Manilam Industries India Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

Earnings per Share ('EPS') is determined based on the net profit attributable to the shareholders of the Company. Basic earnings per share is computed using the weighted-average number of shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit for the year attributable to equity shareholders by the weighted-average number of equity shares outstanding during the year plus the weighted number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares. However, there are no dilutive potential equity shares.

Note 36 : Details of Corporate Social Responsibility ('CSR') expenditure

In accordance with the provisions of section 135 of the Act, CSR spent is at least two percent of average net profits made during the three immediately preceding financial years in pursuance of its CSR policy, shall be ensured . Basis the recommendation of CSR committee, the Board of Directors of the Company had approved various 'Other than Ongoing projects' for carrying out CSR activities as per the Schedule VII of the Act. Details of the same as follows:

In respect of financial year ended March 31, 2025, there is no shortfall for CSR expenditure.

In respect of financial year ended March 31, 2024 and March 31, 2023, there was no obligation for CSR expenditure as the Company was not in profits for immediately three previous years. Accordingly, no provision in respect of CSR has been recognised in the financial statements.

(i)    The Company has received income tax demand in respect of AY 2022-23 for various disallowances made by the Income Tax Authorities to the return of income filed by the Company. The Company is contesting the said demand and believes that the demand raised by the authorities is not tenable and there will not be any additional flow of economic resources to the Company.

(ii)    The Company has received GST demands in respect of FY 2020-21 to FY 2023-24 for various matters made by the GST Authorities. The Company is contesting the said demands and believes that the demands raised by the authorities are not tenable and there will not be any additional flow of economic resources to the Company.

(iii)    The Company had issued corporate guarantee to the banks in respect of loans availed by Ganpati Plyboards Pvt. Ltd., a group company. The said corporate guarantees have been released in FY 2023-24.

II. Commitments

There are no contractual commitments outstanding at the year end and at the end of prior years.

Note 38 : Capital management

The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to its shareholders. Management monitors the return on capital as well as the debt equity ratio and make necessary adjustments in the capital structure for the development of the business. The capital structure of the company is based on management's judgement of the appropriate balance of key elements in order to meet its strategic and day to day needs.

Segments are identified in line with Indian Accounting Standard (Ind AS) 108 "Operating Segments", taking into consideration the internal organisation and management structure as well as the differential risk and returns of each of the segments. Operating segments are components of the Company whose operating results are regularly reviewed by the Company's Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance and for which discrete information is available. The Company's business activities which are primarily manufacturing and sell of plywoods, laminates and related activities falls within a single reportable segment as the management of the Company views the entire business activities as plywood and laminate business. Accordingly, there are no additional disclosures to be furnished in accordance with the requirement of Ind AS 108 - Operating Segments with respect to single reportable segment.

Geographical segment

The following have been identified as reportable segments: (a) "Within India", and (b) "Outside India". In presenting geographic information, segment revenue has been based on the location of the customer and segment assets are based on geographical location of assets.

(i)    The Company has recognised deferred tax assets on unabsorbed depreciation to the extent it is probable that future taxable profit will be available against which the deductible temporary differences and unabsorbed depreciation can be utilised. Based upon margin from sale of goods in near future, the Company believes there is reasonable certainty that deferred tax asset will be recovered.

(ii)    The Company has MAT credit entitlement, which is available for set off in next 15 years. Based upon margin from sale of goods in near future, the Company believes there is reasonable certainty that MAT credit entitlement will be utilised.

g) Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 issued on September 20, 2019, corporate assessees have been given the option to apply lower income tax rate we.f. April 1, 2019 subject to certain conditions specified therein. The company has carried out an evaluation and based on it's brought forward losses and forecasted profit, believes it will not be benefecial for ihe Company to choose the lower tax rate option Accordingly no effect in this regard has been considered in measurament of tax expense for the year ended March 31, 2025 March 31, 2024 and March 31, 2023.

There are no financial assets or financial liabilities which are measured at FVTPL or FVOCI For amortised cost instruments, carrying value represents the best estimate of fair value.

b) Fair value hierarchy

All financial instruments for which fair value is recognized or disclosed 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) prices 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 or indirectly.

Level 3: unobservable inputs for the asset or liability

The carrying value of trade receivables, cash and cash equivalents, trade payables, borrowings, other financial assets and other financial liabilities measured at amortized cost approximates to their fair value due to the short-term maturities of these

The fair value of non-current financial assets and financial liabilities measured are determined by discounting future cashflows using current rates of instruments with similar terms and credit risk. The current rates used does not reflect significant changes from the discount rates used initially. Therefore, the carrying value of these instruments measured at amortized cost approximates to their fair value.

