(n) Provisions, Contingent Liabilities and Contingent Assets

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 there
are a number of similar obligations, the likelihood that an outflow will be required in settlement is
determined by considering the class of obligations as a whole. A provision is recognized even if the
likelihood of an outflow with respect to any one item included in the same class of obligations may be
small.

Provisions are measured at management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. 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.
When discounting is used, the increase in the provision due to the passage of time is recognised as a finance
cost. The estimates of outcome and financial effect are determined by the judgment of the management,
supplemented by experience of similar transactions and, in some cases, reports from independent experts.

Contingent liability is disclosed in the case of:

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

- A present obligation arising from the past events, when no reliable estimate is possible;

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

Contingent liabilities are not provided for and if material, are disclosed by way of notes to Financial
Statements. A contingent asset is a possible asset that arises from past events and whose existence will be

confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the entity.

Contingent assets are not recognized in Financial Statements. They are assessed continually and if it is
virtually certain that an inflow of economic benefits will arise, the asset and related income are recognized
in the period in which the change occurs. A contingent asset is disclosed by way of notes to Financial
Statements, where an inflow of economic benefits is probable. Provisions, contingent liabilities and
contingent assets are reviewed at each Balance Sheet date.

(o) Government grants

Government grants are recognized only when there is reasonable assurance that the conditions attached
to them shall be complied with, and the grant will be received. Grants related to assets are shown as a
deduction from gross value of the asset concerned. Grants related to revenue are reported as separate
item and is not reduced from related expense for which the grants have been received.

(p) Leases

The Company assesses whether a contract contains a lease, at the inception of the contract. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identified asset for a period
of time in exchange for consideration. To assess whether a contract conveys the right to control the use of
an identified asset, the Company assesses whether (i) the contract involves the use of identified asset; (ii)
the Company has substantially all of the economic benefits from the use of the asset through the period of
lease and (iii) the Company has right to direct the use of the asset.

Identification of a lease requires significant judgment. The Company uses significant judgment in assessing
the lease term (including anticipated renewals / termination options) and the applicable discount rate.

Company as a lessee

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying
asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently amortized using the straight-line method from the commencement
date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The
estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant
and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and
adjusted for certain re-measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, and the Company’s incremental borrowing rate. The discount rate is generally based on the
incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar
characteristics.

Lease payments included in the measurement of the lease liability comprises of fixed payments, including
in-substance fixed payments, amounts expected to be payable under a residual value guarantee and the
exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments
in an optional renewal period if the Company is reasonably certain to exercise an extension option.

The lease liability is measured at amortized cost using the effective interest method. Modifications to a
lease agreement beyond the original terms and conditions are generally accounted for as a re¬
measurement of the lease liability with a corresponding adjustment to the ROU asset. Any gain or loss on
modification is recognized in the Statement of Profit and Loss. However, the modifications that increase the
scope of the lease by adding the right to use one or more underlying assets at a price commensurate with
the stand-alone selling price are accounted for as a separate new lease. In case of lease modifications,
discounting rates used for measurement of lease liability and ROU assets is also suitably adjusted. Lease
liability and ROU lease asset have been separately presented in the Balance Sheet and lease payments
have been classified as cash flows from financing activities.

The Company has elected not to recognize right-of-use assets and lease liabilities for short term leases that
have a lease term of less than or equal to 12 months with no purchase or the assets with low value leases.
Lease payments on short-term leases and leases of low-value assets are recognised as expense on a
straight-line basis over the lease term.

Company as a lessor

When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease
or an operating lease.

To classify each lease, the Company makes an overall assessment of whether the lease transfers
substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case,
then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company
considers certain indicators such as whether the lease is for the major part of the economic life of the asset.

The Company recognises lease payments received under operating leases as income on a straight-line
basis over the lease term as part of ‘other income’.

