Provisions are recognized when there is a present obligationas a result of a past event, it is probable that an outflow ofresources embodying economic benefits will be requiredto settle the obligation and there is a reliable estimate of theamount of the obligation.
Provisions are measured at the best estimate of the expenditurerequired to settle the present obligation at the Balance sheetdate.
These are reviewed at each Balance Sheet date and adjusted toreflect the current management estimates.
If the effect of the time value of money is material, provisionsare discounted using a current pre-tax rate that reflects, whenappropriate, the risks specific to the liability. When discountingis used, the increase in the provision due to the passage of timeis recognized as a finance cost.
Contingent liabilities are disclosed when there is a possibleobligation arising from past events, the existence of whichwill be confirmed only by the occurrence or non-occurrenceof one or more uncertain future events not wholly within thecontrol of the Company or a present obligation that arises frompast events where it is either not probable that an outflow ofresources will be required to settle or a reliable estimate of theamount cannot be made. When there is an obligation in respectof which the likelihood of outflow of resources is remote no
Contingent assets are neither recognised nor disclosed in thefinancial statements.
Inventories are valued at the lower of cost and net realisablevalue.
Stock of raw materials, stores, spares, bought out items andcertain components are valued at cost less amounts writtendown.
Stock of certain aero structures, components, work-in-progressand finished goods are valued at lower of cost and net realisablevalue based on technical estimate of the percentage of workcompleted.
In determining the cost of raw materials, components, stores,spares and loose tools, the First In First Out (FIFO) method isused. Cost of inventory comprises all costs of purchase, duties,taxes (other than those subsequently recoverable) and allother costs incurred in bringing the inventory to their presentlocation and condition.
Work-in-progress, manufactured finished goods are valuedat the lower of cost and net realisable value. Cost of work-in-progress and manufactured finished goods is determinedon the weighted average basis and comprises direct material,cost of conversion and other costs incurred in bringing theseinventories to their present location and condition.
Net realizable value is the estimated selling price in the ordinarycourse of business less the estimated cost of completion and theestimated costs necessary to make the sale. The comparison ofcost and net realizable value is made on item by item basis.
Cash and cash equivalent in the Balance Sheet comprise cashat banks, cash on hand and short-term deposits net of bankoverdraft with an original maturity of three months or less,which are subject to an insignificant risk of changes in value.
Cash and Cash Equivalents includes deposits maintained bythe Company with banks, which can be withdrawn by theCompany at any point of time without prior notice or penaltyon the principal. Cash and cash equivalents include restrictedcash and bank balances. The restrictions are primarily onaccount of bank balances held as margin money depositsagainst guarantees.
When an entity prepares separate financial statements, it shallaccount for investments in subsidiaries, joint ventures andassociates either:
(a) at cost, or
(b) in accordance with Ind AS 109.
Company accounts for its investment in subsidiary at cost.
Borrowing cost includes interest, amortization of ancillarycosts incurred in connection with the arrangement ofborrowings and exchange differences arising from foreigncurrency borrowings to the extent they are regarded as anadjustment to the interest cost.
Borrowing costs directly attributable to the acquisition orconstruction of qualifying assets are capitalised as part of thecost of the assets upto the date the asset is ready for its intendeduse. All other borrowing costs are recognised as an expense inthe Statement of Profit and Loss in the year in which they areincurred.
A financial instrument is any contract that gives rise to afinancial asset of one entity and a financial liability or equityinstrument of another entity.
(a) Financial assets
(i) Initial recognition and measurement
At initial recognition, financial asset is measured at itsfair value plus, in the case of a financial asset not at fairvalue through profit or loss, transaction costs that aredirectly attributable to the acquisition of the financialasset. Transaction costs of financial assets carried at fairvalue through profit or loss are expensed in profit or loss.
(ii) Subsequent measurement
For purposes of subsequent measurement, financialassets are classified in following categories:
a) at amortized cost; or
b) at fair value through other comprehensive income;or
c) at fair value through profit or loss.The classification depends on the entity’s businessmodel for managing the financial assets and thecontractual terms of the cash flows.
