Total Transport Systems Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

k) Provisions and Contingent Liabilities:

Provisions are recognized 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 a provision to
be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only
when the reimbursement is virtually certain. The expense relating to a provision is 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 pretax 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 recognized as a finance cost.

Contingent Liabilities:

Contingent liability is:

(a) a possible obligation arising 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 entity or

(b) 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.

The Company does not recognize a contingent liability but discloses its existence and other required disclosures in
notes to the financial statements, unless the possibility of any outflow in settlement is remote

l) Retirement and other employee benefits:

Defined Contribution Plan

Retirement benefit in the form of provident fund and Employees’ State Insurance Corporation are defined contribution
schemes. The Company has no obligation, other than the contribution payable to the provident fund and Employees’
State Insurance Corporation. The Company recognizes contribution made under these schemes as an expense, when an
employee renders the related service. If the contribution payable to the schemes for service received before the balance
sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after
deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received
before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for
example, a reduction in future payment or a cash refund.

Defined Benefit Plan

The Company operates a defined benefit gratuity plan in India. The cost of providing benefits under the defined benefit
plan is determined using the projected unit credit method.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in
net interest on the net defined benefit liability, are recognized immediately in the balance sheet with a corresponding debit
or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit
or loss in subsequent periods.

Past service costs are recognized in profit or loss on the earlier of:

> The date of the plan amendment or curtailment, and

> The date that the Company recognises related restructuring costs.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises
the following changes in the net defined benefit obligation as an expense in the Standalone statement of profit and loss:

> Service cost comprising current service costs, past-service costs, gains and losses on curtailments and non-routine
settlements; and

> Net interest expense or income.

m) 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, that are readily convertible to a known amount of cash and subject to an
insignificant risk of changes in value.

For the purpose of the Standalone statement of cash flows, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company’s
cash management.

n) Statement of Cash flow:

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for
the effects of transactions of noncash nature and any deferrals or accruals of past or future cash receipts or payments. The
cash flows from operating, investing and financing activities of the Company are segregated in the Cash flow statement.

o) Earnings per share (EPS):

Basic EPS amount is calculated by dividing the net profit for the year attributable to equity holders by the weighted average
number of equities shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit of the year attributable to equity shareholders and
the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential
equity shares.

p) Dividend:

The Company recognizes a liability to pay dividend to equity holders of the Company when the distribution is authorized,
and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is
authorized when it is approved by the shareholders. A corresponding amount is recognized directly in equity.

q) Rounding of amounts:

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakh as per the
requirement of Schedule III, unless otherwise stated.

r) 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 Group based its assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments.

2.3 Changes in accounting policies and disclosures

New and amended standards

There are no new and amended standards issued that is applicable to the company.

Notes

1. Loans are non-derivative financial assets which generate a fixed interest Income for the Company and are measured at
amortised cost. The Carrying value may be affected by the changes in the credit risk of the counterparties.

2. No loans receivable are due from directors or other officers of the company either severally or jointly with any other person,
nor any loans receivable are due from firms or private companies respectively in which any director is a partner, a director
or a member.

3. Non - Current loans to related parties pertain to funds advanced for business purpose. The said loans are repayable as
per the repayment schedule; however, the management does not intend to recover the same next year. These loans carry
an interest rate of 7.31% per annum.

4. The maximum amount of outstanding loan to related parties in the year was Rs. 1,987.73

b) Terms/Rights attached to Equity Shares:

The Company has only one class of equity shares having par value of Rs. 10 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

c) Equity shares held by ultimate holding/ holding company and/or their subsidiaries/ associates

The Company being ultimate holding company, there are no shares held by any other holding, ultimate holding and their
subsidiaries/associates.

1. Securities premium

Securities premium is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes
such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013

2. Retained Earnings

Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to general
reserve, dividends or other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on
defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss.

Notes

1. Term Loans are secured loans against vehicles bearing Interest rates 7.99% to 9.88%.

2. Cash Credit are secured against Office Premises and Book Debts. Interest is calculated and charge to the cash credit

on monthly basis. Further, quarterly returns or statement of assets filed with banks are in agreement with the books of
accounts of the Company

3. The above term loans are the loans against purchase of Vehicles. The Current loans from Banks have first Pari Passu

charge on Company''s entire current assets, both present and future, and second Pari Passu Charge on the Company’s

Property, Plant and Equipments, both present and future as per security document.

4. Bank Loans contain certain debt covenants relating to Total Outside Liabilities, Tangible Net Worth, Current Ratio and Debt
Service Coverage Ratio (DSCR). The Company has satisfied all debt covenants prescribed in the terms and conditions.

5. The maximum amount of loan taken by the company during the year was Rs. 3,271.31 Lakhs.

a. Principal revenue Generation Activity

The Company is engaged in the business of Cargo consolidation and Inbound-outbound Freight forwarding of cargo
through vessel and through Air craft. The service is provided port to port or from door to door as per the requirement of the
customer.

Revenue from contracts with customers is recognised when performance of the services is completed for the customer
at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services.
The Company has generally concluded that it is the principal in its revenue arrangements with customers.

Terms and conditions of transactions with related parties

*This aforesaid amount does not includes amount in respect of gratuity and leave since the actuarial valuation has been taken
for the Company as a whole and individual amounts are not determinable.

**All the amount is provided for in the books

*The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm''s length transactions.
Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash . There have been no
guarantees provided or received for any related party receivables or payables. Assessment is undertaken each financial year
through examining the financial position of the related party and the market in which the related party operates.

