2.17 Provisions and Contingencies

Provisions are recognised when the Company has a present
legal or constructive obligation as a result of past events, it
is probable that an outflow of resources will be required to
settle the obligation and the amount can be reliably estimated.
Provisions are not recognised for future operating losses.

Provisions are measured at the present value of
management's best estimate of the expenditure
required to settle the present obligation at the end of the
reporting period.

A disclosure for contingent liabilities is made when there is
a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events not
wholly within the control of the Company or a present
obligation that arises from past events where it is either
not probable that an outflow of resources embodying
economic benefits will be required to settle or a reliable
estimate of the amount cannot be made.

2.18 Exceptional items

When items of income or expense are of such nature, size
and incidence that their disclosure is necessary to explain
the performance of the Company for the year, the company
makes a disclosure of the nature and amount of such items
separately under the head "exceptional items".

Note: Lease agreements of all the above leases are duly executed in the name of the Tide Water Oil Co.(India) Ltd. In the
current year the Company has changed its name from Tide Water Oil Co. (India) Ltd. to Veedol Corporation Limited w.e.f.
20th Sepetember, 2024. Accordingly the company is in the process of change in the name in the Lease deeds to Veedol
Corporation Limited. In addition to the above, the Company has initiated steps towards renewal of the lease deeds for the
leasehold land in West Bengal.

(iii) Extension and Termination options

Extension and Termination options are included in building, depots, flats and warehouses leases across the Company.
These are used to maximise operational flexibility in terms of managing the assets used in the Company's operations.
The majority of extension and termination options held are exercisable on mutual consent between the Company and the
respective lessors for a period of 3 years.

Critical judgements in determining the lease term

In determining the lease term, management considers all facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options)
are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).

For leases the following factors are normally the most relevant:

• If there are significant penalties to terminate (or not extend), the Company is typically reasonably certain to extend
(or not terminate).

• If any leasehold improvements are expected to have a significant remaining value, the Company is typically reasonably
certain to extend (or not terminate).

• Otherwise, the Company considers other factors including historical lease durations and the costs and business
disruption required to replace the leased asset.

The lease term is reassessed if an option is actually exercised (or not exercised) or the Company becomes obliged to
exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant
change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. During the
current financial year, no extension or termination options in lease agreements were exercised.

The Company does not have any variable lease payments for the above leases.

During the year, the Company has not granted any loan to employee.(Previous Year: one employee amounting to H 0.01 Crores out
of which outstanding balances as at 31st March, 2025 is H 0.00* Crores(Previous year H 0.00* Crores)) Terms of repayment being
repayable within 3 years to 10 years along with interest chargeable @ 6%p.a.

Loan to employees includes loan given to one KMP outstanding balance as on 31st March, 2025 is H 0.02 Cr. (Previous year H 0.02
Cr.) Terms of repayment being repayable within 10 years along with interest chargeable @ 6%p.a.

During the year, the Company also granted loan to one related party (Refer Note 38) amounting to H11.93 Crores (Previous Year:
one related party amounting to H 5.50 Crores), out of which outstanding balances as at 31st March, 2025 is Nil Crores (Previous
Year: H0.55 Cr.).

Terms of repayment being repayable within 0-6 months along with interest chargeable @ 11.55%p.a.

Note 13 EQUITY SHARE CAPITAL (Contd..)

(a) Terms and Rights attached to Equity Shares

The Company has one class of Equity Shares having a par value of H 2/- per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive
the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

(b) Share Reserved for issue under options

There are no shares reserved for issue under option.

(c) Right issue

There are no right issues of equity share during the current year and previous year.

(d) Aggregate number of shares issued for consideration other than cash

There are no shares issued in consideration other than cash during the current year and previous year.

Nature and Purpose of Each Reserve
Securities Premium

Securities premium is used to record premium received on issue of shares. The reserve may be utilised in accordance with the
provisions of the Act.

General Reserve

Under the erstwhile Companies Act 1956, a general reserve was created through an annual transfer of net profits at a specified
percentage in accordance with applicable regulations. Consequent to the introduction of the Act, the requirement to mandatory
transfer a specified percentage of net profit to general reserve has been withdrawn though the Company may transfer such
percentage of its profits for the financial year as it may consider appropriate. Declaration of dividends out of such reserve shall not
be made except in accordance with rules prescribed in this behalf under the Act. The reserve may be utilised in accordance with the
provisions of the Act.

Note 35 Assets Pledged as Security (Contd..)

In respect of the facilities sanctioned by the bank for working capital limit in excess of H 5 crores on the security of the current assets,
the Company is yet to submit the returns / statements for the quarter ended 31st March, 2025 with such Banks.

There are no borrowings taken by the Company during the current and previous years. The above assets pledged are as per the
sanction letters.

Note 36 Micro and Small Enterprises

The Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of
information available with the Company.