Amortized cost: Assets that are held for collection ofcontractual cash flows where those cash flows representsolely payments of principal and interest are measuredat amortized cost. Interest income from these financialassets is included in finance income using the EffectiveInterest Rate method (EIR).
Fair Value Through Other Comprehensive Income(FVOCI): Assets that are held for collection of contractualcash flows and for selling the financial assets, where theassets’ cash flows represent solely payments of principaland interest, are measured at Fair Value Through OtherComprehensive Income (FVOCI). Movements in thecarrying amount are taken through OCI, except forthe recognition of impairment gains or losses, interest
revenue and foreign exchange gains and losses whichare recognized in Statement of Profit and Loss. When thefinancial asset is de-recognized, the cumulative gain orloss previously recognized in OCI is re-classified fromequity to Statement of Profit and Loss and recognizedin other gains / (losses). Interest income from thesefinancial assets is included in other income using theeffective interest rate method.
The Company has made an irrevocable election topresent subsequent changes in the fair value of equityinvestments not held for trading in other comprehensiveincome.
Fair Value Through Profit or Loss: Assets that do not meetthe criteria for amortized cost or FVOCI are measuredat fair value through profit or loss. Interest income fromthese financial assets is included in other income.
In accordance with Ind AS 109 - Financial Instruments,the Company applies Expected Credit Loss (ECL) modelfor measurement and recognition of impairment loss onfinancial assets that are measured at amortized cost andFVOCI.
For recognition of impairment loss on financial assetsand risk exposure, the Company determines that whetherthere has been a significant increase in the credit risksince initial recognition. If credit risk has not increasedsignificantly, twelve-month ECL is used to provide forimpairment loss. However, if credit risk has increasedsignificantly lifetime ECL is used. If in subsequent years,credit quality of the instrument improves such that thereis no longer a significant increase in credit risk sinceinitial recognition, then the entity reverts to recognizingimpairment loss allowance based on twelve months ECL.
Life time ECLs are the expected credit losses resultingfrom all possible default events over the expected lifeof a financial instrument. The twelve month ECL is aportion of the lifetime ECL which results from defaultevents that are possible within twelve months after theyear end.
ECL is the difference between all contractual cash flowsthat are due to the Company in accordance with thecontract and all the cash flows that the entity expects toreceive (i.e. all shortfalls), discounted at the original EIR.When estimating the cash flows, an entity is required toconsider all contractual terms of the financial instrument(including pre-payment, extension etc.) over the expectedlife of the financial instrument. However, in rare caseswhen the expected life of the financial instrument cannotbe estimated reliably, then the entity is required to use theremaining contractual term of the financial instrument.
In general, it is presumed that credit risk has significantlyincreased since initial recognition if the payment is morethan 30 days past due.
ECL impairment loss allowance (or reversal) recognizedduring the year is recognized as income/expense inthe statement of profit and loss. In balance sheet ECLfor financial assets measured at amortized cost ispresented as an allowance, i.e. as an integral part of themeasurement of those assets in the balance sheet. Theallowance reduces the net carrying amount. Until theasset meets write off criteria, the Company does notreduce impairment allowance from the gross carryingamount.
(iv) De-recognition of financial assets
A financial asset is de-recognized only when :
a) the rights to receive cash flows from the financialasset is transferred; or
b) retains the contractual rights to receive thecash flows of the financial asset, but assumes acontractual obligation to pay the cash flows to oneor more recipients.
Where the financial asset is transferred then in that casefinancial asset is de-recognized only if substantially allrisks and rewards of ownership of the financial assetis transferred. Where the entity has not transferredsubstantially all risks and rewards of ownership of thefinancial asset, the financial asset is not de-recognized.
(b) Financial liabilities
Financial liabilities are classified, at initialrecognition, as financial liabilities at fair valuethrough profit or loss and at amortized cost, asappropriate.
All financial liabilities are recognized initiallyat fair value and, in the case of borrowings andpayables, net of directly attributable transactioncosts.
The measurement of financial liabilities depends ontheir classification, as described below:
Financial liabilities at fair value through profit orloss
Financial liabilities at fair value through profit orloss include financial liabilities held for tradingand financial liabilities designated upon initialrecognition as at fair value through profit or loss.
