8. Provisions & Contingencies

Provisions are recognised when the Company has a present legal
or constructive obligation as a result of past events for which it
is probable that an outflow of resources will be required to settle
the obligation and the amount can be reliably estimated as at the
balance sheet date.

A disclosure for a contingent liability is made when there is a
possible obligation or a present obligation that may, but will
probably not, require an outflow of resources. Information
on contingent liabilities is disclosed in the notes to financial
statements unless the possibility of an outflow of resources

embodying economic benefit is remote.

A contingent asset is not recognised but disclosed in the financial
statements where an inflow of economic benefit is probable.

9. Leases

Leases where the lessor effectively retains substantially all the
risks and benefits of ownership over the lease term are classified
as operating lease. Lease payments for assets taken on operating
lease are recognised as an expense in the Profit and Loss Account
on a straight-line basis over the lease term.

10. Income tax

Income tax expense for the period is the tax payable on the
current period's taxable income based on the applicable
income tax rate and changes in deferred tax assets and liabilities
attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated in accordance with
the provisions of the Income Tax Act 1961.

Deferred income tax is determined using tax rates (and laws)
that have been enacted or substantially enacted at the end of
the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax
liability is settled.

Deferred tax liabilities are recognised for all taxable temporary
differences and deferred tax assets are recognised for all
deductible temporary differences and brought forward losses
only if it is probable that future taxable profit will be available to
realise the temporary differences.

Current tax assets and tax liabilities are offset where the entity
has a legally enforceable right to offset and intends either to
settle on a net basis, or to realise the asset and settle the liability
simultaneously.

Current and deferred tax is recognised in profit or loss, except
to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax
is also recognised in other comprehensive income or directly in
equity, respectively.

11. Employee benefits

a) Short-term obligations

All employee benefits falling due wholly within twelve
months of rendering the service are classified as short
term employee benefits. These are expensed as the related
service is provided. A liability is recognised for the amount
expected to be paid if the Company has a present legal or
constructive obligation to pay this amount as a result of
past service provided by the employee and the obligation
can be estimated reliably.

b) Post-employment obligations i.e.

• Defined benefit plans and

• Defined contribution plans.

Defined benefit plans:

The Company's net obligation in respect of defined benefit
plans is calculated by estimating the amount of future benefit
that employees have earned in the current and prior periods,
discounting that amount and deducting the fair value of any

plan assets. The calculation of defined benefit obligations is
performed annually by a qualified actuary using the projected
unit credit method.

Remeasurement gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognised
in the period in which they occur, directly in other comprehensive
income. Remeasurements are not reclassified to profit or loss in
subsequent periods.

Defined contribution plans:

The Company pays provident fund contributions to publicly
administered provident funds as per local regulations. The
Company has no further payment obligations once the
contributions have been paid. The contributions are accounted
for as defined contribution plans and the contributions are
recognised as employee benefit expense when they are due.

12. Share based payments

Share based compensation benefits are provided to employees
via Ushdev Stock Option Scheme 2014. The cost of equity-settled
transactions is determined by using fair value at the date when
the grant is made using an appropriate valuation model in
accordance with Ind AS 102 - Share Based Payments.

The fair value of options granted under the Ushdev Stock Option
Scheme 2014 is recognised as an employee benefits expense with
a corresponding increase in share-based payment (SBP) reserves
in other equity, over the period in which the performance and/or
service conditions are fulfilled in employee benefits expense.

13. Financial instruments
Initial Recognition

Financial instruments i.e. financial assets and financial liabilities
are recognised when the Company becomes a party to the
contractual provisions of the instruments. Financial instruments
are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial
instruments (other than financial instruments at fair value
through profit or loss) are added to or deducted from the fair
value of the financial instruments, as appropriate, on initial
recognition. Transaction costs directly attributable to the
acquisition of financial instruments assets or financial liabilities at
fair value through profit or loss are recognised in profit or loss.