Note 29: Related Party Information

i) Sales to related parties and concerned balances:

For terms of transaction

The Company entered into transactions with related parties for sale of services with respect to freight booking on the same
terms as applicable to third parties in an arm’s length transaction and in the ordinary course of business. The Company
mutually negotiates and agrees the price and payment terms with the related parties by benchmarking the same to the
services rendered to non-related parties entered into by the counter-party and similar services rendered by the Company
to other non-related parties.

For terms of balance

Trade receivables outstanding balances are unsecured, interest free. No guarantee or other security has been received
against these receivables. The amounts are recoverable within 60 to 180 days from the reporting date (31 March 2024: 60
to 180 days from the reporting date).

ii) Services received from related parties

(a) Professional services: During the year 2024-25, the Company obtained Legal advisory services from Simran Potnis
wife of Sanjiv Potnis(Executive Director). The terms are same as applicable to third parties in an arm’s length
transaction and in the ordinary course of business.The service agreement included payment terms requiring the
Company to make payment within 30 to 60 days from the date of invoice. The amount was fully paid at the reporting
date.

(b) Employment services: During the year 2024-25, the Company obtained employment services from the following
individuals: Jay Nibandhe, Gauri Nibandhe, Yash Salvi, Siddharth Potnis, and Sanjana Potnis. The terms of
engagement for these services were consistent with the Company''s standard employment agreements and were
comparable to market conditions for similar roles. Payments were made as per the agreed terms and in the ordinary
course of business.

iii) Conversion of Loans into Convertible Redeemable Preference Shares of Subsidiary

The Company has converted a short-term loan and a long-term loan, extended to OneWorld Logistics Private Limited, into
Convertible Redeemable Preference Shares having a face value of ''10/- each and a premium of ''97.15/- per share.

iv) Reimbursement of Expenses / Expeneses Paid / Expenses Recovered

The Company enters into transactions with related parties; OneWorld Logistics Private Limited, R N Freight Forwarders
Private Limited and Seedeer (India) E-Commerce Private Limited for reimbursement of certain cost incurred by the
Company on behalf of its subsidiaries/associates (including rental expenses, clearing and forwarding, licence fees etc)
which are agreed to be reimbursed at cost to the Company.

The Company engages in related party transactions with OneWorld Logistics Private Limited, R N Freight Forwarders
Private Limited, and Seedeer (India) E-Commerce Private Limited for the reimbursement of various expenses (including
rental expenses, clearing and forwarding charges, licence fees, etc.) incurred by these subsidiaries/associates on its
behalf. These expenses are reimbursed at actual cost."

v) Compensation to KMP of the Company

The compensation to KMP is disclosed in the above table. The amounts are recognised as an expense during the financial
year.

Generally, the non-executive directors do not receive gratuity entitlements from the Company. During the year ended
31 March 2025, gratuity was paid to Mr. Shrikant Nibandhe (Executive Director & CFO) and Mr. Makarand Pradhan
(Managing Director), both of whom reached the age of 60 years during the year.

vi) Loan to an Subsidiary - One World Logistics Private Limited

The loan granted to One World Logistics Private Limited is intended to finance the working capital. The loan is unsecured
and repayable in full on 31 March 2027. Interest is charged at 7.31%. The loan has been utilized for the purpose it was
granted, viz., for working capital requirements.

Loan to an Subsidiary - CP World Logistics India Private Limited

The loan granted to CP World Logistics India Private Limited is intended to finance the working capital. The loan is
unsecured and repayable in full on 31 March 2026. Interest is charged at 7.31%. The loan has been utilized for the
purpose it was granted, viz., for working capital requirements.

Loan to an Subsidiary - R N Freight Forwarders Private Limited

The loan granted to R N Freight Forwarders Private Limited is intended to finance the working capital. The repayable in
full on 31 March 2026. Interest is charged at 7.31%. The loan has been utilized for the purpose it was granted, viz., for
working capital requirements.

Note 30: Employee Benefit Obligations

a. Defined Contributions Plans

For the Company an amount of Rs. 89.34 lakh (31st March, 2024: Rs. 79.00 lakh) contributed to provident funds, ESIC and
other funds is recognised by as an expense and included in "Contribution to Provident & Other Funds" under "Employee
benefits expense" in the Consolidated Statement of Profit and Loss.

b. Defined Benefits Plans

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 resignation or retirement at 15 days salary (last drawn salary)
for each completed year of service.

The following table''s summaries the components of net benefit expense recognised in the Statement of Profit and Loss and the
funded status and amounts recognised in the balance sheet for the respective plans of the company

Notes:

The Company is contesting the demands and the management, including its tax/legal advisors, believe that its position will likely

be upheld in the appellate process. No tax expense has been accrued in the financial statements for the tax demand raised.

Cash outflows for the above are determinable only on receipt of judgements pending at various forums/authorities.

1. The Company''s income was assessed by the income tax department for the AY 2017-18 and a liability of Rs. 53.23 Lakhs
was demanded. The Company has filed an appeal against the assessment order with the Income Tax Commissioner
(Appeals) within the stipulated time. During the year the company was due to receive a refund from the Income Tax
Department which was adjusted against the demand order. This adjustment forms part of balances receivable from the
government. The Company has reviewed the demand and does not expect an unfavourable outcome.

