(x) Provisions and Contingencies

Provisions are recognized when the Company has a present
obligation (legal or constructive) as a result of a past event,
if 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. The expense relating to a provision is presented
in the statement of profit and loss.

Provisions are reviewed at each balance sheet date and
adjusted to reflect the current best estimates. A contingent
liability is a possible obligation 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 Company;
or a present obligation that arises from past events but is
not recognized because it is not probable that an outflow of
resources embodying economic benefits will be required to
settle the obligation; or the amount of the obligation cannot
be measured with sufficient reliability.

(xi) Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise
cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject
to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and
cash equivalents consist of cash and short-term deposits (as
defined above) as they are considered an integral part of the
Company's cash management.

(xii) Financial instruments

A financial instrument is any contract that gives rise to a
financial asset of one entity and a financial liability or equity
instrument of another entity.

a) Financial assets

Investments in Subsidiaries

Investments in Subsidiaries, Joint ventures and Associates
are carried at cost less accumulated impairment losses,
if any. Where an indication of impairment exists, the
carrying amount of the investment is assessed and
written down immediately to its recoverable amount.
On disposal of investments in Subsidiaries, Joint ventures
and Associates, the difference between net disposal
proceeds and the carrying amounts are recognised in
the statement of profit and loss.

Initial recognition and measurement

All financial assets are recognized initially at fair value
plus (in the case of financial assets not recorded at fair
value through profit and loss) transaction costs that are
attributable to the acquisition of the financial assets
are considered for the purpose of initial recognition.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in three broad categories:

• Financial assets at amortized cost

• Financial assets at fair value through OCI (FVTOCI)

• Financial assets at fair value through profit
and loss (FVTPL)

Financial asset at amortized cost

A Financial asset is measured at amortized cost (net
of any write down for impairment) the asset is held
to collect the contractual cash flows (rather than to
sell the instrument prior to its contractual maturity to
realize its fair value changes) and the contractual terms
of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest
("SPPI") on the principal amount outstanding.

Such financial assets are subsequently measured at
amortized cost using the effective interest rate (EIR)
method. Amortized cost is calculated by taking into
account any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The
EIR amortization is included in finance income in the
profit and loss. The losses arising from impairment
are recognized in the statement of profit and
loss. This category generally applies to trade and
other receivables.

Financial asset at fair value through OCI (FVTOCI)

A financial asset that meets the following two
conditions is measured at fair value through OCI unless
the asset is designated at fair value through profit and
loss under fair value option.

• The financial asset is held both to collect
contractual cash flows and to sell.

• 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
outstanding principal amount.

Instruments included within the FVTOCI category are
measured initially as well as at each reporting date at
fair value. Fair value movements are recognized in OCI.
However, the Company recognizes interest income and
impairment losses & reversals in the Profit and Loss.
On derecognition of the asset, cumulative gain or loss
previously recognized in OCI is reclassified from the
equity to Profit and Loss. Interest earned whilst holding
FVTOCI Financial asset is reported as interest income
using the EIR method.

Financial asset at fair value through profit and loss
(FVTPL)

FVTPL is a residual category for company's financial
instruments. Any instrument which does not meet the

criteria for categorization as at amortized cost or as
FVTOCI, is classified as at FVTPL.

All investments included within the FVTPL category are
measured at fair value with all changes recognized in
the Profit and Loss.

In addition, the Company may elect to designate an
instrument, which otherwise meets amortized cost or
FVTOCI criteria, as at FVTPL. However, such election
is allowed only if doing so reduces or eliminates a
measurement or recognition inconsistency (referred to
as 'accounting mismatch').

Derecognition

When the Company has transferred its rights to
receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without
material delay to a third party under a 'pass-through'
arrangement. It evaluates if and to what extent it has
retained the risks and rewards of ownership.

A financial asset (or, where applicable, a part of a
financial asset or part of a Company of similar financial
assets) is primarily derecognized when:

• The rights to receive cash flows from the asset
have expired, or

• Based on above evaluation, either (a) the
Company has transferred substantially all the
risks and rewards of the asset, or (b) the Company
has neither transferred nor retained substantially
all the risks and rewards of the asset but has
transferred control of the asset.

When it has neither transferred nor retained
substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Company
continues to recognize the transferred asset to the
extent of the Company's continuing involvement. In
that case, the Company also recognizes an associated
liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights
and obligations that the Company has retained.

Continuing involvement that takes the form of a
guarantee over the transferred asset is measured at
the lower of the original carrying amount of the asset
and the maximum amount of consideration that the
Company could be required to repay.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement and

recognition of impairment loss on the financial assets
which are not recognized at fair value through profit &
loss and equity instruments are recognized in OCI.

Loss allowances for trade receivables are always
measured at an amount equal to Lifetime ECL. Lifetime
ECL are the expected credit losses that result from
all possible default events over the expected life of a
financial instrument. The maximum period considered
when estimating ECL is the maximum contractual period
over which the Company is exposed to credit risk.

For recognition of impairment loss on other financial
assets and risk exposure, the Company determines
that whether there has been a significant increase in
the credit risk since initial recognition. If credit risk has
not increased significantly, 12-month ECL is used to
provide for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used.

