13 Provisions, Contingent Liabilities and Contingent
Assets:

A Provisions are recognised when the Company has a
present obligation as a result of past events and it is
probable that the outflow of resources will be required
to settle the obligation and in respect of which reliable
estimates can be made. A disclosure for contingent
liability is made when there is a possible obligation,
that may, but probably will not require an outflow of
resources. When there is a possible obligation or a
present obligation in respect of which the likelihood of
outflow of resources is remote, no provision/ disclosure
is made. Provisions and contingencies are reviewed
at each balance sheet date and adjusted to reflect the
correct management estimates. Contingent assets are
not recognised but are disclosed separately in financial
statements.

B 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.

14 Provision for Product Expiry Claims:

Provisions for product expiry related costs are
recognised when the product is sold to the customer.
Initial recognition is based on historical experience. The
initial estimate of product expiry claim related costs is
revised annually.

15 Employee Benefits:

A Short term obligations:

Liabilities for wages and salaries, including leave
encashment that are expected to be settled wholly
within 12 months after the end of the period in which
the employees render the related service are recognised
in respect of employees services up to the end of the
reporting period and are measured by the amounts
expected to be paid when the liabilities are settled. The
liabilities are presented as current employee benefit
obligations in the balance sheet.

B Long term employee benefits obligations:
a Leave Wages and Sick Leave:

The liabilities for earned leave and sick leave
are not expected to be settled wholly within
12 months period after the end of the period in
which the employees render the related service.
They are therefore, measured at the present
value of expected future payments to be made
in respect of services provided by employees
upto the end of the reporting period using the

projected unit credit method, as determined by
actuarial valuation, performed by an independent
actuary. The benefits are discounted using the
market yields at the end of reporting period that
have the terms approximating to the terms of the
related obligation. Gains and losses through re¬
measurements are recognised in statement of
profit and loss.

b Defined Benefit Plans:

Gratuity:

The Company operates a defined benefit gratuity
plan with contributions to be made to a separately
administered fund through Life Insurance
Corporation of India through Employees Group
Gratuity Plan. The Liability or asset recognised in
the balance sheet in respect of defined benefit
gratuity plan is the present value of the defined
benefit plan obligation at the end of the reporting
period less the fair value of the plan assets. The
Liabilities with regard to the Gratuity Plan are
determined by actuarial valuation, performed by
an independent actuary, at each balance sheet
date using the projected unit credit method.

The present value of the defined benefit obligation
denominated in ' is determined by discounting
the estimated future cash outflows by reference
to the market yields at the reporting period on
government bonds that have terms approximating
to the terms of the related obligation.

The net interest cost is calculated by applying the
discounting rate to the net balance of the defined
benefit obligation and the fair value of plan assets.
Such costs are included in employee benefit
expenses in the statement of Profit and Loss.

Re-measurements gains or losses arising from
experience adjustments and changes in actuarial
assumptions are recognised immediately in the
period in which they occur directly in "Other
Comprehensive Income" and are included in
retained earnings in the Statement of Changes in
Equity and in the balance sheet. Re-measurements
are not reclassified to profit or loss in subsequent
periods.

The Company recognises the following changes
in the net defined benefit obligation as an expense
in the statement of profit and loss:

i Service costs comprising current service
costs, past-service costs, gains and losses

on curtailments and non routine settlements;
and

ii Net interest expense or income.

c Defined Contribution Plans - Provident Fund
Contribution:

Employees of the Company receive benefits from
a provident fund, which is a defined contribution
plan. Both the eligible employee and the company
make monthly contributions to the provident fund
plan equal to a specified percentage of the covered
employee's salary. Amounts collected under the
provident fund plan are deposited in a government
administered provident fund. The company
have no further obligation to the plan beyond its
monthly contributions. Such contributions are
accounted for as defined contribution plans and
are recognised as employees benefit expenses
when they are due in the statement of profit and
loss.

C Employee Separation Costs:

The compensation paid to the employees under
Voluntary Retirement Scheme is expensed in the year of
payment.

16 Dividends :

The final dividend on shares is recorded as a liability
on the date of approval by the shareholders and
interim dividend is recorded as liability on the date of
declaration by Board of Directors of the Company.