2. The contingent liability related to GST is due to excess ITC claimed and Under Reporting of Freight Charges for the year
2017-2018 amounting to Rs. 120.49 out of which Rs. 56.53 has been paid by the company.

Note 33: Fair Value Measurements

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a

current transaction between willing parties, other than in a forced or liquidation sale.

The Company has established the following fair value hierarchy that categorises the values into 3 levels. The inputs to valuation

techniques used to measure fair value of financial instruments are:

Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques

which maximize the use of observable market data and rely as little as possible on Company specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

The following methods and assumptions were used to estimate the fair values:

1. The Company has not disclosed the fair values of financial instruments such as cash and cash equivalents, bank balances,
other than cash and cash equivalents, trade receivables, other financial assets (except derivatives), trade payables and
other financial liabilities (except derivatives) because their carrying amounts are a reasonable approximation of fair value.
Further, for financial assets, the Company has taken into consideration impairment allowances and adjusted the carrying
values where applicable.

2. The fair values of the quoted investments/units of mutual fund schemes are based on market price/ net asset value at the
reporting date.

3. The fair values for loans given are calculated based on discounted cash flows using current lending rates and individual
credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of
these receivables. Accordingly, fair value of such instruments are not materially different from their carrying values.

4. Fair values of the Company''s interest-bearing borrowings are determined by using discounted cash flow method using
the current borrowing rates. Fair value of such instruments are not materially different from their carrying values. The own
non-performance risk as at March 31,2025 was assessed to be insignificant.

The management assessed that cash and cash equivalents, trade receivables, trade payable, short term borrowings, bank
overdrafts and other current liabilities approximate their carrying amounts largely due to the short term maturities of these
instruments and are thus measured at amortized cost.

Note 34: Financial Risk Management Objectives & Policies:-

The Company''s principal financial liabilities, comprises of loans and borrowings, trade and other payables. The main purpose
of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations. The
Company also holds FVTPL investments.

It has an integrated financial risk management system which proactively identifies monitors and takes precautionary and
mitigating measures in respect of various identified risks.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks, which evaluates and exercises independent control over the entire process of financial risks. All the
derivative activities for risk management purposes are carried out by specialist teams that have appropriate skills, experience
and supervision. It is the Company’s policy that no trading in derivatives for speculative purposes may be undertaken.The Board
of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

Market Risk

Market Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market price. Market risk comprises three types of risk:interest rate risk, currency risk and other price risk, such as equity risk.
Financial instruments affected by market risk include loans and borrowings , deposits, FVTPL investments and derivative
financial instruments. Market risk is attributable to all market risk sensitive financial instruments.

The finance department undertakes management of cash resources, hedging strategies for foreign currency exposures,
borrowing mechanism and ensuring compliance with market risk limits.

Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates.The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s
debt obligations with floating interest rates.

The Company is not very significantly exposed to interest rate risk except the variations in RBI Repo rate or Bank''s MCLR rates
as most of the borrowings are linked to these. 1% changes in interest rate will increase the borrowing cost by Rs 28.63 lakhs.

The Company does not have significant investment in Bank Deposits and hence not significantly exposed to Interest rate
sensitivity.

1% changes in interest rate will decrease the other income by '' 9.69 lakhs.

Foreign currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s
operating activities and the Company’s net investments in foreign subsidiaries.

The Company has no borrowings in foreign currency as on March 31, 2025 (March 31, 2024: '' Nil) and hence no foreign
currency risk.

Unhedged foreign currency exposure as at the reporting date expressed in INR are as follows :

As at balance sheet date, the Company’s net foreign currency exposure (receivable) that is not hedged is Rs. 2,271.41 lakhs
(March 31,2024: Rs. 1,816.46 lakhs).

Foreign currency sensitivity

For the year ended 31 March 2025 and 31 March 2024, every 5% depreciation / appreciation in the exchange rate between the
Indian rupee and U.S. dollar, would have affected the Company’s incremental operating margins by approximately amounts as
shown below. The Company’s exposure to foreign currency changes for all other currencies is not material.

Equity Price Risk

The Company’s listed and non-listed equity securities are susceptible to market price risk arising from uncertainties about future
values of the investment securities. The Company manages the equity price risk through diversification and by placing limits on
individual and total equity instruments. Reports on the equity portfolio are submitted to the Company’s senior management on
a regular basis.

In order to manage its price risk arising from investments in mutual funds, exchange traded funds and investments in equity
instruments, the Company diversifies its portfolio.

Credit risk

Credit risk is the risk that the 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 receivable) and from its
financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial
instruments. The Company only deals with parties which has good credit rating/worthiness given by external rating agencies or
based on Company''s internal assessment.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in
enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised as income in
the statement of profit and loss.

Cash and cash equivalents and deposits:

Balances and deposits with banks are subject to low credit risks due to good credit ratings assigned to the banks.

Cash and cash equivalents and deposits:

Balances and deposits with banks are subject to low credit risks due to good credit ratings assigned to the banks.

Loans:

The Company has given loans to certain unrelated parties. The Company has made provisions in case where there is risk of
loan recovery.

The Company has given loans to certain related parties. (refer note 7d)

Trade and other receivables:

The Company measures the impairment allowance of trade receivables and loans from individual customers based on historical
trend,industry practices and business environment in which the entity operates.Loss rates are based on actual credit loss
experience and past trends.