Subsequent Measurement

Financial Assets

All recognised financial assets are subsequently measured at
amortized cost except financial assets carried at fair value through
Profit and loss (FVTPL) or fair value through other comprehensive
income (FVOCI).

a) Equity investments (other than investments in subsidiaries,
associates and joint venture)

All equity investments falling within the scope of Ind-AS
109 are mandatorily measured at Fair Value Through Profit
and Loss (FVTPL) with all fair value changes recognised in
the Statement of Profit and Loss.

The Company has an irrevocable option of designating
certain equity instruments as FVOCI. Option of designating
instruments as FVOCI is done on an instrument-by¬
instrument basis. The classification made on initial

recognition is irrevocable.

If the Company decides to classify an equity instrument
as FVOCI, then all fair value changes on the instrument
are recognised in Statement of Other Comprehensive
Income (SOCI). Amounts from SOCI are not subsequently
transferred to profit and loss, even on sale of investment.

b) Derecognition

A financial asset is primarily derecognised 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 with that
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.

c) Impairment of financial assets

The Company applies the expected credit loss model for
recognising allowances for expected credit loss on financial
assets measured at amortised cost.

Financial Liabilities

Classification

Financial liabilities and equity instruments issued by the
Company are classified according to the substance of the
contractual arrangements entered into and the definitions of a
financial liability and an equity instrument.

Subsequent measurement

Loans and borrowings are subsequently measured at amortised
costs using Effective Interest Rate (EIR), except for financial
liabilities at fair value through profit or loss. Amortised cost is
calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the
EIR. Amortisation is included as a part of Finance Costs in the
Statement of Profit and Loss, Financial liabilities recognised at
FVTPL, including derivatives, shall be subsequently measured at
fair value.

a) Derecognition

A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or expires.

Derivatives financial instruments

The Company uses derivative financial instruments, such as
forward currency contracts to mitigate its foreign currency risks.
Such derivative financial instruments are initially recognised at

fair value on the date on which a derivative contract is entered
into and are subsequently re-measured at fair value. Derivatives
are carried as financial assets when the fair value is positive and
as financial liabilities when the fair value is negative.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is
reported in the balance sheet where there is a legally enforceable
right to offset the recognised amounts and there is an intention
to settle on a net basis or realise the asset and settle the liability
simultaneously.

Re-classification of financial instruments

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.

14. Earnings per share

Basic earnings per equity share is computed by dividing net
profit after tax by the weighted average number of equity shares
outstanding during the year. Diluted earnings per equity share
is computed by dividing adjusted net profit after tax by the
aggregate of weighted average number of equity shares and
dilutive potential equity shares during the year. For the purpose
of calculating diluted earnings per share, the net profit & loss for
the period attributable to equity shareholders and the weighted
average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.

15. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at
banks and on hand, cheques on hand and short-term deposits
with an original maturity of three months or less, which are
subject to an insignificant risk of changes in value. For the purpose
of the statement of cash flows, cash and cash equivalents consist
of cash and short-term deposits, as defined above.

16. Segment Reporting

Ind AS 108 establishes standards for the way that public business
enterprises report information about operating segments and
related disclosures about products and services. The company's
operations predominantly relate to Metal Trading and Wind power
generation. Based on 'management approach' as defined in Ind
AS 108, the Chief Operating Decision Maker (CODM) evaluates
the company's performance and allocates resources based on an
analysis of various performance indicators by business segments.
Accordingly the information has been presented along business
segments. The accounting principles used in preparation of
financial statements are consistently applied to record revenue
and expenditure in individual segments.

