n) Provision

Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of the amount of the obligation.

Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows. 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.

o) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the
Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. The Company does not recognize a contingent liability but
discloses its existence in the Standalone financial statements. Payments in respect of such liabilities, if any
are shown as advances.

p) Fair value measurement

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.

Fair value for measurement and /or disclosure purpose in these Standalone financial statements is determined
on such a basis, except for measurements that have some similarities to fair value, such as net realizable
value in Ind AS 2 or value in use in Ind AS 36, if any.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing
the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the Standalone financial statements
are categorized 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 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.

q) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand including cheques on
hand and short-term investments with maturity date of three months or less, which are subject to an
insignificant risk of changes in value.

r) Cash flow statement

Cash flows are presented using indirect method, whereby profit before tax is adjusted for the effects of
transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The
cash flow from operating, investing and financing activities of the Company is segregated based on the
available information

s) Exceptional Items

Exceptional items are disclosed separately in the Standalone 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 their nature or incidence.

t) 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. Financial assets and financial liabilities are recognised when the
Company becomes a party to the contractual provisions of the instrument.

(i) Financial Assets:

Initial recognition and measurement:

All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs that are attributable to the acquisition of the
financial asset. However, trade receivables that do not contain a significant financing component are
measured at transaction price.

Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e.,
the date that the Company commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement financial assets are classified in two broad categories:

• Financial assets at fair value

• Financial assets at amortised cost

Where assets are measured at fair value, gains and losses are either recognized entirely in the statement of
profit and loss (i .e. fair value through profit or loss), or recognized in other comprehensive income (i.e.
fair value through other comprehensive income).

A financial asset that meets the following two conditions is measured at amortised cost (net of any write
down for impairment) unless the asset is designated at fair value through profit or loss under the fair
value option.

• Business model test: The objective of the Company’s business model is to hold the financial asset to
collect the contractual cash flows (rather than to sell the instrument prior to its contractual maturity to
realize its fair value changes).

• Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset that meets the following two conditions is measured at fair value through other
comprehensive income unless the asset is designated at fair value through profit or loss under the fair
value option.

• Business model test: The financial asset is held within a business model whose objective is achieved
by both collecting contractual cash flows and selling financial assets.

• Cash flow characteristics test: The contractual terms of the financial asset give rise on specified dates
to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Even if an instrument meets the two requirements to be measured at amortised cost or fair value through
other comprehensive income, a financial asset is measured at fair value through profit or loss if doing so
eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as
an ‘accounting mismatch’) that would otherwise arise from measuring assets or liabilities or recognizing
the gains and losses on them on different bases.

All other financial asset is measured at fair value through profit or loss.

All equity investments are measured at fair value in the balance sheet, with value changes recognized
through ‘other comprehensive income’.

If an equity investment is not held for trading, an irrevocable election is made at initial recognition to
measure it at fair value through other comprehensive income with only dividend income recognized in
the statement of profit and loss.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e. removed from the Company’s statement of financial position)
when:

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

• 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 recognize the transferred asset to the
extent of the Company’s continuing involvement. In that case, the Company also recognizes 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.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the
lower of the original carrying amount of the asset and the maximum amount of consideration that the
Company could be required to repay.

Impairment of financial assets

The Company assesses impairment based on expected credit losses (ECL) model to the following:

• Financial assets measured at amortised cost;

• Financial assets measured at fair value through other comprehensive income (FVTOCI); Expected
credit losses are measured through a loss allowance at an amount equal to:

• the 12-months expected credit losses (expected credit losses that result from those default events on
the financial instrument that are possible within 12 months after the reporting date); or

• full lifetime expected credit losses (expected credit losses that result from all possible default events
over the life of the financial instrument).

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on:

• Trade receivables or contract revenue receivables; and
• All lease receivables

Under the simplified approach, the Company does not track changes in credit risk. Rather, it recognises
impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.

The Company uses a provision matrix to determine impairment loss allowance on the portfolio of trade
receivables. The provision matrix is based on its historically observed default rates over the expected life
of the trade receivable and is adjusted for forward looking estimates. At every reporting date, the
historical observed default rates are updated and changes in the forward-looking estimates are analyzed.

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-months 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 Company reverts to recognizing impairment loss allowance based on 12-months
ECL.

For assessing increase in credit risk and impairment loss, the Company combines financial instruments
on the basis of shared credit risk characteristics with the objective of facilitating an analysis that is
designed to enable significant increases in credit risk to be identified on a timely basis.

(ii) Financial liabilities:

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as loans and borrowings, or payables, as
appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. Gains or losses on liabilities held for trading are recognized in the profit or loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized
cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process. Amortized 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 amortization is included as finance costs in the statement of profit and loss.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or
'expires. When an existing financial liability is replaced by another or 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 recognized in the statement of profit or
loss.

