n. Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required to settle the obligation and the amount
can be reliably estimated. Provisions are measured at the present value of management's best estimate of the
expenditure required to settle the present obligation at the end of the reporting period.

A restructuring provision is recognised when there is a detailed formal plan for the restructuring which has
raised a valid expectation in those affected. The measurement of a restructuring provision includes only the
direct expenditures arising from the restructuring.

A contingent liability exists when there is a possible but not probable obligation, a present obligation that
may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be
estimated reliably. Contingent liabilities do not warrant provisions but are disclosed unless the possibility of an
outflow of resources is remote.

Contingent assets are disclosed in the financial statements.

o. Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-maker. The chief operating decision-maker is responsible for allocating resources and
assessing the performance of the operating segments and has been identified as the Whole time Director of the
Company. The accounting policies adopted for the segment reporting are in line with the accounting policies of
the Company.

p. Leases:

As a lessor

Leases for which the company is a lessor are classified either as a finance or an operating lease. Whenever the
terms of the lease transfer substantially all the risks and rewards incidental to ownership of an underlying asset
to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.

q. Non-current assets held for sale and discontinued operations:

The Company classifies non-current assets (or disposal group) as held for sale if their carrying amounts will be
recovered principally through a sale rather than through continuing use. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell
will be withdrawn. The Company must be committed to the sale expected within one year from the date of
classification.

The criteria for held for sale classification is regarded only when the assets are available for immediate sale in
their present condition, subject only to terms that are usual and customary for sales of such assets, its sale is
highly probable; and it will genuinely be sold, not abandoned. The Company treats the sale of the asset to be

highly probable when:

• The appropriate level of management is committed to a plan to sell the asset,

• An active programme to locate a buyer and complete the plan has been initiated (if applicable),

• The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value,

• The sale is expected to qualify for recognition as a completed sale within one year from the date of
classification, and

• Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be
made or that the plan will be withdrawn.

Non-current assets held for sale are measured at the lower of their carrying amount and the fair value less
costs to sell. Assets and liabilities classified as held for sale are presented separately in the balance sheet. An
impairment loss is recognised for any initial or subsequent write-down of the assets to fair value less cost to sell.
A gain is recognised for any subsequent increases in the fair value less cost to sell an asset but not in excess of
the cumulative impairment loss previously recognised, A gain or loss previously not recognised by the date of
sale of the noncurrent assets is recognised on the date of de-recognition. Property, plant and equipment and
intangible assets once classified as held for sale/distribution to owners are not depreciated or amortised.

A discontinued operation qualifies as discontinued operation if it is a component of an entity that either has
been disposed of, or is classified as held for sale, and:

• Represents a separate major line of business or geographical area of operations,

• Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of
operations; or

• Is a subsidiary acquired exclusively with a view to resale.

Discontinued operations are excluded from the results of continuing operations. They are presented as a single
amount of profit or loss after tax from discontinued operations in the statement of profit and loss.

r. Government grant/subsidy:

Grants from the government are recognised at their fair value where there is a reasonable assurance that the
grant will be received, and the Company will comply with all attached conditions.

Government grants relating to income are deferred and recognised in the statement of profit or loss over the
period necessary to match them with the costs that they are intended to compensate and presented within
other income.

When the grant relates to an asset, it is recognised as income in equal amounts over the expected useful life of
the related asset.

s. Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date, wherever required.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.

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

Financial assets

A. Classification and initial recognition

Financial assets are recognised in the Company's statement of financial position when the Company becomes a

party to the contractual provisions of the asset. The Company determines the classification of its financial assets
at initial recognition. The Company classifies the financial assets in the following measurement categories:

• Those to be measured subsequently at fair value (either through profit or loss or through other
comprehensive income)

• Those measured at amortised cost

The classification depends on the entity's business model for managing the financial assets and the contractual
terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive
income.

For investments in equity instruments that are not held for trading, this will depend on whether the Company
has made an irrevocable election at the time of initial recognition to account for the equity investment at fair
value through other comprehensive income (FVOCI).

At initial recognition, the Company measures a financial asset (excluding trade receivables which do not contain
a significant financing component) at its fair value plus, in the case of a financial asset not at fair value through
profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at fair value through profit or loss are expensed in the statement of
profit and loss.

B. Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

a. Financial assets at fair value through profit or loss (FVPL):

Financial assets at fair value through profit or loss include financial assets held for trading and those
designated upon initial recognition at fair value through profit or loss. Financial assets are classified as held
for trading if they are acquired to sell in the near term. Derivatives are classified as held for trading unless
they are designated as effective hedging instruments.

Financial assets are designated upon initial recognition at fair value through profit or loss when the same
are managed by the Company based on their fair value and their performance is evaluated on a fair value
basis in accordance with the risk management or investment strategy of the Company. Financial assets at
fair value through profit or loss are carried in the statement of financial position at fair value with changes
in fair value recognised in other income in the Statement of Profit and Loss.

b. Financial assets measured at amortised cost

Assets that are held for collection of contractual cash flows, where the assets' cash flows represent solely
payments of principal and interest, are measured at amortised cost. Interest income from these financial
assets is included in other income in the Statement of Profit and Loss.

c. Fair value through other comprehensive income (FVOCI):

Financial assets are measured at fair value through other comprehensive income (OCI) if these financial
assets are held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets and 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.
Movements in the carrying amount are taken through OCI, except for the recognition of impairment
gains or losses, interest revenue and foreign exchange gains and losses which are recognised in profit or
loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is
reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest income from these
financial assets is included in other income using the effective interest rate method.

C. Derecognition

A financial asset is derecognised only when

• The Company has transferred the rights to receive cash flows from the financial asset or

• Retains the contractual rights to receive cash flows of the financial asset but assumes a contractual

obligation to pay the cash flows to one or more recipients.

When the Company has transferred an asset, the Company evaluates whether it has transferred substantially all
risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised. Where
the Company has not transferred substantially all risks and rewards of ownership of the financial asset, the
financial asset is not derecognised. Where the Company has neither transferred a financial asset nor retains
substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognised if the
Company has not retained control of the financial asset. Where the Company retains control of the financial
asset, the asset continues to be recognised to the extent of continuing involvement in the financial asset.

D. Impairment of financial assets

The Company assesses on a forward forward-looking basis the expected credit losses associated with its assets
carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on
whether there has been a significant increase in credit risk.

For trade receivables only, the Company applies a simplified approach required by Ind AS 109 Financial
Instruments, which requires expected lifetime losses to be recognised from initial recognition of receivables.

Investments in Equity Instruments:

The Company with respect to certain equity investments (other than in subsidiaries, associates and joint
ventures) which are not held for trading has made an irrevocable election to present in other comprehensive
income subsequent changes in the fair value of such equity instruments. Such an election is made by the
Company on an instrument-by-instrument basis at the time of initial recognition of such equity investments.
These investments are held for medium or long-term strategic purposes. The Company has chosen to designate
these investments in equity instruments as fair value through other comprehensive income as the management
believes this provides a more meaningful presentation for medium or long-term strategic investments, than
reflecting changes in fair value immediately in the statement of profit and loss.

Financial Liabilities and Equity Instruments:

Classification as debt or equity

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.

Financial liabilities of the Company are contractual obligations to deliver cash or another financial asset to
another entity.

The Company's financial liabilities include borrowings, lease liability, trade and other payables.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of the Company after
deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.

Financial liabilities

Classification, initial recognition, and measurement

Financial liabilities are recognised initially at fair value. Transaction costs that are directly attributable to the
issue of financial liabilities (other than financial liabilities carried at fair value through profit or loss) are deducted
from the fair value measured on initial recognition of financial liability. Financial liabilities are subsequently
measured at amortised cost.

Subsequent measurement

After initial recognition, financial liabilities are subsequently measured at amortised cost using the effective
interest rate ('EIR') method. Gains and losses are recognised in profit or loss when the liabilities are derecognised.

De-recognition of financial liability

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

The difference between the carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is
recognised in profit or loss as other income or finance cost.

Offsetting Financial Instruments

Financial assets and financial liabilities are offset, and the net amount reported in the statement of financial
position if, and only if, there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, or to realise the assets and settle the liabilities simultaneously. The legally
enforceable right must not be contingent on future events and must be enforceable in the normal course of
business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

Contributed equity

Equity shares are classified as equity. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction, net of tax, from the proceeds.

t. Employee Benefits:

(i) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service are
recognised in respect of employees' services up to the end of the reporting period and are measured at
the amounts expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations

The liabilities for earned leave that are not expected to be settled wholly within 12 months are measured
as the present value of expected future payments to be made in respect of services provided by employees
up to the end of the reporting period using the projected unit credit method. The benefits are discounted
using the market yields at the end of the reporting period that have terms approximating the terms of
the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial
assumptions are recognised in the Statement of Profit and Loss.

