2. Material accounting policy information
2.1. (i) Statement of compliance and basis of preparation and presentation
These standalone financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind
AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) read with Section 133 of the Companies
Act, 2013 ("the Act") and presentation requirements of Division II of Schedule III of the Act and other relevant provisions of the Act
as applicable. These standalone financial statements have been prepared on accrual basis under the historical cost convention,
except the following assets and liabilities, which have been measured at fair value as required by the relevant Ind AS:
• Certain financial assets and liabilities (refer accounting policy regarding financial instruments including derivative financial
instruments and investments in mutual funds measured at fair value through profit or loss) and;
• Defined employee benefit plans (measured on the basis of actuarial valuation using the Projected Unit Credit Method).
These standalone financial statements were approved by the Company's Board of Directors and authorized for issue on 26 May 2026.
The standalone financial statements have been prepared on the assumption that the Company is a going concern and will continue
its operations for the foreseeable future.
(ii) Functional and Presentation Currency
The financial statements are presented in Indian Rupee (H) which is the functional currency of the Company. All amounts are
rounded to two decimal places to the nearest Million, unless otherwise stated.
(iii) Current versus non-current classification
The Company presents assets and liabilities in the Standalone Balance Sheet based on current/ non-current classification.
An asset is treated as current when it is:
• Expected to be realized or intended to be sold or consumed in normal operating cycle;
• Held primarily for the purpose of trading;
• Expected to be realized within twelve months after the reporting period; or
• Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.
All other assets are classified as non-current.
A liability is treated as current when:
• It is expected to be settled in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is due to be settled within twelve months after the reporting period; or
• There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents.
The Company has identified twelve months as its operating cycle.
(iv) New accounting standards, amendments and interpretations adopted by the Company effective from 1 April 2025
The Ministry of Corporate Affairs ("MCA") notified amendments on 7 May 2025 and 13 August 2025 under the Companies (Indian
Accounting Standards) Amendment Rules, 2025 and the Companies (Indian Accounting Standards) Second Amendment Rules,
2025, respectively, which is effective from annual reporting periods beginning on or after 1 April 2025.
a) Amendment to Ind AS 7 and Ind AS 107 - Supplier Finance Arrangement:
The amendments to Ind AS 7 'Statement of Cash Flows' and Ind AS 107 'Financial Instruments: Disclosures' clarify the
characteristics of supplier finance arrangements and require additional disclosures for such arrangements. The disclosure
requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier
finance arrangements on an entity's liabilities, cash flows and exposure to liquidity risk.
The Company does not have any supplier finance arrangements during the reporting period.
b) Amendment to Ind AS 1 - Classification of liabilities as current or non-current and non-current liabilities with covenants:
The amendment specifies the requirements for classifying liabilities as current or non-current in the balance sheet, and
clarifies the following:
An entity's right to defer settlement of a liability for at least twelve months after the reporting period must have substance
and must exist at the end of the reporting period. The classification of a liability as current or non-current is unaffected by the
likelihood that the entity will exercise its right to defer settlement.
If an entity's right to defer settlement of a liability is subject to covenants, such covenants affect whether that right exists
at the end of the reporting period only if the entity is required to comply with the covenant on or before the end of the
reporting period.
In case of a liability that can be settled, at the option of the counterparty, by the transfer of the entity's own equity instruments,
such settlement terms do not affect the classification of the liability as current or non-current only if the option is classified as
an equity instrument.
These amendments have no effect on the measurement of any items in the financial statements of the Company. The
Company did not make retrospective adjustments as a result of adopting the amendments to Ind AS 1.
c) Amendment to Ind AS 12 - Pillar-Two Tax Reforms:
The Company is not within the scope of the OECD Pillar Two Model Rules, as Pillar Two legislation has not yet been enacted in
any of the jurisdictions in which the Company operates.
d) Amendment to Ind AS 21-Lack of exchangeability:
The Amendments introduces requirement to assess when a currency is exchangeable into another currency and when
it is not. The amendment requires an entity to estimate the spot exchange rate when it concludes that a currency is not
exchangeable into another currency. These amendments had no effect on the financial statements of the Company.
(v) Standards issued but not yet effective
Amendment to Ind AS 1 - Classification of Liabilities as Current or Non-current and non-current liabilities with covenants:
The amendment includes specific provisions that will take effect for reporting periods beginning on or after 1 April 2026,
retrospectively, as outlined below:
a) Breach of material covenant for long-term loan arrangement on or before end of reporting period with effect that liability
becomes payable on demand as on reporting date, then it shall be classified as current liability, if lender agreed after reporting
period and before approval of financial statements to not demand payment as a consequence of breach.
b) Classify as non-current liability, if lender agreed by end of reporting period to provide grace period ending at least 12 months
after reporting period within which entity can rectify the breach provided lender does not demand immediate repayment.
c) Disclose information about the timing of settlement to understand the impact of the liability on the financial statements.
