M. Provisions and Contingent Liabilities
General

Provisions are recognised when the Company has
a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow
of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate
can be made of the amount of the obligation. When the
company expects some or all of the provisions to be
reimbursed, the expense relating to the provisions are
presented in the Statement of Profit and Loss net of
any reimbursement.

If the effect of the time value of money is material,
provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as
a finance cost.

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by
the occurrences or non-occurrences of one or more
uncertain future events beyond the control of the
Company or a present obligation that is not recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. The does
not recognize a contingent liability but discloses its
existence in the financial statements. Payments in
respect of such liabilities, if any are shown as advances.

N. Accounting for Taxation of Income
(i) Current taxes

Income tax expense is recognized in net profit in
the Statement of Profit and Loss except to the
extent that it relates to items recognized directly
in other comprehensive income or equity, in which
case it is recognized in other comprehensive
income or equity respectively. Current income tax
is recognized at the amount expected to be paid
to or recovered from the tax authorities, using the
tax rates and tax laws that have been enacted or
substantively enacted by and as applicable to the
balance sheet date. The Company offsets current
tax assets and current tax liabilities, where it has a

legally enforceable right to set off the recognized
amounts and where it intends either to settle on
a net basis, or to realize the asset and settle the
liability simultaneously.

Minimum Alternate Tax ('MAT') under the provisions
of the Income Tax Act, 1961 is recognised at
current tax rate in the Statement of Profit and
Loss. The credit available under the Income Tax
act, 1961 in respect of MAT paid is recognised
as an asset only when and to the extent there is
convincing evidence that the individual Company
will pay normal income tax during the period for
which the MAT credit recognised as an asset is
reviewed at each balance sheet date and written
down to the extent the aforesaid convincing
evidence no longer exists.

(ii) Deferred taxes

Deferred income tax assets and liabilities are
recognized for all differences arising between the
tax bases of assets and liabilities and their carrying
amounts in the financial statements. Deferred
income tax assets and liabilities are measured
using tax rates and tax laws that have been enacted
or substantively enacted by the Balance Sheet
date and are expected to apply to taxable income
in the years in which those temporary differences
are expected to be recovered or settled. The effect
of changes in tax rates on deferred income tax
assets and liabilities is recognized as income or
expense in the period that includes the enactment
or the substantive enactment date. A deferred
income tax asset is recognized to the extent that
it is probable that future taxable profit will be
available against which the deductible temporary
differences and tax losses can be utilized.

The carrying amount of deferred tax assets is
reviewed at each balance sheet date and reduced
to the extent that it is no longer probable that the
related tax benefit will be realized.

Deferred tax assets and liabilities are offset when
there is a legally enforceable right to set off current
tax assets against current tax liabilities and when
they relate to income taxes levied by the same
taxation authority and the Company intends to
settle its current tax assets and liabilities on a net
basis.

Deferred tax includes MAT credit mat credit
available paid as per the provisions of the Income
Tax Act and the rules prescribe thereunder as an
asset only to the extent that there is convincing

evidence that the Company will pay normal income
tax during the specified period, i.e. the period for
which MAT credit is allowed to be carried forward.

The Company reviews the "MAT credit entitlement"
asset at each reporting date and writes down the
asset to the extent the Company does not have
convincing evidence that it will pay normal tax
during the specified period.

O. Fair value measurement

The Company measures financial instruments, such
as, derivatives at fair value at each balance sheet date.

Fair value is the price that would be received to sell an
asset or paid to settle a liability in an orderly transaction
between market participants at the measurement date,
regardless of whether that price is directly observable
or estimated using another valuation techniques

In estimating the fair value of an asset or a liability, the
Company takes into account the characteristics of the
asset or liability if market participants would use when
pricing the asset or liability, assuming that market
participants act in their economic best interest.

All assets and liabilities for which fair values are
measured or disclosed in the financial statements are
categorized 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

For assets and liabilities that are recognised in the
financial statements on a recurring basis, the Company
determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorization
(based on the lowest level input that is significant to
the fair value measurement as a whole) at the end of
each reporting date.

The Company's Management determines the
policies and procedures for both recurring fair value
measurement, such as derivative instruments and
unquoted financial assets measured at fair values, and
for non-recurring measurement, such as assets held
for distribution in the event of discontinued operations.