(iii) Post-employment obligations

The Company operates the following post-employment schemes:

(a) Defined benefit plans such as gratuity; and

(b) Defined contribution plans such as provident fund & employees' state insurance.

Gratuity obligations:

The liability recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of
the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined
benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have terms
approximating the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss.

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. They are included in
retained earnings in the statement of changes in equity and the balance sheet.

Defined Contribution Plans:

Defined Contribution Plans such as Provident Fund and Employees'State Insurance are charged to the Statement

of Profit and Loss as incurred. The Company has no further payment obligations once the contributions have
been paid.

u. Earnings per equity share:

Basic earnings per share is calculated by dividing the net profit or loss for the period/year attributable to
equity shareholders by the weighted average number of equity shares outstanding during the period/year.
The weighted average number of equity shares outstanding during the period/year is adjusted for events of
bonus issue; bonus element in a rights issue to existing shareholder; split; and reserve share split (consolidated
of share).

For the purpose of calculating diluted earnings per share, the net profit or loss for the period/year attributable
to equity shareholders and the weighted average number of shares outstanding during the period/year, are
adjusted for the effects of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for
the proceeds receivable had the equity shares been actually issued at fair value (i.e., the average market value
of the outstanding 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.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods
presented for any share splits and bonus shares issues including for changes effected prior to the approval of
the financial statements by the Board of Directors.

Defined Benefit Plans

The Company offers the following employee benefit schemes to its employees.

Gratuity: The Company has a defined benefit gratuity plan. Every employee who has completed five years or more
of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The
scheme is funded.

Risk Exposure: The defined benefit plans exposes the Company to actuarial risk, such as longevity risk, interest
rate risk and market (investment) risk. The Company actively monitors how the duration and the expected yield of
investments are matching the expected cash outflows arising from the employee benefit obligations. The Company
has not changed the processes used to manage its risks from previous periods and monitors such obligation on
regular basis.

Principal actuarial assumptions

Principal actuarial assumptions used to determine the present value of the defined benefit obligation are as
follows:

Fair value hierarchy

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in
the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using
the closing NAV and listed equity instruments are being valued at the closing prices on recognised stock exchange.

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, contingent consideration and indemnification asset included
in level 3.

The Company's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the
reporting period.

Note - 31 : FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk.
The Company's primary risk management focus is to minimize potential adverse effects of market risk on its financial
performance. The Company's risk management assessment and policies and processes are established to identify
and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks
and compliance with the same. Risk assessment and management policies and processes are reviewed regularly to
reflect changes in market conditions and the Company's activities. The Board of Directors and the Audit Committee
is responsible for overseeing the Company's risk assessment and management policies and processes.

The Company's financial risk management policy is set by the management. Market risk is the risk of loss of future
earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The

value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange
rates, equity prices and other market changes that affect market risk sensitive instruments. The Company manages
market risk which evaluates and exercises independent control over the entire process of market risk management.
The management recommend risk management objectives and policies, which are approved by Senior Management
and the Audit Committee.

a. 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.
Credit risk arises from cash held with banks as well as credit exposure to clients, including outstanding accounts
receivable. 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. The Company
establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect
of trade and other receivables and investments.

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. Credit risk is managed through continuously monitoring
the creditworthiness of customers to which the Company grants credit terms in the normal course of business. An
impairment analysis is performed at each reporting date on an individual basis for major customers. The Company
also hold security deposits for outstanding trade receivables. The history of trade receivables shows a negligible
provision for bad and doubtful debts.

b. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The
Company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet
its liabilities when due.

c. Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from adverse changes
in market rates and prices (such as interest rates, foreign currency exchange rates and commodity prices) or in the
price of market risk-sensitive instruments as a result of such adverse changes in market rates and prices. Market risk
is attributable to all market risk-sensitive financial instruments and all short term and long-term debt. The Company
is exposed to market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of its
investments. Thus, the Company's exposure to market risk is a function of investing and borrowing activities.

d. Foreign exchange 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.

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. However the company's exposure to foreign currency loan is of fixed interest rate.

The Company's investments in term deposits (i.e., margin money) with banks are for short durations, and therefore
do not expose the Company to significant interest rates risk.

