F) The rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of dividends and the repayment of capital.

The Company has only one class of Equity Shares having a par value of H 1 /- per share. Each Shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, in proportion to the number of equity shares held by them.

G) The Company has reserved 60,00,000 Equity Shares of face value of H 1 /- under Employee Stock Option Plan-2019. (Refer Note 38)

H) The Company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year.

I) The Board of Directors in their meeting held on May 02, 2024 proposed a dividend of H 0.50 per share (March 31, 2023 - H

0.50 per share).

Nature and Purpose of Reserves:

(i) Securities Premium

Securities premium is used to record the premium on issue of shares. This is to be utilised in accordance with the provisions of the Companies Act, 2013.

(ii) General Reserve

The general reserve is a free reserve, retained from Company's profits. The reserves can be utilised as per the provisions of the Companies Act, 2013.

(iii) Share Options Outstanding Account

The share options outstanding account relates to share options granted by the Company to its employees under its employee share option plan.

(iv) Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends, or other distributions paid to shareholders.

1. Term Loan from Banks

a) Includes foreign currency term loan of H 3,238.27 Lakh (As at March 31, 2023 - H 4,206.01 Lakh) including current maturities of H 996.39 Lakh (As at March 31, 2023 - H 989.65 Lakh) availed for Palghar (East) Plant from Federal Bank Limited. The loan is secured by:

i) Exclusive charge on Land and Building, Plant and Machinery situated at Survey no 43 (P) and 44 (P) at Plots

1.2 and 3, in Village Vevoor, Palghar East - 410404.

ii) Lien mark on FD amounting to H 1,000 Lakh.

iii) Second pari passu charge on entire current assets of the Company.

The rate of interest is Euribor 3 months 1.5%. The loan is repayable in quarterly installments till April, 2027.

b) Includes additional foreign currency term loan of H 1,858.39 Lakh (As at March 31, 2023- H 999.29 Lakh) including current maturities of H 590.74 Lakh (As at March 31, 2023 - H 146.69 Lakh) availed for Palghar (East) Plant from Federal Bank Limited. The loan is secured by:

i) Exclusive charge on Land and Building, Plant and Machinery situated at Survey no 43 (P) and 44 (P) at Plots

1.2 and 3, in Village Vevoor, Palghar East - 410404.

ii) Lien mark on FD amounting to H 1,000 Lakh.

iii) Second pari passu charge on entire current assets of the Company.

The rate of interest is Euribor 3 months 1.75%. The loan is repayable in quarterly installments starting from March, 2024 till May, 2027.

c) Includes foreign currency term loan of H 392.64 Lakh (As at March 31, 2023- Nil) including current maturities of H 392.64 Lakh (As at March 31, 2023 - Nil) availed for Palghar (East) Plant from Federal Bank Limited. The loan is secured by:

i) Exclusive charge on Land and Building, Plant and Machinery situated at Survey no 43 (P) and 44 (P) at Plots

1.2 and 3, in Village Vevoor, Palghar East - 410404.

ii) Lien mark on Fixed deposit amounting to H 1,000 Lakh.

iii) Second pari passu charge on entire current assets of the Company.

The rate of interest is Euribor 3 months 1.45%. The loan is repayable in quarterly installments starting from September, 2024.

d) Term loans were applied for the purpose for which the loans were obtained.

2. The loans from bank are also secured by personal guarantee of Mr. Gagan Harsh Sharma, Managing Director of the Company.

3. Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

4. The Company is not declared as wilful defaulter by any bank or financial institution or any other lender.

5. There are no pending registration of charges or satisfaction of charges with pending with Registrar of Companies.

i) Secured Loans from banks include working capital loans secured by exclusive charge by way of hypothecation of entire current assets of the Company.

ii) First pari passu charge on Plots 10 & 11, Aliyali Village, Palghar (West); Plot 12, Aliyali Village, Palghar (West).

iii) Second charge on immovable and movable fixed assets of the Company both present and future.

iv) Exclusive charge on the fixed deposits H 1,200 Lakh as margin for pre and post shipment limits along with Non fund based facilities.

v) The loans are also secured by personal guarantee of Mr. Gagan Harsh Shama, Managing Director of the Company.

vi) The Company has taken working capital loans at interest ranging from 4.40% to 6.74% per annum.

vii) Includes foreign bill discounting limits with Federal bank which are secured against the foreign debtors.

viii) It includes packing credit limit which is also secured by inventory and books debts of the Company.

ix) Quarterly statements of current assets filed by the Company with banks are in agreement with the books of accounts.

x) The Company is not declared as wilful defaulter by any bank or financial institution or any other lender.

xi) The Company has not utilised any funds raised on short term basis for long term purpose.

xii) The Company has not raised any loans during the year on the pledge of securities held in its subsidiaries.

