1. MATERIAL ACCOUNTING POLICIES

The material accounting policies applied by the Company in the preparation of these financial statements are set out below.
These policies have been applied consistently to all periods presented in the financial statements, unless stated otherwise.

1.1 Basis of Preparation and Presentation:

These financial statements are the separate financial statements of the Company prepared in accordance with Indian
Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian
Accounting Standards) Rules, 2015 and other provisions of the Companies Act, 2013 as amended from time to time.

These financial statements have been prepared and presented under the historical cost convention, on the accrual basis
of accounting except for certain financial assets and financial liabilities that are measured at fair values at the end of each
reporting period, as stated in the accounting policies set out below. The accounting policies have been applied consistently
over all the periods presented in these financial statements.

The financial statements are presented in Indian Rupees which is the functional currency and presentation currency of the
Company and all values are rounded to the nearest Lakhs and two decimals thereof, except where otherwise indicated.

1.2 Current/Non-Current Classification:

The Company presents assets and liabilities in the balance sheet based on current / non-current classification.

(a) An asset is treated as current when it is:

(i) Expected to be realised or intended to be sold or consumed in normal operating cycle.

(ii) Expected to be realised within twelve months after the reporting period, or

(iii) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.

(iv) Held primarily for the purpose of trading.

All other assets are classified as non-current.

(b) A liability is current when:

(i) It is expected to be settled in normal operating cycle.

(ii) It is due to be settled within twelve months after the reporting period, or

(iii) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.

(iv) Held primarily for the purpose of trading.

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.

1.3 Use of Estimates and Judgements

The preparation of the financial statements in conformity with Ind AS requires the Management to make judgements, estimates
and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as of the date
of the financial statements and the reported income and expenses like provision for employee benefits, provision for doubtful

trade receivables/advances/contingencies, provision for warranties, allowance for slow/non-moving inventories, useful life
of Property, Plant and Equipment, provision for taxation, etc., during the reporting year. The Management believes that the
estimates used in the preparation of the financial statements are prudent and reasonable. Future results may vary from these
estimates.

The estimates and judgements used in the preparation of the financial statements are continuously evaluated by the Company
and are based on historical experience and various other assumptions and factors (including expectations of future events)
that the Company believes to be reasonable under the existing circumstances. Differences between actual results and
estimates are recognised in the period in which the results are known/materialised.

The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that date
but provide additional evidence about conditions existing as at the reporting date.

1.4 Property, Plant and Equipment

Measurement at recognition: Property, Plant and Equipment assets are carried at cost net of tax / duty credit availed less
accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditure that is directly attributable to
the acquisition of the items.

Historical cost includes taxes, duties, freight, insurance etc., attributable to acquisition and installation of assets and borrowing
cost incurred upto the date of commencing operations but excludes duties and taxes that are recoverable from taxing
authorities. Indirect expenses during construction period, which are required to bring the asset in the condition for its intended
use by the management and are directly attributable to bringing the asset to its position, are also capitalized.

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 derecognized when replaced.
All other repairs and maintenance are charged to the Statement of Profit and Loss during the reporting period in which they
are incurred.

Assets which are not ready for their intended use and Capital work-in-progress are carried at cost comprising direct cost,
related incidental expenses and attributable interest. Advances given towards acquisition of property, plant and equipment
outstanding at each balance sheet date are disclosed as capital advance under other non-current assets.

Depreciation: Depreciation on Property, Plant and Equipment is provided on the straight-line method over the useful life in the
manner prescribed in the Schedule II of the Companies Act 2013.

Depreciation on addition to assets or on sale/discardment of assets, is calculated on pro-rata from the month of such addition
or up to the month of such sale/discarding, as the case may be.

De-recognition: An item of Property, Plant and Equipment is derecognised upon disposal or when no future economic benefits
are expected to arise from the continued use of asset.

Gains and losses on disposals or retirement of assets are determined by comparing proceeds with carrying amount. These
are recognized in the Statement of Profit and Loss.

1.5 Intangible assets:

Measurement at recognition: Intangible assets acquired separately are measured on initial recognition at cost. Intangible
assets arising on acquisition of business are measured at fair value as at date of acquisition. Internally generated intangibles
including research cost are not capitalized and the related expenditure is recognized in the Statement of Profit and Loss in the
period in which the expenditure is incurred. Following initial recognition, intangible assets are carried at cost less accumulated
amortization and accumulated impairment loss, if any.