17 Financial Instruments:

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

A Financial assets:

a Initial recognition and measurement:

All financial assets are recognised initially at
fair value plus, in the case of financial assets
not recorded at fair value through profit or loss,
transaction cost that are attributable to the
acquisition of the financial asset. Purchases or sales
of financial assets that require delivery of assets
within a time frame established by regulation
or convention in the market place [regular way
trades] are recognised on the settlement date, i.e.,
the date that the Company settles to purchase or
sell the asset. However, trade receivables that do
not contain a significant financing component are
measured at transaction price.

b Subsequent measurement:

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

i Debt instruments at amortised cost:

A 'debt instrument' is measured at the
amortised cost if both the following conditions
are met:

- The asset is held with an objective of
collecting contractual cash flows

- 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.

After initial measurement, such financial
assets are subsequently measured at
amortised cost using the effective interest rate
[EIR] method. 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 in finance income in the Statement
of Profit and Loss. The losses arising from
impairment are recognised in the Statement
of profit and loss.

ii Debt instruments at fair value through
other comprehensive income [FVTOCI]:

A 'debt instrument' is classified as at the
FVTOCI if both of the following criteria are
met:

- The asset is held with objectives of both
collecting contractual cash flows and
selling the financial assets

- The asset's contractual cash flows
represent SPPI.

Debt 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 OCI.
However, the Company recognizes interest
income, impairment losses & reversals and
foreign exchange gain or loss in the Statement
of Profit and Loss. On derecognition of the
asset, cumulative gain or loss previously
recognised in OCI is reclassified from the
equity to Statement of Profit and Loss.
Interest earned whilst holding FVTOCI debt

?

instrument is reported as interest income
using the EIR method.

iii Debt instruments and derivatives at fair
value through profit or loss [FVTPL]:

FVTPL is a residual category for debt
instruments. Any debt instrument, which
does not meet the criteria for categorization
as at amortized cost or as FVTOCI, is classified
as at FVTPL. Instruments included within the
FVTPL category are measured at fair value
with all changes recognized in the Statement
of Profit and Loss.

iv Investments in subsidiaries :

Investments in subsidiaries are carried at
cost less accumulated impairment losses,
if any. Where an indication of impairment
exists, the carrying amount of the investment
is assessed and written down immediately
to its recoverable amount. On disposal of
investments in subsidiaries, the differences
between net disposal proceeds and the
carrying amounts are recognised in the
statement of profit and loss.

v Equity instruments:

All equity investments in scope of Ind AS 109
are measured at fair value. Equity instruments
which are held for trading are classified as
at FVTPL. For all other equity instruments,
the Company may make an irrevocable
election to present subsequent changes in
the fair value in other comprehensive income
. The Company has made such election
on an instrument by instrument basis. The
classification is made on initial recognition
and is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value
changes on the instrument, excluding
dividends, are recognized in the OCI. There
is no recycling of the amounts from OCI to
Statement of Profit and Loss, even on sale of
investment.

However, the Company may transfer the
cumulative gain or loss within equity.

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

c Derecognition:

A financial asset [or, where applicable, a part of
a financial asset] is primarily derecognised [i.e.
removed from the Company's balance sheet]
when:

i The rights to receive cash flows from the asset
have expired, or

ii The Company has transferred its rights to
receive cash flows from the asset or has
assumed an obligation to pay the received
cash flows in full without material delay
to a third party under a 'pass-through'
arrangement and either [a] the Company
has transferred substantially all the risks and
rewards of the asset, or [b] the Company has
neither transferred nor retained substantially
all the risks and rewards of the asset, but has
transferred control of the asset.

When the Company has transferred its rights
to receive cash flows from an asset or has
entered into a pass-through arrangement,
it evaluates if and to what extent it has
retained the risks and rewards of ownership.
When it has neither transferred nor retained
substantially all of the risks and rewards
of the asset, nor transferred control of the
asset, the Company continues to recognise
the transferred asset to the extent of the
Company's continuing involvement. In
that case, the Company also recognises an
associated liability. The transferred asset and
the associated liability are measured on a
basis that reflects the rights and obligations
that the Company has retained. When the
Company has transferred the risk and rewards
of ownership of the financial asset, the same
is derecognised.

d Impairment of financial assets:

In accordance with Ind AS 109, the Company
applies expected credit loss [ECL] model for
measurement and recognition of impairment loss
on trade receivables or any contractual right to
receive cash or another financial asset.