* Repayable in 40 quarterly installments beginning from March 2010 (security details mentioned below)

** Repayment in 37 quarterly installments beginning from March 2011 (security details mentioned below)

a) Security details

(A) Primary Security

First charge by way of hypothecation of current assets

(B) Collateral security

First charge on pari passu basis on:-

i. Leasehold land at Village Kita, Jaisalmer, Rajasthan along with 3 Windmill Energy Generators (WEG) standing thereon.

ii. Leasehold land at Village Methan, Jamnagar, Gujarat along with 4 Windmill Energy Generators (WEG) standing thereon.

iii. Leasehold land at Village Hadmatiya, Jamnagar, Gujarat along with 2 Windmill Energy Generators (WEG) standing thereon.

iv. Freehold land at Village Chinnaputhur, Erode, Tamil Nadu along with 2 Windmill Energy Generators (WEG) standing thereon.

v. Office Premises 4th Floor and 6th Floor New Harileela House, Fort, Mumbai-400 001

vi. Office Premises B201,B204, The Qube, Andheri, Mumbai held in the name of Ushdev Mercantile Private Limited

vii. Office Premises 6th Floor & basement no. 7 Apeejay House, Mumbai held in the name of Ushdev Mercantile Private Limited

viii. Freehold land at Gat no. 289 and 290, Village Khabalwadi, Tal Koregaon, Dist Satara, Maharashtra along with 4 Windmill Energy Generators
(WEG) standing thereon. (exclusively given to State Bank of Travancore (SBI) towards term loan)

ix. Hypothecation on 6 WEGs and equitable mortgage on freehold land located at Marikundu Village, Mottanuttu village, Poolmalakundu village,
Seepalakottai Village and Shanmugasundarapura village, Andipatti, Theni District, Tamil Nadu (exclusively given to Canara Bank towards term
loan)

(C ) Additional security

First charge on pari passu basis on:-

i. All the pieces and parcels of land bearing Survey No.39, Hissa No.3, Area O-21-5 H.R.P held by the company situated at Revenue village
Dahivali, District Raigad

ii. All the pieces and parcels of land bearing Survey No.39, Hissa No.1, Area O-40-5, Survey No.39 Hissa No.2 Area O-80-0, Survey No.39 Hissa
No.4 Area O-23-8 H.R.P held by the company situated at Revenue village Dahivali, District Raigad

iii. All the pieces and parcels of immovable property bearing Plot no 1834, Kalamboli, Taluka Panvel, District Raigad

iv. All the pieces and parcels of commercial premises , Unit no 101,102,103,104,105,106,201,202,203,204,205 & 206, Multicon Square, Village

Erandawane, Pune

v. Mortgage of Room 1,2 &3 2nd Floor Old harileela house, Fort, Mumbai belonging To Mr. Prateek Vijay Gupta

vi. Mortgage of Basement no 8 Apeejay House, Fort Mumbai belonging to Mrs. Suman Vijay Gupta

vii. Mortgage of office no. 8,9 & 10 of Tiara Commercial Complex, 2nd Floor, Pokhran Road, Survey Nio. 342/A (Part), Majiwade, Taluka, & District
Thane held in the name of M/s. Ushdev Metals & Minerals Pvt. Ltd. (exclusive to Bank of Maharashtra)

viii. Plot no. 92 & 94, Dasve, Survey No. 39/1, 50/6 & 50/7/1, Hill top street, Lavasa City, Phase-I, Lavasa, Taluka- Mulshi, Pune held by Mrs. Suman
Vijay Gupta

(D) Pledge of 34,33,058 equity shares of the company held by Mr. Prateek Vijay Gupta and Mrs. Suman Vijay Gupta.

(E) Irrecovable and unconditional joint and several Personal Guarantees of Mr. Prateek Vijay Gupta and Mrs. Suman Vijay Gupta.

(F) Irrecovable and unconditional corporate guarantee of M/s Ushdev Mercantile Private Limited.

II) The Company has made default in repayment of following unsecured domestic currency loan

Valuation technique used to determine fair value

Investments included in Level 1 of Fair Value hierarchy are based on prices quoted in stock exchange and/or NAV declared by the Funds.

Investments included in Level 2 of Fair Value Hierarchy have been valued based on inputs from banks and other recognised institutions such as FIMMDA/
FEDAI.

