n) Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognized when the company has present
obligation (legal or constructive) as a result of past event
and it is probable that 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 expense related to a provision is
presented in the statement of profit and loss net of any
reimbursement/contribution towards provision made.

Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.

Contingent Liability:Contingent liability is disclosed in the case;

• When there is a possible obligation which could arise
from past event and whose existence will be confirmed
only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the
control of the Company or;

• A present obligation that arises from past events but is
not recognized as expense because it is not probable
that an outflow of resources embodying economic
benefits will be required to settle the obligation or;

• The amount of the obligation cannot be measured with
sufficient reliability.

Contingent asset:

Contingent asset is disclosed in case a possible asset
arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the
control of the Company.

Provisions, contingent liabilities, contingent assets and
commitments are reviewed at each balance sheet date
and adjusted to reflect the current best estimates.

o) Leases
As lessee

Initial measurement

Lease Liability: At the commencement date, a Company
measure the lease liability at the present value of the lease
payments that are not paid at that date. The lease payments
shall be discounted using incremental borrowing rate.

Right-of-use assets: initially recognised at cost, which
comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the
commencement date of the lease plus any initial direct
costs less any lease incentives.

Subsequent measurement

Lease Liability: Company measure the lease liability by

(a) increasing the carrying amount to reflect interest on the
lease liability;

(b) reducing the carrying amount to reflect the lease payments
made; and

(c) remeasuring the carrying amount to reflect any
reassessment or lease modifications.

Right-of-use assets: subsequently measured at cost less
accumulated depreciation and impairment losses. Right-
of-use assets are depreciated from the commencement
date on a straight line basis over the shorter of the lease
term and useful life of the under lying asset.

Impairment: Right of use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts may
not be recoverable. For the purpose of impairment testing,
the recoverable amount (i.e. the higher of the fair value
less cost to sell and the value-in-use) is determined on an
individual asset basis unless the asset does not generate
cash flows that are largely independent of those from
other assets. In such cases, the recoverable amount is
determined for the Cash Generating Unit (CGU) to which
the asset belongs.

Short term Lease

Short term lease is that, at the commencement date, has
a lease term of 12 months or less. A lease that contains a
purchase option is not a short-term lease. If the company
elected to apply short term lease, the lessee shall recognise
the lease payments associated with those leases as an
expense on either a straight-line basis over the lease term
or another systematic basis. The lessee shall apply another
systematic basis if that basis is more representative of the
pattern of the lessee’s benefit

As a lessor

Leases for which the company is a lessor is classified as
a finance or operating lease. Whenever the terms of the
lease transfer substantially all the risks and rewards of
ownership to the lessee, the contract is classified as a
finance lease. All other leases are classified as operating
leases. Lease income is recognised in the statement of
profit and loss on straight line basis over the lease term.

p) Financial Instruments

The Company recognizes financial assets and financial
liabilities when it becomes party to the contractual
provision of the instrument.

Part I - Financial Assets• Initial recognition and measurement

Financial assets are initially measured at its fair
value excepts for trade receivable which are initially
recognised at transaction price. Transaction costs
that are directly attributable to the acquisition or issue
of financial assets (other than financial assets at fair
value through profit or loss) are added to or deducted
from the fair value of the concerned Financial assets,
as appropriate, on initial recognition.

Transaction costs directly attributable to acquisition
of financial assets at fair value through profit or loss
are recognized immediately in profit or loss. However,
trade receivable that do not contain a significant
financing component are measured at transaction
price.

• Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in three categories:

• Financial Assets at amortized cost

• Financial Assets at FVTOCI (Fair Value through
Other Comprehensive Income)

• Financial Assets at FVTPL (Fair Value through
Profit or Loss)

• Financial Assets at amortized cost:

A Financial Assets is measured at the amortized
cost if both the following conditions are met:

- The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

- Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

This category is the most relevant to the Company.
After initial measurement, such financial assets
are subsequently measured at amortized cost
using the effective interest rate (EIR) method.

Amortized cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortization is included in finance
income in the profit or loss. The losses arising
from impairment are recognized in the profit or
loss.