The Company follows 'simplified approach' for
recognition of impairment loss allowance for trade
receivables or any contractual right to receive
cash or another financial asset. The application of
simplified approach does not require the Company

to track changes in credit risk. Rather, it requires
the Company to recognise the impairment loss
allowance based on lifetime ECLs at each reporting
date, right from its initial recognition.

For recognition of impairment loss on other
financial assets and risk exposure, the Company
determines that whether there has been a
significant increase in the credit risk since initial
recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide
for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used. If, in a
subsequent period, credit quality of the instrument
improves such that there is no longer a significant
increase in credit risk since initial recognition,
then the entity reverts to recognising impairment
loss allowance based on 12-month ECL. Lifetime
ECL are the expected credit losses resulting from
all possible default events over the expected life
of a financial instrument. The 12-month ECL is
a portion of the lifetime ECL which results from
default events that are possible within 12 months
after the reporting date. 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
EIR.

ECL impairment loss allowance [or reversal] is
recognized as expense/ income in the Statement of
profit and loss. The balance sheet presentation for
various financial instruments is described below:

Financial assets measured as at amortised
cost and contractual revenue receivables:
ECL is presented as an allowance , i.e., as an
integral part of the measurement of those
assets in the balance sheet, which reduces
the net carrying amount. Until the asset meets
write-off criteria, the Company does not
reduce impairment allowance from the gross
carrying amount.

For assessing increase in credit risk and impairment
loss, the Company combines financial instruments
on the basis of shared credit risk characteristics.

B Financial liabilities:

a Initial recognition and measurement:

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.
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.

b Subsequent measurement:

Subsequently all financial liabilities are measured
at amortised cost, using EIR method. Gains and
losses are recognised in Statement of profit and
loss when the liabilities are derecognised as well
as through the EIR amortisation 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.

c Derecognition:

A financial liability is derecognised 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 derecognition 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 and loss.

d Embedded derivatives:

An embedded derivative is a component of a
hybrid [combined] instrument that also includes
a non-derivative host contract - with the effect
that some of the cash flows of the combined
instrument vary in a way similar to a standalone
derivative. Derivatives embedded in all other host
contracts are accounted for as separate derivatives
and recorded at fair value if their economic
characteristics and risks are not closely related to
those of the host contracts and the host contracts
are not held for trading or designated at fair value
though profit or loss. These embedded derivatives
are measured at fair value with changes in fair value
recognised in profit or loss, unless designated as
effective hedging instruments.

takes into account a market participant's ability to
generate economic benefits by using the asset in its
highest and best use or by selling it to another market
participant that would use the asset in its highest and
best use. The Company uses valuation techniques that
are appropriate in the circumstances and for which
sufficient data are available to measure fair value,
maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.

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 follows,
based on the lowest level input that is significant to the
fair value measurement as a whole:
a Level 1 — Quoted [unadjusted] market prices in
active markets for identical assets or liabilities
b Level 2 — Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is directly or indirectly observable
c Level 3 — Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is unobservable

For assets and liabilities that are recognised in the
financial statements on a recurring basis, the Company
determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation
[based on the lowest level input that is significant to the
fair value measurement as a whole] at the end of each
reporting period.

19 Leases:

As a lessee:

For any new contracts entered into, the Company
considers whether a contract is, or contains a lease. A
lease is defined as 'a contract, or part of a contract, that
conveys the right to use an asset [the underlying asset]
for a period of time in exchange for consideration'.

Measurement and recognition of leases as a lessee:

At lease commencement date, the Company recognises
a right-of-use asset and a lease liability on the balance
sheet. The right-of-use asset is measured at cost, which
is made up of the initial measurement of the lease
liability, any initial direct costs incurred by the Company,
an estimate of any costs to dismantle and remove the
asset at the end of the lease, and any lease payments
made in advance of the lease commencement date [net
of any incentives received].

The Company depreciates the right-of-use assets on
a straight-line basis from the lease 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.
The Company also assesses the right-of-use asset
for impairment when such indicators exist. At the
commencement date, the Company measures
the lease liability at the present value of the lease
payments unpaid at that date, discounted using the
interest rate implicit in the lease if that rate is readily
available or the Company's incremental borrowing rate.
Lease payments included in the measurement of the
lease liability are made up of fixed payments [including
in substance fixed], variable payments based on an
index or rate, amounts expected to be payable under
a residual value guarantee and payments arising from
options reasonably certain to be exercised.