Investments included in Level 3 of Fair Value hierarchy have been valued using acceptable valuation techniques such as Net Asset Value and/or Discounted
Cash Flow Method.

30.3 Financial risk management

The Company has exposure to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk ; and

- Market risk

30.3.1. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises
principally from the company's receivables from customers and loans and advances.

The carrying amount of following financial assets represents the maximum credit exposure:

The company's exposure to credit risk is influenced mainly by the individual characteristics of each customer and the geography in which it operates. The
Company's main receivables for power division pertains to state governments and are subject to less default risk. The Metal division trade receivables are
completely provided for in the books.

The maximum exposure to credit risk for trade and other receivables by type of counterparty was as follows :

a) Trade receivables

The company establishes an allowance for impairment that represents its estimate of expected losses in respect of trade receivables. The company uses a
provision matrix to compute the expected credit loss for trade receivables. The company has developed this matrix based on historical data as well as forward
looking information pertaining to assessment of credit risk.

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
compared with homogenous company and assessed for impairment collectively. The maximum exposure to credit risk at the reporting date is the carrying
value of each class of financial assets disclosed in note 9. The company does not hold collateral as security. The company evaluates the concentration of risk
with respect to trade receivables as high, as its customers are located in several jurisdictions and Industries and operate largely in Independent markets.The
receivables are subject to confirmation/ reconciliation.

d) Cash and cash equivalents

Cash and cash equivalents of Rs. 3223.22 Lakh at March 31, 2024 (March 31, 2023: Rs.3946.20 Lakh). The cash and cash equivalents are held with bank and
financial institution counterparties with good credit rating.

30.3.2 Liquidity risk

Liquidity risk is the risk that the company will encounter difficulty in meeting the obligations associated with its financial liabilities. The company's approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the company's reputation.

Beginning with F.Y 2017-18, the Company faced liquidity problems in realisation of amounts due from debtors. This has resulted in the company facing liquidity
issues and being unable to service its debt obligation. The Company has been classified as non performing asset (NPA) by Consortium Bankers. The Bankers
have filed for a recovery case against the company in National Company Law Tribunal, Mumbai in December, 2017 under Indian Bankruptcy Law. The NCLT
Court appointed Interim Resolution Professional Mr. Subodh Kumar Agrawal on admission of matter vide NCLT Order dated 14th May, 2018 subsequently
confirmed as Resolution Professional by Committee of Creditors (CoC). A resolution plan submitted by Taguda Pte Ltd, a successful bidder has been voted in
favour by the CoC and subsequently approved by the NCLT, Mumbai vide its order dated 3rd February, 2022 read with NCLAT order dated 11th March, 2022.
Interim Monitoring Agency (IMA) was formed on 15th March, 2022 to implement the approved Resolution Plan. As part of the implementation of resolution
plan and conditions precedent thereto, Company has applied for various approvals to regulatory authorities mainly, Bombay Stock Exchange (BSE) and Reserve
Bank of India (RBI). The approval from RBI is yet to be received by the Company. The Hon'ble NCLT Mumbai issued an order on December 8, 2023, granting a
two-month period for the Resolution Applicant to execute the Resolution Plan. As no payment was received from Resolution Applicant M/s Taguda Pte Ltd, on
February 9, 2024, the secured financial lenders of the company, led by State Bank of India, invoked the Bid Bond and Performance Security funds deposited by
the Resolution Applicant totaling Rs. 1813.46 Lakh (including Rs. 160.74 Lakh in interest earned on the Bid Bond Money held as a Fixed Deposit), which have
been forfeited. The matter is pending before NCLAT. Pending final outcome, the Company faces the Risk of going concern, liquidity.

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 financial
risk includes loan and borrowing, deposits and Investments.

a) Currency risk

The company operates internationally and portion of the business was transacted in USD currencies and consequently the company was exposed to foreign
exchange risk through its sales in overseas market and purchases from overseas suppliers in foreign currency.