The Company does not expect this amendment to have an impact on its operations or on its financial statements.
2.2. Fair value measurements and hierarchy
The Company measures financial instruments, such as investments (other than equity investments in subsidiaries) at fair value at each
Balance Sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or
transfer the liability takes place either:
(a) In the principal market for the asset or liability; or
(b) In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or
liability, assuming that market participants act in their best economic interest.
A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using
the asset in its highest and best use, or by selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances, and for which sufficient data are available to measure
the fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy based on its nature, characteristics, and risks:
• Level 1 - inputs are quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access
at the measurement date;
• Level 2 - valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable; and
• Level 3 - valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
2.3. Use of estimates and judgements
The preparation of standalone financial statements in conformity with Ind AS requires management to make judgements, estimates and
assumptions, that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses at
the date of these standalone financial statements and the reported amounts of revenues and expenses for the year presented. Actual
results may differ from these estimates.
Estimates and underlying assumptions are reviewed at each balance sheet date. Revisions to accounting estimates are recognized in the
period in which the estimate is revised and future periods affected.
Estimates and judgments involved in applying accounting policies is in respect of:
• Useful lives of property, plant and equipment
• Useful lives of intangible assets
• Estimation of defined benefit obligations
• Estimation of deferred tax expense and liability
• Estimation of expected credit loss
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations
of future events that may have a financial impact on the Company and that are believed to be reasonable under the circumstances.
2.4. Property, plant and equipment (including Capital Work-in-Progress)
The cost of an item of property, plant and equipment shall be recognized as an asset if, and only if it is probable that future economic
benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
Property, plant and equipment are stated at cost of acquisition or construction less accumulated depreciation and accumulated
impairment, if any. Cost includes financing cost relating to borrowed funds attributable to the construction or acquisition of qualifying
tangible assets if the recognition criteria is met up to the date the assets are ready for use.
Advances paid towards the acquisition of property, plant and equipment outstanding at each reporting date is disclosed as capital
advance under non-current assets.
Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable
that future economic benefits associated with the item will flow to the Company, and the cost of the item can be measured reliably. The
carrying amount of any component accounted for as a separate asset is de-recognized when replaced. All other repairs and maintenance
are charged to the Standalone Statement of Profit and Loss, during the reporting period in which they are incurred.
An item of property, plant and equipment is de-recognized upon disposal or when no future economic benefits are expected from the
use. Any profit or loss on such de-recognition of the asset is calculated as difference between net disposal proceeds and the carrying
amount of property, plant and equipment and recognized in the Statement of Profit and Loss.
Depreciation is provided on straight-line basis for property, plant and equipment so as to expense the depreciable amount, i.e., the cost
less estimated residual value, over its estimated useful lives. The estimated useful lives and residual values are reviewed annually and the
effect of any changes in estimate is accounted for on a prospective basis.
The management's estimate of useful lives is in accordance with Schedule II to the Companies Act, 2013.
Capital Work-in-Progress included in non-current assets represents Property, plant and equipment that are not ready for their intended
use as at the reporting date. Capital work-in-progress are not depreciated as these assets are not yet available for use.
2.5. Other Intangible assets
Other Intangible assets are initially recognized at cost. Following initial recognition, other intangible assets are carried at cost less
accumulated amortization and accumulated impairment loss, if any. Subsequent expenditures are capitalized only when they increase
the future economic benefits embodied in the specific asset to which they relate.
Other Intangible assets with definite useful lives are amortized on a straight-line basis so as to reflect the pattern in which the asset's
economic benefits are consumed.
Other Intangible assets pertaining to computer software and product related intangibles are amortized over their estimated life on
straight-line method over period of 10 years.
Gains or losses arising from de-recognition of an other intangible asset are measured as the difference between the net disposal proceeds
and the carrying amount of the asset and are recognized in the Standalone Statement of Profit and Loss when the asset is de-recognized.
Revenue expenditure pertaining to research is charged to the Statement of Profit and Loss. Development costs of products are also
charged to the Statement of Profit and Loss unless a product's technical feasibility has been established, in which case such expenditure
is capitalized.
2.6. Impairment of non-financial assets
At the end of each reporting period, the Company reviews the carrying amounts of its assets to determine whether there is any indication
of impairment based on internal/ external factors. An impairment loss, if any, is charged to the Standalone Statement of Profit and Loss in
the year in which an asset is identified as impaired. An asset's recoverable amount is higher of an asset or cash-generating unit's (CGUs)
fair value, less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate, that reflects current market assessment of the time value of money and the risks specific to the
asset for which estimates of future cash flows have not been adjusted. 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 group 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. Impairment losses of continuing operations, including impairment on inventories, are recognized in the Standalone Statement
of Profit and Loss.