E. Terms and Conditions of Transactions with Related Parties:

1 Remuneration was paid as per service contract.

2 Sitting Fees to Directors were paid as per Board Resolution.

3 Loans were given and interest thereon were charged as per Board Resolution.

4 Transactions relating to payment of dividend were on same terms and conditions that applied to other shareholders.

5 All other transactions were made on normal commercial terms and conditions and at market rates.

6 All outstanding balances are unsecured and are repayable in cash.

7 Directors' Commission was approved as per Board Resolution.

8 There is no repayment schedule for loan given to Tide Water Oil Company (India) Limited Employee Benefit Trust. Interest
is charged @ 7%p.a.

Note 39 EMPLOYEE BENEFITS:

(I) Post Employment Obligations - Defined Contribution Plans

The Company has certain Defined Contribution Plans viz. Provident Fund and Superannuation Fund. Contributions are made
to Provident Fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to
registered Employees' Provident Fund Organisation (EPFO) administered by the government. Contributions to Superannuation
Fund are made at a rate not exceeding 4.87% of Basic and Dearness Allowance of the members of superannuation plan. The
obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.

During the year, an amount of H 7.25 Crores (Previous Year: H 6.75 Crores) has been recognised as expenditure towards defined
contribution plans of the Company.

(II) Post Employment Obligations - Defined Benefit Plans

(A) Gratuity (funded)

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees as per
Payment of Gratuity Act, 1972. The plan provides for a lump sum payment to vested employees at retirement, death while
in employment or on termination of employment of an amount as per Payment of Gratuity Act, 1972 (as amended). Vesting
occurs upon completion of five years of service. The plan is being managed by a separate Trust created for the purpose
and obligations of the Company is to make contribution to the Trust based on actuarial valuation. Liabilities with regard to
the Gratuity Plan are determined by actuarial valuation as set out in Note 2.15(ii), based upon which, the Company makes
contribution to the Employees' Gratuity Fund.

(B) Post- retirement Medical Scheme

Under this scheme, certain categories of employees of the Company get medical benefits subject to certain limits of
amount and types of benefits depending on their grade at the time of retirement. The liability for post-retirement medical
scheme is determined on the basis of year-end actuarial valuation. The scheme is partly funded.

The following table sets forth the particulars in respect of the Gratuity Plan (Funded) and Medical (Partly Funded) of the
Company for the year ended 31st March. 2025 and 31st March. 2024:

Notes:

(a) The estimate of future salary increases takes into account: inflation, seniority, promotion and other relevant factors,
such as demand and supply in the employment market.

(b) Assumptions regarding future mortality are based on mortality tables of 'Indian Assured Lives Mortality (2012-14) Ult.'
as at 31st March, 2025 and as at 31st March, 2024 published by the Institute of Actuaries of India.

(c) Out of total present value of defined benefit obligations towards Post Retirement Medical Scheme, defined benefit
obligations of H 19.32 Crores (Previous Year: H 20.83 Crores) pertaining to employees retiring on or after 1st April,
2020 is partly funded; the Company's Board of Directors have decided to fund towards the aforesaid Scheme.

(d) This gratuity assset represents the surplus balance with the trust. This Balance will be subsequently adjusted with
future contributions

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating
the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value
of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period)
has been applied as when calculating the defined benefit liability recognised in the Balance Sheet.

Note 39 EMPLOYEE BENEFITS: (Contd..)

The methods and types of assumptions used in preparing the sensitivity analysis did not change as compared to
the previous year.

(l) Expected Contribution to Post-Employment Benefit Plan in the next twelve months for Gratuity is H 0.01 Crores
(Previous Year: H 3.47 Crores) and Post - retirement Medical Scheme is H 12.89 Crores (Previous Year: H 17.23 Crores).

(III) Leave Obligations

The Company provides for encashment of leave or leave with pay by certain categories of its employees subject to certain rules.
The Company records a provision for leave obligations in the year in which the employee renders the services that increases this
entitlement. The employees are entitled to accumulate leave subject to certain limits, for future encashment.

(IV) Risk Exposure

The Company is exposed to a number of risks through the defined benefit plans. The most significant of which are detailed below:-
Investment Risk:

The defined benefit plans are funded with Life Insurance Corporation of India (LICI). The Company does not have any liberty
to manage the funds provided to LICI. The present value of the defined benefit plan liability is calculated using a discount
rate determined by reference to the Government of India bonds. If the return on plan asset is below this rate, it will create
a plan deficit.

Discount Rate Risk:

The Company is exposed to the risk of fall in discount rate. A fall in discount rate will eventually increase the ultimate cost of
providing the above benefit thereby increasing the value of the liability.

Demographic Risk:

In the valuation of the liability, certain demographic (mortality and attrition rates) assumptions are made. The Company is
exposed to this risk to the extent of actual experience eventually being worse compared to the assumptions thereby causing an
increase in the benefit cost.

Salary Growth Risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An
increase in the salary of the plan participants will increase the plan liability.

Liquidity Risk:

This is the risk that the Company is not able to meet the short-term benefit payouts. This may arise due to non availability of
enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Asset Liability Mismatch or Market Risk:

The duration of the liability is longer compared to duration of assets, exposing the Company to market risk for volatilities/ fall
in interest rate.