The company was evaluating exchange rate exposure arising from foreign currency transactions and the company was following established risk management
policies, including the use of derivatives like foreign exchange forward contracts to hedge exposure to foreign currency risk. At present, however, no forward
contracts are outstanding as of March 31, 2021 and Company is exposed to Currency Risk on the exposure given hereunder.

Interest rate risk is the risk that the fair value or future cash flow of the
financial instrument will fluctuate because of changes in market interest
rate. The company exposure to the risk of changes in market interest rate
related primarily to the company's long term debt obligation with floating
interest rates.

i. Exposure to interest rate risk

The interest rate profile of the company's interest-bearing financial
instruments as reported to the management of the company is as follows.

Note 31: Income tax expense

This note provide an analysis of the Company's income tax expense, show
amounts that are recognised directly in equity and how the tax expense
is affected by non-assessable and non-deductible items. It also explains
significant estimates made in relation to the Company's tax positions.

Defined Contribution Plans:

The Company pays provident fund contributions to publicly administered provident funds as per local regulations and are recognised as expense in the
Statement of Profit and Loss during the period in which the employee renders the related service. There are no further obligations other than the contributions
payable to the appropriate authorities. The Company recognised Rs. 1.61 lakh for the year ended March 31, 2024 (March 31, 2023 Rs. 2.54 lakh) towards
provident fund contribution.

Defined Benefit Plan:

The Company's gratuity scheme is defined benefit plan. The Company's liability for the defined benefit scheme is actuarially determined based on the projected
unit credit method. The Company's net obligations in respect of such plans is calculated by estimating the amount of future benefit that the employees have
earned in return for their services and the current and prior periods that benefit is discounted to determine its present value and the fair value of the plan asset
is deducted. Actuarial gains and losses are recognised in Other Comprehensive Income.

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity payments. The
plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amounts are based on the respective
employee's last drawn salary and the years of employment with the Company. Liabilities in respect of the gratuity plan are determined by an actuarial valuation,
based upon which the Company makes the provision.

The most recent actuarial valuation of the defined benefit obligation along with the fair valuation of the plan assets in relation to the gratuity scheme was
carried out as at March 31,2024. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured
using the Projected Unit Credit Method.

Based on the actuarial valuation obtained in this respect, the following table sets out the details of the employee benefit obligation and the plan assets as at
balance sheet date:

Note 36 : Going Concern

A Corporate Insolvency Resolution Process (CIRP) had been initiated against
the Company vide an order dated May 14, 2018 of the Mumbai Bench of
National Company Law Tribunal (NCLT) under the provisions of Insolvency
and Bankruptcy Code, 2016 (Code). Pursuant to the order, the powers of the
Board stand suspended and were exercisable by Mr. Subodh Kumar Agrawal,
who was appointed as Interim Resolution Professional by NCLT and was
subsequently confirmed as Resolution Professional (RP) by the Committee of
Creditors (CoC). A resolution plan submitted by Taguda Pte Ltd, a successful
bidder has been voted in favour by the CoC and subsequently approved
by the NCLT, Mumbai vide its order dated 3rd February, 2022 read with
NCLAT order dated 11th March, 2022. Pursuant to the order, IMA was
formed on 15th March, 2022 to implement the Resolution Plan. As part of
the implementation of resolution plan and conditions precedent thereto,
Company has applied for various approvals to regulatory authorities mainly,
Bombay Stock Exchange (BSE) and Reserve Bank of India (RBI). The approval
from RBI is yet to be received by the Company.The Hon'ble NCLT Mumbai
issued an order on December 8, 2023, granting a two-month period for
the Resolution Applicant to execute the Resolution Plan. As no payment
was received from Resolution Applicant M/s Taguda Pte Ltd, on February 9,
2024, the secured financial lenders of the company, led by State Bank of
India, invoked the Bid Bond and Performance Security funds deposited by
the Resolution Applicant totaling Rs. 1813.46 Lakh (including Rs. 160.74
Lakh in interest earned on the Bid Bond Money held as a Fixed Deposit),
which have been forfeited. Further the secured financial lenders have filed an
application seeking liquidation of the company as the Successful Resolution
Applicant has failed to implement the resolution plan, the said application
is currently pending adjudication before the NCLT Mumbai bench. In view
of the same the company faces the risk of going concern.

