Note: Lease agreements of all the above leases are duly executed in the name of the Tide Water Oil Co.(India) Ltd. In the previous year, the Company has changed its name from Tide Water Oil Co. (India) Ltd. to Veedol Corporation Limited w.e.f. September 20, 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 has certain leases with options to extend or terminate. As at March 31, 2026, potential future lease payments of H 17.06 crores (Previous year: H 17.06 crores), which would arise only if these extension options are exercised beyond the current non-cancellable period, have not been included in the lease liabilities, as the Company is not reasonably certain to exercise these options.

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

Loan to employees includes loan given to one KMP, outstanding balance as on March 31, 2026 is Nil (Previous year: H 0.02 Crores) Terms of repayment being repayable within 10 years along with interest chargeable @ 6%p.a.

During the year, the Company granted a loan of H 15 crores to one related party at an interest rate of 12.00% p.a. (Refer Note 38) (Previous year: loan of H 11.93 crores to a related party at 11.55% p.a.). The outstanding balance as at March 31, 2026 is H 15 crores (Previous year: Nil). The current year loan was originally repayable by September 30, 2025 but has been extended twice by six months each and is now repayable by September 30, 2026. The loan has been given for working capital purposes.

(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.

E. Terms and Conditions of Transactions with Related Parties:

1 Remuneration was paid as per service contract and in line with shareholders approval and the Company's policy.

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 Veedol Corporation Limited Employee Benefit Trust [Formerly Tide Water Oil Co. (India) Ltd. 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 6.90 Crores (Previous Year: H 7.25 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.

(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) Urban' as at March 31, 2026 and as at March 31, 2025 published by the Institute of Actuaries of India.

(c) Out of the total present value of defined benefit obligations in respect of the Post-Retirement Medical Scheme of H12.73 crores (Previous Year: H19.32 crores), obligations pertaining to employees retiring on or after 1 April 2020 are funded, whereas obligations pertaining to employees who retired prior to 1 April 2020 are unfunded. Further, due to realignment of claim ratio coupled with exit of certain employees who did not qualify for the period eligible for availing this scheme, there has been reversal of provision aggregating H 9.11 Crores (Previous Year: Nil) during the current year, which has been recognised in Other Comprehensive Income.

(d) This gratuity asset of the previous year represents the surplus balance with the trust. This Balance has been 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.

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 4.18 Crores (Previous Year: H 0.01 Crores) and Post - retirement Medical Scheme is H 1.40 Crores (Previous Year: H12.89 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 and accordingly at year end, provision for compensated absences has been bifurcated between current and non-current portion.

(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.

Level 1

Quoted prices in an active market (level 1): This level of hierarchy includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2

Valuation techniques with observable inputs (level 2): This level of hierarchy includes financial assets and liabilities, measured using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3

Valuation techniques with significant unobservable inputs (level 3): This level of hierarchy includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. This level of hierarchy includes Company's investments in equity shares which are unquoted or for which quoted prices are not available at the reporting dates.

(ii) Valuation Technique Used to Determine Fair Value

Specific valuation techniques used to value financial instruments include:

• the use of quoted market prices or dealer quotes for similar instruments

• the fair value of the remaining financial instruments is determined using discounted cash flow analysis.

The Company's risk management is carried out by a treasury department under policies approved by the board of directors. Treasury department identifies and evaluates financial risks in close cooperation with the company's operating units. The board provides written principles for overall risk management, as well as policies covering specific areas such as credit risk, liquidity risk, foreign exchange risk, interest rate risk and commodity price risk.

A) Credit Risk

The Company takes on exposure to credit risk, which is the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises from cash equivalents with banks, investments carried at amortised cost, deposit with banks as well as credit exposure to customers and other parties. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 40.

(i) Risk Management

Customer credit risk is managed by the Company through established policy and procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing. The Company has a detailed review mechanism of overdue customer receivables at various levels within organisation to ensure proper attention and focus for realisation. Trade receivables are consisting of a large number of customers. Where credit risk is high, trade receivables are backed by security deposits.

To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.

The expected loss rates are based on the payment profiles of sales over a period of 24 months before the reporting date and the corresponding historical credit losses experienced within this period.

Trade receivables are written off where there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Company, and a failure to make contractual payments for a period of greater than 12 months past due.

Credit risk from balances with banks, deposits, etc is managed by the Company's finance department. Investments of surplus funds are made only with approved counterparties in accordance with the Company's policy. None of the Company's cash equivalents with banks, deposits, investments and other receivables (other than as mentioned below) were past due or impaired as at March 31, 2026 and March 31, 2025.

ii) 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. The Company's exposure to risk of changes in market interest rates relates primarily to the Company's debt interest obligation. Further, the Company engages in financing activities at market linked rates, any changes in the interest rate environment may impact future rates of borrowings.