This note summarizes accounting policy for fair value.
Other fair value related disclosures are given in the
relevant notes.

P. Foreign Currency-Transactions and Balances

The Company's functional currency is INR and
accordingly, the financial statements are presented in
INR in lacs.

Transactions in foreign currencies are initially recorded
by the company in their functional currency spot rates
at the date the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign
currencies are translated into the relevant functional
currency at exchange rates in effect at the Balance
Sheet date. The Gains and losses arising on account of
differences in foreign exchange rates on settlement/
or translation dates of monetary assets and liabilities
are recognised in the Statement of Profit and Loss
except exchange differences on foreign currency
borrowings relating to assets under construction for
future productive use. These are included in the cost
of the respective assets when they are regarded as an
adjustment to interest costs on the foreign currency
borrowings.

Non-monetary assets and non-monetary liabilities
denominated in a foreign currency and measured at
fair value are translated at the exchange rate prevalent
at the date when the fair value was determined.
Non-monetary assets and non-monetary liabilities
denominated in a

foreign currency and measured at historical cost are
translated at the exchange rate prevalent at the date of
the transaction. The related revenue and expense are
recognized using the same exchange rate. Transaction
gains or losses realized upon settlement of foreign
currency transactions are included in determining net
profit for the period in which the transaction is settled.
Revenue, expense and cash-flow items denominated
in foreign currencies are translated into the relevant
functional currencies using the exchange rate in effect
on the date of the transaction. Other comprehensive
income, net of taxes, includes translation differences
on non-monetary financial assets measured at fair
value at the reporting date, such as equities classified
as financial instruments and measured at fair value
through other comprehensive income (FVOCI).

Q. Borrowing Costs

General and specific borrowing costs directly
attributable to the acquisition, construction or
production of qualifying assets, which are assets that

necessarily take a substantial period of time to get
ready for their intended use or sale, are added to the
cost of those assets, until such time as the assets are
substantially ready for their intended use or sale. All
other borrowing costs are recognised in Statement of
Profit and Loss in the period in which they are incurred.

R. Leases

The Company evaluates if an arrangement qualifies
to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment.
The Company uses significant judgment in assessing
the lease term (including anticipated renewals) and the
applicable discount rate. The discount rate is generally
based on the incremental borrowing rate specific to the
lease being evaluated or for a portfolio of leases with
similar characteristics.

Company as a Lessee

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

At the date of commencement of the lease, the
Company recognizes a right-of-use (ROU) asset and a
corresponding lease liability for all lease arrangements
in which it is a lessee, except for leases with a term of
12 months or less (short-term leases) and low value
leases. For these short-term and low-value leases,
the Company recognizes the lease payments as an
operating expense on a straight-line basis over the
term of the lease.

Certain lease arrangements includes the options to
extend or terminate the lease before the end of the
lease term. ROU assets and lease liabilities includes
these options when it is reasonably certain that they will
be exercised. The ROU assets are initially recognized
at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments made
at or prior to the commencement date of the lease plus
any initial direct costs less any lease incentives. They
are subsequently measured at cost less accumulated
depreciation and impairment losses.

ROU assets are depreciated from the commencement
date over the shorter of the lease term and useful life
of the underlying asset. ROU assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of impairment
testing, the recoverable amount (i.e. the higher of the
fair value less cost to sell and the value-in-use) is
determined on an individual asset basis unless the
asset does not generate cash flows that are largely
independent of those from other assets. In such cases,
the recoverable amount is determined for the Cash
Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized
cost at the present value of the future lease payments.
The lease payments are discounted using the interest
rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates in the country
of domicile of these leases. Lease liabilities are
remeasured with a corresponding adjustment to
the related ROU asset if the Company changes its
assessment of whether it will exercise an extension
or a termination option. Lease liability and ROU assets
have been separately presented in the Balance Sheet
and lease payments have been classified as financing
cash flows.

The Company as a lessor

Leases for which the Company is a lessor is classified
as a finance or operating lease. Whenever as per the
terms of the lease transfer substantially all the risks
and rewards of ownership 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.