The Company's financial assets and financial liabilities are measured at amortised cost, which is Level 3. There were no transfers between any levels for fair value measurements

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Note 42: Financial risk management objective and policies

The Company's principal financial liabilities, comprises of loans and borrowings, tradepayables, and financial liabilities.The mainpurpose of these financial liabilities is to finance the Company's operations and to provide guarantees to support its operations. The Company's principal financial assets include investments, trade receivables, cash and cash equivalents and other financial assets that derived directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's board of directors have the overall responsibility for the establishment and oversight of the Company's risk management framework. The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk mitigation measures to monitor risks and adherence to those measures. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities.

(a) Market Risk:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three type of risks: Foreign Exchange Risk, Interest Rate Risk and Other Price Risk.

(i) Interest rate risk

Interest rate risk is the risk that the 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 exists as the Company's have long term borrowings with floating interest rates. It manages its interest rate risk by monitoring the movements in the market interest rates closely.

Financial assets

The Company's financial assets, interest bearing security deposits are carried at fixed rate. Therefore, the said assets are not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in market interest rates.

(ii) Currency risk

Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other currencies from the Company's operating, investing and financing activities. The Company uses forward exchange contracts to hedge its currency risk.

(b)    Equity price risk

Price risk is the risk that the value of a financial instrument will fluctuate due to changes in market prices.

(c)    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 including trade receivables, foreign exchange transactions and other financial instruments. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.

The carrying amount of financial assets represents the maximum credit risk exposure. There is no significant concentration of credit risk.

Trade receivables

The Company is exposed to credit risk in the event of non-payment by trade partners. Receivable credit risk is managed subject to the Company's established policy, procedures and control relating to trade partner's risk management. The Company uses a provision matrix to determine impairment loss allowance on portfolio of its trade receivables through a lifetime expected credit loss. The provision matrix is based on its historically observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates.

Security deposits

The Company monitors the credit rating of the counter parties on regular basis. These instruments carry very minimal credit risk based on the financial position of parties and Company's historical experience of dealing with the parties. The Company determines the loss allowance on security deposits using estimates based on historical credit loss experience as per the past due status of the counterparties, adjusted as appropriate to reflect current conditions and estimates of future economic conditions.

(d) 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 financialasset. 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.

Ultimate responsibility for liquidity risk management rests with the board of directors, who has established an appropriate liquidity risk management framework for the management of the Company's short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate funds through equity infusion and by matching the maturity profiles of financial assets and liabilities.

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods

I.    Judgements

In the process of applying the Company's accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognized in the financial statements:

Revenue from operations

Determining method to estimate variable consideration and assessing the constraint:- Certain contracts for the sale of products include a right of price revision on account of change of commodity prices/purchase price that give rise to variable consideration. In estimating the variable consideration, the Company is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled.

II.    Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

a)    Property, plant and equipment

The useful lives and residual values of property, plant and equipment are determined by the management based on technical assessment by the management. The Company believes that the derived useful life best represents the period over which the Company expects to use these assets.

b)    Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships and the long term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the companies.

c)    Gratuity benefit

The cost of defined benefit plans (i.e. Gratuity benefit) is determined using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. In determining the appropriate discount rate, management considers the interest rates of long term government bonds with extrapolated maturity corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on publicly available mortality tables for the specific countries. Future salary increases and pension increases are based on expected future inflation rates for the respective countries.

d)    Fair value measurement of financial instrument

When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments

e)    Impairment of financial assets

The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.

f) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use.

The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm's length, for similar assets or observable market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the asset's performance of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are also relevant to other intangibles. During the year the Company has done the impairment assessment of non-financial assets and have concluded that there is no impairment in value of non financial assets as appearing in the financial statements.

Note 45 : Leases

The Company has obtained office premises on lease having lease tenure of 1 year, which has been renewed at the option of both lessee and lessor. The lease doesnot contain any sub-lease rights, escalation clause and is cancellable at any time giving 2 months notice period. The lease expense recognised in the statement of profit and loss of Rs. 12.00 Lakhs (March 31, 2024 : Rs. 12.00 Lakhs) (March 31, 2023 : Rs. 12.00 Lakhs).

Note 46 : Social security code

The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. Certain sections of the Code came into effect on 3 May 2023. However, the final rules/interpretation have not yet been issued. Based on a preliminary assessment, the Group believes the impact of the change will not be significant.

Note 47 : Balance confirmations

Balances shown under Trade Receivables, Advances, Trade Payables and other parties are subject to confirmation/reconciliation there of and consequential adjustment, if any. However the Company has been sending letters for confirmation to these parties, In the opinion of the management, the value of Trade Receivables, Advances, Trade Payables and Other parties on realisation/payment in the ordinary course of business, will not be less/more than the value at which balances are stated in the

| Note-48

Bank of Baroda had realised Rs 110.40 Lakhs as interest, which as per management was in excess and was not been recognised as Finance Cost in the FY 2023-24 in view that claim was lodged for reversal of the same.

