t. Provisions, contingent Liabilities, contingent assets and commitments :

Provision(legal and constructive) are recognised when the Company has a present obligation (legal or constructive)as
a result of past event and it is probable that an outflow of resources will be required to settle the obligation in respect of
which a reliable estimate can be made. If effect of the time value of money is material, provisions are discounted using an
appropriate discount rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognised as a finance cost.

Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and are
determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each
balance sheet date and adjusted to reflect the current best estimates.

Contingent liabilities are disclosed in the Notes to the Standalone Financial Statements. Contingent liabilities are disclosed
for;

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

• A present obligation arising from past events, when no reliable estimates is possible;

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

Contingent liabilities are not recognised but disclosed in the standalone financial statements. Contingent assets are neither
recognised nor disclosed in the financial statements.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets and Non¬
cancellable operating lease.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

u. Fair value measurement:

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date in accordance
with Ind AS 113. Financial Statements have been prepared on the historical cost basis except for the following material
items in the statement of financial position;

• Derivative financial instruments, if any, are measured at fair value received from Bank.

• Employee Stock Option Plan (ESOP) at fair value as per Actuarial Valuation Report.

Fair value is the price that would be received to sell an asset or settle a liability in an ordinary transaction between market
participants at the measurement date.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset 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:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

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

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

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

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.

v. Exceptional Items

Exceptional items are disclosed separately in the financial statements where it is necessary to do so to provide further
understanding of the financial performance of the Company. These are material items of income or expense that have to
be shown separately due to the significance of their nature or amount.

7. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS:

The preparation of standalone Company's financial statements in conformity with Ind AS requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income and expenses and the disclosure of contingent liabilities on the date of the financial statements.
Actual results could differ from those estimates. Estimates and under lying assumptions are reviewed on an ongoing basis.
Any revision to accounting estimates is recognised prospectively in current and future periods.

a. Property, plant and equipment :

Determination of the estimated useful life of tangible assets and the assessment as to which components of the cost
may be capitalized. Useful life of tangible assets is based on the life prescribed in Schedule II of the Companies Act,
2013. Assumptions also need to be made, when Company assesses, whether an asset may be capitalised and which
components of the cost of the asset may be capitalised.

b. Allowance for Inventories :

Management reviews the inventory age listing on a periodic basis. The review involves comparison of the carrying
value of the aged inventory items with the respective net realizable value. The purpose is to ascertain whether an
allowance is required to be made in the financial statement for any obsolete and slow-moving items. Management
is satisfied that adequate allowance for obsolete and slow-moving inventories has been made in the Company's
financial statements.

Management also reviews net realisable value for all its inventory and is satisfied that adequate allowance has been
made in the financial statements.

c. Intangible Assets :

Internal technical or user team assesses the remaining useful lives of Intangible assets. Management believes that
assigned useful lives are reasonable.

d. Recognition and measurement of defined benefit obligations :

The obligation arising from the defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial
assumptions include discount rate, trends in salary escalation and vested future benefits and life expectancy. The
discount rate is determined with reference to market yields at the end of the reporting period on the government
bonds. The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment
benefit obligations.

e. Recognition of deferred tax assets and income tax :

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 utilised. The management
assumes that taxable profits will be available while recognising deferred tax assets.

Management judgment is required for the calculation of provision for income taxes and deferred tax assets and
liabilities. The Company reviews at each balance sheet date the carrying amount of deferred tax assets. The factors
used in estimates may differ from actual outcome which could lead to significant adjustment to the amounts reported
in the standalone financial statements.

f. Recognition and measurement of other provisions :

The recognition and measurement of other provisions are based on the assessment of the probability of an outflow
of resources, and on past experience and circumstances known at the balance sheet date. The actual outflow of
resources at a future date may, therefore, vary from the figure included in other provisions.

g. Contingencies :

Management judgement is required for estimating the possible outflow of resources, if any, in respect of contingencies/
claim/litigations against the Company as it is not possible to predict the outcome of pending matters with accuracy.