Amortization: Intangible Assets with finite lives are amortized on a Straight-Line basis over the estimated useful economic
life. The amortization expense on intangible assets with finite lives is recognized in the Statement of Profit and Loss. The
amortization period and the amortization method for an intangible asset with finite useful life is reviewed at the end of each
financial year. If any of these expectations differ from previous estimates, such change is accounted for as a change in an
accounting estimate.

De-recognition: The carrying amount of an intangible asset is derecognized on disposal or when no future economic benefits
are expected from its use or disposal. The gain or loss arising from the De-recognition of an intangible asset is measured as
the difference between the net disposal proceeds and the carrying amount of the intangible asset and is recognized in the
Statement of Profit and Loss when the asset is derecognized.

1.6 Impairment of Assets:

Assets that are subject to depreciation and amortisation and assets representing investments in subsidiary and associate
companies are reviewed for impairment, whenever events or changes in circumstances indicate that carrying amount may not

be recoverable. Such circumstances include, though are not limited to, significant or sustained decline in revenues or earnings
and material adverse changes in the economic environment.

The carrying values of assets/cash generating units are reviewed to determine whether there is any indication of impairment
of the carrying amount of the Company's assets. If any indication exists, an asset's recoverable amount is estimated. An
impairment loss is recognised whenever the carrying amount of the asset exceeds the recoverable amount. The recoverable
amount is the greater of the net selling price and their value in use. Value in use is arrived at by discounting the future
cash flows to their present value based on an appropriate discount factor. When there is indication that an impairment loss
recognised for an asset in earlier accounting periods no longer exists or may have decreased such reversal of impairment
loss is recognised in the Statement of Profit and Loss. Impairment losses on assets are reversed in the Statement of Profit
and Loss only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been
determined if no impairment loss had previously been recognised.

1.7 Revenue Recognition:

Revenue from contracts with customers is recognized on transfer of control of promised goods or services to a customer at
an amount that reflects the consideration to which the Company is expected to be entitled to in exchange for those goods or
services.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable
consideration) allocated to that performance obligation. The transaction price of goods sold, and services rendered is net
of variable consideration on account of various discounts and schemes offered by the Company as part of the contract.
This variable consideration is estimated based on the expected value of outflow. Revenue (net of variable consideration)
is recognized only to the extent that it is highly probable that the amount will not be subject to significant reversal when
uncertainty relating to its recognition is resolved.

a) Sale of goods:

Revenue is recognised when the performance obligations are satisfied and the control of the product is transferred, being
when the goods are delivered as per the relevant terms of the contract at which point in time the Company has a right to
payment for the asset, customer has legal title of the asset, customer bears significant risk and rewards of ownership and
the customer has accepted the asset or the Company has objective evidence that all criteria for acceptance have been
satisfied. Payment for the sale is made as per the credit terms in the agreements with the customers. The credit period
is generally short term, thus there is no significant financing component.

Revenue is measured based on the transaction price, which is the consideration, net of customer incentives,
discounts, variable considerations, payments made to customers, other similar charges, as specified in the contract
with the customer. Additionally, revenue excludes taxes collected from customers, which are subsequently remitted to
governmental authorities.

b) Dividend and interest income:

Dividend income from investments is recognised when the shareholder's right to receive payment has been established
(provided that it is probable that the economic benefits will flow to the company and the amount of income can be
measured reliably).

Interest income from a financial asset is recognised 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.

c) Insurance Claims:

Insurance claims are accounted for on the basis of claims admitted/ expected to be admitted and to the extent that the
amount recoverable can be measured reliably and it is reasonable to expect ultimate collection.

d) Export Benefits:

Export benefits are accounted for in the year of exports based on eligibility and when there is no uncertainty in receiving
the same.

e) Rental Income:

Rental income arising from operating leases is accounted for on a straight-line basis over the lease terms and is included
in revenue in the statement of profit and loss due to its operating nature.

f) Other Incomes and Expenses:

All other income and expenses are accounted for on accrual basis.