The company did not get any claim for the excess interest charged by the bank during the FY 2024-25, hence the said amount of Rs. 110.40 Lakhs has been recorded as Finance Cost for Earlier Years in the current F.Y.(i.e, FY 2024-25), Refer Note 33.

Note-49

1100 Equity shares of Manilam Plyboards Pvt Ltd (Formerly known as Shubhdurga Agri Products Private Limited) are held in the name of the directors (nominee) to comply with minimum numbers of Share holders of Wholly Owned Subsidiary Co.

Note-50

Pursuant to the Taxation Laws (Amendment) Ordinance, 2019 issued on September 20,2019, corporate assessees have been given the option to apply lower income tax rate w.e.f. April 1, 2019 subject to certain conditions specified therein. The company has carried out an evaluation and based on it's brought forward losses and forecasted profit, believes it will not be benefecial for the Company to choose the lower tax rate option . Accordingly no effect in this regard has been considered in measurement of tax expense for the year ended March 31, 2025.

Note-51

The Company is maintaining its books of account using accounting software having features of Audit Trail and was effective throughout the year from 1st April 2023 , was not tempered during the year and has been preserved.

Note 52 : Disclosure under Indian Accounting Standard (Ind AS) 19 " Employee Benefits"

(i) Defined Contribution Plans

The Company deposits an amount determined at a fixed percentage of basic pay every month to the State administered Provident Fund and Employee State Insurance (ESI) for the benefit of the employees

(ii) Defined Benefit Plan - Gratuity

The Company has a defined benefit gratuity plan, which is unfunded. The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employee's last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service.

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method. This method considers each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to build up the final obligation. The company does not have a funded plan for gratuity liability.

Risk associated with plan:

The Company is exposed to number of risks in the defined benefit plans. Most significant risks pertaining to defined benefit plans and management's estimation of the impact of these risks are as follows:

Salary growth risk

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the salary of the plan participants will increase the plan liability.

Interest rate risk

A decrease in interest rate in future years will increase the plan liability.

Life expectancy risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of mortality of plan participants both during and at the end of the employment. An increase in the life expectancy of the plan participants will increase the plan liability.

Withdrawal risk

Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact the plan liability.

These assumptions were developed by management with the assistance of independent actuarial appraisers. Discount factors are determined close to each year-end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management's historical experience.

(vi )The Duration of liability is calculated by scientific method called Macaulay duration. The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price. The duration of the liabilities is approximately 6 years (approximately 7 years for FY 2023-24)

h) Terms and conditions of transactions with related parties:

The transactions with related parties are made on the terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year-end are unsecured, interest free and settlement occurs by Cheque/ RTGS.

58. Transition to IND AS

58.1    Basis for Preparation

For all period up to and including the year ended March 31, 2024, the Company has prepared its financial statements in accordance with generally accepted accounting principles in India (Indian GAAP). These financial statements for the year ended March 31, 2025 are the Company's first annual IND AS financial statements and have been prepared in accordance with IND AS.

The accounting policies set out in note 1 to 4 have been applied in preparing the financial statements for the year ended 31 March 2025, the comparative information presented in these financial statements for the year ended 31 March 2024 and for the year ended 2023 and in the preparation of an opening Ind AS balance sheet as at 1^st April 2023 (the date of transition). This note explains the principal adjustments made by the Company in restating its financial statements prepared in accordance with previous GAAP, and how the transition from previous GAAP to Ind AS has affected the Company's financial position, financial performance and cash flows.

58.2    Exceptions and Exemptions Applied

IND AS 101 "First-time adoption of Indian Accounting Standards" (hereinafter referred to as Ind AS 101) allows first time adopters certain exemptions from the retrospective application of certain IND AS, effective for April 1, 2022 opening balance sheet. In preparing these financial statements, the Company has applied the below mentioned optional exemptions and mandatory exceptions.

58.3 Optional Exemptions Availed

a. Deemed Cost for Property Plant and Equipment

IND AS 101 permits a first-time adopter to elect to continue with carrying value of all property, plant & Equipment are recognised in the Financial Statement as at the date of transition to IND AS, measured as per previous GAAP and use that as its deemed cost

as at the date of transition. This exemption can also be used for Intangible Assets covered by IND AS 38.

Accordingly, the company has opted to measure all of its property plant & equipment and Intangible Assets at their previous GAAP carrying value.

58.4 Mandatory Exceptions to retrospective application of Other IND AS a. Estimates

As per para 14 of Ind AS 101, an entity's estimates in accordance with Ind AS at the date of transition to Ind AS at the end of the comparative period presented in the entity's first Ind AS financial statements, as the case may be, should be consistent with estimates made for the same date in accordance with the previous GAAP unless there is objective evidence that those estimates were in error. However, the estimates should be adjusted to reflect any differences in accounting policies.