h. Allowance for uncollected accounts receivable and advances :

Trade receivables do not carry any interest and are stated at values as reduced by appropriate allowances for
estimated irrecoverable amounts. Individual trade receivables are written off when management considers 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.

i. Insurance Claims :

Insurance claims are recognised when the Company has reasonable certainty of recovery.

j. Impairment Reviews :

Impairment exists when the carrying value of an non-financial asset or cash generating unit ('CGU') exceeds its
recoverable amount. Recoverable amount is the higher of its fair value less costs to sell and its value in use. The
value in use calculation is based on a discounted cash flow model. In calculating the value in use, certain assumptions
are required to be made in respect of highly uncertain matters, including management's expectations of growth in
EBITDA, long term growth rates; and the selection of discount rates to reflect the risks involved.

8. RECENT ACCOUNTING PRONOUNCEMENTS:

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March, 2025, MCA has notified
Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f. 1st April, 2024. The Company has reviewed the new pronouncements and based on its
evaluation has determined that it does not have any significant impact in its financial statements.

Ministry of Corporate Affairs (“MCA”) has not notified any new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time which are applicable effective 1st April 2025.

22.6 The Company has neither alloted any shares as fully paid up pursuant to contract without payment being received in cash
and by way of bonus shares nor bought back any shares during the period of five years preceding the date of this balance
sheet.

22.7 In accordance with SEBI regulations, during the year ended 31 March 2024, with the approval of members by the Special
resolution in the Extra Ordinary General meeting held on 18 November 2023, the Day to Day affairs committee of the Board
of Directors of the Company, in its meeting held on 21 March 2024, approved the allotment of 20,00,000 convertible share
warrants to promoter group company on preferential basis at issue price of ? 120 per warrant. Each warrant is convertible
into 1 fully paid equity share of ? 10 each. 25% of warrant issue price has been received upfront against each warrant.
75% of issue price to be received on the exercise of coversion option attached with Warrants. All of the above 20,00,000
warrants are still outstanding for conversion into equity shares of the company.

The management considers the Service Tax, Custom Duty, Sales Tax, GST, Income Tax etc. demand received from the
authorities and demand received from NPPA are not tenable against the Company, and therefore no provision for these
contingencies has been made. Further, in respect of aforesaid matters, the Company does not expect to have any material
adverse effect on the Company's financial conditions, results of operations or cash flows. Future cash flows in respect of
liability under clause (b) to (h) are dependent on decisions by relevant authorities of respective disputes.

Code of Social Security,2020

The new Code on Social Security, 2020 (Code) has been enacted, which could impact the contributions by the Company
towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified and
the rules are yet to be framed. The Company will complete its evaluation and will give appropriate impact in its financial
statements in the period in which the Code becomes effective and the related rules are published.

45. During the previous year, Company raised ? 9,500 Lakhs by allotment of unlisted secured redeemable non convertible
debentures(“NCD's)(Refer note 24.1 & 28). The proceeds have been utilized towards repayment of balance dues to various
lenders, as per the terms of issue.(Refer note 46(a), 46(b) & 47).

46. Payment of Exim and State Bank of India dues in year ended 31 March 2024.

a. Exim Bank had subscribed to 4,511 Preference Shares of Euro 1,000/- each of Wanbury Holding B. V., a subsidiary
company pursuant to the Preference Share Subscription Agreement dated 7 December 2006. Pursuant to the said
agreement, Exim Bank had exercised Put Option vide letter dated 8 November, 2011 and the Company was required
to pay USD 60 Lakhs equivalent to ? 5,004.30 Lakhs to acquire aforesaid preference shares, against which the
Company had made provision of approximately 20%. The said dues were part of the CDR Scheme

Pursuant to Exim Bank letter dated 27 September 2021, the aforesaid liability had been settled under One Time
Settlement(OTS) at USD 12 Lakhs equivalent to ? 1,000.86 Lakhs. Further, vide letter dated 3 July 2023, Exim bank
had approved extension of time for repayment upto 30 September 2023.

During the previous year, company had paid the entire dues as per final approval(Refer note 45).