1.8 Foreign Currency Transactions:

On initial recognition, transactions in foreign currencies entered into by the Company are recorded in the functional currency
(i.e. Indian Rupees), by applying to the foreign currency amount, the spot exchange rate between the functional currency and
the foreign currency at the date of the transaction. Exchange differences arising on foreign exchange transactions settled
during the year are recognized in the Statement of Profit and Loss.

Foreign currency monetary items of the Company are translated at the closing exchange rates. Non-monetary items that are
measured at historical cost in a foreign currency, are translated using the exchange rate at the date of the transaction. Non¬
monetary items that are measured at fair value in a foreign currency, are translated using the exchange rates at the date when
the fair value is measured.

Exchange differences arising out of these translations are recognized in the Statement of Profit and Loss.

1.9 Inventory

Inventories excluding by-products and scraps are valued at the lower of cost or net realizable value.

Cost of inventory comprises of the purchase price, cost of conversion and other directly attributable costs that have been
incurred in bringing the inventories to their present location and condition. Net realizable value represents the estimated
selling price in the ordinary course of business, less all estimated costs of completion and costs necessary to make the sale.
The cost of inventories of stores, spares and soya products is computed on weighted average basis. Cost is ascertained on
seasonal weighted average basis for sugar.

Cost of inventories of Soya Bean, Stock-in-trade of fertilizer and newsprint paper is computed on FIFO basis.

By-products and scraps are valued at Net realizable value.

1.10 Biological Assets

Biological assets comprise of living animals and Standing crops (crops under development) of sugarcane.

a) Living Animals

Livestock are measured at fair value less cost to sell. Costs to sell include the transportation charges for transporting
the cattle to the market but excludes finance costs and income taxes. Changes in fair value of livestock are recognised
in the statement of profit and loss. Costs such as vaccination, fodder and other expenses are expensed as incurred.
The animals reared from conception (calf) and heifers are classified as 'immatured biological assets' until the animals
become productive. All the productive animals are classified as “matured biological assets”.

b) Standing Crops

The biological process starts with preparation of land for planting, seedlings and ends with the harvesting of crops.
Biological assets are measured at fair value less cost to sell or at cost whichever is applicable.

In respect of Standing crop, where little biological transformation has taken place since the initial cost was incurred
before the balance sheet date, such biological assets are measured at cost i.e., expenses incurred on such plantation
upto the balance sheet date. When harvested, crop is transferred to inventory at fair value less costs to sell.

Changes in fair value of biological assets is recognised in the statement of profit and loss.

1.11 Employee Benefits:

a) Short term employee benefits:

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee
benefits and they are recognized in the period in which the employee renders the related service. The Company
recognizes the undiscounted amount of short-term employee benefits expected to be paid in exchange for services
rendered as a liability (accrued expense) after deducting any amount already paid.

b) Post-employment benefits:

i) Defined contribution plans:

Defined contribution plans are Employee Provident Fund, Employee State Insurance Scheme for all applicable
employees and Superannuation Scheme for eligible employees.

Recognition and measurement of defined contribution plans:

The Company recognizes contribution payable to a defined contribution plan as an expense in the Statement of
Profit and Loss when the employees render services to the Company during the reporting period. If the contribution
payable for services received from employees before the reporting date exceeds the contributions already paid, the
deficit payable 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 reporting date, the excess is recognized as an
asset to the extent that the prepayment will lead to, for example, a reduction in future payments or a cash refund.

ii) Defined benefit plans:

Gratuity: Liabilities with regard to the gratuity benefits payable in future are determined by actuarial valuation at each
Balance Sheet date. Actuarial gains and losses arising from changes in actuarial assumptions are recognized in other
comprehensive income and shall not be reclassified to the Statement of Profit and Loss in a subsequent period.
Leave encashment / Compensated absences: The Company provides for the encashment of leave with pay subject
to certain rules. The employees are entitled to accumulate leave subject to certain limits, for future encashment /
availment. The liability is provided based on the number of days of unutilized leave at each Balance Sheet date
on the basis of an independent actuarial valuation. Actuarial gains and losses arising from changes in actuarial
assumptions are recognised in the other comprehensive income.

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key actuarial
assumptions include discount rate, trends in salary escalation and vested future benefits and life expectancy. The
discount rate is determined by reference to market yields at the end of the reporting period on government bonds.
The period to maturity of the underlying bonds correspond to the probable maturity of the post-employment benefit
obligations.