• Financial Assets at FVTOCI (Fair Value through
Other Comprehensive Income):

A Financial Assets is classified as at the FVTOCI if
following criteria are met:

The objective of the business model is achieved
both by collecting contractual cash flows (i.e.
SPPI) and selling the financial assets.

Financial instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in the other comprehensive
income (OCI). However, the Company recognizes
interest income, impairment losses and reversals
and foreign exchange gain or loss in the statement
of profit and loss. On de- recognition of the asset,
cumulative gain or loss previously recognised in
OCI is reclassified from the equity to the statement
of profit and loss. Interest earned whilst holding
FVTOCI debt instrument is reported as interest
income using the EIR method.

• Financial Assets at FVTPL (Fair Value through
Profit or Loss):

FVTPL is a residual category for financial
instruments. Any financial instrument, which
does not meet the criteria for categorization as
at amortized cost or as FVTOCI, is classified as at
FVTPL.

In addition, the Company may elect to designate
a financial instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing
so reduces or eliminates a measurement
or recognition inconsistency (referred to as
‘accounting mismatch’). The Company has not
designated any financial instrument as at FVTPL.

Financial instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the Statement of Profit and
Loss.

All other equity investments are measured at
fair value, with value changes recognised in
Statement of Profit and Loss.

• De- recognition:

A financial asset is primarily derecognized when rights
to receive cash flows from the asset have expired or
the Company has transferred its contractual rights
to receive cash flows of the financial asset and has
substantially transferred all the risk and reward of the
ownership of the financial asset.

• Impairment of financial assets:

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

ECL is the difference between all contractual cash
flows that are due to the Company in accordance
with the contract and all the cash flows that the entity
expects to receive (i.e., all cash shortfalls), discounted
at the original effective interest rate.

Lifetime ECL are the expected credit losses resulting
from all possible default events over the expected life
of a financial asset. 12-month ECL is a portion of the
lifetime ECL which results from default events that are
possible within 12 months from the reporting date.

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

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

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as income/
expense in the Statement of Profit and Loss under the
head ‘Other expenses’.

Part II - Financial Liabilities• Initial recognition and measurement

The Company’s financial liabilities include trade
and other payables, loans and borrowings including
bank overdrafts, financial guarantee contracts and
derivative financial instruments.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit or
loss, loans and borrowings, payables, or as derivatives
designated as hedging instruments in an effective
hedge, as appropriate.

• Subsequent measurement

The measurement of financial liabilities depends on

their classification, as described below:

• Financial liabilities at fair value through profit or
loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or
loss. Financial liabilities are classified as held
for trading if they are incurred for the purpose of
repurchasing in the near term. This category also
includes derivative financial instruments entered
into by the Company that are not designated
as hedging instruments in hedge relationships
as defined by Ind-AS 109. Gains or losses on
liabilities held for trading are recognised in the
profit or loss.

Financial liabilities designated upon initial
recognition at fair value through profit or loss
is designated as such at the initial date of
recognition, and only if the criteria in Ind-AS 109
are satisfied. For liabilities designated as FVTPL,
fair value gains/ losses attributable to changes
in own credit risks are recognized in OCI. These
gains/ loss are not subsequently transferred
to statement of profit and loss. However, the
Company may transfer the cumulative gain or
loss within equity. All other changes in fair value
of such liability are recognised in the statement
of profit or loss. The Company has not designated
any financial liability as at fair value through profit
and loss.

• Loans and borrowings

This is the category most relevant to the Company.
After initial recognition, interest-bearing loans
and borrowings are subsequently measured at
amortized cost using the EIR method. Gains and
losses are recognised in profit or loss when the
liabilities are de-recognised as well as through
the EIR amortization process. Amortised cost is
calculated by taking into account any discount or
premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation
is included as finance costs in the statement of
profit and loss. This category generally applies to
borrowings.

