s) Provisions & contingent liabilities / Assets:

The company recognizes a provision when there is a present obligation as a result of a

- past event that probably requires an outflow of resources and a reliable estimate can be
made of the amount of the obligation. A disclosure for a contingent liability is made when
there is a present obligation that cannot be estimated reliably or a possible or present
obligation that may, but probably will not, require and outflow of resources. Where there
is a possible obligation or a present obligation that the likelihood of outflow of resources is
remote, no provision or disclosure is made.

Provisions are measured at the present value of best estimate of the expenditure required

- to settle the present obligation at the end of the reporting period. The discount rate used to
determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the
provision due to the passage of time is recognised as interest expense.

Contingent assets are not recognised but are disclosed in the notes to Financial Statements
when economic inflow is probable.

t) Employee benefits:

Retirement benefit in the form of contribution to provident fund is a defined contribution
scheme. The Company has no obligation, other than the contribution payable to the
provident fund. The Company recognizes contribution payable to the provident fund

scheme as an expense, when an employee renders the related service. If the contribution

— payable to the scheme for service received before the balance sheet date exceeds the
contribution already paid, the deficit payable to the scheme is recognized as a liability
after deducting the contribution already paid. If the contribution already paid exceeds the
contribution due for services received before the balance sheet date, then excess is
recognized as an asset to the extent that the pre-payment will lead to, for example, a
reduction in future payment or a cash refund.

The Company's liabilities towards gratuity payable to its employees are determined using

— the Acturial Valuation Report which is obtained in accordance with Ind AS 19.

Remeasurements, comprising of actuarial gains and losses are recognised immediately in

— the balance sheet with a corresponding debit or credit to retained earnings through OCI in
the period in which they occur. Remeasurements are not reclassified to profit or loss in
subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

a) The date of the plan amendment or curtailment, and

b) The date that the Company recognises related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability

— or asset. The Company recognises the following changes in the net defined benefit

obligation as an expense in the statement of profit and loss:

a) Service costs comprising current service costs, past-service costs, gains and losses on

curtailments and non-routine settlements; and

b) Net interest expense or income.

u) Earnings Per Share:

Earnings per share (EPS) is calculated by dividing the net profit or loss for the period

— attributable to equity shareholders by the weighted average number of equity shares

outstanding during the period. Earnings considered in ascertaining the EPS is the net
profit for the period and any attributable tax thereto for the period.

— For the purpose of calculating diluted EPS, the net profit for the period attributable to

equity shareholders and the weighted average number of equity shares outstanding
during the period are adjusted for the effects of all dilutive potential equity shares.

v) Cash Flow Statement:

Cash flows are reported using the indirect method, whereby profit / (loss) before
extraordinary items and 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 flows
from operating, investing and financing activities of the Company are segregated based
on the available information.

w) Financial Instruments:

Critical estimates and judgements

Preparation of the Financial Statements requires use of accounting estimates, judgements
- and assumptions, which, by definition, will seldom equal the actual results. Appropriate
changes in estimates are made as the Management becomes aware of changes in
circumstances surrounding the estimates. Changes in estimates are reflected in the
Financial Statements in the period in which changes are made and, if material, their effects
are disclosed in the notes to the Financial Statements. This Note provides an overview of
the areas that involves a higher degree of judgements or complexity and of items which
are more likely to be materially adjusted due to estimates and assumptions turning out to
be different than those originally assessed. Detailed information about each of these
estimates and judgements is included in relevant notes together with information about
the basis of calculation for each affected line item in the Financial Statements.

The areas involving critical estimates or judgements are:

i) Estimation for income tax: Note 1 (d)

ii) Estimation of useful life of tangible assets: Note 1 (h)

iii) Estimation of provision for inventories: Note 1 (m)

iv) Allowance for credit losses on trade receivables: Note 1 (k)

v) Estimation of claims | liabilities: Note 1 (o)

vi) Estimation of defined benefit obligations: Note 1 (t)

vii) Estimation of fair Value: Note no. 41

a ) Defined Contribution Plans

The Company made contribution towards provident fund to a defined contribution retirement benefit plan for qualifying
employees. The provident fund plan is operated by the Regional Provident Fund Commissioner.

The company Recognized Rs. 34071711/- for provident fund contributions in the profit & loss account and included in note no.
25 in "Contribution to Provident and Other Funds".

b ) Defined Benefit Plans

The Company made provision for gratuity liability which is un funded. The scheme provides for payment to vested employees
at retirement, death while in employment or on termination of employment of an amountequivalent to 15 days salary payable
for each completed year of service or part thereof in execess of six months. Vesting occurs upon completion of five years of
service.

Leases:

The Company has entered into a significant number of long-term lease agreements during the financial year. These leases
primarily relate to warehouses, fulfillment centers, office spaces, and transportation hubs, which are integral to the Company's
operational model and service offerings. The increase in long-term leases is driven by the Company's strategic expansion into
Third-Party Logistics (3PL) services, where the Company provides comprehensive logistics solutions, including warehousing,
inventory management, and manpower support. The model is similar to service platforms such as UrbanClap and Netmeds,
where manpower is deployed for operational support at client locations. Additionally, to meet the growing demand from large
enterprise clients and to maintain service level agreements, the Company has undertaken long-term leases of transportation
assets and facilities. This enables the Company to ensure timely and cost-effective delivery services across various regions. These
long-term lease arrangements support the Company's objective to scale its logistics and manpower outsourcing business,
enhance operational efficiency, and maintain consistent service quality for large-scale clients.