(i) Interest rate risk exposure

The exposure of the company's borrowing to interest rate changes at the end of the reporting period are as
follows:

32 Capital Management:

The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The Company monitors the return on capital as well as level of
dividend on its equity shares. The Company's objective when managing capital is to maintain an optimal structure
so as to maximize shareholder's value.

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure
that it meets financial covenants attached to the borrowings that define capital structure requirements. Breaches in
meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been
no breaches in the financial covenants of any long term borrowing in the current period.

"No changes were made in the objectives, policies or processes for managing capital during the current period.

a) Risk Management:

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and
to optimise returns to our shareholders and benefits for other stakeholders and maintain an optimal capital struc¬
ture to reduce the cost of capital.

The capital structure of the Company is based on management's judgement of the appropriate balance of key el¬
ements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to
risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the
underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of divi¬
dends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

The Company's policy is to maintain a stable and strong capital structure with a focus on total equity so as to main¬
tain investor, creditors and market confidence and to sustain future development and growth of its business. The
Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

b) Dividends:

The Company has not recommended any dividend for the financial year ended March 31, 2025

33 During the financial year 2022-23, the Paper Division of the Company had been classified as a discontinued op¬
eration and approval of the shareholders was obtained on 26th September 2023 for disposal of all the assets of
Paper Division. The plant and machinery and liabilities related to the Paper Division are presented separately as
discontinued operations. For better realisation of the value of the assets, the Company is disposing these assets
on a piecemeal basis and remains committed to the disposal of the remaining assets of the paper division.

Considering the response during the sale of assets and time being taken, during the quarter ended December
31, 2024, the Company has reassessed the fair valuation of the assets forming part of the discontinued oper¬
ations as per the requirements of Ind AS 105 - Non-current Assets held for sale and discontinued operations
based on the valuer report and accordingly, recognised an further impairment loss of Rs.6,956.48 lakhs.

i) The Term Loans are secured by first charge ranking pari passu over all the present and future moveable and
immovable property, plant and equipments of the Company and second pari passu charge on all present and
future current assets.

ii) • Non convertible Zero Coupon Secured Debenture were issued to Bank of India and Punjab National Bank and
are Originally outstanding as at March 31, 2025 of Rs 2362.50 lakhs and Rs 1874.00 lakhs respectively and are
pertaining to discontinued operations. The same will be payable in 3 instalment commencing from August 25.

• Non convertible Zero Coupon secured debenture holders are having first charge on future property, plant and
equipments of the Company and pari passu second charge on existing property, plant and equipments of the
Company.

• Non convertible Zero Coupon Unsecured Debenture presently hold by Riddhi Siddhi Gluco Biols Limited are
outstanding as at March 31, 2025 of Rs 3000.00 lakhs, which is also pertaining to discontinued operations. The
same will be payable in 3 instalment commencing from August 2025.

iii) There is no defulat on repayment of loan or payment of Interest.

iv) Financial Covenants for Term Loan from ICICI Bank Ltd.:

Financial covenants to be monitored annually on the basis of audited standalone financial statements. As per
the terms and condition of the bank, Total Debt/Total Net Worth of the company should not be more than 5 :

1. The company has complied with this covenants throughout the reporting period. As at March 31, 2025 the
Total Debt / Total Net worth of the company is 0.250:1 (March 31,2024 was 0.216 : 1)

v) Year wise repayment schedule: - There is no loan outstanding pertaining to Continuing operation, however the
Term Loan from ICICI bank is pertaining to discontinued operations and carries interest @ 9.56% p.a. and the
outstanding amount as at 31/03/2025 is Rs 931.86 lakhs, which will be repaid by Dec. 2025 in equal quarterly
installment of Rs 310.62 lakhs.

34 The Paper division of the company has been identified as Discontinued operations and accordingly, its op¬
erations are presented in accordance with Ind AS 105 and related assets and liabilities are shown separately
from assets/liabilities pertaining to continuing operations. Since the paper division has been discontinued it
is no longer an operating segment and the water bottle division is the only single operating segment as on
31/03/2025, accordingly segment reporting is not applicable in accordance with Ind AS 108.

35 The Company has incurred a total comprehensive loss of ?10,627.75 lakhs for the year ended March 31, 2025.
As at that date, the Company's current liabilities (pertaining to continuing operations) exceeded its current
assets (pertaining to continuing operations) by ?6,326.85 lakhs. These conditions indicate the existence of a
material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern
and, therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course
of business.