Note 37 - Share based payments

(a) Ushdev Stock Option Scheme 2014

In the annual general meeting held on 5th September, 2014, the
shareholders approved the issue of employee stock options under the
Scheme titled "Ushdev Stock Option Scheme 2014" in two tranches
i.e. 3,66,450 and 17,851 Employee Stock Options under Tranche one
and Tranche two respectively.

The scheme allows the issue of options to employees of the Company
and its subsidiaries (whether in India or abroad). Each option
comprises one underlying equity share.

As per the Scheme, the Remuneration / Compensation Committee
grants the options to the employees deemed eligible. The options
granted vest over a period of 3 years from the date of the grant in

Note 39 Additional Regulatory Information

1. The Company does not own any properties not held in name of the
company. Further, there are no proceedings which have been initiated
or are pending against the Company for holding any became property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)
and rules made thereunder.

2. The Company has not borrowed any specific purpose loan during the
current reporting period.

3. During the year ended March 31, 2024 and March 31, 2023, the
Company has not traded or invested in Crypto currency or Virtual
Currency.

4. There were no Scheme of Arrangements entered by the Group
during the current reporting period, which required approval from
the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013.

5. During the year ended March 31, 2024, year ended March 31, 2023,
the Company did not have any transaction with struck off companies
as per section 248 of the Companies Act, 2013 or section 560 of
Companies Act, 1956. Balance outsanding with struck off companies
is Rs. 0.00 Lakh.

6. A Corporate Insolvency Resolution Process (CIRP) had been initiated
against the Company vide an order dated May 14, 2018 of the Mumbai
Bench of National Company Law Tribunal (NCLT) under the provisions
of Insolvency and Bankruptcy Code, 2016 (Code). Pursuant to the
order, the powers of the Board stand suspended and were exercisable
by Mr. Subodh Kumar Agrawal, who was appointed as Interim
Resolution Professional by NCLT and was subsequently confirmed
as Resolution Professional (RP) by the Committee of Creditors (CoC).
A resolution plan submitted by Taguda Pte Ltd, a successful bidder
has been voted in favour by the CoC and subsequently approved
by the NCLT, Mumbai vide its order dated 3rd February, 2022 read
with NCLAT order dated 11th March, 2022. Pursuant to the order,
IMA was formed on 15th March, 2022 to implement the Resolution
Plan. As part of the implementation of resolution plan and conditions
precedent thereto, Company has applied for various approvals to
regulatory authorities mainly, Bombay Stock Exchange (BSE) and
Reserve Bank of India (RBI). The approval from RBI is yet to be received
by the Company.The Hon'ble NCLT Mumbai issued an order on
December 8, 2023, granting a two-month period for the Resolution

Applicant to execute the Resolution Plan. As no payment was received
from Resolution Applicant M/s Taguda Pte Ltd, on February 9, 2024,
the secured financial lenders of the company, led by State Bank of
India, invoked the Bid Bond and Performance Security funds deposited
by the Resolution Applicant totaling Rs. 1813.46 Lakh (including Rs.
160.74 Lakh in interest earned on the Bid Bond Money held as a Fixed
Deposit), which have been forfeited. Further the secured financial
lenders have filed an application seeking liquidation of the company
as the Successful Resolution Applicant has failed to implement the
resolution plan, the said application is currently pending adjudication
before the NCLT Mumbai bench.

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

8. The Company has not received any fund from any person(s)
or entity(is), 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,

9. The Company has complied with the number of layers prescribed
under of Section 2(87) of the Act read with the Companies (Restriction
on number of Layers) Rules, 2017.