S. Employee Benefits

a) Short-term obligations

Short Term Liabilities for wages and salaries,
expected cost of the bonus and ex-gratia 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 employee's
services up to the end of the reporting period
and are measured at the undiscounted amounts
of the benefits when the liabilities are settled. All
employee benefits payable wholly within twelve
months of rendering the service are classified
as short-term employee benefits. These benefits

include short term compensated absences such
as paid annual leave. The undiscounted amount
of short-term employee benefits expected to be
paid in exchange for the services rendered by
employees is recognised as an expense during the
period. Benefits such as salaries and wages, etc.
and the expected cost of the bonus/ex-gratia are
recognised in the period in which the employee
renders the related service. The liabilities are
presented as current employee benefit obligations
in the balance sheet.

b) Other Long-term employee benefit obligations

The liabilities for compensated absences (annual
leave) which are not expected to be settled wholly
within 12 months after the end of the period in
which the employee render the related service
are presented as non-current employee benefits
obligations. They are therefore measured at
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 on government
bonds that have terms approximating to the terms
of the related obligations. Re-measurements as
a result of experience adjustments and changes
in actuarial assumptions (i.e. actuarial losses/
gains) are recognised in the Statement of Profit
and Loss.

The obligations are presented as current in the
balance sheet, if the Company does not have
an unconditional right to defer settlement for at
least twelve months after the reporting period,
regardless of when the actual settlement is
expected to occur.

c) Post- employment obligations

The Company operates the following post¬
employment schemes:

(i) Defined benefit plans such as gratuity

(ii) Defined contribution plans such as provident
fund.

Defined benefit plan - Gratuity Obligations

The Company provides for gratuity, a defined
benefit plan (the "Gratuity Plan") covering eligible
employees in accordance with the "The Payment
of Gratuity Act, 1972". The Gratuity Plan provides
a lump sum payment to vested employees at

retirement, death, incapacitation or termination of
employment, of an amount based on the respective
employee's salary and the tenure of employment.

The liability or asset 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
actuarially determined using the Projected Unit
Credit method.

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

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

Remeasurement of gains and losses arising
from experience adjustments and changes in
actuarial assumptions are recognised in the other
comprehensive income in the year in which they
arise and are not subsequently reclassified to
Statement of Profit and Loss.

Changes in the present value of the defined benefit
obligation resulting from plan amendments or
curtailments are recognised immediately in
Statement of Profit and Loss as past service cost.

Defined Contribution Plan

The Company pays provident fund contributions
to publicly administered provident funds as per
local regulatory authorities. The Company has no
further obligations once the contributions have
been paid. The contributions are accounted for as
defined contribution plans and the contributions
are recognised as employee benefit expense as
and when they are due.

. Earnings Per Share

Basic Earnings per Share (EPS) amounts are
calculated by dividing the profit for the reporting period
attributable to equity shareholders by the weighted
average number of equity shares outstanding during
the reporting period.

Diluted earnings per share is the adjusted figures used
in the determination of basic earnings per share to take
into account:

• The after income tax effect of interest and other
financing costs associated with dilutive potential
equity shares, and

• Weighted average number of equity shares that
would have been outstanding assuming the
conversion of all the dilutive potential equity.

U. Cash and Cash Equivalents

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

V. Insurance claims

Insurance claims are accounted for on the basis of
claims admitted / expected to be admitted and to
the extent that there is no uncertainty in receiving the
claims.

W. Segment Reporting

The Company identifies operating segments based on
the internal reporting provided to the chief operating
decision-maker.

The chief operating decision-maker, who is responsible
for allocating resources and assessing performance
of the operating segments, has been identified as the
Board of Directors that makes strategic decisions.

The accounting policies adopted for segment reporting
are in line with the accounting policies of the Company.
Segment revenue, segment expenses have been
identified to segments on the basis of their relationship
to the operating activities of the segment.

The Company operates in a single reporting segment
hence disclosures under the Ind AS 108 - "Segment
Reporting" are not applicable.

X. Equity Instruments

An equity instrument is any contract that evidences
a residual interest in the assets of an entity after
deducting all of its liabilities. Incremental costs directly
attributable to the issue of new shares or options are
shown in equity as a deduction, net of tax, from the
proceeds.

Note 34 : Corporate Social Responsibility (CSR)

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas
for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and
rehabilitation, environment sustainability, disaster relief and rural development projects, sports promotion and institution building.
A CSR committee has been formed by the Company as per the Act. The Company is spending amount for these activities, which are
specified in Schedule VII of the Companies Act, 2013.

