2.14 Provisions, contingent liabilities and contingent assets:

Provisions are recognised in the balance sheet when the company has a present obligation (legal or constructive) as a result of a
past event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably
estimated. Each provision is based on the best estimate of the expenditure required to settle the present obligation at the
reporting date taking into account the risks and uncertainties surrounding the obligation.

2.15 Impairment of assets:

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their
carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of
the fair value less cost to sell and the value in use) is determined on an Individual asset basis unless the asset does not generate
cash flows that are largely independent of those from other assets.

If assets are considered to be impaired, the impairment to be recognised in the Statement of profit and loss is measured by the
amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is
reversed in the Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable
amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not
exceed the carrying amount that would have been determined (net of any depreciation) had no impairment been recognized
for the asset in prior years.

2.16 Derivatives and hedge accounting:

Derivatives are initially recognised at fair value and are subsequently remeasured to their fair value at the end of each reporting
period. The resulting gains / losses are recognised in Statement of Profit and Loss immediately unless the derivative is
designated and effective as a hedging instrument, in which event the timing of recognition in profit or loss /inclusion in the
initial cost of non-finandal asset depends on the nature of the hedging relationship and the nature of the hedged item.

2.17 Government Grants:

The Company may receive government grants that require compliance with certain conditions related to the Company's
operating activities or are provided to the Company by way of financial assistance on the basis of certain qualifying criteria.
Government grants are recognised when there is reasonable assurance that the grant will be received upon the Company
complying with the conditions attached to the grant. Accordingly, government grants:

(a) related to or used for assets, are deducted from the carrying amount of the asset.

(b) related to incurring specific expenditures are taken to the Statement of Profit and Loss on the same basis and in the same
periods as the expenditures incurred.

(c) by way of financial assistance on the basis of certain qualifying criteria are recognised as they become receivable.

In the unlikely event that a grant previously recognised is ultimately not received, it is tregleitasa change in estimate and the
amount cumulatively recognised is expensed in the Statement of Profit and Loss.

/zO

5) Fair Value Measurement
Fair Value Hierarchy

Fair value of the financial Instruments is classified in various fair value hierarchies based on the following three levels:

Level 1: Quoted prices (unadjusted) in active market for Identical assets or liabilities.

Level 2: Inputs other than quoted price included within Level 1 that are observable for the asset or liability, either directly (Le. as prices) or Indirectly (i.e. derived from prices).

Level 3: inputs for the assets or liabilities that are not based on observable market data (unobservable inputs). If one or more of the significant Inputs is not based on observable
market data, the fair value is determined using generally accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate
that reflects the credit risk of counterpa rty.

The fair value of trade receivables, trade payables and other current financial assets and liabilities is considered to be equal to the carrying amounts of these items due to their short
- term nature.

The fair value of RoU asset and lease liabilities has been determined on the basis of valuation carried out at the reporting date by registered valuer as defined under rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017 and the same has been categorized as Level-3 based on the valuation techniques used and Inputs applied. The lease
liability has been determined at the present value of the remaining lease payments, discounted using the lessee's incremental borrowing rate at the date of Initial application.

6) Financial risk management objectives

The Company aims at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a
consequence of its business operations by having a system-based approach to risk management, anchored to policies and procedures of the Company. Accordingly, the Company's
risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and
in compliance with the applicable regulations.

Foreign currency exchange rate risk

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and loss. The Company evaluates the impact of foreign exchange rate
fluctuations by assessing its exposure to exchange rate risks.

14) The Company has not advanced or loaned or Invested funds [either borrowed funds of share premium or any other sources or kind of funds) to any other personas) or entityfies)
Including foreign entitles (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall directly or Indirectly lend or Invest in other
persons or entitles identified In any manner whatsoever by or on behalf of the Company (ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the
Ultimate Beneficiaries.

15) The Company has not received any advance from any person(s) or entity(ies), including foreign entitles (funding party} with the,understanding that the Company shall directly or

indirectly lend or invest in other persons or entities Identified In any manner whatsoever by or on behalf of funding party-{tTfTfrnccLfer ie 51 or provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries. //'yV

161 The Company's net worth has been fully eroded. However, having regard financial support from its promoters, the financial statements have been prepared on the basis that the
Company is a going concern and that no adjustments are required to the carrying value of assets and liabilities.

17) Some of the trade payables, Loans and Other Current Assets are subject to balance confirmation/ reconciliation at the year end. The management is in process of getting balance
confirmation from the respective parties. However, reconciliation/ confirmation of these balances is not expected to result In any material adjustments In the stated balances.

18) The Company has moved an application for voluntary delisting of its securities from CSE on April 09, 2022. However, the trading in securities has been suspended by the Calcutta
Stock Exchange Limited <CS£) w.e.f April 26, 2022 on account of non-payment of Annual Listing Fees,

19) 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.

20) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any fienami property.

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

22) The Company did not have any long- term contracts Including derivative contracts for which there were any material foreseeable losses.

23) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

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

25) On the basis of the total income of the Company, the figures appearing In the financial statements have been rounded off to nearest lakhs. The previous year figures have been
regrouped, rearranged and reclassified wherever necessary.

Aj per our report of even date attached for add on behalf of the Board of Directors of

ForV.N, PUROHITACO. Elltecon International Limited

Chartered Accountants ('**'/ /

FRN: 304040E f^f \tT\ / - / S

l°i M .O

'¹'"i I . ...............

^Paftnw \/-^ i Qv/ Managing Director Director and CEO

M. No.: 014238 ^ DIM: 01739519 DIM: 07478810

(JOIN: 24014238BKAUCD4293 ___152,5hwani Appartmerits, 2/4, Pocket-7,

Plot No. 63, Sector -82, NoWa-

, I.P. Extension, Patparganj, 201304

Delhi-110092 i

Chetri

Date: 28th May, 2024 Chief FJnamcJal OfficJr

Place: New Oefhi PAN: AVEPC8499A