During the year the Company has written off an amount of '' NIL (March 31,2024: '' NIL) as the same were not recoverable.
No significant changes in estimation techniques or assumptions were made during the reporting period.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The
Company''s finance department is responsible for liquidity, funding as well as settlement management and then processes
related to such risks are overseen by senior management through rolling forecasts on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date

Capital Management

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

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 our shareholders. 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. 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 dividends paid to shareholders,
return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain 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.

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 interest-bearing loans and 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 interest-bearing loans and borrowing in the current period.

Note 35: Segment Reporting

The Company has identified "Multimodal Transport Operations", as its only reportable segment as defined under Ind AS 108 -
Operating Segments

Note: Schedule III requires explanation where the change in the ratio is more than 25% as compared to the preceding year.
Since there are total seven instances where the change is more than 25%, hence the explanation is given for the said ratios
only. Also, Inventory Turnover ratio is not applicable to the company.

Note 37: Other Statutory information

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

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

c) The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government
authority.

d) Transactions with struck off Companies

The Company has entered into transactions with the following entity, which has been struck off under Section 248 of the
Companies Act, 2013. The outstanding balances as of March 31,2025, are as follows:

e) The Company have not advanced or given loan 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

f) The Company have not received any fund from any persona) or entity(les), 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

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

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

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

Note 38: The Company has used accounting software for maintaining its books of account which has a feature of recording
audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software
except that,

a. In the case of “E-Freight” and “eBMS” software, used for maintaining the Company’s books of account, the audit trail
feature is not enabled for direct changes to data when accessed using certain access rights.

b. In the case of “Asset Expert” software, which is used for recoding transactions relating to Property, Plant and Equipment,
the audit trail feature is not enabled.

Further, no instance of audit trail feature being tampered with, where audit trail has been enabled.

Additionally, the audit trail of relevant prior years has been preserved by the company as per the statutory requirements
for record retention, to the extent it was enabled and recorded in those respective years.

c. The Company has used the “Spine” software, operated by a third-party software service provider, for maintaining certain
books of account. Management is not in possession of Service Organisation Controls report to determine whether audit
trail feature of this software was enabled and operational throughout the year for all relevant transactions recorded in it, or
whether there were any instances of tampering with the audit trail feature.

Note 39: There are no events after the reporting period which requires adjustment in Financial Statements.

Note 40: The financial statements were approved for issue by the Board of Directors on May 26, 2025.

Summary of Material Accounting Policies 2

The accompanying notes form an integral part of the Standalone Financial Statements

As per our report of even date attached

For S R B C & CO LLP For and on Behalf of the Board of Directors of

Chartered Accountants Total Transport Systems Limited

ICAI Firm No. 324982E/E300003 CIN NO. L63090MH1995PLC091063

per Hemal Shah Makarand Pradhan Sanjiv Potnis

Partner Managing Director Director

Membership No. 110829 DIN : 00102413 DIN : 00102090

Shrikant Nibandhe Bhavik Trivedi

Director & CFO Company Secretary

DIN : 01029115 Membership No. A49807

Date: May 26, 2025 Date: May 26, 2025

Place: Mumbai Place: Mumbai

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Mar 31, 2024

k) Provisions and Contingent Liabilities:

Provisions are recognized 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 a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is 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 pretax 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 recognized as a finance cost.

Contingent Liabilities:

Contingent liability is:

(a) a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain future events not wholly within the control of the entity or

(b) 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.

The Company does not recognize a contingent liability but discloses the same as per the requirements of Ind AS 37.

l) Retirement and other employee benefits:

Defined Contribution Plan

Retirement benefit in the form of provident fund and ESIC are defined contribution schemes. The Company has no obligation, other than the contribution payable to the provident fund and ESIC. The Company recognizes contribution made under these schemes as an expense, when an employee renders the related service. If the contribution payable to the schemes for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

Defined Benefit Plan

The Company operates a defined benefit gratuity plan in India. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method.

Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability, are recognized immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognized in profit or loss on the earlier of:

> The date of the plan amendment or curtailment, and

> The date that the Company recognises related restructuring costs.

m) 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, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

For the purpose of the Standalone statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company’s cash management.

n) Cash Flow statement:

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of noncash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated in the Cash flow statement.

o) Earnings per share (EPS):

Basic EPS amount is calculated by dividing the net profit for the year attributable to equity holders by the weighted average number of equities shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit of the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

p) Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakh as per the requirement of Schedule III, unless otherwise stated.

2.3 Changes in accounting policies and disclosures New and amended standards

Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1,2023, as below:

(i) Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting estimates.

The amendments had no impact on the Company’s financial statements.

(ii) Disclosure of Accounting Policies - Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

The amendments have had an impact on the Company’s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Company’s financial statements.

(iii) Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to Ind AS 12

The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases.

The Company previously recognised for deferred tax on leases on a net basis. As a result of these amendments, the Company has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets. Since, these balances qualify for offset as per the requirements of paragraph 74 of Ind AS 12,there is no impact in the balance sheet. There was also no impact on the opening retained earnings as at 1 /April 2022.

2.4 Amendments not yet effective:

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 31,2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

Terms and conditions of transactions with related parties

The sales to related parties and purchases from related parties are made on terms equivalent to those that prevail in arm''s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash . There have been no guarantees provided or received for any related party receivables or payables. Assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

*This aforesaid amount does not includes amount in respect of gratuity since the actuarial valuation has been taken for the Company as a whole and individual amounts are not determinable. The aforesaid amounts are inclusive of reimbursement made to Key Managerial Personnel

Note 31: Employee Benefit Obligations

a. Defined Contributions Plans

For the Company an amount of '' 77.32 lakh (31st March, 2023: '' 71.95 lakh) contributed to provident funds, ESIC and other funds is recognised by as an expense and included in "Contibution to Provident & Other Funds" under "Employee benefits expense" in the Consolidated Statement of Profit and Loss.

b. Defined Benefits Plans

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 resignation or retirement at 15 days salary (last drawn salary) for each completed year of service.