Loans and borrowings
After initial recognition, interest-bearing loans andborrowings are subsequently measured at amortizedcost using the Effective Interest Rate (EIR) method.Gains and losses are recognized in Statementof Profit and Loss when the liabilities are de¬recognized as well as through the EIR amortizationprocess. Amortized cost is calculated by taking intoaccount any discount or premium on acquisitionand fees or costs that are an integral part of the EIR.The EIR amortization is included as finance costs inthe Statement of Profit and Loss.
Financial guarantee contracts
Financial guarantee contracts issued by thecompany are those contracts that require a paymentto be made to reimburse the holder for a loss itincurs because the specified debtor fails to makea payment when due in accordance with the termsof a debt instrument. Financial guarantee contractsare recognised initially as a liability at fair value,adjusted for transaction costs that are directlyattributable to the issuance of the guarantee.
Subsequently, the liability is measured at the higherof the amount of loss allowance determined as perimpairment requirements of Ind AS 109 and theamount recognised less cumulative amortisation.
(iii) De-recognition
A financial liability is de-recognized when theobligation under the liability is discharged orcancelled or expires. When an existing financialliability is replaced by another from the samelender on substantially different terms, or the termsof an existing liability are substantially modified,such an exchange or modification is treated asthe de-recognition of the original liability and therecognition of a new liability. The difference in therespective carrying amounts is recognized in theStatement of Profit and Loss as finance costs.
(c) Offsetting financial instruments
Financial assets and liabilities are offset and the netamount is reported in the Balance Sheet where thereis a legally enforceable right to offset the recognizedamounts and there is an intention to settle on a net basisor realize the asset and settle the liability simultaneously.The legally enforceable right must not be contingenton future events and must be enforceable in the normalcourse of business and in the event of default, insolvencyor bankruptcy of the Company or the counterparty.
(a) Short-term obligations
Liabilities for wages and salaries, including non¬monetary benefits that are expected to be settled whollywithin twelve months after the end of the year in whichthe employees render the related service are recognized
in respect of employees’ services upto the end of theyear and are measured at the amounts expected to bepaid when the liabilities are settled. The liabilities arepresented as current employee benefit obligations in theBalance Sheet.
(b) Defined contribution plan
The Company makes defined contribution to providentfund, which are recognised as an expense in the Statementof Profit and Loss on accrual basis. The Company has nofurther obligations under these plans beyond its monthlycontributions.
Employee's State Insurance Scheme: Contributiontowards employees' state insurance scheme is made tothe regulatory authorities, where the Company has nofurther obligations. Such benefits are classified as definedcontribution schemes as the Company does not carry anyfurther obligations, apart from the contributions made ona monthly basis which are charged to the Statement ofProfit and Loss.
(c) Defined benefit plans
Gratuity: The Company provides for gratuity, adefined benefit plan (the "Gratuity Plan") coveringeligible employees in accordance with the Payment ofGratuity Act, 1972. The Gratuity Plan provides a lumpsum payment to vested employees at retirement, death,incapacitation or termination of employment, of anamount based on the respective employee's salary. TheCompany's liability is actuarially determined (using theProjected Unit Credit method) at the end of each year.Actuarial losses / (gains) are recognized in the othercomprehensive income in the year in which they arise.
(d) Other long-term employee benefits
Compensated Absences: Accumulated compensatedabsences, which are expected to be availed or encashedwithin twelve months from the end of the year are treatedas short-term employee benefits. The obligation towardsthe same is measured at the expected cost of accumulatingcompensated absences as the additional amount expectedto be paid as a result of the unused entitlement as at theyear end.
Accumulated compensated absences, which are expectedto be availed or encashed beyond twelve months fromthe end of the year are treated as other long-termemployee benefits. The Company's liability is actuariallydetermined (using the Projected Unit Credit method)at the end of each year. Actuarial losses / (gains) arerecognized in the Statement of Profit and Loss in the yearin which they arise.
Leaves under define benefit plans can be encashed onlyon discontinuation of service by employee.