• Financial guarantee contracts

Financial guarantee contracts issued by the
Company are those contracts that require a
payment to be made to reimburse the holder for a
loss it incurs because the specified debtor fails to
make a payment when due in accordance with the
terms of a debt instrument. Financial guarantee
contracts are recognised initially as a liability
at fair value, adjusted for transaction costs that
are directly attributable to the issuance of the
guarantee. Subsequently, the liability is measured
at the higher of the amount of loss allowance
determined as per impairment requirements
of Ind-AS 109 and the amount recognised less
cumulative amortisation.

• De-recognition:

A financial liability is de-recognised when the obligation
under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced
by another from the same lender on substantially
different terms, or the terms of an existing liability
are substantially modified, such an exchange or
modification is treated as the de-recognition of the
original liability and the recognition of a new liability.
The difference in the respective carrying amounts is
recognised in the statement of profit or loss.

• Offsetting of financial instruments:

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realize the assets and settle
the liabilities simultaneously.

Part-III Fair Value Measurement:

The Company measures financial instruments at fair value
in accordance with the accounting policies mentioned
above. Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability
takes place either:

• In the principal market for the asset or liability or;

• In the absence of a principal market, in the most
advantageous market for the asset or liability.

All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorized
within the fair value hierarchy that categorizes into three
levels, described as follows, the inputs to valuation
techniques used to measure value. The fair value hierarchy
gives the highest priority to quoted prices in active markets

for identical assets or liabilities (Level 1 inputs) and the
lowest priority to unobservable inputs (Level 3 inputs).

Level 1 - quoted (unadjusted) market prices in active
markets for identical assets or liabilities

Level 2 - inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly or indirectly

Level 3 - inputs that are unobservable for the asset or
liability

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 summarizes accounting policy for fair value.
Other fair value related disclosures are given in the relevant
notes.

q) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less from the date
of acquisition, which are subject to an insignificant risk of
changes in value.

r) Business Combination

The acquisition method of accounting is used to account
for all business combinations, regardless of whether
equity instruments or other assets are acquired. The
consideration transferred for the acquisition of a subsidiary
comprises the fair values of the assets transferred;

• Liabilities incurred to the former owners of the
acquired business;

• Equity interest issued by the group; and

• Fair value of any asset or liability resulting from a
contingent consideration arrangement.

Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business
combination are, with limited exceptions, measured
initially at their fair values at the acquisition date. The
group recognizes any non-controlling interest in the
acquired entity on an acquisition-by-acquisition basis
either at fair value or at the non-controlling interests’
proportionate share of the acquired entity’s net
identifiable assets.

Acquisition-related costs are expensed as incurred.
The excess of the

• Consideration transferred;

• Amount of any non-controlling interest in the
acquired entity; and

• Acquisition-date fair value of any previous equity
interest in the acquired entity

Over the fair value of the net identifiable assets
acquired is recorded as goodwill. If those amounts are
less than the fair value of the net identifiable assets of
the business acquired, the difference is recognised
in other comprehensive income and accumulated
in equity as capital reserve provided there is clear
evidence of the underlying reasons for classifying the
business combination as a bargain purchase. In other
cases, the bargain purchase gain is recognised directly
in equity as capital reserve.

Business Combination involving entities or business
under common control shall be accounted for using
the pooling of interest method.

s) Cash Flow Statements:

Cash flows are reported using the indirect method,
whereby net profit before tax is adjusted for the effects
of transactions of a non- cash nature, any deferrals or
accruals of past or future operating cash receipts or
payments and item of income or expenses associated
with investing or financing cash flows. The cash flow
from operating, investing and financing activities of
Company is segregated.

t) Derivative Financial Instruments and Hedge
Accounting

Initial recognition and subsequent measurement:

Company uses derivative financial instruments such
as forward currency contracts to mitigate its foreign
currency fluctuation risks. Such derivative financial
instruments are initially recognized at fair value on the
date on which a derivative contract is entered into and
are subsequently re-measured at fair value at each
reporting date. Gain or loss arising from changes in the
fair value of hedging instrument is recognized in the
Statement of Profit or Loss.