In respect of this matter, company had received no dues certificate and contingent Liability on Balance sheet date is
? Nil (Pr. Yr. ? Nil).

b. State Bank of India, London filed legal proceedings dated 28 February 2017, demanding repayment of Euro 38.23
Lakhs equivalent to ? 3,436.03 Lakhs together with interest till the date of repayment by the Company in terms
of Guarantee & Loan agreement dated 27 September 2007 vide which aforesaid credit facilities was granted to
Cantabria Pharma S L, the step down subsidiary of the Company.

State Bank of India, London, vide compromise settlement letter dated 01 February 2018 approved the settlement of
their dues at 20% in respect of loan availed by Cantabria Pharma SL. Further, vide letter dated 16 June 2023, State
Bank of India, London, had approved extension of time for repayment upto 31 December 2023

During the previous year, company had paid the entire dues as per final approval(Refer note 45).

In respect of this matter, company had received no dues certificate and contingent Liability on Balance sheet date is
? Nil (Pr. Yr. ? Nil).

47. During the previous year, the Company had paid Corporate Guarantee liability of Cantabria Pharma SL, the step down
subsidiary of the Company & Wanbury Holding B.V., a subsidiary company (Refer note 45) as per final approval, including
interest thereon and received no dues for the same.

48. The Company has presented data related to its segments based on its Consolidated Financial Statements which are
presented in the same Integrated Annual Report. Accordingly in terms of paragraph 4 of the IndAS 108 “Operating
Segments”, no disclosures related to segments are presented in these Standalone Financial Statements.

49. a. Erstwhile The Pharmaceutical Products of India Limited (PPIL) was proposed to be merged with the Company

pursuant to the scheme of Revival cum Merger approved vide order dated 24 April 2007 by Board for Industrial and
Financial Reconstruction (BIFR) u/s 18 and other applicable provisions of the Sick Industrial Companies (Special
Provisions) Act, 1985 (SiCa). Subsequently, the Hon'ble Supreme Court vide its order dated 16 May 2008, has
set aside the above referred BIFR order and remitted the matter back to BIFR for considering afresh as per the
provisions of SICA. The Government of India had, vide Notification No. S.O. 3568(E) dated 25 November 2016,
notified the SICA Repeal Act, 2003, w.e.f. 1 December 2016 and as a consequence thereof, BIFR and AAIFR stood
dissolved w.e.f. 1 December 2016. In terms of Section 252 of Insolvency & Bankruptcy Code, 2016 (“IBC 2016”), the
government amended Section 4(b) of the said repeal Act in the manner specified in the Eighth Schedule of IBC 2016,
resulting in the abatement of all pending proceedings including pending merger scheme before BIFR.

Based on the legal opinion obtained, the Scheme had been undone during the previous year.

Consequently, the assets and liabilities identified, except equity share capital, pertaining to erstwhile PPIL had been
transferred from the closing hours of business on 31 March 2024 and appropriate treatment had been given in the
financial statement.

50. During the year ended 31 March 2017, SBI and SBM had sold its loan exposure and have assigned all the rights, title
and interests in financial assistance on the Company to Edelweiss Asset Reconstruction Company Limited (EARCL) at an
agreed value. During the year ended 31 March 2022, pursuant to the settlement arrangement letter dated 13 December
2021, EARCL had agreed final settlement amount of ? 8,500 lakhs. Major part of the settlement amount was paid and
interest had been provided at stipulated rates. Consequently ? 6,875.02 lakhs was recognized as gain on extinguishment
of financial liability and shown under “Exceptional Items”.

Further, Union Bank of India and Exim Bank vide letter dated 1 December 2021 and 7 December 2021 respectively
assigned all the rights, title and interests in financial assistance on the Company to EARCL at agreed value.

During the year ended 31 March 2023, in respect of aforesaid dues, EARCL had agreed for the Revised Settlement amount
to be payable within the stipulated time. Consequently ? 981.58 Lakhs was recognised as loss on settlement of financial
liability and shown under “Exceptional Items”.