Reversal of impairment losses is recorded when there is an indication that the impairment losses recognized for the assets no longer exist
or have decreased.
2.7. Inventories
Inventories consist of raw materials, packing materials, work-in-progress, stock-in-trade and finished goods. Inventories are valued at
lower of cost and net realizable value (NRV). Net realizable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and the estimated costs necessary to make the sales.
Cost is determined on a weighted average basis. Cost of raw materials and packing materials includes cost of purchases and other costs
incurred in bringing the inventories to their present location and condition. Cost of work-in-progress and finished goods includes direct
materials, labor and proportion of manufacturing overheads based on the normal operating capacity, wherever applicable. The cost of
finished goods includes other costs incurred in bringing the inventories to their present location and condition.
2.8. Foreign exchange transactions and translations
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and
liabilities denominated in foreign currencies at year end exchange rates are generally recognized in the Statement of Profit and Loss.
All non-monetary items denominated in foreign currency are carried at historical cost or other similar valuation and are reported using
the exchange rate that existed when the values were determined.
2.9. Financial instruments
A financial instrument is any contract that gives rise to a financial asset for one entity and a financial liability or equity instrument for
another entity.
Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument.
Financial assets:
Classification
The Company classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of
Profit and Loss), and
• those measured at amortized cost.
The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.
Initial recognition and measurement
Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are
recognized initially at fair value plus, in the case of financial assets not recorded at fair value through Profit and Loss, transaction costs
that are attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through Profit and
Loss are expensed in the Statement of Profit and Loss.
Subsequent measurement
After initial recognition, financial assets are measured at:
• fair value (either through other comprehensive income or through Profit and Loss), or
• amortized cost
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized
(i.e., removed from the Company's balance sheet) when:
• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset
When the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of
ownership of the financial asset. In such cases, the financial asset is derecognized. Where the Company has not transferred substantially
all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.
Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of financial asset,
the financial asset is derecognized if the Company has not retained control over the financial asset. Where the Company retains control
of the financial asset, the asset continues to be recognized to the extent of continuing involvement in the financial asset.
Write-off
The gross carrying amount of a financial asset is written off when the Company has no reasonable expectations of recovering a financial
asset in its entirety or a portion thereof.
Income recognition
Dividend is accounted when the right to receive payment is established. Interest income from financial assets is recognized when it is
probable that the economic benefits will flow to the Company and the amount of income can be measured reliably.
Cash and cash equivalents
Cash and cash equivalents consists of cash on hand, short demand deposits and highly liquid investments that are readily convertible
into known amounts of cash and which are subject to an insignificant risk of change in value. Short term means investments with original
maturities / holding period of three months or less from the date of investments. Bank overdrafts that are repayable on demand and
form an integral part of the Company's cash management are included as a component of cash and cash equivalent for the purpose of
statement of cash flow.
Investments
Investments in mutual funds are primarily held for the Company's temporary cash requirements and can be readily convertible in cash.
These investments are initially recorded at fair value and classified as fair value through profit or loss.
The Company measures investment in subsidiaries at cost less provision for impairment, if any.
Trade receivables
Trade receivables are amounts due from customers for the sale of goods or services performed in the ordinary course of business. Trade
receivables are initially recognized at their transaction price, which is considered to be its fair value and are classified as current assets
as it is expected to be received within the normal operating cycle of the business. The Company measures the loss allowance for trade
receivables at an amount equal to lifetime expected credit losses. The expected credit losses on trade receivables are estimated using a
provision matrix by reference to past default experience of the debtor and an analysis of the debtor's current financial position, adjusted
for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment
of both the current as well as forecast direction of conditions at the reporting date.
Financial liabilities:
Initial recognition and measurement
Financial liabilities are initially measured at its fair value plus or minus, in the case of a financial liability not at FVTPL, transaction costs
that are directly attributable to the issue/origination of the financial liability.
Subsequent measurement
Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as FVTPL if it is classified as held
for trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
and net gains and losses, including any interest expense, are recognized in the Statement of Profit and Loss. Other financial liabilities
are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and
losses are recognized in the Statement of Profit and Loss. Any gain or loss on derecognition is also recognized in the Statement of
Profit and Loss.
Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. The
repurchase of the Company's own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit
or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.
Derecognition of financial liabilities
Financial liability is derecognized when the obligation specified in the contract is discharged, cancelled or expires. The difference between
the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss.