Derivatives are carried as financial assets when the
fair value is positive and as financial liabilities when
the fair value is negative.

u) Earnings Per Share

Basic earnings/ (loss) per share are calculated by
dividing the net profit or loss for the year attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
year. The weighted average number of equity shares
outstanding during the year is adjusted for events,
other than conversion of potential equity shares, that
have changed the number of equity shares outstanding
without a corresponding change in resources.

In case of a bonus issue, the number of ordinary shares
outstanding is increased by number of shares issued
as bonus shares in current year and comparative
period presented as if the event had occurred at the
beginning of the earliest year presented.

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

v) Insurance Claims

Insurance claims are accounted for on the basis of
claims admitted / expected to be admitted and to
the extent that there is no uncertainty in receiving the
claims.

w) Segment Reporting

The Company identifies operating segments based on
the internal reporting provided to the chief operating
decision-maker.

The chief operating decision-maker, who is responsible
for allocating resources and assessing performance
of the operating segments, has been identified as the
Board of Directors that makes strategic decisions.

The accounting policies adopted for segment
reporting are in line with the accounting policies of
the Company. Segment revenue, segment expenses
have been identified to segments on the basis of their
relationship to the operating activities of the segment.

Note 3 : Key Accounting Judgements, Estimates &
Assumptions

The preparation of the Company’s financial statements
requires the management to make judgments’, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to
the carrying amount of assets or liabilities affected in future
periods. 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:

A. Income taxes and Deferred tax assets:

The Company’s tax jurisdiction is India. Significant
judgments are involved in estimating budgeted profits
for the purpose of paying advance tax, determining the
provision for income taxes, including amount expected
to be paid/recovered for uncertain tax positions. Deferred
tax asset is recognised for all the deductible temporary
differences to the extent that it is probable that taxable
profit will be available against which the deductible
temporary difference can be utilized. The management
assumes that taxable profit will be available while
recognizing the deferred tax assets.

B. Property, Plant and Equipment:

Property, Plant and Equipment represent a significant
proportion of the asset base of the Company. The charge
in respect of periodic depreciation is derived after
determining an estimate of an asset’s expected useful
life as prescribed in the Schedule II of the Companies
Act, 2013 and the expected residual value at the end of
its life. The useful lives and residual values of Company’s
assets are determined by the management at the time the
asset is acquired and reviewed periodically, including at
each financial year end. The lives are based on historical
experience with similar assets as well as anticipation of
future events, which may impact their life, such as changes
in technical or commercial obsolescence arising from
changes or improvements in production or from a change
in market demand of the product or service output of the
asset.

C. Impairment of non-financial assets:

The Company assesses at each reporting date whether
there is an indication that an asset may be impaired. If
any indication exists, the Company estimates the asset’s
recoverable amount. An asset’s recoverable amount is
the higher of an asset’s or Cash Generating Units (CGU’s)
fair value less costs of disposal and its value in use. It is
determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of
those from other assets or a group of assets. Where the
carrying amount of an asset or CGU exceeds its recoverable
amount, the asset is considered impaired and is written
down to its recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using pre-tax
discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset.
In determining fair value less costs of disposal, recent
market transactions are taken into account, if no such
transactions can be identified, an appropriate valuation
model is used.

D. Impairment of financial assets:

The impairment provisions for financial assets are based
on assumptions about risk of default and expected cash
loss rates. The Company uses judgement in making these
assumptions and selecting the inputs to the impairment
calculation, based on Company’s past history, existing
market conditions as well as forward looking estimates at
the end of each reporting period.

contingencies/claim/ litigations against the Company as it
is not possible to predict the outcome of pending matters
with accuracy.

H. Allowances for uncollected trade receivable and
advances:

Trade receivables do not carry any interest and are stated
at their normal value as reduced by appropriate allowances
for estimated amounts which are irrecoverable. Individual
trade receivables are written off when management deems
them not collectible. Impairment is made on the expected
credit losses, which are the present value of the cash
shortfall over the expected life of the financial assets. The
impairment provisions for financial assets are based on
assumption about risk of default and expected loss rates.
Judgement in making these assumptions and selecting
the inputs to the impairment calculation are based on
past history, existing market condition as well as forward
looking estimates at the end of each reporting period.

ii) Discounted cash flow projections based on reliable estimates of future cash flows.

iii) Capitalised income projections based upon an estimated net market income from investment properties and a
capitalisation rate derived from an analysis of market evidence.