During the previous year, company had paid the entire dues as per final approval and received no dues for the same
(Refer note 45).

As required by Ind AS 19 “Employees Benefits” the disclosures are as under:

Defined Contribution Plans:

The Company offers its employees defined contribution plans in the form of Provident Fund (PF) and Employees' Pension
Scheme (EPS) with the Government, and certain State plans such as Employees' State Insurance (ESI), PF and EPS cover
substantially all regular employees and the ESI covers certain employees. Contributions are made to the Government's
funds. While both the employees and the Company pay predetermined contributions into the provident fund and the ESI
Scheme, contributions into the pension fund is made only by the Company. The contributions are normally based on a
certain proportion of the employee's salary.

The Company provides for death benefit, a defined benefit plan, (the death benefit plan) to certain categories of employees.
The death benefit plan provides a lump sum payment to vested employees on death, being compensation received from the
insurance company and restricted to limits set forth in the said plan. The Company makes annual contribution to Group Gratuity
Cash Accumulation Plan of LIC, a funded plan for qualifying employees.

Leave Encashment:

The Company's employees are entitled for compensated absences which are allowed to be accumulated and encashed as
per the Company's rule. The liability of compensated absences, which is non-funded, has been provided based on report of
independent actuary using the “Projected Unit Credit Method”.

Accordingly aggregate of ? 607.30 Lakhs (Pr. Yr. ? 489.78 Lakhs) being liability as at the year end for compensated absences
as per actuarial valuation has been provided in the accounts.

The Actuary has outlined the following risks associated with the plans:

A. Actuarial Risk:

It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons:

Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an
increase in Obligation at a rate that is higher than expected.

Variability in mortality rates:

If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity Benefits will be paid earlier
than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an
actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

If actual mortality rates are higher than assumed mortality rate assumption than the leave benefit will be paid earlier
than expected. The acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the
assumed salary growth and discount rate.

Variability in withdrawal rates:

If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity Benefits will be paid
earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

If actual withdrawal rates are higher than assumed withdrawal rate assumption than the leave benefit will be paid earlier
than expected. The impact of this will depend on the relative values of the assumed salary growth and discount rate.

Variability in availment rates:

If actual availment rates are higher than assumed availment rate assumption then leave balances will be utilised earlier
than expected. This will result in reduction in leave balances and Obligation.

B. Investment Risk:

For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the
fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future
discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in
the discount rate during the inter-valuation period.

C. Liquidity Risk:

Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits. If
some of such employees resign/retire from the Company there can be strain on the cashflows.

D. Market Risk:

Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One
actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money. An
increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This assumption
depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed to fluctuations in
the yields as at the valuation date.

E. Legislative Risk:

Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation/
regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher benefits
to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to be
recognised immediately in the year when any such amendment is effective.

Terms and Conditions of transactions with related parties:

Company has completed an independent evaluation for all transactions, for the year ended 31.03.2025 and for the year ended
31.03.2024 to determine whether the transactions with associate enterprises are undertaken at arm's length price based on
the internal pricing review and validation, Company believes that all transaction with associated enterprises are in the ordinary
course of the business and on arm's length basis.

For the year ended 31.03.2025 and for the year ended 31.03.2024 the Company has not recorded any further impairment of
receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining
the financial position of the related party and the market in which the related party operates.

Outstanding balances at the year-end are unsecured and settlement occurs in cash.

60. Capital Management:

The primary objective of the Company's capital management is to maximise shareholder value.

The capital structure of the Company is based on the management's judgement of its strategic and day-to-day needs with
a focus on total equity so as to maintain investor, creditors and market confidence.

The Company has initiated various measures, including restructuring of debts and infusion of funds etc.

During the year ended 31 March 2022, the Board of Directors at their meeting held on 22 April 2021 allotted 76,15,381
Equity Shares of face value ? 10/- each at an issue price of ? 65/- per equity share (including premium of ? 55/- per equity
share) aggregating to ? 4,950 Lakhs. Further, during the previous year, the Company sold some of its Land & Building

aggregating to ? 1,069.57 Lakhs. Proceeds from the same had been utilised in repayment/settlement of existing debts.

