xv. Provisions and Contingent Liabilities

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an
outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. The amount
recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the
reporting period, taking into account the risks and uncertainties surrounding the obligation. When 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
(when the effect of the time value of money is Material). These are reviewed at each balance sheet date and adjusted to
reflect the current best estimates.

Contingent liabilities are disclosed in the Notes. Contingent assets are not recognised in the financial statements.

xvi. Investment Property:

Investment property is a property held to earn rentals and/or for capital appreciation. Investment property is measured
initially at cost, including transaction costs. Subsequent to initial recognition, investment property is measured in accordance
with Ind AS 16 requirements for cost model. An investment property is derecognised upon disposal or when the investment
property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or
loss arising thereon (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in profit or loss in the period in which the property is derecognised.

xvii. Earnings per share

Basic earnings per share are computed by dividing of profit / loss attributable to equity shareholders of the company by the
weighted average number of equity shares outstanding during the year.

Diluted earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares
considered for deriving basic EPS and also weighted average number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as of the beginning
of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period
presented.

xviii. Operating Cycle

Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their
realisation in cash or cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of
classification of its assets and liabilities as current and non-current.

2.3 Approval of financial statements

These financial statements were approved for issuance by the Board of Directors of the Company on May 29, 2025.

3(i) Use of estimates and judgements

In the application of the Company's accounting policies, which are described in note 2, the directors of the Company are
required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not
readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other
factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the
revision and future periods if the revision affects both current and future periods.

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of
the reporting period that may have a Material risk of causing a Material adjustment to the carrying amounts of assets and
liabilities within the next financial year:

Impairment of investments, Property Plant and Equipment and Intangible Assets

The Company reviews its carrying value of investments, Property, Plant and Equipment and Intangible Assets annually, or
more frequently when there is an indication for impairment. If the recoverable amount is less than its carrying amount, the
impairment loss is accounted for.

Useful lives of property, plant and equipment

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the
effect of any changes in estimate accounted for on a prospective basis.

3(ii) Recent accounting pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not notified
any new standards or amendments to the existing standards applicable to the Company.

(ii) Details of rights, preferences and restrictions attached to each class of shares:

The company has only one class of share capital namely Equity Shares having par value of ?10 per share. Each holder of Equity Share is entitled to
one vote per share. The company declares and pays dividends in Indian rupees. In the event of liquidation of the company, the holders of Equity
Shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion
to the number of Equity Shares held by the shareholders.

The company has neither issued bonus shares not has bought back any shares during last 5 years.

a) No ordinary shares have been reserved for issue under options and contracts/ commitments for the sale of shares/ disinvestment as at the Balance
Sheet date.

b) No securities convertible into Equity/ Preference shares have been issued by the Company during the year.

c) No calls are unpaid by any Director or Officer of the Company during the year.

35. Segment reporting
Disclosure on Operating segments

The Company is engaged in the business of manufacturing and sale of garments. The Chief Operating Decision
Maker reviews the operations of the Company as a unit of manufacturing and sale of garments, which is
considered to be the only reportable segment by the Management.

*Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets
C. Information about major Customers

Revenue from three customers of Company's Garment Segment represent Rs. 21,144.11/- (PY Rs.15,944.29/-) of
Company's total revenue.

36. Employee benefit plans
Defined contribution plans

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees.
Under the said schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognises the
amount paid / payable to such funds in the Statement of Profit and Loss. The contributions made by the Company towards these schemes are as follows:

Defined benefit plans

The Company offers gratuity, a defined employee benefit scheme to its employees. The said plan typically exposes the Company to actuarial risks such as:
interest rate risk, longevity risk and salary risk

Interest risk:

The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to
increase.

Longevity risk:

This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these
decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is
important not to overstate withdrawals because in the financial analysis the retirement benefit of a short career employee typically costs less per year as
compared to a long service employee.

Salary risk:

Higher than expected increases in salary will increase the defined benefit obligation
No other post-retirement benefits are provided to these employees.

The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit
method.

Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Level 1
to Level 3, as described below:

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

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

Valuation techniques with significant unobservable inputs (Level 3): This level of hierarchy includes financial assets and liabilities measured using
inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based
on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available
market data.

Financial risk management objectives

The Company's risk management is carried out by Treasury department under policies laid down by the management. The Company's activities expose it
to market risk (which includes currency risk, interest rate risk and equity price risk), credit risk and liquidity risk. Treasury department monitors the risk
exposures on a periodical basis and reports to the Board of directors on the risks that it monitors and policies implemented to mitigate risk exposures.

Foreign currency risk management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise.

The carrying amounts of the Company's foreign currency denominated monetary liabilities (Trade payables) and Assets (Trade receivables) at the end of
the reporting period are as follows.

Foreign currency sensitivity analysis

The Company is mainly exposed to USD on account of outstanding trade receivables, trade payables, and borrowings.

The following table details the Company's sensitivity to a 5% increase and decrease in INR against the USD. 5% is the sensitivity rate used when
reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in
foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at
the period end for a 5% change in foreign currency rates. The amounts given below are the impact on loss and equity where the INR weakens 5%
against USD. Positive number indicates decrease in loss / increase in equity whereas negative number indicates increase in loss / decrease in equity. For
a 5% strengthening of the INR against USD, there would be equivalent amount of loss as mentioned in the below table.