Right to Use assets by class of assets are disclosed in Note no. 2 (iii) .

Fair value
Measurement:

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.

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.

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

a) Level 1 -- This includes financial instruments measured using quoted prices. The fair value of all equity
instruments which are traded on the Stock Exchanges is valued using the closing price as at the reporting
period.

b) Level 2 -- The fair value of financial instruments that are not traded in an active market (for example over-
the-counter derivatives) is determined using valuation techniques which maximise the use of observable
market data and rely as little as possible on entity-specific estimates.

Financial risk
management:

Risk identification and definition: Focuses on identifying relevant risks, creating / updating clear definitions to
ensureundisputed understanding along with details of the underlying root causes / contributing factors.

Risk classification: Focuses on understanding the various impacts of risks and the level of influence on its root
causes. This involves identifying various processes generating the root causes and clear understanding of risk
interrelationships.

Risk assessment and prioritisation: Focuses on determining risk priority and risk ownership for critical risks.
This involves assessment of the various impacts taking into consideration risk appetite and existing mitigation
controls.

Risk mitigation: Focuses on addressing critical risks to restrict their impact(s) to an acceptable level (within the
defined risk appetite). This involves a clear definition of actions, responsibilities and milestones.

Risk reporting and monitoring: Focuses on providing to the Board periodic information on risk profile
evolution and mitigation plans.

Market Risk:

The Company's exposure to the risk of changes in market interest rates relates primarily to its short-term
borrowings with floating interest rates.

The Company manages the interest rate risk by balancing fixed-rate and floating-rate debt.

A 50 basis points increase or decraese will affect the Net Profit as given below in the Interest Rate Sensitivity
Table:

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 the risk of changes in market interest
rates relates primarily to the Company's long-term debt obligations with floating interest rates. However, the
company does not have any exposure of loans which are linked with repo rate. Therefore, the Company does
not have any interest rate risk_

(ii) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in financial
loss to the Company. The Company's exposure arises principally from trade receivables.

The Company deals only with creditworthy customers, and the creditworthiness is assessed on an ongoing
basis.

Concentration of credit risk is limited, as the customer base is large and diversified.

The Company uses the Expected Credit Loss (ECL) model as per Ind AS 109 to determine impairment.

The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are

located in several jurisdictions and industries and operate in largely independent markets._

Trade receivables are non-interest bearing and are generally on 15 days to 90 days credit term. Credit limits are
established for all customers based on internal rating criteria. The Company has no concentration of credit risk
as the customer base is widely distributed both economically and geographically.

(iii) Liquidity risk

The principal sources of liquidity of the Company are cash and cash equivalents, borrowings and the cash flow
that is generated from operations. It believes that current cash and cash equivalents, borrowings and cash flow
that is generated from operations is sufficient to meet requirements. Accordingly, liquidity risk is perceived to
be low.

Capital risk management

The primary objective of capital management is to maintain a strong credit rating and healthy capital ratios in
order to support its business and maximise shareholder value, safeguard business continuity and support the
growth of the Company. It determines the capital requirement based on annual operating plans and long-term
and other strategic investment plans. The funding requirements are met through equity and operating cash

flows generated. It is not subject to any externally imposed capital requirements._

The Company manages its capital structure and makes adjustments to it in light of changes in economic
conditions and the requirements of the financial covenants. 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, less cash and cash equivalents.

1. Previous year's figures have been regrouped / rearranged to the extent necessary to confirm to this year's
classification to the extent possible.

2. Previous year's data may not be fully comparable due to differences in methodology and the absence of
reclassifications in key areas such as ratios, Related Party transactions, income tax workings, deferred tax
workings, defined benefit obligations.

The Company has not entered into 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.

The Company has no transactions with the companies struck off under the Act or Companies Act, 2013.

(iii) The Company is not declared wilful defaulter by any bank or financial institution or other lender.

(iv) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

(v) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the year.

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

(vii) No loans or advances in the nature of loans are granted to promoters, Directors, Key Managerial Personnel and
the related parties (as defined under Companies Act, 2013) either severally or jointly with any other person.

FOR, JAIN KEDIA & SHARMA. For, Riddhi Corporate Services Limited

CHARTERED ACCOUNTANTS

FIRM REG. NO.: 103920W Sd/- Sd/-

Sd/ Mr. Pravinchandra K. Gor Mr. Alpitkumar P. Gor

Chairman & Managing Wholetime Director

Director

CA Tarak Shah

PARTNER Sd/-

M. NO. 182100 Sd/-

Mr. Mustafa M. Sibatra

UDIN: 25182100BM0DAI5222 Mr. Hardikkumar V Bhavsar Company Secretary

Chief Financial Officer

Date:- 30th May, 2025
Place:- Ahmedabad