The following table''s summaries the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the respective plans of the company

The Company is contesting the demands and the management, including its tax/legal advisors, believe that its position will likely be upheld in the appellate process. No tax expense has been accrued in the financial statements for the tax demand raised. Cash outflows for the above are determinable only on receipt of judgements pending at various forums/authorities.

# The Company''s income was assessed by the income tax department for the AY 2017-18 and a liability of Rs. 53.23 Lakhs was demanded. The Company has filed an appeal against the assessment order with the Income Tax Commissioner (Appeals) within the stipulated time. During the year the company was due to receive a refund from the Income Tax Department which was adjusted against the demand order. This adjustment forms part of balances receivable from the government. The Company has reviewed the demand and does not expect an unfavourable outcome.

* The Company has received Show Cause Notices in respect of certain service tax matters amounting to Rs. 1175.11 lakhs against which it has filed an appeal with the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) after paying deposit of Rs. 47.57 Lakhs. The Company has evaluated the legal position and believes that it has a strong case in this matter and no provision is required.

Note 34: Fair Value Measurements

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The Company has established the following fair value hierarchy that categorises the values into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

Level 1: This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on Company specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. The following methods and assumptions were used to estimate the fair values:

1. The Company has not disclosed the fair values of financial instruments such as cash and cash equivalents, bank balances, other than cash and cash equivalents, trade receivables, other financial assets (except derivatives), trade payables and other financial liabilities (except derivatives) because their carrying amounts are a reasonable approximation of fair value. Further, for financial assets, the Company has taken into consideration impairment allowances and adjusted the carrying values where applicable.

2. The fair values of the quoted investments/units of mutual fund schemes are based on market price/ net asset value at the reporting date.

3. The fair values for loans given are calculated based on discounted cash flows using current lending rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments are not materially different from their carrying values.

4. Fair values of the Company''s interest-bearing borrowings are determined by using discounted cash flow method using the current borrowing rates. Fair value of such instruments are not materially different from their carrying values. The own non-performance risk as at March 31,2023 was assessed to be insignificant.

The Company''s principal financial liabilities, comprises of loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations and to provide guarantees to support its operations. The Company also holds FVTPL investments.

It has an integrated financial risk management system which proactively identifies monitors and takes precautionary and mitigating measures in respect of various identified risks.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks, which evaluates and exercises independent control over the entire process of financial risks. All the derivative activities for risk management purposes are carried out by specialist teams that have appropriate skills, experience and supervision. It is the Company’s policy that no trading in derivatives for speculative purposes may be undertaken.The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

Market Risk

Market Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate becasue of changes in market price. Market risk comprises three types of risk:interest rate risk, currency risk and other price risk, such as equity risk. Financial instruments affected by market risk include loans and borrowings , deposits, FVTPL investments and derivative financial instruments. Market risk is attributable to all market risk sensitive financial instruments.

The finance department undertakes management of cash resources, hedging strategies for foreign currency exposures, borrowing mechanism and ensuring compliance with market risk limits.

Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s debt obligations with floating interest rates.

The Company is not very significantly exposed to interest rate risk except the variations in RBI Repo rate or Bank''s MCLR rates as most of the borrowings are linked to these. 1% changes in interest rate will increase the borrowing cost by Rs 27.58 lakhs.

The Company does not have significant investment in Bank Deposits and hence not significantly exposed to Interest rate sensitivity.

1% changes in interest rate will decrease the other income by '' 15.68 lakhs.

Note 35: Financial Risk Management Objectives & Policies:-Foreign currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities and the Company’s net investments in foreign subsidiaries.

The Company has no borrowings in foreign currency as on March 31, 2024 (March 31, 2023: '' Nil) and hence no foreign currency risk.

Unhedged foreign currency exposure as at the reporting date expressed in INR are as follows :

As at balance sheet date, the Company’s net foreign currency exposure (receivable) that is not hedged is Rs. 1,816.46 lakhs (March 31,2023: Rs. 1,155.95 lakhs).

Credit risk

Credit risk is the risk that the 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 receivable) and from its financing activities, including deposits with banks and financial institutions,foreign exchange transactions and other financial instruments. The Company only deals with parties which has good credit rating/worthiness given by external rating agencies or based on Company''s internal assessment.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised as income in the statement of profit and loss.

Cash and cash equivalents and deposits:

Balances and deposits with banks are subject to low credit risks due to good credit ratings assigned to the banks.

Loans:

The Company has given loans to certain unrelated parties. The Company has made provisions in case where there is risk of loan recovery.

The Company has given loans to certain related parties. However, there is no counter party risk. (refer note 7)

Trade and other receivables:

The Company measures the impairment allowance of trade receivables and loans from individual customers based on historical trend,industry practices and business environment in which the entity operates.Loss rates are based on actual credit loss experience and past trends.

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

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 ourshareholders. 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. 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 dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain 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.

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 interest-bearing loans and 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 interest-bearing loans and borrowing in the current period.