III. Other Employee Benefits

The liability for leave entitlement as at March 31, 2026 is ? 148.51 lakhs (March 31, 2025: ? 144.34 lakhs) disclosed under
Long Term Provisions and Short Term Provision (Refer Note 18).

IV. Sensitivity Analysis

The below sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In
practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.The methods and types of
assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

a. Gratuity

A quantitative sensitivity analysis for significant assumption as at March 31, 2026 and March 31, 2025 are as shown
below:

Capital risk management

For the purpose of the Company's capital management, capital includes issued equity share capital, securities premium and all other
reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to maximise
the value of the share and to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company can adjust the dividend payment to shareholders,
issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company
includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents and other bank balances.

Market Risk

Market risk comprises two types of risk : interest rate risk and currency risk. Financial instruments affected by market risk include
loans and borrowings, deposits and derivative financial instruments.

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 Group's exposure to the risk of changes in foreign exchange rates relates primarily to the borrowings converted
in the foreign currency and purchase of stores and spares from out of India. The Company manages its foreign currency risk by
hedging repayment of principals that are expected to be paid within the period of loan. When a derivative is entered into for the
purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedged exposure. The
Company hedges its exposure to fluctuations on the translation into ? of its foreign payables in foreign currencies and by using
foreign currency option and forward contracts.

Foreign Currency Sensitivity

Company does not have any foreign currency profit/(loss) in reporting period.

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.

The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

The exposure of the Company to interest rate changes at the end of the reporting period are as under:

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks and financial institutions and other financial instruments.

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ? 17,805.74 lakhs
and ? 11,271.70 lakhs as of March 31, 2026 and March 31, 2025, respectively.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's finance department in accordance
with the Company's policy. Investments of surplus funds are made generally in the fixed deposits. The investment limits are set to
minimise the concentration of risks and therefore mitigate financial loss to make payments for vendors.

The Company's maximum exposure to credit risk for the components of the balance sheet at March 31, 2026 and March 31, 2025
is the carrying amounts as stated in balance sheet .The Company's maximum exposure relating to financial derivative instruments
is noted in the liquidity table below.

Liquidity Risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price.
The Company manages liquidity risk by maintaining sufficient cash and cash equivalents and by having access to funding through
an adequate amount of committed credit lines. The Company's objective is to maintain a balance between continuity of funding and
flexibility through the use of bank loans, preference shares and unsecured loans. The Company has access to a sufficient variety
of sources of funding which can be rolled over with existing lenders. The Company believes that the working capital is sufficient to
meet its current requirements.

Trade receivables

Customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit risk
management. The Company is in the business of CFS activities. Credit quality of a customer is assessed by the management on
regular basis with market information and individual credit limits are defined accordingly. Outstanding customer receivables are
regularly monitored and any further services to major customers are approved by the senior management.

An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large number
of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to
credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 12.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain. The
Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes
into account available external and internal credit risk factors and the Company's historical experience for customers.

Note 38 : Segment Information

Information about Primary Business Segment

The Company is primarily engaged in one business segment, namely related to Container Freight Station (CFS) and Inland Container
Depot (ICD) Operations, which are primarily assessed as a single reportable operating segment as determined by the Chief Operating
Decision Maker (CODM) ,in accordance with Ind As 108 "Operating Segment".

Information about Secondary Geographical Segment

The Company is engaged in providing services to customers located in India, consequently the Company does not have separate
reportable geographical segment for the year ended March 31, 2026.

Note 40 : Additional regulatory information as required by Schedule III to the Companies Act, 2013

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

iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

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

v) 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 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 fund from any person(s) or entity(ies), 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.

vii) The Company has not any such transaction which is not recorded in the books of account that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961.

viii) Quarterly returns or statements of current assets filed with banks or financial institutions are in agreement with the books of
accounts.

ix) Balances outstanding with Nature of transaction with struck off companies as per section 248 of the Companies Act, 2013:

Note 41 : Events occurring after balance sheet date

Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period,
the impact of such events is adjusted within the Financial Statements. Otherwise, events after the Balance Sheet date of material
size or nature are only disclosed. No significant adjusting event occurred between the balance sheet date and the date of approval
of these financial statements by the Board of Directors of the company requiring adjustment or disclosure.

Note 42 : Previous Years' Figures

The company has re-grouped and/or re-arranged figures for previous year, wherever required to confirm with current year's
classification.