Despite the above, the financial results have been prepared on a going-concern basis, based on management's
assessment of the Company's future operations and plans. The Company believes that management is in the
process of disposal of certain non-core assets and exploring funding options to strengthen the working capital
position, if required.

The management of the Company believes that these plans, once executed, enable the Company to meet its
obligations as they fall due and continue its operations for the foreseeable future. Accordingly, the financial
statements do not include any adjustments relating to the recoverability and classification of recorded asset
amounts or to the amounts and classification of liabilities that may be necessary if the Company is unable to
continue as a going concern.

36 Corporate Social Responsibility (CSR): The Company has not earned net profit in the three immediately
preceding financial years, therefore, there was no amount as per section 135 of the Act which was required to
be spent on CSR activities in the current financial period by the Company.

37 Recent pronouncement to Ind AS.

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. During the year ended March
31, 2025, MCA has not notified any new standards or amendments to the existing standards applicable to the
Company.

38. Additional regulatory information required by Schedule III of the Act:

(a) Title deeds of immovable properties not held in name of the company

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 favor of the lessee), as disclosed in notes to the financial statements,
are held in the name of the Company. The Company has on May 15, 2025, received an Order dated May 1, 2025
from Collector Surat asking Company to surrender 121302 Square Meter of Land due to violation of Collector
order Dated 20.11.1992 regarding development of Gouchar land for the Village but mentioning in the order
that it has right of appeal to Secretary (Dispute) Revenue Department, Government of Gujarat accordingly the
company has filed the appeal before the authority against the above said order.

(b) Valuation of PP&E and Intangible Assets:

Company has reassessed the fair valuation of the assets forming part of the discontinued operations as per the
requirements of Ind AS 105 - Non-current Assets held for sale and discontinued operations based on the valuer
report and accordingly, recognised an further impairment loss of Rs.6,956.48 lakhs.

(c) Loans or Advances in the nautre of Loans granted to Promoters, Directors, Key Managerial Personnel
and Related Parties

The Company has not provided or given Loans or Advances in the nautre of Loans granted to Promoters, Direc¬
tors, Key Managerial Personnel and Related Parties either severally or jointly with any other person.

(d) Details of benami property held:

No benami property is held by the Company accordingly no proceedings are pending against the Company for
holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made
thereunder.

(e) Borrowing secured against current assets:

The Company has availed term borrowing from the bank secured by a first pari-passu charge on the non-cur¬
rent assets of the Company and a second pari-passu charge on the current assets of the Company. The terms of
the borrowing arrangement do not require the Company to submit quarterly returns or statements of current
assets to the banks

(f) Willful defaulter:

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

(g) Relationship with struck off companies:

The Company has no transactions with the companies struck off under the Act or Companies Act, 1956.

(h) Registration of charges or satisfaction with Registrar of Companies:

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the
statutory period.

(i) Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under the Act.

Notes:

1. Earning for debt service = Net profit after taxes Non-cash operating expenses like depreciation and other
amortisations Interest other adjustments like loss on sale of PP&E etc.

2. Working capital = Current assets minus Current liabilities.

3. Capital employed = Tangible net worth Total debt Deferred tax liability.

(k) Compliance with approved scheme(s) of arrangements:

The Company has not entered into any scheme of arrangement which has an accounting impact on current or
previous financial year.

(l) Utilisation of borrowed funds and share premium:

"(a) 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:

a. directly or indirectlylend 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."

"(b) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Fund¬
ing 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."

(m) Undisclosed income:

There is no income surrendered or disclosed as income during the current or previous year in the tax as
sessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(n) Details of crypto currency or virtual currency:

The Company has not traded or invested in crypto currency or virtual currency during the current or previous
year.

Exposure to gain/loss on derivative instruments offset to some extent the exposure to foreign currency risk,
interest rate risk as disclosed above.

39. Figures for the previous year have been regrouped / rearranged, wherever necessary, to conform to
current year's classification.

As per our attached report of even date For and on behalf of Board of

Directors of

For Batliboi & Purohit Shree Rama Newsprint Limited

Chartered Accountants
ICAI FRN No.101048W

Parag Hangekar Siddharth G. Chowdhary K. L. Chandak

Partner Whole-Time Director Director

Membership No. 110096 DIN No. 01798350 DIN No. 00013487

Mukesh Samdaria

Place : Mumbai Chief Financial Officer

Date : 29/05/2025

Place : Ahmedabad
Date : 29/05/2025