10. The Company does not hold any investment in property as at the
balance sheet date.

The Company has revalued its trade payables or advances received from
suppliers for exchange fluctuation resulting in foreign exchange loss of
Rs.934.36 Lakh debited to the profit and loss account for the year ended
31.3.2024 vis a vis Rs.4705.25 Lakh for the year ended 31.3.2023 as there
was depreciation in the reporting currency (INR vs USD).

Note 41

Debtors, Creditors, Bank borrowings, Advances and other balances are
subejct to confirmation/ reconciliation.

Note 42

The Company has defaulted in repayment of debts and interest thereon.
The Directors of the Company were disqualified from being appointed as
Directors in terms of section 164(2) of the Companies Act. Pursuant to the
NCLT order dated 14th May 2018, the erstwhile Directors of the Company
are deemed to have suspended. Hence, none of the erstwhile Directors
continue as Members of the Board. Accordingly, the powers of the Board
of Directors stand suspended as per section 17 of the Indian Bankruptcy
Code and such powers were being exercised by the Resolution Professional
Mr. Subodh Kumar Agarwal, appointed by the National Company Law
Tribunal by the said order under the provisions of the code. NCLT, Mumbai
vide its order dated 3rd February to be read with NCLAT order dated 11th
March, 2022 approved the Resolution Plan submitted the successful bidder
Taguda Pte Ltd, a Singapore based company. Pursuant to the order, IMA
was formed on 15th March, 2022 to implement the Resolution Plan and
to keep running operation of the company until Resolution Plan is fully
implemented.

The Hon'ble NCLT Mumbai issued an order on December 8, 2023, granting
a two-month period for the Resolution Applicant to execute the Resolution
Plan. As no payment was received from Resolution Applicant M/s Taguda
Pte Ltd, on February 9, 2024, the secured financial lenders of the company,
led by State Bank of India, invoked the Bid Bond and Performance Security
funds deposited by the Resolution Applicant totaling Rs. 1813.46 Lakh
(including Rs. 160.74 Lakh in interest earned on the Bid Bond Money held
as a Fixed Deposit), which have been forfeited.

Note 43

The Central Bureau of Investigation (CBI) and The Enforcement Directorate
(ED) carried out a search at the corporate office premises of the Company
on 7th July, 2022 and 2nd February 2023 respectively. The same was
pertaining to the company for the transactions done by ex-promoters of
the Company prior to the initiation of the Corporate Insolvency Resolution
Process under Insolvency and Bankruptcy code 2016. The matter is not yet
concluded and is under investigation.

Note 44

Corporate social responsibility (CSR)

As per the section 135 of the Act, the Company is not required to spend
towards CSR activities based on profitability of the Company.

Note 45

As per the Code, RP has received, collated, verified and admitted all
the admissible claims submitted by the creditors and Employees of the
company. However; pending approvals from RBI and until successful
implementation of Resolution Plan, the impact of such claims, if any, have
not been considered in the preparation of financial statements.

Note 46

There are various legal cases filed against the company which are under arbitration. The Management does not envisage any financial obligation in respect of
these cases. And accordingly, no impact has been considered in the financial statements.

Note 47

Figures of previous year / period have been re-grouped/reclassified wherever necessary, to confirm to this period's classification.

Note 48

During the year trade receivables and advances recoverable in foreign currency are not revalued as Company has already made 100% provision for Expected
Credit Loss (ECL) against these trade receivables and advances in previous year/s having no impact in profit and loss account for the year ended March 31, 2024
(Nil impact for the year ended March 31, 2024)..

As per our report of even date Taken on Record

For SGN & Co., For Ushdev International Limited

Chartered Accountants

ICAI Firm Registration No. 134565W

Radha M Rawat Gauri A Mulay

(Implementing Agency (IMA) Authorised Signatory) Chief Financial Officer

Shreyans Jain
Partner

M. No. 147097

Place : Mumbai
Date : 24th May, 2024