Note 36: Segment Reporting

The Company has identified "Multimodal Transport Operations", as its only reportable segment as defined under Ind AS 108 -Operating Segments

Note: Schedule III requires explaination where the change in the ratio is more than 25% as compared to the proceeding year. Since there are total seven instances where the change is more than 25%, hence the explanation is given for the said ratios only. Also, Inventory Turnover ratio is not applicable to the company.

Note 38: Interest Settlement

The Company had taken interest free loans from some of its directors in the earlier years. These loans were repaid by the Company in earlier years. However, during the year, basis requests received from directors, the Company has entered into a final settlement agreement and agreed to pay the interest of Rs. 114.11 lakhs after taking required approvals and accounted in the statement of profit and loss for the year ended 31st March, 2024.

Note 39: Other Statutory information

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

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

c) The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

d) Transactions with struck off Companies

The Company has balances with the below mentioned companies struck off under section 248 of Companies Act, 2013:

e) The Company have not advanced or given loan 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

f) The Company has not received any fund from any persona) or entity(les), 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

g) The company has not received any funds as Intermediary for further advancing to the Ultimate beneficiaries.

h) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous

financial year.

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

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

Note 40: The Company has used accounting softwares for maintaining its books of account which has a feature of recording

audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software except that, as explained below;

a. In case of E-Freight software for maintaining its books of account, (i) audit trail feature is not enabled for “invoice reversal” and (ii) direct changes to data when using certain access rights. Further, no instance of audit trail feature being tampered with was noted, where audit trail has been enabled.

b. In case of Asset Expert software used for maintaining its books of account as it relates to details of Property, plant and equipment records, audit trail feature is not enabled. Further, no instance of audit trail feature being tampered with was noted, where audit trail has been enabled.

c. The Company has used Spine software, which is operated by a third-party software service provider, for maintaining its books of account. Management is not in possession of Service Organisation Controls report to determine whether audit trail feature of the said software was enabled and operated throughout the year for all relevant transactions recorded in the software or whether there were any instances of the audit trail feature being tampered with.

Note 41: Previous period figures have been regrouped, as considered necessary to confirm with the current period presentation.

Note 42: The financial statements of the Company for the year ended March 31,2023, included in these standalone financial statements, have been audited by the previous auditor (S C M K & CO LLP).

Note 43: The financial statements were approved for issue by the Board of Directors on May 27, 2024.

For S R B C & CO LLP For and on Behalf of the Board of Directors of

Chartered Accountants Total Transport Systems Limited

ICAI Firm No. 324982E/E300003

per Pramod Kumar Bapna Makarand Pradhan Sanjiv Potnis

Partner Managing Director Director

Membership No. 105497 DIN : 00102413 DIN : 00102090

Shrikant Nibandhe Bhavik Trivedi

Director & CFO Company Secretary

DIN : 01029115 Membership No. A49807

Date: May 27, 2024 Date: May 27, 2024

Place: Mumbai Place: Mumbai

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Mar 31, 2023

Note 27 : Net employment defined benefit liabilities

a. Defined Contributions Plans

For the company an amount of ''77.32 lakh (31st March, 2022: ''71.95 lakh) contributed to provident funds, ESIC and other funds is recognised by as an expense and included in "Contibution to Provident & Other Funds" under "Employee benefits expense" in the Consolidated Statement of Profit and Loss.

b. Defined Benefits Plans

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 resignation or retirement at 15 days salary (last drawn salary) for each completed year of service.

The following table''s summaries the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet

The Indian Parliament has approved the Code on Social Security, 2020 impacting employee remuneration and welfare benefits. The effective date from which the changes are applicable is yet to be notified. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders which are under consideration by the Ministry. However, the date on which the Code will come into effect has not been notified. The Company will assess the financial impact, if any, of the Code when it becomes effective and will record necessary adjustments in the financial statements.

C) Extension and termination options

Extension and termination options are included in many of the leases. In determining the lease term, the Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. This assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the Company

# The Company''s income was assessed by the income tax department for the AY 2017-18 and a liability of '' 53,22,974/- was demanded. The Company has filed an appeal against the assessment order with the Income Tax Commissioner (Appeals) within the stipulated time. During the year the company was due to receive a refund from the Income Tax Department which was adjusted against the demand order. This adjustment forms part of balances receivable from the government (Refer Note 4). The Company has reviewed the demand and does not expect an unfavourable outcome.

Commitment :- Estimated amount of contracts remaining to be executed on capital accounts (net of advances Rs. 1.50 crore)

d. The management assessed that cash and cash equivalents, trade receivables, trade payable, short term borrowings, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short term maturities of these instruments and are thus measured at amortized cost.

Note 31 : Financial Risk Management

The Company''s principal financial liabilities, comprises of loans and borrowings, trade and other payables. The main purpose 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 loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds investments.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

A. Management of Market Risk

The holding Company’s size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:

a. interest rate risk

b. currency risk

c. Price risk

The above risks may affect the Company’s income or the value of its financial instruments. The objective of the Company’s management of market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company’s exposure to, and management of, these risks is explained below.

a. Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt obligations with floating interest rates. The following table provides a break-up of the Company’s fixed and floating rate borrowings

b. Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities (when revenue or expense is denominated in a foreign currency). Unhedged foreign currency exposures

As at balance sheet date, the Company’s net foreign currency exposure (receivable) that is not hedged is Rs. 1155.95 lakhs (31 March 2022: Rs. 1230.91 lakhs).