Basic Earning per Share is calculated by dividing the profit attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year. Diluted Earnings per Share is calculated by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. Diluted potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date.

Note 33. Fair Value Measurements

a. Accounting Classification and Fair Values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair valuation information for financial assets and financial liabilities not measured at fair value if the carrying amount is reasonable approximation of fair value.

b. The above table excludes investments in Subsidiaries amounting to H 1,868.95 Lakh (March 31, 2023 H 1,825.68 Lakh) measured at amortised cost net of provision for impairment in the value of investments.

Fair Value Hierarchy and Measurement of Fair Value

The fair values of the financial assets and liabilities are included at the amount 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. Methods and assumptions used to estimate the fair values are consistent in both years.

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of each level follows underneath the table.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. The Company doesn't have investment in equity instruments that have quoted price.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments in the level 2 category for the Company include forward exchange contract derivatives.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in this level. Instruments in level 3 category for the Company include unquoted equity shares.

Fair Value for Assets Measured at Amortised Cost

During the years mentioned above, there have been no transfers amongst the levels of hierarchy.

The carrying amounts of trade receivables, cash and cash equivalents, and other bank balances, current loans, other current financial assets, current borrowings, trade payables and other financial liabilities are considered to be approximately equal to the fair value.

The fair values disclosed above are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs.

Valuation Process

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant data available. Also, the Company internally evaluates the valuation process and obtains independent price validation for certain instruments wherever necessary.

Note 34 (I). Financial Risk Management

The Company's business activities are exposed to credit risk, liquidity risk and market risks. Market risks comprises of interest rate risks, foreign currency risk and price risk management. The Company's senior management and key management personnel have the ultimate responsibility for managing these risks faced by the Company, to set appropriate risk limits, to control and monitor risks and adherence to these limits. Risk management policies and system are reviewed regularly to reflect changes in market conditions and Company's activities. Further, the Audit Committee undertakes regular review of risk management controls and procedures.

A. Credit Risk Management

The Company is exposed to credit risk from loans to Group companies, bank balances, security deposits, investments measured at amortised cost, trade receivables and other current financial assets.

Credit risk arises from cash and bank balances, current and non-current loans, trade receivables and other financial assets measured at amortised cost.

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed.

The Company periodically assesses the financial reliability of the counter party, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual limits are set accordingly. Investments at Amortised Cost are strategic investments in associated lines of business activity, the Company closely monitors the performance of these Companies.

Bank deposits are placed with reputed banks/financial institutions. Hence, there is no significant credit risk on such fixed deposits.

Loans and other deposits are mostly placed with Group companies and government authorities hence the risk of credit loss is negligible. Loans to Group companies are reassessed at every reporting dates. The loans are extended for business activities.

Trade Receivable: The Company trades with recognised and credit worthy third parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis and any significant risk to the Company's exposure, if identified, is further analysed for the purpose of provisioning/impairment in the books of accounts. The Company has computed credit loss allowances based on expected credit loss model, which excludes transactions with subsidiaries. Also, the Company does not enter into sales transaction with customers having credit loss history. There are no significant credit risks with related parties of the Company. The Company is exposed to credit risk in the event of non-payment by customers. Also, credit risk in some of cases are mitigated by letter of credit/advances from the customer.

(ii) Foreign Currency Risk

The Company is exposed to foreign exchange risk arising from foreign currency receivables and payables. The foreign currency exposures are to USD, EURO, GBP and PHP.

Foreign Currency Risk Management

Considering the time duration of exposures, the Company believes that there will be no significant impact on account of fluctuation in exchange rates.