The fair values of investment properties have been determined by reputed third party and independent valuers. The
main inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on
comparable transactions and industry data. All resulting fair value estimates for investment properties are included in
level 3.

e) Investment Property pledged/ mortgaged as security :

Refer Note 25 for information on Investment Property hypothecated / mortgaged as security by the Company.

f) The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or
enhancements of investment property.

Level 1: Hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments and mutual
funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the
closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for example over-the counter derivatives) is
determined using valuation techniques which maximize 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: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not
based on observable market data (unobservable inputs).

Valuation technique used to determine fair value:

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant
data available.

Specific valuation techniques used to value financial instruments include:

a) the use of quoted market prices or dealer quotes for similar instruments.

b) the fair value of forward foreign exchange contracts is determined using forward exchange rates at the Balance Sheet date.

c) The fair value of investments in Mutual Fund Units is based on Net Asset Value (“NAV”) as stated by the issuers of these mutual
fund units in the published statements as at the Balance Sheet Date. NAV represents the price at which the issuer will issue
further units of Mutual Fund and the price at which issuers will redeem such units from investors.

Note 44 : Financial Risk Management Objectives and Policies

The Company’s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and
financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company’s operations and to provide
guarantees to support its operations directly or indirectly. The Company’s principal financial assets include investments, loans,
trade and other receivables, cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the entity is
exposed to and how the entity manages the risk :

Credit Risk :

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss.

Trade receivables

Customer credit risk is managed by the Company’s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed by the management on regular basis with market information and individual
credit limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further services to major
customers are approved by the senior management.

Market Risk :

Market risk comprises three types of risk: price risk, interest rate risk and currency risk. The risks may affect income and expenses, or
the value of its financial instruments of the Company. The objective of the Management of the Company for market risk is to maintain
this risk within acceptable parameters, while optimising returns. The Company exposure to, and the Management of, these risks is
explained below:

Security Price Risk

Equity price risk is related to the change in market price of the investments in quoted equity securities.

The Company’s exposure to securities price risk arises from investments held by the Company and classified in the Balance Sheet
at fair value through profit or loss.

To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the
portfolio is done in accordance with the limits set by the Company.

Security Price Sensitivity

The following table demonstrates the sensitivity of the Company’s profit before tax to a reasonably possible change in market prices
of equity securities, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair
value of investments measured at fair value through profit or loss (FVTPL).

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market
interest rates is very low. The Company has not used any interest rate derivatives.

Interest Rate Sensitivity

The following table demonstrates the sensitivity of the Company’s profit before tax to a reasonably possible change in interest
rates, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in interest expense on
floating-rate borrowings.

Foreign Exchange Risk

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are
denominated in a currency other than the functional currency of the Company. The Company’s management has set policy wherein
exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes
mandatory initial hedging requirements for exposure above a threshold.

The Company’s foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings,
primarily with respect to USD & EURO.

As at the end of the reporting period, the carrying amounts of the company’s foreign currency denominated monetary assets and
liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure, are as follows:

The Company has a branch in Bahrain. As on March 31,2026, the branch’s net assets amount to BHD 1,30,810 (P.Y. BHD 5,28,440).
Resulting exchange differences are recognized in Other Comprehensive Income and accumulated in the Foreign Currency Translation
Reserve.

Sensitivity to Exchange Rate Movements: A 5% change in the INR/BHD rate would affect equity by approximately ± ^ 16.49 lakhs
(P.Y. ^ 58.60 lakhs). This impact is recognized in OCI with no effect on profit or loss.

Note 45 : Capital Management

For the purpose of the Company’s capital management, capital includes issued equity share capital, securities premium and all
other reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management is to
maximise the value of the share and to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The company
consider net debt, interest bearing loans and borrowings, less cash and cash equivalents and Equity comprises all components
including other comprehensive income.