Liability for termination benefits like expenditureon Voluntary Retirement Scheme/ Retrenchment isrecognised at the earlier of when the Company can nolonger withdraw the offer of termination benefit or whenthe Company recognises any related restructuring costs
Basic earnings per share is calculated by dividing the net profitor loss for the year attributable to equity shareholders by theweighted average number of equity shares outstanding duringthe year. Earnings considered in ascertaining the Company'searnings per share is the net profit or loss for the year afterdeducting preference dividends and any attributable taxthereto for the year (if any). The weighted average number ofequity shares outstanding during the year and for all the yearspresented is adjusted for events that have changed the numberof equity shares outstanding, without a corresponding changein resources.
For the purpose of calculating diluted earnings per share, thenet profit or loss for the year attributable to equity shareholdersand the weighted average number of shares outstanding duringthe year is adjusted for the effects of all dilutive potentialequity shares.
Operating segments are reported in a manner consistent withthe internal reporting provided to the chief operating decisionmaker. The chief operating decision maker regularly monitorsand reviews the operating results separately according to thenature of products and services provided, with each segmentrepresenting a strategic business unit that offers differentproducts and serves different markets. Segments are identifiedhaving regard to the dominant source and nature of risks andreturns and internal organization and management structure.The Company has considered business segments as the primarysegments for disclosure. The business segment in which theCompany operates is ‘Aerospace and Aviation’. The Companydoes not have any geographical segment. The accountingprinciples used in the preparation of the financial statementsare consistently applied to record revenue and expenditurein the individual segment, and are as set out in the materialaccounting policies.
Thus, as defined in Ind AS 108 - Operating Segments, theCompany operates in a single business segment of aerospaceand aviation.
The Company evaluates events and transactions that occursubsequent to the balance sheet date but prior to approval of thefinancial statements to determine the necessity for recognitionand/or reporting of any of these events and transactions in thefinancial statements. There are no subsequent events to berecognised or reported that are not already disclosed.
All amounts disclosed in standalone financial statementsand notes have been rounded off to the nearest lakh as perrequirement of Schedule III of the Act, unless otherwise stated.
The preparation of financial statements requires Managementto make judgments, estimates and assumptions that affect thereported amounts of revenues, expenses, assets and liabilities,and the accompanying disclosures, and the disclosure ofcontingent liabilities. Uncertainty about these assumptionsand estimates could result in outcomes that require a materialadjustment to the carrying amount of assets or liabilitiesaffected in future years.
The key assumptions concerning the future and other keysources of estimation uncertainty at the year end date, thathave a significant risk of causing a material adjustment tothe carrying amounts of assets and liabilities within the nextfinancial year are described below. The Company based itsassumptions and estimates on parameters available when thefinancial statements were prepared. Existing circumstancesand assumptions about future developments, however, maychange due to market changes or circumstances arising that arebeyond the control of the Company. Such changes are reflectedin the assumptions when they occur.
(a) Defined Benefits and other long term benefits
The cost of the defined benefit plans such as gratuityand leave encashment are determined using actuarialvaluations. An actuarial valuation involves makingvarious assumptions that may differ from actualdevelopments in the future. These include thedetermination of the discount rate, future salary increasesand mortality rates. Due to the complexities involvedin the valuation and its long-term nature, a definedbenefit obligation is highly sensitive to changes in theseassumptions. All assumptions are reviewed at each yearend.
The principal assumptions are the discount and salarygrowth rate. The discount rate is based upon the marketyields available on government bonds at the accountingdate with a term that matches that of liabilities. Salaryincrease rate takes into account inflation, seniority,promotion and other relevant factors on long-term basis.
Ministry of Corporate Affairs (“MCA”) notifies new standardsor amendments to the existing standards under Companies(Indian Accounting Standards) Rules as issued from time totime. For the year ended March 31,2025, MCA has not notifiedany new standards or amendments to the existing standardsapplicable to the Company.
Basic earnings / (loss) per share amounts are calculated by dividing the profit / (loss) for the year attributable to equity shareholders bythe weighted average number of equity shares outstanding during the year.
Diluted earnings / (loss) per share amounts are calculated by dividing the profit / (loss) for the year attributable to equity shareholdersby the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares thatwould be issued on conversion of all the dilutive potential equity shares into equity shares.
* This loan is interest-free and was given to the subsidiary for purchase of land.