Financial and Derivative Instrument

The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as on March 31, 2024 are USD 215.00 Lakh (As at March 31, 2023 USD 267.00 Lakh) and Euro 62.00 Lakh (As at March 31, 2023 Euro 4.00 Lakh) with INR as cross currency.

(iii) Price Risk Management

The Company holds investments in equity for strategic management purposes and classified in the balance sheet at amortised cost. The Company evaluates the performance of its investments on a periodic basis. Also, the investments have been placed for a long term objective and any deterioration for a temporary period is not taken into account while evaluating the performance of its investments.

For the purpose of Company's capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Company's capital management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants. The Company monitors capital using gearing ratio, which is total borrowing divided by total capital (equity plus net debt). Total borrowings are non-current and current borrowings. Equity comprises all components including other comprehensive income.

Note: The Gratuity fund is entirely invested in Group Gratuity Policy with the Life Insurance Corporation of India. The information on the allocation of the funds into major asset classes and the expected return on each class is not readily available.

Leave Encashment

The accumulated balance of leave encashment (unfunded) provided in the books as at March 31, 2024 is H 13.50 Lakh (March 31, 2023 - H 12.50 Lakh).

Note 38. Employee Stock Option Plan, 2019

The members of Nomination and Remuneration Committee of the Board of Directors of the Company (Bliss GVS Pharma Ltd) in its Meeting held on March 07, 2020 have approved grant of 27,61,000 Options, on meeting held on April 05, 2021 granted

7.30.000 Options, on meeting held on April 30, 2022 granted 5,72,000 Options and on meeting held on May 11, 2023 granted

11.55.000 out of total 60,00,000 Options under Bliss GVS Pharma Limited - Employee Stock Options Plan 2019 to the eligible employees of Bliss GVS Pharma Ltd. at an exercise price of H 43 per option/per share. Employee Stock Options Plan 2019 options were accepted on April 7, 2020, on May 4, 2021, on June 2, 2022 and on June 12, 2023 by eligible employees.

b) Fair Value of Share Options Granted during the year

The fair value of the stock options has been estimated using Black-Scholes model which takes into account as of grant date, the exercise price and expected life of the option, the current market price of underlying stock and its expected volatility, expected dividends on stock and the risk-free interest rate for the expected term of the option.

Note 41. Segment Disclosure

Operating segment are components of the Company whose operating results are regularly reviewed by the Chief Operating Decision Maker [CODM] to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available.

Pharmaceuticals is identified as single operating segment for the purpose of making decision on allocation of resources and assessing its performance.

Note 42. Disclosure required under Micro, Small and Medium Enterprises Development Act, 2006 (the MSME Act) are given as follows:

This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This information has been relied upon by the Auditors.

(ii) Contract liabilities includes deferred revenue as on March 31, 2024 H 34.60 Lakh (March 31, 2023 H 31.64 Lakh). Revenue recognised during the year from opening balance of contract liabilities (deferred revenue) amounts to H 11.06 Lakh (March 31, 2023 H 11.24 Lakh). Contract liabilities are on account of the advances and upfront revenue received from customer for which performance obligation has not yet been completed.

(iii) The performance obligation is satisfied at the point of time when control of the goods or services are transferred to the customers based on the contractual terms.

(f) Transaction Price allocated to the remaining Performance Obligations

The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) and expected conversion of the same into revenue cannot be determined due to nature of contracts and uncertainty of completion of milestone as performance obligation.

(h) The amounts receivable from customers become due after expiry of credit period which ranges between 0-240 days. There is no significant financing component in any transaction with the customer.

Note 45. Impairment of Financial Assets

Trade receivable outstanding are classified among regions as trade receivables of Africa, India and Global excluding Africa for last 5 years on quarterly basis into buckets on the basis of due dates as follows: 0-90 days; 90-180days; 181-365 days; 366-730 days; > 730 days and then proportion of amount in each bucket to total trade receivable is worked out. Average of entire 5 year of each bucket than two years average of the 5 year average is calculated. Probability of trade receivable in each bucket shifting to next bucket is calculated. Average of all the bucket wise probability of all 5 years is calculated and multiplied to the total trade receivable of that region in that particular bracket. Likewise expected credit loss is worked out for all three regions mentioned above and aggregate of all three is recognised as expected credit loss in profit and loss account.