The Company's lease liabilities and investments in term deposits with bank are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of changes in market interest rates.

Interest Rate Risk Exposure

The Company does not have any borrowings outstanding as at March 31,2026 and March 31, 2025.

iii) Commodity Price Risk

The Company's exposure to market risk with respect to commodity prices primarily arises from the fact that it is a purchaser of base oil. Base oil is a commodity product whose prices can fluctuate sharply over short periods of time. The prices of base oil generally fluctuate in line with commodity cycles. Material purchase forms the largest portion of the Company's operating expenses. The Company evaluates and manages commodity price risk exposure through operating procedures and sourcing policies. The Company has not entered into any commodity derivative contracts.

Note 42 CAPITAL MANAGEMENT

(A) Risk Management

The Company's objectives when managing capital are to:

a) Safeguard their ability to continue as a going concern

b) Maintain an optimal capital structure to reduce the cost of capital.

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. As on the reporting date, the Company is debt free and it is not subject to any externally imposed capital requirements.

Note 43 VEEDOL CORPORATION LIMITED EMPLOYEE BENEFIT TRUST (EMPLOYEE BENEFIT TRUST) (Formerly TIDE WATER OIL COMPANY (INDIA) LIMITED

EMPLOYEE BENEFIT TRUST)

The Company had instituted Tide Water Oil Co. (India) Ltd. Employee Welfare Scheme as approved by shareholders vide postal ballot dated March 02, 2011. Subsequent to promulgation of Securities Exchange Board of India (Share Based Employee Benefits Regulations), 2014, the shareholders vide their postal ballot resolution dated January 14, 2016, aligned the provisions of the aforesaid scheme with that of the said regulations. The scheme had also been rechristened as Tide Water Oil Company (India) Limited Employee Benefit Scheme. Further, during the year, the scheme has been rechristened as Veedol Corporation Limited Employee Stock Option Scheme. No option has been granted during the year, under this scheme.

The scheme continues to be administered by an independent Trust viz., Veedol Corporation Limited Employee Benefit Trust [Formerly Tide Water Oil Co. (India) Ltd. Employee Benefit Trust]. The objective of the trust is acquiring shares from the secondary market and implementing the aforesaid scheme for benefit of the employees of the Company.

The Company had provided a loan to Employee Benefit Trust for purchasing shares of the Company, of which balance outstanding as at March 31, 2026 was H 3.17 Crores (Previous Year: H 5.67 Crores), net of H 0.08 Crores (Previous Year: H 0.08 Crores) representing face value of 429,140 equity shares @ H 2/- per share held by them as at March 31, 2026 (Previous Year: 429,140 equity shares @ H 2/- per share). Refer note 38(E)(8).

Description of Ratios

1 Current Ratio = Current Assets / Current Liabilities (excluding assets classified as held for sale and its corresponding liability)

2 Debt-Equity Ratio = Total Debt / Shareholders' Equity [Total Debt = Borrowings Lease Liabilities]

[Shareholders' Equity = Equity Share Capital Other Equity]

3 Debt Service Coverage Ratio = Earnings Available for Debt Services / Debt Service

[Earnings Available for Debt Services = Net Profit After Taxes Non-cash operating expenses i.e. Depreciation and Amortisation Expenses Finance Cost Other adjustments viz. Loss on Disposal of Property, Plant and Equipment, Loss allowance, Allowance for doubtful advances and security deposits, Loss on changes in fair value of derivatives]

[Debt Service = Principal Elements of Lease Payments and Interest Elements of Lease Payments]”

4 Return on Equity Ratio = Profit After Taxes / Average Total Equity

5 Inventory Turnover Ratio = Cost of Goods Sold / Average Inventory

[Cost of Goods Sold = Cost of Materials Consumed Purchases of Stock-in-Trade Changes in Inventories of Finished Goods and Stock-in-Trade]

6 Trade Receivables Turnover Ratio = Revenue From Operations / Average Trade Receivables

7 Trade Payables Turnover Ratio = Purchases and Other Expenses / Average Trade Payables

[Purchases and Other Expenses = Purchases of Raw Materials Purchases of Stock-in-Trade Other Expenses (excluding non-cash expenses viz. Loss allowance, Provision for doubtful advances and security deposits, Loss on Disposal of Property, Plant and Equipment, Loss on changes in fair value of derivatives etc.)]