(q) Cash and Cash Equivalents

Cash and cash equivalents comprise cash and deposits with banks and financial institutions. The Company
considers all highly liquid investments with a remaining maturity at the date of purchase of three months or
less and that are readily convertible to known amounts of cash to be 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 and 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 insignificant risk of changes in value.

Statement of Cash Flows

Statement of Cash flows is reported using the indirect method, whereby profit before tax is adjusted for
the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash
receipts or payments and item of income or expenses associated with investing or financing cash flows. The
cash flows from operating, investing and financing activities of the Company are segregated.

(r) Dividends

The Company recognizes a liability for dividends to equity holders of the Company when the dividend is
authorized and the dividend is no longer at the discretion of the Company. As per the corporate laws in
India, a dividend is authorized when it is approved by the shareholders. A corresponding amount is
recognized directly in equity.

(s) Segment reporting

The operating segments are the segments for which separate financial information is available and for
which operating profit/loss amounts are evaluated regularly by the Company’s chief operating decision
maker in deciding how to allocate resources and in assessing performance. The accounting policies adopted
for segment reporting are in conformity with the accounting policies of the Company.

(t) Events occurring after the Reporting Date

Adjusting events (that provides evidence of condition that existed at the Balance Sheet date) occurring
after the Balance Sheet date are recognized in the Financial Statements. Material non adjusting events
(that are inductive of conditions that arose subsequent to the Balance Sheet date) occurring after the
Balance Sheet date that represents material change and commitment affecting the financial position are
disclosed in the Board of Directors’ Report. Further, the shareholders of the Company have the power to
amend the financial statements after the same has been authorized for issue by Board of Directors as per
the provisions of the Companies Act, 2013.

(u) Earnings per share

Basic earnings per share is calculated by dividing the profit (or loss) attributable to the equity shareholders
of the Company by the weighted average number of equity shares outstanding during the year. The
weighted average number of equity shares outstanding during the year is adjusted for bonus issue, bonus
element in a rights issue to existing shareholders, share split and reverse share split (consolidation of shares).

Note 25

OTHER STATUTORY INFORMATION

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

ii. Basis the information available with the Company as on the reporting date and as on the date on
which financial statements are approved and authorised for issue, the Company does not have any
transactions with the companies struck off. Further, the Company has not been declared as a wilful
defaulter by any Bank / Financial Institution / any other lender.

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

iv. The Company have not traded or invested in Crypto currency or Virtual currency during the financial
year.

v. No funds have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies),
including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company
(Ultimate Beneficiaries).

vi. The Company has not received any fund from any party(s) (Funding Party) with the understanding that
the Company shall whether, directly or indirectly lend or invest in other persons or entities identified
by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the
like on behalf of the Ultimate Beneficiaries.

vii. 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)

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

ix. The Company did not have any scheme of arrangement / amalgamation executed in past wherein the
accounting is not in compliance with the applicable accounting principles.

x. The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and
post-employment benefits received Presidential assent in September 2020. The Code has been
published in the Gazette of India. However, the date on which the Code will come in to effect has not
been notified. The Company will assess the impact of the Code when it comes into effect and will
record any related impact in the period when the Code becomes effective.

xi. The Company has given loan to employees with the terms being repayable on demand or without
repayment terms.

xii. Contingent liabilities, Capital commitments and Contingent assets as on the reporting dates are Nil.

xiii. Previous years’ figures have been regrouped and rearranged wherever necessary to comply with
requirement of Ind AS.

Note 26

SEGMENT REPORTING

The Company is engaged in the business of Trading cotton bales and cotton seeds and trading of Kapas,
cotton bales and cotton seeds. The board of directors of the Company allocate resources and assess the
performance of the Company, and hence board of directors are considered as the Chief Operating
Decision Maker (CODM). The CODM monitors the operating results of the business as a one, hence no
separate segment needs to be disclosed. None of the Company's assets are located out of India. The
Company's revenue is derived from below mentioned geographies:

Information about major customers:

The revenues of 7339.74 lakhs arising from the India includes 6701.89 lakhs representing revenue of more
than 10% of the total revenue of the Company is from Three customer.