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020. However, the date on which the code will come into effect has not been notified. The Company will assess the impact and will record any related impact in the period once the code becomes effective.

Note 49. During the year ended March 31, 2024, the Board of Directors of the Company in its meeting held on February 16, 2024, has approved an internal restructuring of foreign subsidiaries of the Company to create synergies across the business, strengthen capital structure and establish the leaner structure of the Company at the Group level without any change in ultimate ownership of the Company over the subsidiaries. The following were approved by the Board of Directors.

a. Change in Ownership by way of transfer of entire equity stake of Asterisk Lifesciences (GH) Limited held by Asterisk Lifesciences Limited (UK), a wholly-owned subsidiary of the Company to Bliss GVS International Pte. Ltd. (Singapore), a wholly-owned subsidiary of the Company. Asterisk Lifesciences (GH) Limited has been sold to Bliss GVS International Pte Ltd (Singapore) on February 29, 2024.

b. Voluntary Liquidation of Asterisk Lifesciences DRC, a step-down subsidiary of the Company in the Democratic Republic of Congo due to macro-economic business scenarios. As the Company has appointed liquidator, the Company has lost control of Asterisk Lifesciences DRC from the date liquidator is appointed and thus the Group has impaired the investments and loans aggregating to H 117.46 Lakh in the books of Bliss GVS International Pte Limited (Singapore) and has derecognised the step-down subsidiary from Consolidation w.e.f February 19, 2024.

c. Conversion of the loan USD 50,00,000 (H 4,151.88 Lakh) granted by the Company to Bliss GVS International Pte. Ltd. ("BGIPL"), Singapore a wholly owned subsidiary of the Company into Equity Shares of Bliss GVS International Pte. Ltd on February 23, 2024.

Note 51. Exceptional item pertains to impairment of investment in its wholly-owned subsidiary Bliss International Pte Ltd amounting to H 4,108.61 Lakh (USD 49,27,931) for the year ended March 31, 2024.

The Company has invested in, given loans, accrued interest and due thereon and trade receivables from above mentioned subsidiary and its step-down subsidiaries aggregating to H 15,255.83 Lakh. This subsidiary have a consolidated negative net worth as at March 31, 2024. Further, one of its step-down subsidiary is in Nigeria, where the economy has been facing challenges due to various factors such as low oil prices, inflation, unemployment, and security concerns since past one year. Inflation has been a persistent issue in Nigeria, driven by factors such as currency depreciation, supply chain disruptions, and fiscal deficits. High inflation has eroded purchasing power and affected the cost of living for Nigerian citizens. Overall, annual inflation, which is the average rate at which prices go up, is now close to 25% - the highest figure in nearly three decades. The cost of food has risen even more by 35%. Due to such economic scenarios in the country of its one step-down subsidiary, the Company has decided to carry out impairment testing of the investments in subsidiaries as required under Ind AS 36. The valuation of the Companies was determined using forecast of future revenues, operating margins and discount rates while determining the corresponding recoverable values using discounted cash flow method. The fair valuation of the investment arrived by DCF method was lower than the carrying value of investment in these Companies which has resulted in impairment of investment amounting to H 4,108.61 Lakh in standalone financial statements.

Note 52. There are no Benami properties held by the Company. Also, there has been no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

Note 53. The Company doesn't have any transactions with Companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956.

Note 54. The Company has not traded or invested in Crypto currency or Virtual currency during the financials year.

Note 55. There are no transactions which are recorded in the books of account which have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).

Note 56. The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other source of funds) to other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the intermediary shall whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or like on or behalf of the Ultimate Beneficiaries. The Company has not received any funds from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or like on or behalf of the Funding Party (Ultimate Beneficiaries) or provide any guarantee, security or like on or behalf of the Ultimate Beneficiaries.

Note 57. The standalone financial statements were authorised for issue in accordance with resolution passed by the Board of Directors on May 02, 2024.

Note 58. The figures as on the transition date and previous year have been rearranged and regrouped wherever necessary and/or practicable to make them comparable with those of the current year.