Lifetime ECL are the expected credit losses resulting
from all possible default events over the expected life of
a financial instrument. The 12-month ECL is a portion of
the lifetime ECL which results from default events that
are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows
that are due to the Company in accordance with the
contract and all the cash flows that the entity expects
to receive (i.e., all cash shortfalls), discounted at the
original EIR. When estimating the cash flows, an entity
is required to consider all contractual terms of the
financial instrument (including prepayment, extension,
call and similar options) over the expected life of the
financial instrument. However, in rare cases when the
expected life of the financial instrument cannot be
estimated reliably, then the entity is required to use the
remaining contractual term of the financial instrument.

ECL impairment loss allowance (or reversal) recognized
during the period is recognized as income/ expense in
the statement of profit and loss (P&L). This amount is
reflected under the head 'other expenses' in the P&L.
The balance sheet presentation for various financial
instruments is described below:

Financial assets are measured as at amortized cost,
contractual revenue receivables and lease receivables:
ECL is presented as an allowance, i.e., as an integral
part of the measurement of those assets in the balance
sheet. The allowance reduces the net carrying amount.
Until the asset meets write-off criteria, the Company
does not reduce impairment allowance from the gross
carrying amount.

b) Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit and
loss or at amortized cost, as appropriate. All financial
liabilities are recognized initially at fair value and, in
the case of loans and borrowings are recognised net of
directly attributable transaction costs. The Company's
financial liabilities include trade payables, lease
obligations, and other payables.

Subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and
borrowings and other payables are subsequently
measured at amortized cost using the EIR method.
Gains and losses are recognized in profit and loss when
the liabilities are derecognized as well as through the
EIR amortization process.

Amortized cost is calculated by taking into account any
discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortization
is included as finance costs in the statement of
profit and loss.

Derecognition

A financial liability is derecognized when the obligation
under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced
by another from the same lender on substantially
different terms, or the terms of an existing liability
are substantially modified, such an exchange or
modification is treated as the derecognition of the
original liability and the recognition of a new liability.
The difference in the respective carrying amounts is
recognized in the statement of profit and loss.

c) Offsetting of financial instruments

Financial assets and financial liabilities are offset and
the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset
the recognized amounts and there is an intention to
settle on a net basis, to realize the assets and settle the
liabilities simultaneously.

(xiii) Earnings per share

Basic earnings per share are calculated by dividing the net
profit or loss for the year attributable to equity shareholders

by the weighted average number of equity shares outstanding
during the period adjusted for bonus elements, if any, issued
during the year.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the year attributable to equity
shareholders after taking into account the after income
tax effect of interest and other financing costs associated
with dilutive potential equity shares and the weighted
average number of additional equity shares that would have
been outstanding assuming the conversion of all dilutive
potential equity shares.

(xiv) Segment reporting

The Company has identified "Cash Logistics Service" as
a reportable segment based on the manner in which the
operating results are reviewed by the Chief Operating
Decision Maker.

(xv) Cash Flow Statement

Cash flow statement is prepared in accordance with the
indirect method prescribed in Ind AS 7 'Statement of Cash
Flows'. Cash flows are reported using the indirect method,
whereby profit/ (loss) before 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. Cash
flow for the year is classified by operating, investing and
financing activities.

(xvi) Rounding of amount

Amount disclosed in the financial statement and notes
have been rounded off to the nearest million as per the
requirements of schedule III, unless otherwise stated.

(xvii) Recent accounting pronouncements

The Ministry of Corporate Affairs ('MCA') notifies new
amendments to the existing standards under the Companies
(Indian Accounting Standards) Rules, 2015 as amended
from time to time. With effect from April 1, 2025, the
MCA has notified amendments to (Ind AS 1, Presentation
of Financial Statements), (Ind AS 7, Statement of Cash
Flows and Ind AS 107, Financial Instruments: Disclosures),
(Ind AS 12 Income Taxes) and (Ind AS 21, The Effects of
Changes in Foreign Exchange Rates) amendments relating
to Classification of liabilities as current or non-current
and non-current liabilities with Covenants and Disclosure
of supplier finance arrangements, temporary mandatory
relief from accounting for deferred tax that arises from
implementing Pillar Two legislation, entity to estimate the
spot exchange rate when it concludes that a currency is
not exchangeable into another currency. The Company
has reviewed the new pronouncements and based on its
evaluation, has determined that the new pronouncement is
not applicable to the Company

Note 15.2 Terms / Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of H. 1/- per share. Each equity shareholder is entitled to one vote per
share, proportionate to the number of shares held in the Company. The equity shareholders are entitled to receive dividends as and when
declared by the shareholders at the Annual General Meeting, based on the recommendation of the Board of Directors, in accordance with
the provisions of the Companies Act, 2013, except in case of interim dividend, which is approved by the Board of Directors.

In the event of liquidation of the Company, the equity shareholders will be entitled to receive the remaining assets of the Company, after
distribution of all preferential amounts and settlement of all liabilities. The distribution of assets will be in proportion to the number of
equity shares held by the shareholders.