The Company has not made any changes to the estimates made in accordance with previous GAAP.

b. Classification and measurement of financial assets (IND AS 109)

Para B8 - B8C of Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortized cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable. Accordingly, the company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition.

Impairment of Financial Assets (IND AS 109)

Impairment requirements under IND AS 109 should be applied retrospectively based on the reasonable and supportable information that is available on the date of transition without undue cost or efforts.

Company has not recognised any impairment of financial assets during the year.

Remeasurement of Post employment Benefit Obligations

Under Ind AS, remeasurement ie. Actuarial gain or losses and return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are recognised in OCI instead of Profit & Loss Account. Under the Previous GAAP, these remeasurement were forming part of profit or loss for the year.

Retained Earning

Retained Earnings as at 1^st April 2022 has been adjusted consequent to the above Ind AS transitions adjustment.

Other Comprehensive Income

Under Ind AS, all item of Income & Expense recognised in a period should be included in Profit & Loss for the period, unless standard requires or permits otherwise. Item of Income or Expense that are not recognised in Profit & Loss but are shown in the statement of Profit or Loss includes remeasurement of defined benefit plans. The concept of OCI did not exist under previous GAAP.

58.5    Impact of Transition to Ind AS

The following is a summary of the effects of the differences between IND AS and Indian GAAP on the Company's total equity shareholders' funds and profit and loss for the financial periods previously reported under Indian GAAP following the date of transition to IND AS.

58.6    Notes to First Time Adoption

a. Carrying value of Property, Plant & Equipment and Intangible Assets at transition date considered as Deemed Cost: The Company has elected to measure its PPE and Intangible Assets at Carrying Value as at transition date and it is considered as deemed cost.

b.    Deferred Tax: Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base.

c.    Remeasurement of Gratuity recognised in Other Comprehensive Income

Under Ind AS, the actuarial gain or losses form part of remeasurement of net defined benefit liability/assets and are recognised in Other Comprehensive Income. Under Previous GAAP, actuarial gain or losses were recognised in Statement of Profit & Loss Account.

d.    Right of Use Assets

IND AS 116 requires a lessee to recognise assets and liabilities for all the lease subject to recognition exemption.

Thus, Right-of-use asset is recognised at cost which includes present value of lease payments to be made during the lease period adjusted for Initial direct cost, if any. It is subsequently measured at cost less accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. Right-of-use asset is depreciated using the straight-line method from the commencement date over the earlier of useful life of the asset or the lease term.

Similarly, Lease liability is recognised at present value of lease payments that are not made at the commencement of lease. Lease liability is subsequently measured by adjusting carrying amount to reflect Interest, lease payments and remeasurement, if any.

e.    Fair Valuation of Security deposit related to Lease

Under the previous GAAP, the Company had accounted for security deposits at the undiscounted value. In contrast, Ind requires that where the effect of time value of money is material, the amount of security deposits should be the present value of amount expected to be received. The difference arising out of such discounting as at the date of transition to be adjusted against RoU Assets. Other non-interest security deposit and EMD Money where maturity period is uncertain has been recognised at carrying value (undiscounted value).

f. Re-classification between Previous GAAP and Ind AS:

•    Security Deposit: Security Deposit payable in within a year has been reclassified from Other Non-Current Liability to Other Current Liability.

•    Retained Earnings: Retained earnings as at April 1, 2022 has been adjusted consequent to the above Ind AS transition adjustments.

•    Classification of Financial Liability and Financial Assets: Under Previous GAAP, there were no separate line item related to financial liability of financial assets in the financial statement. All assets and liabilities are grouped as per Accounting Standard.

Under Ind AS, all assets and liabilities are reclassified among the Financial Assets and Non-Financial Assets as per applicable IND AS and accordingly presented in the Financial Statement.

(a)    Title Deeds of Immovable Property not held in the name of the Company

There are no immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the Company) title deeds of which are not held in the name of the Company, except as disclosed in note 4.

(b)    Valuation of Property, plant and equipment, Intangible assets and Investment propert

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

(c)    Details of Benami Property held:

Neither any proceedings have been initiated nor any proceedings are pending against the Company for holding any Benami Property under the Benami Transactions (Prohibition) Act, 1988 and the Rules made thereunder.

(d)    Wilful Defaulter

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

(e)    Relationship with Struck Off Companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.

(f)    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

(g)    Compliance with Number of Layers of Companies

The Company has complied with the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of 1999) and the Companies Act, 2013 for the above transactions and the transactions are not violative of the Prevention of Money-Laundering Act, 2002 (15 of 2003).

(h)    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.

(i)    Utilization of Borrowed Funds and Share Premium

A.    The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other

B.    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

(j)    Undisclosed income

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

(k)    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.

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