2.3.8 Provisions:
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 the obligation. When the
Company expects some or all of a provision to be reimbursed, for example, under an insurance contract,
the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually
certain. The expense relating to a provision is presented in the statement of Profit and Loss net of any
reimbursement.
Provisions are not discounted to their present value and are determined based on the best estimate
required to settle the obligation at the reporting date. These estimates are reviewed at each reporting
date and adjusted to reflect the best estimate.
Contingent Liabilities
A contingent liability is a possible obligation that arises from past events whose existence will be
confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control
of the Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases,
where there is a liability that cannot be recognized because it cannot be measured reliably. The Company
does not recognize a contingent liability but discloses its existence in the financial statements unless the
probability of outflow of resources is remote.
Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet
date.
2.3.9 Employee Benefits:
2.3.9.1 Short term obligations:
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service are
recognized in respect of employee's service up to the end of reporting period and are measured at the
amounts expected to be paid when the liabilities are settled. The liabilities are presented as current
employee benefit obligation in the balance sheet.
2.3.9.2 Other Long term employee benefit obligations:
The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service. They are therefore measured based on the
actuarial valuation using projected unit credit method at the year end. The benefits are discounted using
the market yields at the end of the reporting period that have terms approximating to the term of the
related obligation. Re-measurements as a result of experience adjustments and changes in actuarial
assumptions are recognized in profit or loss.
2.3.9.3 Post-employment obligations: The Company operates the following post-employment
schemes:
2.3.9.3.1 Defined benefit plans such as gratuity; and
2.3.9.3.2 Defined contribution plans such as provident fund.
Gratuity Obligations:
Gratuity liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on
projected unit credit method made at the end of each financial year.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets
(excluding amounts included in net interest on the net defined benefit liability), are recognized
immediately in the Balance Sheet with a corresponding debit or credit to retained earnings through OCI in
the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent
periods.
Net interest is calculated by applying the discount rate to the net defined benefit (liabilities/assets). The
Company recognized the following changes in the net defined benefit obligation under employee benefit
expenses in statement of profit and loss
• Service cost comprising current service cost, past service cost, gain & loss on curtailments and non¬
routine settlements.
• Net interest expenses or income.
2.3.10 Revenue Recognition:
The disclosures of significant accounting judgements, estimates and assumptions relating to revenue
from contracts with customers.
Revenue from contract with customers
Revenue from contracts with customers is recognized when control of the goods or services are
transferred to the customer at an amount that reflects the consideration to which the Company expects to
be entitled in exchange for those goods or services. The Company has concluded that it is the principal in
its revenue arrangements, because it typically controls the goods or services before transferring them to
the customer.
Revenue from sale of goods is recognized at the point in time when control of the goods is transferred to
the customer, on delivery of the goods. The normal credit term is 7 to 30 days upon delivery. The
Company considers whether there are other promises in the contract that are separate performance
obligations to which a portion of the transaction price needs to be allocated. In determining the
transaction price for the sale of goods, the Company considers the effects of variable consideration, the
existence of significant financing components, non-cash consideration, and consideration payable to the
customer (if any).
If the consideration in a contract includes a variable amount, the Company estimates the amount of
consideration to which it will be entitled in exchange for transferring the goods to the customer. The
variable consideration is estimated at contract inception and constrained until it is highly probable that a
significant revenue reversal in the amount of cumulative revenue recognized will not occur when the
associated uncertainty with the variable consideration is subsequently resolved.
Contract balances
Contract Assets
A contract asset is the right to consideration in exchange for goods or services transferred to the
customer. If the Company performs by transferring goods or services to a customer before the customer
pays consideration or before payment is due, a contract asset is recognized for the earned consideration
that is conditional.
Trade receivables
A receivable represents the Companies right to an amount of consideration that is unconditional (i.e., only
the passage of time is required before payment of the consideration is due). Refer to accounting policies
of financial assets in section financial instruments - initial recognition and subsequent measurement.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Company has
received consideration (or an amount of consideration is due) from the customer. If a customer pays
consideration before the Company transfers goods or services to the customer, a contract liability is
recognized when the payment is made or the payment is due (whichever is earlier). Contract liabilities are
recognized as revenue when the Company performs under the contract.
Interest income
For all debt instruments measured either at amortized cost or at fair value through other comprehensive
income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly
discounts the estimated future cash payments or receipts over the expected life of the financial instrument
or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the
amortized cost of a financial liability. When calculating the effective interest rate, the Company estimates
the expected cash flows by considering all the contractual terms of the financial instrument (for example,
prepayment, extension, call and similar options) but does not consider the expected credit losses.
2.3.11 Leases
Company, as a lessee
The Company as a lessee, recognizes a right-of-use asset and a lease liability for its leasing
arrangements, if the contract conveys the right to control the use of an identified asset. The contract
conveys the right to control the use of an identified asset, if it involves the use of an identified asset and
the Company has substantially all of the economic benefits from use of the asset and has right to direct
the use of the identified asset.