During the previous year, Company raised ? 9,500 Lakhs by allotment of unlisted secured reedemable non convertible
debentures(“NCDs”). The fund is utilised towards full repayment of existing dues. During the year, the same has been fully
repaid.

During the year, the company has received term loan of Rs. 6,000 Lakhs from Tata Capital. The proceeds are utilized
towards capex funding and working capital requirements. Also the same was fully repaid during the year.

During the previous year, with the approval of members by the Special resolution in the Extra Ordinary General meeting
held on 18 November 2023, the Day to Day affairs committee of the Board of Directors of the Company, in its meeting
held on 21 March 2024, approved the allotment of 20,00,000 convertible share warrants to promoter group company
on preferential basis at issue price of ? 120 per warrant. Each warrant is convertible into 1 fully paid equity share of ?
10 each. 25% of warrant issue price has been received upfront against each warrant. 75% of issue price to be received
on the exercise of coversion option attached with Warrants. All of the above 20,00,000 warrants are still outstanding for
conversion into equity shares of the company.

During the year, Company raised ? 17,500 Lakhs by allotment of unlisted secured reedemable non convertible
debentures(“NCDs”). The fund is utilised towards re-financing of its existing high cost debt, capex funding and working
capital requirements.

For the purpose of the Company's capital management, the Company monitors Net Debts and Equity.

Equity includes all components of equity i.e. paid up equity capital, share premium and all other equity reserves attributable
to the equity holders of the Company.

Net Debt includes all liabilities i.e. interest bearing loans and borrowings, trade payables, provisions and other liabilities
less cash and cash equivalents.

B. Fair Value Measurements
Fair Value Hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that
are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed
in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the
Company has classified its financial instruments into the three levels prescribed under the Indian Accounting Standard. An
explanation of each level is as follows:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices in active markets or identical
assets and liabilities.

Level 2: The fair value of fwinancial instruments that are not traded in an active market (like forward contracts) is determined
using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-
specific estimates. If all significant inputs required to fair value as instrument are observable, the instrument is included in
level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level
3. This is the case for unlisted equity securities etc. included in level 3.

i. Risk Management Framework

The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk
management framework. Management is responsible for developing and monitoring the Company's risk management
policies, under the guidance of Audit Committee.

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

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

ii. Credit Risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and
from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments.

(a) Trade Receivables

Customer credit risk is managed by the Company subject to Company's established policy, procedures and control relating
to customer credit risk management. Trade receivables are mainly from manufacturers, non-interest bearing and are
generally on 7 days to 90 days credit term. Credit limits are established for all customers based on internal rating criteria
and any deviation in credit limit require approval of Directors. Outstanding customer receivables are regularly monitored.
The Company has no concentration of credit risk as the customer base is widely distributed both economically and
geographically.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation
is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets. The Company does not hold collateral as security. The Company evaluates the concentration of risk with
respect to trade receivables as low, as its customers are located in several jurisdictions and operate in largely independent
markets. Trade receivables do not contain any significant financing component and hence, the Company recognises life
time expected credit loss based on simplified approach.

(b) Other Financial Instruments

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks or
financial institutions with high credit rating assigned by credit rating agencies. For other financial assets, The Company
assesses and manages the credit risk internally. The Company considers the probability of default upon initial recognition
and assess whether there has been a significant increase in credit risk subsequently based in the historical losses and
forward looking supportable information. Based on general approach, if there is a significant increase in credit risk of a
financial asset since its initial recognition the Company recognises life time expected credit loss otherwise 12 months
expected credit loss is recognised.

iii. Liquidity Risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations
without incurring unacceptable losses. The Company's objective is to maintain optimum level of liquidity at all times, to
meet its cash and collateral requirements. The Comapny closely monitors its liquidity position and deploys a robust cash
management system. It maintains adequate sources of financing including bilateral loans, debt etc. at an optimised cost.

iv. Market risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices
- will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Financial instruments affected by market risk include loans and borrowings, deposits, investments, and derivative financial
instruments.

