised on the basis of actuarial valuation.

The Company makes contribution to LIC for gratuity benefits according to the Payment of Gratuity Act, 1972.

The Company recognizes the liability towards the gratuity at each Balance Sheet date.

The most recent actuarial valuation of the defined benefit obligation for gratuity was carried out at 31 March 2025 by an
actuary. The present value of the defined benefit obligations and the related current service cost and past service cost,
were measured using the Projected Unit Credit Method, which recognises each period of service as giving rise to
additional unit of benefit entitlement and measures each unit separately to build up the final obligation. Scheme is funded
through LIC.

41. 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 does not have any transactions with companies struck off.

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

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

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

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

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

(vi) The Company have 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,

(vii) 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

(viii) Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority.

(ix) Information with regards to other matters as required by Schedule III of the Companies Act, 2013 are either
nil or not applicable to the company.

42. The Indian Parliament has approved the Code on Social Security, 2021 (‘Code’) which may likely to impact the
contributions made by the Company towards Provident Fund and Gratuity. The Company will assess the impact
and its evaluation once the corresponding rules are notified and will give appropriate impact in the financial
statements in the period in which the Code becomes effective and the related rules are notified.

43. All material events occurring after the balance sheet date upto the date of approval of financial statements by the
Board of Directors on 21 May 2025, have been considered, disclosed and adjusted, wherever applicable, as per
the requirements of Ind AS 10 - Events after the Reporting Period.

44. The financial statements are approved for issue by the Board of Directors in their meeting held on May 21,2025.

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

Panasonic Energy India Company Limited
^{For B} S ^{R and Co} CIN-L31400GJ1972PLC002091

Chartered Accountants

Akinori Isomura Jayesh Mehta

Firm Registration No: 128510W

Chairman & Managing Director Director

Sulabh Kumar Kedia DIN: 09382377 DIN: 10529297

P_art_ner Place: Osaka (Japan) Place: Vadodara (GJ)

Membership No. 066380

^ Srishti Jain Harsh Agarwal

Pl_{ace :} M_umb_ai Company Secretary Chief Financial Officer

Place : Pithampur (MP) Place : Pithampur (MP)

^{Date : May 21 2025} Date : May 21, 2025 Date : May 21,2025