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 has
adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. Ongoing credit
evaluation is performed on the financial condition of accounts receivable. The Company monitors its trade receivables on case to case basis, depending

on the aoeino of days the receivables are due Credit risk also arises from cash and cash equivalents financial instruments and deposits with banks

Liquidity risk

Liquidity risk is the risk that the company could be unable to meet its short term financial demands.

Ultimate responsibility for liquidity risk management rests with the management, which has established an appropriate liquidity risk management
framework for the management of the Company's short-term, medium-term and long-term funding and liquidity management requirements. The
Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual short term and long term cash flows, and by matching the maturity profiles of financial assets and liabilities.

Liquidity analysis for non derivative financial liabilities-

The following table details the Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The
table have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company is required to
pay. The contractual maturity is based on the earliest date on which the Company would be required to pay.

(i) Market risk - 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 debt obligations with floating interest rates. The
Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

Interest rate sensitivity

Interest rate sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and
borrowings affected. With all other variables held constant, the Company’s profit before tax is affected through the impact on floating rate borrowings,
as follows:

(ii) Market risk- Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The
Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating and financing activities. The
Company’s exposure to foreign currency changes from investing activities is not material.

(i) The above amount is based on the notice of demand / Assessment Orders by the tax authorities and the Company is contesting these claims.
Outflows, if any, arising out of these claims would depend on the outcome of the decisions of the appellate authorities and the Company’s rights for
future appeals before the judiciary.

42 The Company has earned profit of Rs. 1366.39 lakh for the Year ended March 31, 2025 (Year ended March 31, 2024 - Rs. 3982.51 lakhs). For the
Year ended March, 2025, the application of Ind AS 115 has resulted in the Finance costs being higher by Rs. 485.61 lakhs (Year ending March '24 -
Rs. 4,850.85 lakhs) and profit before tax being lower by a similar amount. Considering that fact and EBIT, Company's operation are improving in
comparison to past year's. In-Spite of accumulated losses exceed its paid up capital and other equity as on March 31, 2025, the company and its
holding company has a positive outlook for the garment industry. The Holding company has confirmed financial support to the Company to
continue as a going concern. The Company is therefore being viewed as a going concern and the financial results have been prepared under the
going concern assumption.

46 Audit trail

The Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the accounting software. Further, no instance of audit trail feature being
tampered with was noted in respect of the accounting software.Additionally, the audit trail has been preserved by the company as per the statutory
requirements for record retention.

47 Subsequent Events

Rescheduling of ECB Loan Repayment

Subsequent to the reporting date, the Company has successfully renegotiated the repayment terms of its External Commercial Borrowing (ECB)
facility aggregating to Rs.523.70 lakhs, which was originally scheduled for repayment on 6th April 2025. Pursuant to the revised terms, the repayment
due date has been extended to 8th April 2033, as mutually agreed with the lender.

This represents a non-adjusting event as defined under Ind AS 10 - Events after the Reporting Period, since the modification of terms occurred after
the balance sheet date and does not relate to conditions that existed as at the reporting date. Accordingly, no adjustments have been made to the
financial statements for the year ended 31st March 2025. This disclosure is made to provide users of the financial statements with relevant information
regarding events that may impact the Company’s future liquidity and financial commitments.

48 Other Explainatory Notes

i. No instances during the financial year 2024-25 indicate applicability of provisions of section 230 to 237 of the Companies Act, 2013.

ii No instance of any transactions not being 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 have been found.

iii The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in
favour of the lessee) are held in the name of the company.

iv The company has not granted any loans or advances to promoters, directors, KMPs and other related parties, either severally or jointly with any other
person.

v The provisions of Corporate Social Responsibility (CSR) under section 135 of the Companies Act, 2013 do not apply to the company as neither the net
worth, turnover nor the net profit exceed the threshold limit prescribed under the said section.

vi The company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

vii The comparative figures of previous year have been rearranged / reclassified wherever necessary, to correspond with current year presentation.

viii No proceedings have been initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.

ix The company has not been declared a wilful defaulter by any bank or financial Institution or other lender.

x The company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies

Act, 1956.

xi There are no charges or satisfaction yet to be registered with ROC beyond the statutory period.

^xii No amount has been received from or paid to any person or entity for investing in other companies during the financial year.

xiii Provisions under clause (87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number of layers) Rules, 2017 are not
applicable to the company.

As per our report of even date attached

For Singhi & Co . For and on behalf of the Board of Directors

Chartered Accountants E-Land Apparel Limited

FRN- 302049E

Chaitanya Komanduri K Dong Ju Kim ^{Guydeuk Yeon Heegu Shin} Anup Vishwakarma

Partner Managing Director Independent Director Chief Financial officer Company Secretary

Membership No. 228661 DIN: 10747987 DIN: 10551356 DIN: 10747987 Mem No. A46283

Place: Bangalore Place: Bangalore ^{Place: Bangalore Place: Bangalore} Place: Bangalore

Date: 29/05/2025 Date: 29/05/2025 Date: 29/05/2025 Date: 29/05/2025 Date: 29/05/2025