Trade Payables
Trade payables are amounts due to vendors for purchase of goods or services acquired in the ordinary course of business and are
classified as current liabilities to the extent it is expected to be paid within the normal operating cycle of the business.
Derivative financial instruments:
The Company uses derivative financial instruments, such as foreign exchange forward contracts, to manage its exposure to interest rates
and foreign exchange risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative
contract is entered into and are subsequently re-measured at fair value.
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
The Company enters into derivative contracts to hedge risks which are not designated in any hedging relationship i.e., hedge accounting
is not followed. Such contracts are accounted for at FVTPL.
Offsetting financial instruments:
Financial assets and liabilities are off-set and the net amount is reported in the Balance Sheet where there is a legally enforceable right to
offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the Company or the counterparty.
2.10.Revenue recognition
The Company derives revenue principally from sales of pharma products. Revenue from the sale of products is recognized when the
Company satisfies a performance obligation in accordance with the provisions of the contract with the customer. This is achieved when
control of the product has been transferred to the customer, which is generally determined when title, ownership, risk of obsolescence
and loss pass to the customer and the Company has the present right to payment. Revenue is measured at the transaction price, being
the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised goods, net of
returns and allowances, trade discount and volume rebates, and goods and service tax.
Interest income
Interest income from a financial asset is recognized when it is probable that the economic benefits will flow to the Company and the
amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at
the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of
the financial asset to that asset's net carrying amount on initial recognition. Interest income is included in 'Other Income' in the Statement
of Profit and Loss.
Dividend income
Dividend income from investment is recognized as revenue when the right to receive is established.
2.11 .Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration from
the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is
recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when
the Company performs under the contract.
2.12.Employee Benefits
Short-term benefits
Short-term benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability
is recognized for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a
result of past service provided by the employee and the obligation can be estimated reliably.
Defined contribution plans
The Company makes defined contributions to the Government Employee Provident Fund, which is recognized in the Standalone
Statement of Profit and Loss, on an accrual basis. The Company recognizes contribution payable to the provident fund scheme as an
expense when an employee renders the related service. The Company has no obligation other than the contribution payable to the
provident fund.
Defined benefit plans
The Company operates a funded defined benefit gratuity plan for its eligible employees. The gratuity plan is governed by the applicable
provisions of the Code on Social Security, 2020, read with the relevant rules thereunder, which have subsumed the earlier provisions of
the Payment of Gratuity Act, 1972.
The Company's liabilities are determined on the basis of actuarial valuation made at the end of each financial year using the projected
unit credit method. Obligation is measured at the present value of estimated future cash flows using a discounted rate that is determined
by reference to market yields at the Standalone Balance Sheet date on Government bonds, where the terms of the Government bonds
are consistent with the estimated terms of the defined benefit obligation. The Company has established a gratuity trust and has taken
out a group gratuity policy to partially fund its gratuity obligation. Plan assets are measured at fair value at the balance sheet date. The
net defined benefit liability (or asset) represents the present value of the defined benefit obligation less the fair value of plan assets.
The net interest cost is calculated by applying the discount rate to the defined benefit obligation. This cost is included in the 'Employee
benefits expense' in the Standalone Statement of Profit and Loss. Re-measurement gains or losses arising from changes in actuarial
assumptions are recognized in the period in which they occur, directly in OCI. These are presented as re-measurement gains or losses
on defined benefit plans under other comprehensive income in other equity. Remeasurement gains or losses are not reclassified
subsequently to the Standalone Statement of Profit and Loss.
Compensated absences
The employees of the Company are entitled to compensated absences. Accumulated compensated absences, which are expected to
be encashed beyond twelve months from the end of the year, are treated as long-term employee benefits. Liability for such benefit
is provided on the basis of actual leave balance as at the Balance Sheet date. The Company records an obligation for compensated
absences in the period in which the employee renders the services that increases this entitlement. The Company measures the expected
cost of compensated absences as the additional amount that the Company expects to pay as a result of the unused entitlement that
has accumulated at the end of the reporting period. The Company recognizes accumulated compensated absences based on actuarial
valuation in the Standalone Statement of Profit and Loss.
2.13.Income Taxes
Current tax
The Income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income
tax rate adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
Income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax
rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in India.
The management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is recognized on temporary differences between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes at the reporting date.
Deferred tax liabilities are recognized for all taxable temporary differences, except when the deferred tax liability arises from the initial
recognition of goodwill or an asset or a liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor the taxable profit or loss.
Deferred tax assets are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences and the carry forward of unused tax credits and unused tax losses can be utilized, except when the deferred tax
asset relating to the deductible temporary difference arises from the initial recognition of an asset or a liability in a transaction that is not
a business combination and, at the time of the transaction, affects neither the accounting profit nor the taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are
reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the
liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
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