(x) Provisions and Contingencies

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of theobligation. The
expense relating to a provision is presented in the statement of profit and loss.

Provisions are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the control of the Company; or a present obligation that arises from past events but is not recognized
because it is not probable that an outflow of resources embodying economicbenefits will be required to settle the obligation; or the amount of the obligation
cannot be measured with sufficient reliability.

A contingent asset is disclosed, where an inflow of economic benefits is probable.

(xi) Cash & Cash Equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short term deposits with an original maturity of three months or
less, which are subject to an insignificant risk of changes in value.

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

(xii) Financial Instruments

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.

a) Financial assets

Initial recognition and measurement

All 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.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three broad categories:

- Financial assets at amortized cost

- Financial assets at fair value through OCI (FVTOCI)

- Financial assets at fair value through profit and loss (FVTPL)

Financial Assets at amortized cost

A Financial asset is measured at amortized cost (net of any write down for impairment) the asset is held to collect the contractual cash flows (rather than to
sell the instrument prior to its contractual maturity to realize its fair value changes) and the contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and interest ("SPPI") on the principal amount outstanding.

Such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortized cost is calculated by taking into
account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in
the profit and loss. The losses arising from impairment are recognizedstatement of profit and loss. This category generally applies to trade and other
receivables. .

Financial asset at fair value through OCI (FVTOCI)

A financial asset that meets the following two conditions is measured at fair value through OCI unless the asset is designated at fair value through profit and
loss under fair value option.

- The financial asset is held both to collect contractual cash flows and to sell.

- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal ' "
amount outstanding.

Instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are _ •

recognized in OCI. However, the Company recognizes interest income and impairment losses & reversals in the Profit and Loss. On derecognition of the
asset, cumulative gain or loss previously recognized in OCI is reclassified from the equity to Profit and Loss. Interest earned whilst holding FVTOCI
Financial asset is reported as interest income using the EIR method. Jf .........._:l

Financial asset at fair value through profit and loss (FVTPL)

FVTPL is a residual category for company's financial instruments. Any instruments which does not meet the criteria for categorization as at amortized cost
or as FVTOCI, is classified as at FVTPL.

All investments included within the FVTPL category are measured at fair value with all changes recognized in the Profit and Loss.

In addition, the company may elect to designate an instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such
election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as 'accounting mismatch').

Derecognition

When the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a 'pass- through' arrangement; It evaluates if and to what extent it has retained the risks and rewards of ownership.

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

- The rights to receive cash flows from the asset have expired, or

- Based on above evaluation, either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company
continues to recognize the transferred asset to the extent of the Company⁷ s continuing involvement. In that case, the Company also recognizes an associated
liability. The transferred asset and the associated liability are measured on a bases that reflect the rights and obligations that the Company has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset
and the maximum amount of consideration that the Company could be required to repay.

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 which are not fair value through profit & loss and equity instruments recognized in OCI.

Loss allowances for trade receivables are always measured at an amount equal to Lifetime ECL. Lifetime ECL are the expected credit losses that result from
all possible default events over the expected life of a financial instrument. The maximum period considered when estimating ECL is the maximum
contractual period over which the company is exposed to credit risk.

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 forimpairment loss. However, if
credit risk has increased significantly, lifetime ECL is used.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial instrument. The 12-month ECL is a
portion of the lifetime ECL which results from default events that are possible within 12 months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the entity
expects to receive (i.e., all cash shortfalls), discounted at the original EIR. When estimating the cash flows, an entity is required to consider all contractual
terms of the financial instrument (including prepayment, extension, call andsimilar options) over the expected life of the financial instrument. However, in
rare cases when the expected life of the financial instrument cannot be estimated reliably, then the entity is required to use the remaining contractual term
of the financial instrument.

ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in the statement of profit and loss (P&L). This
amount is reflected under the head 'other expenses' in the P&L. The balance sheet presentation for various financial instruments is described below:

Financial assets measured as at amortized cost, contractual revenue receivables and lease receivables:

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 Company does not reduce impairment allowance from the gross carrying amount.

b) Financial liabilities

Initial recognition and measurement ...... _ l _ _ ^

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit and loss or at amortized cost, as appropriate. All
financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, net of directly attributable transaction costs. The Company's
financial liabilities include trade payables, lease obligations, and other payables.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and borrowings and other payables are subsequently measured at amortized cost using the EIR method.
Gains and losses are recognized in profit and loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortization is included as finance costs in the statement of profit and loss.

Derecognition

A financial liability is derecognized 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 derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognized in the statement of profit and loss.

c) Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset
the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

(xiii) Earning Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the year/period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the period adjusted for bonus elements, if any, issued during the year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year/period attributable to equity shareholders after taking into
account the after income tax effect of interest and other financing costs associated with dilutive potential equity shares and the weighted average number of
additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

(xiv) Cash Flow Statement

Cash flow statement is prepared in accordance with the indirect method prescribed in Ind AS 7 'Statement of Cash Flows'. Cash flows are reported using
the indirect method, whereby profit/ (loss) before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or
future cash receipts or payments. Cash flow for the year is classified by operating, investing and financing activities.

(xv) Rounding of Amount

Amount disclosed in the financial statement and notes have been rounded off to the nearest Lakhs as per the requirements of schedule III, unless otherwise
stated.

Defined Benefit Plan

As per the payment of Gratuity Act, 1972, the Company has a defined benefit gratuity plan. Every employee who has
completed five years or more of service gets a gratuity on departure at 15 days' salary (last drawn salary) for each
completed year of service. The company has provides an amount towards Gratuity at the end of every year on the
basis of Acturial Valuation Report.

The following table summarizes the components of net benefit expense recognized in the Statement of profit and
Loss and amounts recognized in the balance sheet for the gratuity plans of the Company.

