2.20 Provision and contingent liabilities

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. A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not
recognized because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises
where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent
liability but discloses its existence in the financial statements.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, 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.

2.21 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Management and the Board of Directors
of the Company who are responsible for allocating the resources, assess the financial performance and position of the Company and make
strategic decisions. The Company has identified one reportable segment "Pharma Packaging Research Solutions" based on the information
reviewed by the Management and Board of Directors.

2(a) Recent accounting pronouncement

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. During 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 lease back transactions, applicable from April 1,2024. The Company has assessed
that there is no significant impact on its financial statements.

On May 9, 2025, MCA notifies the amendments to Ind AS 21 - Effects of Changes in Foreign Exchange Rates. These amendments aim to
provide clearer guidance on assessing currency exchangeability and estimating exchange rates when currencies are not readily exchangeable.
The amendments are effective for annual periods beginning on or after April 1,2025. The Company is currently assessing the probable impact
of these amendments on its financial statements.

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations.
Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks.
Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been
granted after obtaining necessary approvals for credit. The assumptions for analysing Expected Credit Losses (ECL) are based on the current
prevailing market scenarios. The Company only deals with parties which have good credit rating/ worthiness given by external rating agencies
or based on Company's internal assessment.

Financial instruments that are subject to concentrations of credit risk principally consist of trade receivables, investments, cash and cash
equivalents, bank deposits and other financial assets. None of the other financial instruments of the Company result in material concentration
of credit risk.

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was ' 30,766.68 lacs
and ' 30,878.31 lacs as at March 31, 2025 and 2024, respectively, being the total of the carrying amount of balances with banks, bank
deposits, investments,other financial assets excluding trade receivables. The maximum credit exposure on financial guarantees given by the
Company for the Group and various financial facilities is disclosed in Note 32 Contingent liabilities.

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain
sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining
adequate reserves, banking facilities and borrowing facilities by monitoring the rolling forecasts to assess its cash flow requirements to meet
operational needs and matching the maturity profiles of financial assets and liabilities.

3) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such
changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, price and other
market changes. The Company is not exposed to price risk, since the Company's investment is in equity instruments of subsidiaries and it
carries no other external investments. The Company's exposure to market risk is primarily on account of foreign currency exchange rate risk.

a) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange
rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when
revenue or expense is denominated in a foreign currency). Foreign currency risks are managed within the approved policy parameters. The
Company has a natural hedge as it imports raw material and exports goods.

2) Fair Value Hierarchy

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instrument by valuation techniques:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;

Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable;

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties. The following methods and assumptions were used to estimate the fair values:

- The fair value of quoted equity investment and mutual funds are based on price quotations at the reporting date.

- The fair value of unquoted equity investments are based on market multiple approach. Market multiple of EV/EBITDA are considered
after applying suitable discounts for size, liquidity and other company specific discounts.

29 EMPLOYEE BENEFITS

Defined Contribution plans

Contributions to defined contribution plans are recognised as expense when employees have rendered services entitling them to such
benefits, such as provident fund. Amount of ' 44.56 lacs (31 March 2024: ' 30.44 lacs) is recognised as an expense towards defined
contribution plans and included in Employee Benefits Expense (refer Note 20).

Defined Benefit plans

For defined benefit plans, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations
being carried out at each balance sheet date. Remeasurement, comprising actuarial gains and losses, the effect of the changes to the asset
ceiling and the return on plan assets (excluding interest), is reflected immediately in the balance sheet with a charge or credit recognised
in other comprehensive income in the period in which they occur. Past service cost, both vested and unvested, is recognised as an expense
at the earlier of (a) when the plan amendment or curtailment occurs; and (b) when the entity recognises related restructuring costs or
termination benefits.

The retirement benefit obligations recognised in the balance sheet represents the present value of the defined benefit obligations reduced
by the fair value of scheme assets. Any asset resulting from this calculation is limited to the present value of available refunds and reductions
in future contributions to the scheme.

The Company provides gratuity benefit to its employees which is treated as defined benefit plans.

Compensated absences

Compensated absences which are expected to occur within twelve months after the end of the period in which the employee renders
the related services are recognised as undiscounted liability at the balance sheet date. Compensated absences which are not expected to
occur within twelve months after the end of the period in which the employee renders the related services are recognised as an actuarially
determined liability at the present value of the defined benefit obligation at the balance sheet date.