# The Managerial remuneration excludes contribution to gratuity fund and provision for leave encashment as separate figures arenot ascertainable for the managerial personnel. Further, the Company has not paid any commission to the managerial personnel.
The Chief Operating Decision Maker (CODM) regularly monitors and review the operating results separately according to the natureof products and services provided, with each segment representing a strategic business unit that offers different products and servesdifferent markets. The Company operates only in one segment i.e. "Aerospace and Aviation". The Company operates predominantlywithin one geographical segment i.e. India and accordingly, this is considered as the only secondary segment.
Revenue from one customer of the Company's aviation segment amounting to INR 2,077.63 lakh (March 31,2024: INR 1,957.64 lakh)is more than 10% of Company's total revenue.
The fair value of other current financial assets, cash and cash equivalents, trade receivables, investments, trade payables, short¬term borrowings and other financial liabilities approximate the carrying amounts because of the short-term nature of these financialinstruments.
The amortized cost using Effective Interest Rate (EIR) of non-current financial liabilities consisting of security and other deposits arenot significantly different from the carrying amounts.
Financial assets that are neither past due nor impaired include cash and cash equivalents, security deposits, term deposits and otherfinancial assets.
The Company has made an ir-revocable election to present subsequent changes in the fair value of equity investments not held fortrading in other comprehensive income.
The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
• Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 - Inputs other than quoted prices included within level 1 that are observable for the assets or liability, either directly (i.e.as prices) or indirectly (i.e. derived from prices).
• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
The fair values of deposits from lessee were calculated based on cash flows discounted using a current lending rate. They are classifiedas level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including own and counterparty credit risk.
The carrying amount of cash and cash equivalents, bank balances other than cash and cash equivalents, trade receivables, investmentsin subsidiary, other financial assets, borrowings, trade payables and other financial liabilities are considered to be the same as their fairvalues.
The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk. TheCompany's risk management is co-ordinated by the Board of Directors and focuses on securing long-term and short-term cash flows.The Company does not engage in trading of financial assets for speculative purposes.
(A) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in marketprices. Market risk comprises three types of risk : interest-rate risk, currency risk and other price risk such as equity price risk andcommodity risk. Financial instruments affected by market risk include borrowings and derivative financial instruments.
(i) 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 changesin market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to theCompany’s long-term debt obligations with floating interest rates.
The Company hass no exposure towards interest-rate risk, since no loans and borrowings during the year.
(ii) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because ofchanges in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarilyto the Company’s operating activities (when revenue or expense is denominated in a different currency from the Company’sfunctional currency).
The Company has no exposure towards foreign currency risk, since no foreign exchange receivables & payable as on date.
(B) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet itscontractual obligations. Credit risk arises principally from the Company’s trade receivables from deposits with landlords and otherstatutory deposits with regulatory agencies and also arises from cash held with banks and financial institutions. The maximumexposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is toprevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financialposition, past experience and other factors.
The Company limits its exposure to credit risk of cash held with banks by dealing with highly rated banks and institutions andretaining sufficient balances in bank accounts required to meet a month’s operational costs. The Management reviews the bankaccounts on regular basis and fund drawdowns are planned to ensure that there is minimal surplus cash in bank accounts. TheCompany does a proper financial and credibility check on the landlords before giving any property on lease and has not had asingle instance of non-refund of security deposit on vacating the leased property. The Company also in some cases ensure that thenotice period rentals are adjusted against the security deposits and only differential, if any, is paid out thereby further mitigatingthe non-realization risk. The Company does not foresee any credit risks on deposits with regulatory authorities.
The Company determines the allowance for credit losses based on historical loss, experience adjusted to reflect current andestimated future economic conditions. The Company considers current and anticipated future economic conditions relating toindustries the Company deals with and where it operates.
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Companymanages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due.
(i) This relates to GST demand of INR 7.72 lakh (March 31, 2024: INR Nil) for the year 2021-22 which is disputed by theCompany. The Company has filed an appeal against this order and the appeal is pending with the appellate authority.
(ii) Various excise duty demands pending as at March 31, 2024 have been settled during the year.