Re-classification of financial assets

The company determines classification of financial assets and liabilities on initial recognition. After
initial recognition, no reclassification is made for financial assets which are equity instruments and
financial liabilities. For financial assets which are debt instruments, a re-classification is made only if
there is a change in the business model for managing those assets. Changes to the business model are
expected to be infrequent. The company’s senior management determines change in the business model
as a result of external or internal changes which are significant to the company’s operations. Such
changes are evident to external parties. A change in the business model occurs when the company either
begins or ceases to perform an activity that is significant to its operations. If the company reclassifies
financial assets, it applies the reclassification prospectively from the reclassification date which is the
first day of the immediately next reporting period following the change in business model. The company
does not restate any previously recognized gains, losses (including impairment gains or losses) or
interest.

(iii) Off-setting of financial instruments:

Financial assets and financial liabilities are offset, and the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset the recognized amounts and there is an intention to
settle on a net basis to realize the assets and settle the liabilities simultaneously.

(iv) Equity Instruments

The Company subsequently measures all equity investments at fair value. There are two measurement
categories into which the Company classifies its equity instruments:

Investments in equity instruments at FVTPL:

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on
initial recognition to present subsequent changes in fair value in other comprehensive income for equity
instruments which are not held for trading.

Investments in equity instruments at FVTOCI:

On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument
basis) to present the subsequent changes in fair value in other comprehensive income. This election is not
permitted if the equity investment is held for trading. These elected investments are initially measured at
fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses
arising from changes in fair value recognized in other comprehensive income and accumulated in the
reserve for 'equity instruments through other comprehensive income'. The cumulative gain or loss is not
reclassified to Statement of Profit and Loss on disposal of the investments.

Investment in Subsidiary

Investments in Subsidiary is carried at cost less accumulated impairment losses if any in accordance with
option available in Ind AS 27 - Separate Financial Statements. Details of Such Investments are given in
Note no 5a. Where an indication of impairment exists, the carrying amount of the investment is assessed
and the carrying amount of the investment is assessed and written down immediately to its recoverable
amount.

On disposal of investments in subsidiary, the difference between net disposal proceeds and the carrying
amounts are recognized in the Statement of Profit and Loss.

36 Financial Instruments, Risk Management Objectives & Policies

The Company's principal financial liabilities, comprise loans and borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial
assets include trade and other receivables, and cash and cash equivalents that derive directly from its
operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management
oversees the management of these risks. The management assures that the Company's financial risk activities
are governed by appropriate policies and procedures and that financial risks are identified, measured and
managed in accordance with the Company's policies and risk objectives.

The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised
below:

a Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other
price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include
loans and borrowings.

The below assumption has been made in calculating the sensitivity analysis:

(1) The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market
risks. This is based on the financial assets and financial liabilities held at March 31,2024 and March 31,2023.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of financial instrument will fluctuate due to
change in market interest rates. The company is not exposed to any significant interest rate risk as at the
respective reporting dates.
b Credit Risk

Credit risk is the risk that counterparty 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.

Trade Receivables:

Outstanding customer receivables are regularly monitored. 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 exchange losses
historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.

Credit risk from balances with banks is managed by the company's senior management.

c Liquidity risk

Liquidity risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitments associated
with financial instruments. Liquidity risk may result from inability to sell a financial asset quickly at close to its fair
value. Liquidity risk is managed by monitoring on a regular basis that sufficient funds are available to meet any
future commitments.

37 Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and
all other equity reserves attributable to the equity holders of the company. The primary objective of the company's
capital management is to maximise the shareholder value.

The company manages its capital structure and makes adjustments to it, in light of changes in economic
conditions. To maintain or adjust the capital structure, the company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares. The company monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. The company includes within net debt, interest
bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

38. Note Other Statutory Information

a. The Company does not have any Benami property, where any proceeding has been initiated or
pending against the Group for holding any Benami property.

b. The Company does not have any transactions with companies struck off.

c. The Company does not have any charges or satisfaction which is yet to be registered with ROC
beyond the statutory period.

d. The Company has not traded or invested in Crypto currency or Virtual Currency during the
financial year.

e. The Company has not been declared willful defaulter by any bank or financial institution or
government or any government authority.

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

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

g. 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
Group shall:

i. 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

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

h. The Company has not any such transaction which is not recorded in the books of accounts that has
been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act,
1961.

39. Previous year figures have been regrouped/reclassified, where ever necessary, to conform to the

current year’s classification

As per our report of even date
For and on behalf of Board
For M/s. BKG & Associates
Chartered Accountants
FRN : 114852W

B.K. Gupta Anurag Gupta Navrati Gupta

Partner Managing Director Director

M. No. 040889 DIN: 0398458 DIN:00399022

Omkar Pawar Sayli Jadhav

Place: Mumbai CFO Company secretary

Date : May 27, 2024 ACS: 73914