Gratuity

In accordance with Indian law, the Company operates a scheme of gratuity which is a defined benefit plan. The gratuity plan provides
for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount
equivalent to 15 to 30 days' salary payable for each completed year of service. Vesting occurs upon completion of five continuous years of
service. The Company manages the plan through a trust and the fair value of the plan assets is deducted from the gross obligation.

b. Discount Rate Risk -

Variations in the discount rate used to compute the present value of the liabilities may seem small, but in practice can have a significant
impact on the defined benefit liabilities.

c. Future Salary Escalation and Inflation Risk -

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes. Rising salaries will often
result in higher future defined benefit payments resulting in a higher present value of liabilities especially unexpected salary
increases provided at management's discretion may lead to uncertainities in estimating this increasing risk.

2) Asset Risks

a. All plan assets are maintained in a trust fund managed by a public sector insurer viz; LIC of India. LIC has a sovereign guarantee and has
been providing consistent and competitive returns over the years.

b. The company has opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The company has no
control over the management of funds but this option provides a high level of safety for the total corpus. A single account is maintained
for both the investment and claim settlement and hence 100% liquidity is ensured. Also interest rate and inflation risk are taken care of.

The Company will assess the impact of Code on Wages, 2019 and the Code on Social Security, 2020 and give effect in the financial
statements when the date of implementation of these codes and the Rules/Schemes thereunder are notified.

35 ASSETS HELD FOR SALE

(a) The Company had a capital advance for purchase of land parcels and building vide an agreement to sell with the promoters. In terms of the
agreements, the said land parcels and building were capitalized in the books during FY 2023-24 against the capital advance which became
Nil. As there are potential buyers for sale of these land parcels thus in accordance with Ind AS 105, these land parcels are classified as "Assets
Held for Sale" as at March 31, 2024. The due diligence of the potential buyers is on-going and the potential buyers have expressed their
continued interest to purchase the said land parcels, as at March 31, 2025 and it is expected to be concluded in FY 2025-26. Accordingly,
the same is continued to be classified as "Assets Held for Sale".

Pending the execution of the sale deed with the Company, the title deeds of the land parcels and building are not held in the name of the
Company. The physical possession of the land parcels and building is with the Company.

B OTHER DISCLOSURES

(a) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.

(b) The Company does not have any transactions with companies struck off.

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

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

(e) 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:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(f) 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:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(g) The Company has no 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).

(h) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Companies Act, 2013.

(i) Contribution to political parties during the year is Nil (31 March 2024 : Nil)

(j) Except for the instances mentioned below, the Company has maintained its books of account using accounting software which has a
feature of recording an audit trail (edit log). The said feature was enabled and operated throughout the year for all relevant transactions
recorded in such software. The Company has preserved the audit trail as per the statutory record retention requirements.

The Company engages a third-party service provider for payroll processing and quote generation. However, the Service Organisation
Control (SOC) Type 2 report specifically covering the maintenance of audit trail for such services was not available.

(k) During the year the Company has not been declared as a wilful defaulter.

(l) No material fraud by the Company and on the Company has been noticed or reported during the year.

38 In respect of the public fixed deposit liability taken over by the Caprihans India Limited as per the Business Transfer Agreement, the statutory
compliances is the responsibility of the Company.

39 The Company is under investigation by SFIO. In FY2020-21, the Company filed a writ petition challenging the investigation, and the matter
remains sub-judice as of the reporting date.

40 The accounts have been prepared on a going concern basis given the positive prospects going forward including the Management's strategic
plans for the foreseeable future, cashflow projections and future business prospects for the GCS business. Though the Company had incurred
losses in the past years, there is a turnaround with a profit as at March 31, 2025 and there are sufficient current assets to meet the current
liabilities.

41 Disclosure pusuant to schedule V read with Regulations 34(3) and 53(F) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015:

- Loans and advances in the nature of loans for working capital requirements to a subsidiary : NIL

- Loans and advances in the nature of loans to firm/companies in which directors are interested : NIL

- Investement by the loanee (borrower) in the shares of the Company or its subsidiary : NIL

42 Previous year figures have been regrouped / reclassified wherever necessary.