Note 27

REVENUE FROM CONTRACTS WITH CUSTOMERS

(a) Disaggregation of revenue from contracts with customers

Refer Note 26 for details on disaggregation of revenue from contracts with customers.

(b) Contract balances

The following table provides information about receivables, contract assets and contract liabilities from
contracts with customers:

# Fair value of financial assets and liabilities which are measured at amortized cost is not materially different
from the carrying value (i.e. amortized cost). Accordingly, the fair value has not been disclosed separately.

Fair Value Hierarchy of Financial Assets and Liabilities:

Level 1: Quoted prices (unadjusted) in active market for identical assets and liabilities

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds,
over-the counter derivatives) is determined using valuation techniques which maximize the use of observable market
data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an
instrument are observable, the instrument is included in level 2.

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

Valuation technique used to determine fair values

Derivative instruments are valued based on observable inputs i.e. yield curves, FX rates and volatilities etc.

C. Financial risk management

The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk, foreign currency risk and
interest rate risk. The Company’s primary focus is to foresee the unpredictability of financial markets and seek to
minimize potential adverse effects on its financial performance. The primary market risk to the Company is foreign
exchange risk. The Company uses derivative financial instruments to mitigate foreign exchange related risk
exposures. It is the Company’s policy that no trading in derivative for speculative purposes may be undertaken. The
Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below:

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 investment
securities. Credit risk arises from cash held with banks and financial institutions, as well as credit exposure to clients,
including outstanding accounts receivable and other receivables. The maximum exposure to credit risk is equal to the
carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in
financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial
position, past experience and other factors.

Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the customer, including the default risk of the industry and country in which the customer operates,
also has an influence on credit risk assessment. Ratings of customers are periodically monitored. The expected credit
loss allowance is based on the ageing of the days receivables which are past due and the rates derived based on
past history of defaults in the provision matrix.

Other financial assets - investments, cash, derivative assets, loans and security deposits and other bank balances

The Company limits its exposure to credit risk by generally investing in liquid securities and only with counterparties
that have a good credit rating. The Company does not expect any losses from non-performance by these
counterparties, and does not have any significant concentration of exposures to specific industry sectors. Further, the
Company maintains its Cash and cash equivalents and Bank deposits with banks / financial institutions having good
reputation, good past track record and high quality credit rating and also reviews their credit-worthiness on an on¬
going basis.

Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company's borrowings as on the reporting date is Nil.

Foreign Currency Risk

The Company’s exchange risk arises from its foreign operations, foreign currency revenues and expenses (primarily
in U.S. Dollars). A significant portion of the Company’s revenues are in these foreign currencies, while a significant
portion of its costs are in Indian Rupees. As a result, if the value of the Indian Rupee appreciates relative to these
foreign currencies, the Company’s revenues measured in Rupees may decrease. The exchange rate between the
Indian Rupee and these foreign currencies has changed substantially in recent periods and may continue to fluctuate
substantially in the future. Consequently, the Company uses derivative financial instruments, such as foreign exchange
forward contracts, to mitigate the risk of changes in foreign currency exchange rates in respect of its forecasted cash
flows and trade receivables. There are no foreign operation of the said company. Hence, no foreign currency
revenues and expenses (primarily in U.S. Dollars) resulting in no foreign currency risk.

The accompanying notes are integral part of the Financial Statements.

As per our report of even date attached.

For and on behalf of Board of
For Mistry & Shah LLP Yuranus Infrastructure Limited

Chartered Accountants

FRN: W-100683 Nitinbhai Patel Kushal Patel

Chairman cum Managing Director Director

Malav Shah DIN: 06626646 DIN: 06626639

Partner

M. No. 117101 Harsh Desai Anant Bhatt

Chief Finance Officer Company Secretary

Place: Ahmedabad

Date: 21st May,2024 Place: Ahmedabad

UDIN: 24117101BKBHHY3460 Date: 21st May ,2024