Subsequent to initial measurement, the liability will
be reduced for payments made and increased for
interest. It is remeasured to reflect any reassessment or
modification, or if there are changes to the in-substance
fixed payments. When the lease liability is remeasured,
the corresponding adjustment is reflected in the right-
of-use asset, or profit and loss if the right-of-use asset
is already reduced to zero. The Company has elected
to account for short-term leases and leases of low-
value assets using the practical expedients. Instead
of recognising a right-of-use asset and lease liability,
the payments in relation to these are recognised as an
expense in Statement of Profit and Loss on a straight-line
basis over the lease term. On the statement of financial
position, right-of-use assets have been included in
property, plant and equipment."

As a lessor:

As a lessor the Company classifies its leases as either
operating or finance leases. A lease is classified as a
finance lease if it transfers substantially all the risks
and rewards incidental to ownership of the underlying
asset, and classified as an operating lease if it does not.

20 Earnings per Share:

Basic earnings per share is calculated by dividing the
net profit or loss [excluding other comprehensive
income] 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 such as bonus issue, bonus element

in a right issue, shares split and reserve share splits
[consolidation of shares] that have changed the number
of equity shares outstanding, without a corresponding
change in resources.

For the purpose of calculating diluted earnings
per share, the net profit or loss [excluding other
comprehensive income] for the year attributable to
equity shareholders and the weighted average number
of shares outstanding during the year are adjusted for
the effects of all dilutive potential equity shares.

B Recent Accounting Pronouncements:

The 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 amendments

to Ind AS 116 - Leases relating to sale and lease
back transactions, applicable from April 1, 2024. The
Company has reviewed the new amendments and
based on evaluation there is no significant impact on its
financial statements.

On May 7, 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 the year beginning
from April 1, 2025. The Company has reviewed the
new amendments and based on evaluation there is no
significant impact on its financial statements.

NOTE: 21 - PROVISIONS: (Contd...)

Defined benefit plan and long term employment benefit
A General description:

Leave wages [Long term employment benefit]:

The leave encashment scheme is administered through Life Insurance Corporation of India's Employees' Group Leave
Encashment cum Life Assurance [Cash Accumulation] Scheme. The employees of the company are entitled to leave as
per the leave policy of the company. The liability on account of accumulated leave as on last day of the accounting year
is recognised [net of the fair value of plan assets as at the balance sheet date] at present value of the defined obligation at
the balance sheet date based on the actuarial valuation carried out by an independent actuary using projected unit credit
method.

Gratuity [Defined benefit plan]:

The Company has a defined benefit gratuity plan. Every employee who has completed continuous services of five years
or more gets a gratuity on death or resignation or retirement at 15 days salary [last drawn salary] for each completed year
of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and
salary increment risk.

Investment risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference
to market yields at the end of the reporting period on government bonds.

Interest risk:

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in
the return on the plan's debt investments.

Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of
plan participants both during and after their employment. An increase in the life expectancy of the plan participants will
increase the plan's liability.

Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants.
As such, an increase in the salary of the plan participants will increase the plan's liability.

NOTE: 39 - FINANCIAL INSTRUMENTS:

(i) Fair values hierarchy:

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into
three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the
measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data relying as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3.

(iii) Fair value of instruments measured at amortised cost:

Financial assets and liabilities measured at amortised cost for which fair values are disclosed.

Financial Assets: The carrying amounts of trade receivables, loans and other financial assets and cash and cash
equivalents are considered to be the approximately equal to the fair values.

Financial Liabilities: The carrying amounts of loans, other financial liabilities and trade payables are considered to be
approximately equal to the fair values.

(ii) Risk Management:

The Company's activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which
the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

The Company's risk management is done in close co-ordination with the board of directors and focuses on actively
securing the Company's short, medium and long-term cash flows by minimizing the exposure to volatile financial markets.
Long-term financial investments are managed to generate lasting returns.