(a) Credit Risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit
risk at the reporting date is primarily from trade receivables. Accordingly, credit risk from trade receivables has been separately evaluated
from all other financial assets in the following paragraphs. . .

(i) Trade Receivables ^ ^

Majority of the clients of the company are Government entities, with no history of defaults. Hence, credit risk on the trade receivables are
neglible. The company takes adequate precaution in terms of evaluation of the creditworthiness of its direct clients. The track record of .
collection of Trade Receivables has been very healthy. The company also has a practice of obtaining confirmation on service provided from
most of its clients before invoicing, and hence risk of subsequent non-collection is negligible.

(ii) Financial assets other than trade receivables

Financial assets except trade debtors includes bank balances, term deposits, security deposit and receivable from related parties, etc

Credit risk relating to bank balances, term deposits and its interest accurred is considered negligible because our counterparties are banks. We
consider the credit quality of bank balances, term deposits and related interest accurred with such banks are subject to the regulatory oversight
of the Reserve Bank of India to be good, and we review these banking relationships on an ongoing basis. There are no impairment provisions
as at each reporting date against these financial assets. We consider all the above financial assets as at the reporting dates to be of good credit
quality.

The amount of security deposit are lying with landlords of the leased premises and hence carries no risk exposure, and receivables from
related party are of good credit quality as per past experience of the company

(b) Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. The
Company's objective is to at all times maintain optimum levels of liquidity to meet its cash and liquidity requirements.

Short term liquidity requirements consists mainly of sundry creditors, expense and capital payable, employee dues etc. arising during the
normal course of business as of each reporting date. We maintain a sufficient balance in cash and cash equivalents to meet our short term
liquidity requirements. We assess short term liquidity requirements on a periodical basis and manage them through internal accruals.

Company has not taken any loans from any of the sources. We don't have any long term financial liabilites. Processes and policies related to
such risks are overseen by senior management

(c) Capital Management

The Company's objective in managing its capital is to safeguard its ability to continue as a going concern and to optimise returns to our
shareholders. The Company considers the following components of its Balance Sheet to be managed capital: 1) Share Capital, 2) Share
Premium and 3) Other Reserves comprising of Retained Earnings. The Company's capital structure is based on the Managements assessment
of the balances of key elements to ensure strategic decisions and day to day activities. The capital structure of the Company is managed with a
view of the overall macro economic conditions and the risk characteristics of the underlying assets. The Company's policy is to maintain a
strong capital structure with a focus to mitigate all existing and potential risks to the Company, maintain shareholder, vendor and market
confidence and sustain continuous growth and development of the Company. The Company's focus is on keeping a strong total equity base to
ensure independence, security, as well as high financial flexibility without impacting the risk profile of the Company. In order, to maintain or
adjust the capital structure, the Company will take appropriate steps as may be necessary. The Company does not have any debt or financial
covenants.

Note No. 32 - Disclosures Pursuant to Ind AS 116 - Leases

A. The Company applied the available practical expedients wherein it -

a. Used a single discount rate to a portfolio of leases with reasonably similar characteristics.

b. Relied on its assessment of whether leases are onerous immediately before the date of initial application

c. Applied the short-term leases exemptions to leases with lease term that ends within 12 months of the da

d. Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial appl:

e. Used hindsight in determining the lease term where the contract contained options to extend or terminate t
The Company has elected not to apply the requirements of Ind AS 116 to short term leases that have a

B lease term of twelve months or

less and leases for which the underlying asset is of low value. The lease payments associated with these
leases are recognized as an expense on a straight line basis over the lease term.

C. The effective interest rate for lease liabilities is 10%.

Note No. 34 - Other Statutory Information

_a The company do not have any Benami property, where any proceeding has been initiated or pending against the Company for holding
any Benami property.

b. The Company do not have any transactions with companies struck off.

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

d. The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year

_e The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company;

ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

f The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company;

ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

The Company doesn't have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as

g. income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions
of the Income Tax.

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

i The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017

j. The Company has not revalued its property, plant and equipment during the financial year.

k The company doesn't hold any immovable property, other than properties where the Company is the lessee and the lease agreements are
duly executed in favour of the lessee.

Note No. 35 - Other Information

GST Inputs and Outputs are considered in the books of accounts w.r.t. the purchases / inputs and sales / outputs made during . 1

^a. the year on which the assessee is eligible / liable by the management. However difference if any, resulting at the time of GST
Audit or any other development or information later on, is provided for in the year in which such difference is pointed out.

b. In the opinion of the Directors, Trade Receivables, Short Term Loans & Advances and Other Current Assets have been valued at
which they are shown in the Statement of Assets & Liabilities if realised in the ordinary course of business.

_c Balances of parties under Trade Payables, Other Current Liabilities, Long Term Loans & Advances, Trade Receivables, Short
Term Loans & Advances and Other Current Assets are subject to confirmation.

d. Previous Year Figures have been regrouped and recasted wherever necessary.

NSE had ordered an independent limited review of the company which was conducted by BDO ("Limited Reviewer"). Report of

e. such review is available on public domain. Company has submitted its reply with NSE on the objections raised by limited
reviewer and the same is under consideration by NSE.

f. Financial information of the USA branch are certified by CPA.

For and on behalf on FOR AND ON BEHALF OF

LABS & Associates C2C Advanced Systems Limited

Chartered Accountants (formerly C2C Advanced Systems Private Limited)

FRN: 021131C CIN: L72200KA2018PLC110361

CA Rohit Gupta Lakshmi Chandra Murtaza Ali Soomar Manjeet Singh

Partner (Managing Director) (Director & CFO) (Company Secretary)

Membership No. 571943 DIN: 07436752 DIN: 05194435 PAN: DDSPS0240G