1.12 Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker ('CODM') of the Company. The CODM is responsible for allocating resources and assessing performance of the
operating segments of the Company.

1.13 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 of the assets and actions required to complete such sale indicate that it is unlikely that
significant changes to the plan to sell will be made or that the decision to sell will be withdrawn. Also, such assets are classified
as held for sale only if the management expects to complete the sale within one year from the date of classification.

Non-current assets classified as held for sale are measured at the lower of their carrying amount and the fair value less cost
to sell. Non-current assets are not depreciated or amortized while they are classified as held for sale.

Non-current assets classified as held for sale are presented separately from the other assets in the balance sheet.

1.14 Government Grants

Government grants are not recognised until there is reasonable assurance that the company will comply with the conditions
attaching to them and that the grants will be received.

Government grants are recognised in Statement of Profit and Loss on a systematic basis over the periods in which the
company recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government
grants whose primary condition is that the company should purchase, construct or otherwise acquire non-current assets are
recognised as deferred revenue in the balance sheet and transferred to Statement of Profit and Loss on a systematic and
rational basis over the useful lives of the related assets.

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving
immediate financial support to the company with no future related costs are recognised in Statement of Profit and Loss in the
period in which they become receivable.

1.15 Income Taxes

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 for each jurisdiction adjusted by the changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses.

Current and deferred tax are recognized as income or an expense in the Statement of Profit and Loss, except when they
relate to items that are recognized in other comprehensive income, in which case, the current and deferred tax income/
expense are recognized in other comprehensive income or directly in equity, respectively..

Current Tax:

The current income tax charge is calculated on taxable profits for the year chargeable to tax on the basis of the tax laws
enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax
returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate based on amounts expected to be paid to the tax authorities.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised
amounts and there is an intention to settle the asset and the liability on a net basis.

As per the Company's assessment on uncertainty over tax treatment on recognising Income Tax with respect to Appendix C
to Ind AS 12, there are no material uncertainties over tax treatments

Deferred Tax:

Deferred income tax is provided in full, using the Balance Sheet method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using
tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to
apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the same can be utilised. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax
planning strategies.

The Company offsets deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off
corresponding current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to
income taxes levied by the same tax authority on the Company.

1.16 Financial Instrument

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

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the
instrument.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through Statement of Profit and Loss) are added to or deducted from the fair value of the financial assets or financial liabilities,
as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial
liabilities at fair value through Profit and Loss are recognised immediately in Statement of Profit and Loss.

a) Fair Value Measurement

The Company measures financial instruments, such as, investments 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:

i) In the principal market for the asset or liability, or

ii) In the absence of a principal market, in the most advantageous market for the asset or liability.

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 fair value, maximising the use of relevant observable inputs and minimising the use of unobservable
inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:

(i) Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

(ii) Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable.

(iii) Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable.

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

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of
the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.
When the fair values of financials 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 model, which involve various judgements and assumptions.

b) Financial Assets

(i) Initial recognition and measurement

At initial recognition, the Company measures a financial asset, except trade receivable at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition of the financial asset. Trade receivables are initially measured at transaction price. Transaction costs of
financial assets carried at fair value through profit or loss are expensed in the statement of Profit and Loss

(ii) Subsequent measurement

Subsequent measurement of financial assets depends on the Company's business model for managing the
asset and the cash flow characteristics of the asset. The Company classifies its financial assets into the following
categories:

Amortised cost:

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of
principal and interest are measured at amortised cost. A gain or loss on a debt investment that is subsequently
measured at amortised cost is recognised in profit or loss when the asset is derecognised or impaired. Interest
income from these financial assets is included in other income using the effective interest rate method.

Fair value through Other Comprehensive Income (FVOCI):

Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets'
cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying
amount are taken through Other Comprehensive Income (OCI), except for the recognition of impairment gains
or losses, interest revenue and foreign exchange gains and losses which are recognised in Statement of Profit
and Loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is
reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest income from these financial
assets is included in other income using the effective interest rate method. As of the reporting date, the Company
has not designated any financial assets under FVOCI.