The company's activities expose it to a variety of financial risks, including the effects of changes in foreign currency
exchange rates and interest rates. The Company uses derivative financial instruments such as foreign exchange contracts
to manage its exposures to foreign exchange fluctuations. All such transactions are carried out within the guidelines set by
the risk management committee.

The analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit
obligations, provisions and on the non financial assets and liabilities.

a. Currency Risk

The Company is exposed to currency risk to the extent that there is a mismatch between the currencies in which sales,
purchases and borrowings are denominated and the functional currency of the Company.

The currencies in which these transactions are primarily denominated are US dollars (US $), Pound (GBP) and Euro.

As the share of exports to total sales made by the Company is considerable, same is partly hedge through natural hedging
via raw material imports. Further management exercise close monitoring of currency fluctuations.

During the year, the Company has entered into forward exchange contract, being derivative instrument to mitigate foreign
currency risk, to establish the amount of currency in India Rupees required or available at the settlement date of certain
payables and receivables

(b) 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.

Majority of borrowings of the Company are at fixed interest rate and are carried at amortised cost. They are therefore not
subject to interest rate risks, since neither the carrying amount nor the future cash flows will fluctuate because off a change
in market interest rates.

(c) Price risk

The Company is exposed to equity price risks arising from equity investments. However, there is no material impact of the
sensitivity.

62. Revenue (Ind AS 115)

The operations of the Company are limited to only one segment viz. pharmaceuticals and related products. Revenue from contract with
customers is from sale of manufactured/traded goods. Sale of goods are made at a point in time and revenue is recognised upon satisfaction
of the performance obligations which is typically upon dispatch / delivery. The Company has a credit evaluation policy based on which the
credit limits for the trade receivables are established. The credit period provided by The Company is not significant, hence there is no significant
financing component.

64. Disclosure of Transactions With Struck Off Companies:

The Group did not have any transactions with companies struck off under Section 248 of the Companies Act, 2013 or
Section 560 of Companies Act, 1956 during the year.

65. The company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.

66. During the year, there are no transaction/details to report against the following disclosure requirements as notified by MCA
pursuant to amended Schedule III:

a. Crypto Currency or Virtual Currency

b. Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

c. Registration of charges or satisfaction with Registrar of Companies

d. Undisclosed Income

e. Relating to borrowed funds:

i. Discrepancy in utilisation of borrowings

ii. Borrowings from banks and financial institutions for the specific purpose

67. Disclosure of borrowings obtained on the basis of security of current assets:

The Company has been sanctioned working capital borrowing of ? 2,000 Lakhs comprising of ? 1,000 Lakhs fund
based and ? 1,000 Lakhs non-fund based from banks on the basis of security of current assets. The Company has
filed quarterly returns or statements with banks in lieu of the sanctioned working capital facilities. Discrepancies are as
under.

# The quarterly statements submitted to banks were prepared and filed before the completion of all the financial statement
closure activities including IndAS related adjustments/reclassifications & regrouping as applicable, which led to these
differences between the final books of accounts and the quarterly statements submitted to banks based on provisional
books of accounts

68. Compliance with approved Scheme(s) of Arrangements:

The Group has not entered into any Scheme of Arrangements in terms of sections 230 to 237 of the Companies Act, 2013
which has accounting impact on current or previous financial year

69. Utilisation of borrowed funds and share premium:

A. During the year, the Group has not advanced or loaned or invested funds to any other person(s) or entity(ies),
including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

No related party transactions in relation to CSR expenditure has taken place in current year as well as in previous year.

71. Previous Year's figures have been regrouped/ reclassified wherever necessary, to confirm to current year's classification.

For and on behalf of the Board

K.Chandran Mridul S. Mehta

Whole-time Director Director

(DIN: 00005868) (DIN: 10177545)

Jitendra J. Gandhi Vinod Verma

Mumbai,15 May 2025 Company Secretary Chief Financial Officer