8 Net Capital Turnover Ratio = Revenue from Operations / Working Capital [Working Capital = Current Assets - Current Liabilities]”

9 Net Profit Ratio = Profit After Taxes / Revenue From Operations

10 Return on Capital Employed = EBIT / Capital Employed [Capital Employed: Total Equity]”

11 Return on Investments = EBIT / Average Total Assets

B. Other Regulatory Information required by Schedule III

(i) Details of Benami Property Held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Wilful Defaulter

The Company has not been declared Wilful Defaulter by any bank, financial institution or other lender.

(iii) Relationship with Struck-off Companies

The Company has no transactions with any company which has been struck off under Companies Act, 2013 or Companies Act, 1956. Further, there are no balances payable to / receivable from any company which has been struck off under Companies Act, 2013 or Companies Act, 1956.

(iv) Compliance with Number of Layers of Companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013, read with the Companies (Restriction on number of layers) Rules, 2017.

(v) Compliance with Approved Scheme(s) of Arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact in the current year as well as previous year.

(vi) Utilisation of Borrowed Funds and Share Premium

(I) The Company has not advanced or loaned or invested funds to any other person or entity, 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.

(II) The Company has not received any fund from any person or entity, including foreign entities ('Funding Party') with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

(vii) Undisclosed Income

There is no income surrendered or disclosed as income during the current year as well as previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(viii) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in crypto currency or virtual currency during the current year as well as previous year.

(ix) Valuation of Property, Plant and Equipment, Right-of-use Assets, Investment Properties, Intangible Assets and Assets Classified as Held for Sale

The Company has not revalued its Property, Plant and Equipment, Right-of-Use Assets, Investment Properties, Intangible Assets or Assets Classified as Held for Sale during the current year as well as previous year.

(x) Borrowing secured against current assets

The Company has been sanctioned fund-based and non-fund based working capital limits from banks; however, there are no borrowings from banks and financial institutions. The quarterly returns or statements of current assets filed by the Company with banks are in agreement with the books of account.

Other Regulatory Information

(i) Title deeds of immovable properties not held in name of the company

Except portion of factory land located at Plot 157 at Silvassa, Gujarat, having gross carrying value of Rs. 0.12 crores where the Company has an agreement to sell, the title deeds of all the immovable properties, investment properties and asset classified held for sale are held in the erstwhile name of the Company. During the previous year, the Company changed its name from Tide Water Oil Co. (India) Ltd. to Veedol Corporation Limited w.e.f September 20, 2024. Consequently, the Company is in the process of updating the title deeds and lease agreements to reflect the new name, Veedol Corporation Limited.

(ii) Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period

(iii) Utilisation of borrowings availed from banks and financial institutions

The Company has no borrowings from any banks and financial institution, hence this disclosure clause is not applicable. Others

(i) The Company has received whistle-blower complaints during the year which are being appropriately evaluated and there is no financial impact on the Standalone financial statements.

(ii) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.

Note 47 Exceptional item : Stock Loss due to fire

On October 5, 2024, fire broke out at one of the third party depots located at Bhiwandi, Maharashtra and the Company's inventory valued to H 6.56 crores (including GST input credit) was destroyed. Claim was lodged in this regard with the insurance company. Subsequent to the year end March 31, 2026, this claim has been repudiated by the insurance company.

Note 49 Other accounting policies

This note provides a list of other accounting policies adopted in the preparation of these standalone financial statements to the extent they have not already been disclosed in the other notes above. These policies have been consistently applied to all the years presented, unless otherwise stated.

a. Other Operating Revenue

Other Operating revenue includes Revenue from sale of scrap and sale of energy generated through Windmill and are recognised based on terms of agreement with respective customer.

b. Investment Properties

Properties that are held for long-term rental yields or for capital appreciation or both, and that are not occupied by the Company, are classified as Investment Properties. Investment Properties are measured initially at its cost, including related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.

Depreciation on Investment Properties are calculated on a straight-line basis using the rate arrived at based on the useful life estimated by the management. The estimated useful life of investment properties (flats) as estimated by the Management is 60 years.

c. Asset held for sale

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less cost to sell. Non-current assets are not depreciated or amortised while they are classified as held for sale. Non-current assets classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.”

d. Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an in significant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

e. Contributed equity

Equity shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

f. Earnings per share

i) Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the Company

- by the weighted average number of equity shares outstanding during the period and for all the periods presented is adjusted for events, such as bonus shares, other than conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources.

ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

g. Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest crore as per the requirement of Schedule III, unless otherwise stated