Note 49 : Segment Information
Information about Primary Business Segment

The Company has identified business segments as its primary segment and geographic segments as its secondary segment.
The Company is organized into business divisions based on its products and services and has identified the following reportable
segments for the year ended March 31,2026

1. Chemicals: Comprising Organic and Inorganic Chemicals.

2. Solar Power: Encompassing the Generation and Distribution of Solar Power

3. Pharma: Pharmaceuticals

4. Others: Consisting of Trading activities and Engineering, Procurement, and Construction (EPC) services in the Solar
sector

Information about Secondary Geographical Segment

The Company is engaged in providing services to customers located in India and outside India, consequently the Company have
separate reportable geographical segment for the year ended March 31,2026. i.e. Domestic and Export.

Refer Note - The movement in the above ratios during the year is primarily attributable to growth in operations and improved efficiency
in the management of inventory, receivables and working capital. Consequently, the Inventory Turnover Ratio, Trade Receivables
Turnover Ratio, Trade Payables Turnover Ratio and Net Capital Turnover Ratio have improved as compared to the previous year,
reflecting better utilization of operating resources and enhanced working capital management. Further, the Debt-Equity Ratio has
decreased during the year primarily on account of reduction in borrowings and improvement in the Company’s net worth. The overall
movement in these ratios indicates a strengthened financial position and improved operational efficiency of the Company.

During the year ended March 31,2026, the Company completed the voluntary liquidation of its wholly owned subsidiary, Bhageria
Industries Holding Company WLL, incorporated in Bahrain.Consequent to the completion of the liquidation process, the Company’s
investment in the subsidiary stands extinguished and accordingly the carrying amount of the investment has been derecognized.
Further, in accordance with Ind AS 21, “The Effects of Changes in Foreign Exchange Rates”, the cumulative foreign currency
translation reserve relating to the foreign operation has been reclassified from Other Equity to the Statement of Profit and Loss upon
liquidation of the subsidiary. The impact of the aforesaid liquidation on the standalone financial statements is not material.

Note 56 : Code on Social Security, 2020

The Government of India has implemented the four Labour Codes, namely the Code on Wages, 2019, the Industrial Relations Code,
2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020. The Company has
assessed the impact of the Labour Codes and the related rules notified thereunder on its employee benefit obligations and related
compliances. Based on the assessment carried out, the Company does not expect any material impact on its financial statements
for the year ended March 31,2026.

Note 57 : Registration of charges or satisfaction with Registrar of Companies

There is no charge or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.

Note 58 : Title deeds of Immovable Property not held in name of the Company

The Title deeds of all the immovable property (other than properties where the Company is the lessee and the lease agreements are
duly executed in favour of the lessee) are in the name of the Company.

Note 59 : Relationship with Struck off Companies

The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560
of Companies Act, 1956, during the current year and in the previous year.

Note 60 : 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.

Note 61 : Details of Benami Property held

There are no proceedings initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

Note 62 : Crypto currency or Virtual currency

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

Note 63 : Compliance with number of layers of companies
The Company is in compliance with number of layers of companies.

Note 64 : Utilisation of borrowed funds and share premium

1) The Company has not advanced or loaned or invested funds to any other persons or entities, 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.

2) The Company has not received any fund from any persons or entities, 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.

As required under Rule 3(1) of the Companies (Accounts) Rules, 2014, the Company has used accounting software for maintaining
its books of accounts which has a feature of recording audit trail (edit log) facility, which was made operational with effect from April
01,2023 onwards. Further, audit trail feature has always enabled (not disabled) with effect from April 01,2023 onwards.

Note 66 : Events after the Reporting Period

There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Standalone
Financial Statements.

Note 67 : Approval of Financial Statements

The Standalone Financial Statements were approved for issue by the Board of Directors on May 02,2026
Note 68 : Previous Years’ Figures

Previous year figures have been regrouped/reclassified wherever necessary to correspond with current year classification and
disclosure.