(iii) This relates to damages claimed by a customer towards breach of contractual obligations of INR 170 lakh (March 31, 2024:INR 170 lakh) during the year 2005-06 which are disputed by the Company in the City Civil Court of Bangalore.
Future cash outflows in respect of the above, if any, is determined only on receipt of judgment / decisions pending withrelevant authorities. The Company does not expect the outcome of matters stated above to have a material adverse effect onthe Company's financial condition, result of operations or cash flows.
c) There is no cumulative shortfall in CSR expenditure at the end of the year (March 31,2024: Nil)
49 During the FY 2023-24 the Company had made an investment of INR 100 lakh in equity shares of Prive Avion Alliances Pvt. Ltd. Basedon the valuation report, such investment have been measured at fair value through Other Comprehensive Income (OCI) at INR 63 lakh(March 31, 2024 - INR 69.43 lakh). The resulting difference of INR 5.94 lakh (March 31, 2024 - INR 27.39 lakh) (net of deferred tax)has been charged to the Statement of Profit and Loss account under OCI.
During the FY 2023-24 the Company had made an investment of INR 2,000 lakh in equity shares of Altair Infrasec Pvt. Ltd. Based onthe valuation report, such investment have been measured at fair value through Other Comprehensive Income (OCI) at INR 2,216.37lakh (March 31, 2024 - INR 2,000 lakh). The resulting difference of INR 193.87 lakh (March 31, 2024 - INR Nil) (net of deferred tax)has been charged to the Statement of Profit and Loss account under OCI.
During the year the Company had made an investment of INR 499.99 lakh in equity shares of Zenith Precision Pvt. Ltd. Based on thevaluation report, such investment have been measured at fair value through Other Comprehensive Income (OCI) at INR 318.88 lakh(March 31, 2024 - INR Nil). The resulting difference of INR 162.27 lakh (March 31, 2024 - INR Nil) (net of deferred tax) has beencharged to the Statement of Profit and Loss account under OCI.
a) Current Ratio is increased on account of increase in current assets primarily contributed by bank balances, Inventories andinvestments during the year.
b) Return on equity has increased on account of increase in profits during the year compared to previous year.
c) Trade receivables turnover ratio has increased during the year, primarily on account of decrease in closing balance of tradereceivables during the year.
d) Trade Payable turnover ratio has increased primarily on account of increased costs and decrease in closing balance of tradepayables during the year compared to previous year.
e) Net capital turnover ratio has decreased primarily on account of an increase in current assets particularly in inventories, Fixeddeposits and fresh investments during the year.
f) Net profit ratio has increased primarily on account of increase in profits during the year compared to previous year.
g) Return on capital employed has increased on account of increase in Profit before tax during the year compared to previous year.
h) Inventory Turnover ratio is higher because less manufacturing operation and only used in job work business.
* Revenue from operations has been considered only to the extent it pertains to activities involving consumption of inventory.
i) Return on investments has increased on account of fresh investments made during the year.
The Company does not have any benami property, where any proceeding has been initiated or pending against the company forholding any benami property.
(ii) Wilful defaulter
The Company have not been declared wilful defaulter by any bank or financial institution or government or any governmentauthority.
The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section560 of Companies Act, 1956.
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
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.
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
(vii) Valuation of PP&E, intangible asset and investment property
The Company has not revalued its property, plant and equipment and investment property or both during the current or previousyear.
(viii) Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the IncomeTax Act, 1961, that has not been recorded in the books of account.
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 thecompany (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with theunderstanding (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 ofthe Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the UltimateBeneficiaries.
52 Previous period/ year's figures have been re-grouped/ re-classified wherever necessary in line with the amendments to Schedule III ofthe Companies Act, 2013.
For and on behalf of the Board of Directors ofTaneja Aerospace and Aviation Ltd
CIN: L62200TZ1988PLC014460
Dr. Prahlada Ramarao Rakesh Duda Jitendra R. Muthiyan Ashwini Navare
Chairman Managing Director Chief Financial Officer Company Secretary
DIN : 07548289 DIN : 05234273 Membership Number : A51288
Place : Bengaluru Place : Bengaluru Place : Bengaluru Place : Bengaluru
Date : May 13, 2025 Date : May 13, 2025 Date : May 13, 2025 Date : May 13, 2025