Fair Value through profit or Loss (FVTpL):

Financial assets are classified and measured at fair value through profit or loss (FVTPL) if they do not meet the
criteria for amortised cost or FVOCI due to the business model, the nature of contractual cash flows not being solely
payments of principal and interest (SPPI), or if the Company has irrevocably elected to designate them at FVTPL.
These assets are subsequently measured at fair value, with all changes, including interest income and gains or
losses, recognised in the Statement of Profit and Loss.

(iii) De-recognition

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

(a) The rights to receive cash flows from the asset have expired, or

(b) The Company has transferred substantially all the risks and rewards of the asset.

(iv) Impairment of Financial Assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and
recognition of impairment loss on the financial assets and credit risk exposure that are debt instruments, and are
measured at amortised cost e.g., loans, debt securities, deposits, trade receivables and bank balance.

The Company follows simplified approach for recognition of impairment loss allowance on Trade receivables. The
Company recognises impairment loss allowance based on lifetime ECL at each reporting date, right from its initial
recognition.

For recognition of impairment loss on other financial assets and risk exposure, the Company determines that
whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has increased significantly,
lifetime ECL is used. If, in a subsequent period, credit quality of the instrument improves such that there is no longer
a significant increase in credit risk since initial recognition, then the entity reverts to recognising impairment loss
allowance based on 12-month ECL.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the
Statement of Profit and Loss. This amount is reflected under the head 'other expenses' in the Statement of Profit
and Loss. The Balance Sheet presentation for various financial instruments is that in the case of financial assets
measured as at amortised cost, ECL is presented as an allowance, i.e., as an integral part of the measurement of
those assets in the Balance Sheet. The allowance reduces the net carrying amount. Until the asset meets write-off
criteria, the group does not reduce impairment allowance from the gross carrying amount.

c) Financial Liabilities

(i) Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs. The Company's financial liabilities include trade and other payables.

(ii) Subsequent measurement

All financial liabilities are subsequently measured at amortised cost using the effective interest rate method.

Financial liabilities designated upon initial recognition at Fair Value Through Profit or Loss (FVTPL) are designated
as such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated
as FVTPL, fair value gains / losses attributable to changes in own credit risks are recognized in OCI. These gains/
losses are not subsequently transferred to Statement of Profit and Loss. However, the Company may transfer the
cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the Statement
of Profit and Loss.

Financial liabilities that are not held-for-trading and are not designated as at fair value through profit or loss are
measured at amortised cost at the end of the subsequent accounting period. The carrying amount of financial
liabilities that are subsequently measured at amortised cost are determined based on the Effective Interest Rate
method. Interest expense that is not capitalised as part of costs of an asset is included in the “Finance costs” in
Statement of Profit and Loss

(iii) De-recognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the Statement of Profit and Loss..

1.17 Leases:

a) Company as Lessee:

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

As a lessee, the Company recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date.
The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease
incentives received.

The ROU asset is subsequently depreciated using the straight-line method from the commencement date to the earlier
of the end of the useful life of the ROU asset or the end of the lease term. The estimated useful lives of ROU assets are
determined on the same basis as those of property and equipment. In addition, the ROU asset is periodically reduced by
impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease
payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental
borrowing rate. Lease liabilities are remeasured with a corresponding adjustment to the related ROU asset if the Company
changes its assessment of whether it will exercise an extension or a termination option.

The Company has used number of practical expedients when applying Ind AS 116. The Company has elected not to
recognise ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of
low-value assets. The Company recognises the lease payments relating to these leases as an expense on a straight-line
basis over the lease term. The Company applied a single discount rate to a portfolio of leases of similar assets in similar
economic environment with a similar end date.

The Company's lease asset classes primarily consist of leases for land and building for offices, and vehicles.

Lease liability and ROU assets have been separately presented in the Balance Sheet and lease payments have been
classified as financing cash flows.

b) Company as Lessor:

The Company's significant leasing arrangements are in respect of operating leases for premises that are cancellable in
nature. The lease rentals under such agreements are recognised in the Statement of Profit and Loss as per the terms
of the lease. Rental income from operating leases is generally recognised on a straight-line basis over the term of the
relevant lease. Where the rentals are structured solely to increase in line with expected general inflation to compensate
for the Company's expected inflationary cost increases, such increases are recognised in the year in which such benefits
accrue. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of
the leased asset and recognised on a straight-line basis over the lease term.