Foreign currency sensitivity

For the year ended 31 March 2023 and 31 March 2022, every 5% depreciation / appreciation in the exchange rate between the Indian rupee and U.S. dollar, would have affected the Company’s incremental operating margins by approximately amounts as shown below. The Company’s exposure to foreign currency changes for all other currencies is not material.

c. Price Risk

The Company is mainly exposed to the price risk due to its investment in mutual funds, exchange traded funds and investments in equity instruments. The price risk arises due to uncertainties about the future market values of these investments. At March 31, 2023, the exposure to price risk due to investment in mutual funds amounted to 175.34 Lakhs (March 31,2022 : 55.42) At March 31, 2022, the exposure to price risk due to investment in equity instruments amounted to 77.67 Lakhs (March 31,2022 : 35.41).

In order to manage its price risk arising from investments in mutual funds, exchange traded funds and investments in equity instruments, the Company diversifies its portfolio.

B. Management of Credit Risk

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

Trade receivable

Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. The Company has diversified customer base considering the nature and type of business.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

Other Financial Assets

The Company maintains exposure in Cash and Cash equivaletns, term deposits with banks / financial institutions and investments in marketable debt investments including the government securities. The company has diversified portfolio of investment with various number of counter parties which have secure credit ratings hence the risk is low. The Company''s maximum exposure to Credit risk as at March 31, 2022 and 2021 is the carrying value of each class of financial assets as disclosed.

C. Management of Liquidity Risk

"The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, and bank loans. 95% of the Company’s borrowing will mature in less than one year at 31 March 2022 (31 March 2021: 98%) based on the carrying value of borrowings reflected in the financial statements. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has the ability to rollover debt maturing within 12 months with existing lenders.

The table below provides details regarding the contractual maturities of significant financial liabilities as at 31 March 2023."

D. Capital Management

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

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 ourshareholders. 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. 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 dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain 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.

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 interest-bearing loans and 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 interest-bearing loans and borrowing in the current period.

Note 33 : Segment Reporting

Disclosure of segment reporting as per the requirements of Ind AS 108 “Operating Segment” is reported in the consolidated financial statements of the Company. Therefore, the same has not been separately disclosed in the standalone financial statements in line with the requirement of Ind AS 108.

Note 34: Additional Regulatory Information required by Schedule III

a) Details of Benami Property held

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

b) Borrowing secured against current assets

The company has borrowing from banks on the basis of Book Debts. The Company has complied with the requirement of filing of quarterly returns/ statememts with the banks, as applicable, and these returns were in agreement with the books of accounts.

c) Wilful Defaulter

The Company has not been declared wilful defaulter by any bank or financial institutions or government or any government authority.

d) Relationship with struck off Companies

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

e) Compliance with number of layer of Companies

The Company has complied with the number of layers prescribed under the Companies Act, 2013.

f) Compliance with approved scheme(s) of arrangements

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

g) Utilisation of Borrowed funds and Share premium

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds by the Company to or in any other person or entity, including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by

or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

h) 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.

i) Details of Crypto currency of virtual currency

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

j) Valuation of PP&E, intangible asset and investment property

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

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

The title deeds of all the immovable properties are held in the name of the Company.

l) 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.

m) Core Investment Company (CIC)

There are no CIC in the group.

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Mar 31, 2021

h) Provisions:

Provisions are recognized 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 a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is 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 pretax 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 recognized as a finance cost.

i) Contingent Liabilities:

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence 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. A contingent liability also arises in extreme rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

j) Retirement and other employee benefits:

? Short-term employee benefits

Employee benefits payable wholly within twelve months of availing employee services are classified as short-term employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of short-term employee benefits such as salaries and wages, bonus and ex-gratia to be paid in exchange of employee services are recognized in the period in which the employee renders the related service.

? Post-employment benefits

Defined Contribution Plans:

A defined contribution plan is a post-employment benefit plan under which an entity pays specified contributions to a separate entity and has no obligation to pay any further amounts. The Company makes specified monthly contributions towards Provident Fund and Employees State Insurance Corporation (‘ESIC’). The contribution is recognized as an expense in the Statement of Profit and Loss during the period in which employee renders the related service. There are no other obligations other than the contribution payable to the Provident Fund and Employee State Insurance Scheme.

Defined Benefit Plan:

Gratuity liability, wherever applicable, is provided for on the basis of an actuarial valuation done as per projected unit credit method, carried out by an independent actuary at the end of the year. The Company’s gratuity benefit scheme is a defined benefit plan.

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 in the balance sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service cost.

k) Cash and cash equivalents:

Cash comprise of cash on hand and demand deposits at the bank. Cash equivalents comprise of short term highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and demand deposit, net of outstanding bank overdrafts as they are considered an integral part of the Company’s cash management.

l) Cash flow statement:

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of noncash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated in the Cash flow statement.

m) Earning per share:

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, the net profit of the year attributable to equity shareholders and the weighted average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

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.

n) Non-current assets held for sale:

The Company classifies non-current assets 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. Management must be committed to the sale expected within one year from the date of classification.

Property, plant and equipment and intangible assets once classified as held for sale to owners are not depreciated or amortized.

o) Intangible Assets:

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses.

Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired.

The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period.

Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the statement of profit and loss unless such expenditure forms part of carrying value of another asset.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.

p) Investment Property:

An investment in land or building, which is not intended to be occupied substantially for use by, or in the operations of the Company, is classified as investment property. Investment properties are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any.