The Company does not actively engage in the trading of financial assets for speculative purposes nor does it write
options. The most significant financial risks to which the Company is exposed are described below:

A. Credit risk:

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. The
Company is exposed to credit risk from loans and advances to related parties, trade receivables, bank deposits and
other financial assets. The Company periodically assesses the financial reliability of the counter party taking into
account the financial condition, current economic trends, analysis of historical bad debts and ageing of accounts
receivable. Individual customer limits are set accordingly.

i Investments at Amortised Cost : They are investments in the normal course of business of the company.

ii Bank deposits: The Company maintains its Cash and cash equivalents and Bank deposits with reputed and
highly rated banks Hence, there is no significant credit risk on such deposits.

iii Loans to related parties: They are given for business purposes. The Company reassesses the recoverability of
loans periodically. Interest recoveries from these loans are regular and there is no event of defaults.

iv Trade Receivable: The Company trades with recognized and credit worthy third parties. It is the Company's
policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In
addition, receivable balances are monitored on an on-going basis with the result that the Company's exposure
to bad debts is not significant.

v There are no significant credit risks with related parties of the Company. The Company is exposed to credit
risk in the event of non-payment by customers. Credit risk concentration with respect to trade receivables is
mitigated by the Company's large customer base. Adequate expected credit losses are recognized as per the
assessments. No single third party customer contributes to more than 10% of outstanding accounts receivable
[excluding outstanding from subsidiaries] as at March 31, 2025 and March 31, 2024.

_ _

a Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when
due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability
under committed facilities.

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

Maturities of financial liabilities :

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

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect
to the US Dollar and Other currency. Foreign exchange risk arises from recognised assets and liabilities denominated
in a currency that is not the Company's functional currency. The Company's operations in foreign currency creates
natural foreign currency hedge. This results in insignificant net open foreign currency exposures considering the
volumes and operations of the Company.

NOTE 41 - CAPITAL MANAGEMENT:

The Company's capital management objectives are

- to ensure the Company's ability to continue as a going concern

- to provide an adequate return to shareholders

- to maintain an optimal capital structure to reduce the cost of capital.

Management assesses the Company's capital requirements in order to maintain an efficient overall financing structure while
avoiding excessive leverage. This takes into account the subordination levels of the Company various classes of debt. The
Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the
risk characteristics of the underlying assets.

Notes

i Mainly driven by proceeds from borrowings.

ii Mainly due to increase in finance cost on account of proceeds from borrowings.

iii Mainly due to increase in purchase and decrease in average trade payables.

iv Mainly due to decrease in current assets on account of decrease in current loans.

v Mainly due to increase in sale of products.

NOTE: 44 - DISCLOSURE OF TRANSACTION WITH STRUCK OFF COMPANIES:

The Company did not have any material transaction with companies struck off under Section 248 of the Companies Act, 2013
or Section 560 of Companies Act, 1956 during the current and previous financial year.

NOTE: 45:

The Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2025
which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant
transactions recorded in the software. The audit trail has been preserved by the company as per the statutory requirements
for record retention.

NOTE: 46:

[a] The Company has not advanced or loaned or invested funds [either from borrowed funds or share premium or any
other sources or kind of funds] to any other persons or entities, including foreign entities [Intermediaries], with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall 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
provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

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

NOTE: 47:

The Board of Directors, at their meeting held on May 19, 2025, has approved the split/ sub-division of equity shares from face
value of ' 10/- each to ' 2/- each, fully paid-up. This is subject to the approval of the shareholders at the ensuing Annual General
Meeting.

NOTE: 48:

Figures of previous reporting periods have been regrouped/ reclassified wherever necessary to correspond with the figures of
the current reporting period.

Signatures to Material Accounting Policies and Notes 1 to 48 to the Financial Statements

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

For Mukesh M. Shah & Co.

Chartered Accountants

Firm Registration Number: 106625W

Mukesh M. Shah Dr. Sharvil P. Patel Tarun Arora Umesh V. Parikh Nandish P. Joshi

Partner Chairman CEO & Whole Time Director Chief Financial Officer Company Secretary

Membership Number: 030190 DIN: 00131995 DIN: 07185311 Membership Number: A39036

Place: Ahmedabad Place: Ahmedabad Place: Ahmedabad Place: Ahmedabad Place: Ahmedabad

Date: May 19, 2025 Date: May 19, 2025 Date: May 19, 2025 Date: May 19, 2025 Date: May 19, 2025