(b) Defined benefit plan

As per the Payment of Gratuity Act, 1972, 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
of the Company is funded with an insurance company in the form of a qualifying insurance policy. Management aims to keep annual
contribution relatively stable at such a level such that no plan deficits will arise. The Company has purchased an insurance policy, which is

Note 32 - Leases

In case of assets taken on lease:

The Company has taken office premises, vehicles & generators and computers & accessories under operating lease agreements, which
expire at various dates. These agreements are generally renewable by mutual consent. Some of the lease agreements for premises
have a lock in period ranging from 3 to 5 years and price escalation clause. ROU asset for long term leases has been recognised with
corresponding credit to Lease liability.

The management assessed that cash and cash equivalents, trade receivables, trade payables, and other current financial assets and
financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Further the
difference between carrying amount and fair value of insurance receivables, deposit measured at amortised cost is not significantly
different in each of the year presented.

*Financial Assets/ Liabilities at fair value through profit or loss
#Financial Assets/ Liabilities at fair value through OCI

b) Fair Value Hierarchy

• Level 1 - Quoted prices (unadjusted) in active markets for identical Assets or Liabilities.

• Level 2 - 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).

• Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

Valuation Technique used to determine Fair Value:

Specific valuation techniques used to value financial instruments include:

Use of quoted market prices for Listed instruments

For the year ended March 31, 2026 and year ended March 31, 2025, there are no financial assets under the categories FVTOCI or FVTP&L

Note 37 - Risk Management

Financial Risk Management

The company is exposed to Interest rate risk, Credit risk, Collection risk and liquidity risk. Given the nature of operations, the Company
does not face any forex risk, commodity risk and other market risk aspects. The company has assigned the responsibility of managing
these risks with the respective division heads as stated below.

Market Rate - Interest Rates

The company does not have any term loans with variable interest rate. Hence the Company does not face any significant market risk in
relation to interest rate volatility. Credit limits, to the extent of H 2,710.00 million are variable rate borrowings, subject to periodic interest
rate revision. The Company manages its CC limit utilisation judiciously to minimise interest outgo.

Credit Risk

The company is highly underleveraged with zero net long term debt (total long term debt minus free cash) as on March 31, 2026 and March
31, 2025. Hence credit risk of the Company is very healthy and risk of default is negligible. This risk is managed by Managing Director.

Trade Receivable

Over 81% of the clients of the Company are highly rated banks and financial institutions, with no history of defaults. Hence, credit risk
on the trade receivables are neglible. The company takes adequate precaution in terms of evaluation of the creditworthiness of its
direct clients. The track record of collection of Trade Receivables has been very healthy. The company also has a practice of obtaining
confirmation on service provided from most of its clients before invoicing, and hence risk of subsequent non-collection is negligible.

Liquidity risk

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

Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, securities premium and all other equity
reserves attributable to the equity holders of the parent. The primary objective of the Company's capital management is to maximize the
shareholder value. The Company manages its capital structure and makes adjustments in light of the changes in economic conditions and
the requirements of the financial covenants.The Company does not have any long-term loans outstanding as at March 31, 2026. It has
taken adequate credit facilities from various banks to maintain its liquidity.

Note 38 - 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) The Company has not been declared as wilful defaulter.

(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 has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

(v) The Company has not advanced or loaned or invested either from borrowed funds or share premium or any other sources or kind of
funds to any other person or entity, including foreign entities (Intermediaries) with the understanding, (whether recorded in writing
or otherwise) that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company has not received any funds from any person or entity, including foreign entities (Funding Party) with the understanding
(whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

The Company has completed its Initial Public Offer ("IPO") of 26,676,977 Equity Shares of face value of Re. 1 each. The IPO consist of fresh
issue of 5,454,546 Equity Shares by the Company and an offer for sale of 21,222,431 Equity Shares by the selling shareholders as detailed
in the prospectus. The fresh issue of the Company has been subscribed at H 99 per Equity Share (including securities premium of H 98 per
Equity Share) aggregating to H 540.00 millions (shares alloted on 2nd January,2023) and the offer for sale of 21, 222,431 Equity Shares of
H 1 each were subscribed at H 2,026.41 millions.

The Company is in the process of reconciling the monthly returns filed under the Central Goods and Services Tax Act, 2017 ("CGST Act"),
Integrated Goods and Services Tax Act, 2017 ("IGST Act") and other relevant States Goods and Services Tax Acts ("SGST Acts") with its
books and records to file the annual return for FY 2025-26. Adjustments, if any, consequent to the said reconciliation will be given effect to
in the financial statements on completion of reconciliation and filing of returns. However, in the opinion of the Management, the impact
of the same will not be material.

Note 43 - New labour code:

The Central Government has notified the New Labour Code on 21/11/2025. The Company has reworked salary structure of certain
employees, wherever applicable to comply with the new labour code. However the impact of the new labour code in the financials
is not material.

Note 44 - Events after the reporting period

There are no significant events after the reporting period that affect the figures presented in this financial statement.

Note 45 - Prior Year Comparatives

Previous year figures have been re-grouped/ re-classified, wherever necessary, to confirm to current year's classification and presentation.