The cost includes the cost of replacing parts and borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of the investment property are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. All other repair and maintenance costs are recognized in statement of profit

and loss as incurred.

Depreciation on building component of investment property is calculated on a straight-line basis using the rate arrived at based on the useful life estimated by the management which is 60 years.

Though the Company measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer applying a valuation model recommended by the International Valuation Standards Committee or on the basis of appropriate ready reckoner value based on recent market transactions.

Investment properties are derecognized either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in statement of profit and loss in the period of derecognition.

q) Impairment of non-financial assets:

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing the value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.

The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Company’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth rate is calculated and applied to project future cash flows after the fifth year.

After impairment, depreciation is provided on the revised carrying amount of the asset over its remaining useful life

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset exceeds neither its recoverable amount nor the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.

1.3 Significant accounting judgements, estimates and assumptions:

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. Some of the significant accounting judgement and estimates are given below:

Defined benefit plans (gratuity benefits)

The cost of the defined benefit gratuity plan and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation. Future salary increases and gratuity increases are based on expected future inflation rates for the respective countries. The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at interval in response to demographic changes.

Fair value measurement of financial instruments

When the fair values 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.

Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company assets are determined by management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets.

Note 26 : Net employment defined benefit liabilities

a. Defined Contributions Plans

For the company an amount of ^ 65,43,435 (31st March, 2020: ^ 1,09,89,732) contributed to provident funds, ESIC and other funds is recognised by as an expense and included in “Contibution to Provident & Other Funds” under “Employee benefits expense” in the Consolidated Statement of Profit and Loss.

b. Defined Benefits Plans

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 resignation or retirement at 15 days salary (last drawn salary) for each completed year of service.

The following table’s summaries the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet

The management assessed that cash and cash equivalents, trade receivables, trade payable, short term borrowings, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short term maturities of these instruments and are thus measured at amortized cost.

Note 30 : Financial Risk Management

The holding Company’s principal financial liabilities, comprises of loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations and to provide guarantees to support its operations.

The holding Company’s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds investments.

The holding Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below.

A. Management of Market Risk

“The holding Company’s size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:

a. interest rate risk

b. currency risk

The above risks may affect the Company’s income or the value of its financial instruments. The objective of the Company’s management of market risk is to maintain this risk within acceptable parameters, while optimising returns. The Company’s exposure to, and management of, these risks is explained below.

a. Interest Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s debt obligations with floating interest rates. The following table provides a break-up of the Company’s fixed and floating rate borrowings

B. Management of Credit Risk

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

Trade receivable

Customer credit risk is managed by each business unit subject to the Company’s established policy,

procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. The Company has diversified customer base considering the nature and type of business.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The calculation is based on historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 7. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

Other Financial Assets

The Company maintains exposure in Cash and Cash equivaletns, term deposits with banks / financial institutions and investments in marketable debt investments including the government securities. The company has diversified portfolio of investment with various number of counter parties which have secure credit ratings hence the risk is low. The Company’s maximum exposure to Credit risk as at March 31,2021 and 2020 is the carrying value of each class of financial assets as disclosed.

C. Management of Liquidity Risk

The holding Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, and bank loans. 89% of the Company’s borrowing will mature in less than one year at 31 March 2021 (31 March 2020: 98%) based on the carrying value of borrowings reflected in the financial statements. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company has the ability to rollover debt maturing within 12 months with existing lenders.

D. Capital Management

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

The holding Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimise returns to ourshareholders. 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. 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 dividends paid to shareholders, return capital to shareholders or issue new shares.

The holding Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain 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.

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 interest-bearing loans and 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 interest-bearing loans and borrowing in the current period.

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Mar 31, 2018

Note 1: Corporate Information

TOTAL TRANSPORT SYSTEMS LIMITED was incorporated under the provisions of the Companies Act, 1956 vide certificate of incorporation dated July 27, 1995 having its Registered office at 7^th Floor, T-Square, Opposite Chandivali Petrol Pump, Saki Vihar Road, Andheri (E), Mumbai- 400072. The Company is in the business of consolidation/deconsolidation of cargo, freight forwarding, logistics, warehousing and transportation

Footnotes:

A. Terms/rights attached to equity shares

The company has only one class of equity shares having par value of Rs. 10 per shares. Each holder of equity shares is entitled to one vote per share.

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

Note 2:Employee Benefit Plans Defined contribution plans

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 90,88,778/- (Year ended 31 March, 2017 Rs. 82,95,411/-) for Provident Fund contributions, and Rs. 9,11,878/- (Year ended 31 March, 2017 Rs. 4,77,066/-) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

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

Gratuity (included as part in Note 25 Employee Benefits Expense). This is the first year of Acturial Valuation and thus previous comparable not available

Note 3: Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

The company has no information as to whether any of its suppliers have been registered under the ''The Micro, Small and Medium Enterprises Development Act,2006'' and there for the amount due to such suppliers has not been identified.

Note 4: Details of unutilised amounts out of issue of securities made for specific purpose

The Company has utilised all the money raised via initial public offer in the current financial year for the purpose as stated in the prospectus dated 12 July, 2017.

The Company has also raised money by way of preferential allotment dated 19^th May 2017 and has utilised all the money.

Note 5: Segment Reporting

The company does not have separate business and geographacial segment as defined under the Accounting Standard for ''Segment Reporting'' hence the required segmental information is not disclosed.

Note 6: Previous year''s figures have been regrouped wherever necessary to conform to current year''s classification