The cost of the right-of-use asset shall comprise of the amount of the initial measurement of the lease
liability adjusted for any lease payments made at or before the commencement date plus any initial direct
costs incurred. The right-of-use assets is subsequently measured at cost less any accumulated
depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease
liability. The right-of-use assets is depreciated using the straight-line method from the commencement
date over the shorter of lease term or useful life of right-of-use asset.
The Company measures the lease liability at the present value of the lease payments that are not paid at
the commencement date of the lease. The lease payments are discounted using the interest rate implicit
in the lease, if that rate can be readily determined. If that rate cannot be readily determined, the Company
uses incremental borrowing rate.
For short-term and low value leases, the Company recognizes the lease payments as an operating
expense on a straight-line basis over the lease term.
The Company as a lessor
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the
terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract
is classified as a finance lease. All other leases are classified as operating leases. When the Company is
an intermediate lessor, it accounts for its interests in the head lease and the sublease separately.
The sublease is classified as a finance or operating lease by reference to the ROU asset arising from the
head lease. For operating leases, rental income is recognized on a straight line basis over the term of the
relevant lease.
2.3.12 Fair Value Measurement
The Company measures financial instruments, such as, derivatives 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 principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
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 date are available to measure fair value, maximizing the use of relevant observable inputs and
minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorized within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
a. Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
b. Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
c. 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 recognized in the financial statements on a recurring basis, the
Company determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorization (based on the lowest level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.
The Company's management determines the policies and procedures for both recurring and non¬
recurring fair value measurement, such as derivative instruments measured at fair value.
External values are involved for valuation of significant assets, such as properties and financial assets
and significant liabilities. Involvement of external values is decided upon annually by the management.
The management decided, after discussions with the Company's external values which valuation
techniques and inputs to use for each case.
At each reporting date, the management analyses the movements in the values of assets and liabilities
which are required to be re-measured or re-assessed as per the Company's accounting policies.
The management in conjunction with the Company's external values, also compares the change in the
fair value of each asset and liability with relevant external sources to determine whether the change is
reasonable.
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.
2.3.13 Significant accounting judgments, estimates and assumptions
The preparation of the Company's financial statements requires management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the carrying
amount of the asset or liability affected in future periods.
Judgments
In the process of applying the Company's accounting policies, management has made the following
judgments, which have the most significant effect on the amounts recognized in the financial statements.
Operating lease commitments - Company as lessee
The Company has taken various properties on leases. The Company has determined, based on an
evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a
substantial portion of the economic life of the commercial property, and that it does not retain all the
significant risks and rewards of ownership of these properties and accounts for the contracts as operating
leases.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the
reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, are described below. The Company based its
assumptions and estimates on parameters available when the financial statements were prepared.
Existing circumstances and assumptions about future developments, however, may change due to
market changes or circumstances arising beyond the control of the Company. Such changes are reflected
in the assumptions when they occur.
a. Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and
the amount and timing of future taxable income. Given the wide range of business relationships and the
long-term nature and complexity of existing contractual agreements, differences arising between the
actual results and the assumptions made, or future changes to such assumptions, could necessitate
future adjustments to tax income and expense already recorded. The Company establishes provisions,
based on reasonable estimates. The amount of such provisions is based on various factors, such as
experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and
the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues
depending on the conditions prevailing in the respective domicile of the companies.
b. Defined benefit plans
The cost of defined benefit plans (i.e. Gratuity benefit) is determined using actuarial valuations. An
actuarial valuation involves making various assumptions which may differ from actual developments in
the future. These include the determination of the discount rate, future salary increases, mortality rates
and future pension increases. Due to the complexity of the valuation, the underlying assumptions and its
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date. In determining the appropriate discount rate,
management considers the interest rates of long-term government bonds with extrapolated maturity
corresponding to the expected duration of the defined benefit obligation. The mortality rate is based on
publicly available mortality tables for the specific countries. Future salary increases and pension
increases are based on expected future inflation rates.
c. Fair value measurement of financial instrument
When the fair value of financial 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 (DCF) model. The inputs to these models are taken from
observable markets where possible, but where this is not feasible, a degree of judgment is required in
establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and
volatility. Changes in assumptions about these factors could affect the reported fair value of financial
instruments.
2.3.14 Borrowing Costs:
Borrowing cost includes interest expense as per effective interest rate [EIR]. Borrowing costs directly
attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset until
such time that the asset are substantially ready for their intended use. Where funds are borrowed
specifically to finance a project, the amount capitalized represents the actual borrowing incurred. Where
surplus funds are available out of money borrowed specifically to finance project, the income generated
from such current investments is deducted from the total capitalized borrowing cost. Where funds used to
finance a project form part of general borrowings, the amount capitalized is calculated using a weighted
average of rate applicable to relevant general borrowing of the Company during the year. Capitalization of
borrowing cost is suspended and charged to profit and loss during the extended periods when the active
development on the qualifying project is interrupted. All other borrowing costs are expensed in the period
in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection
with the borrowing of funds. Borrowing cost also includes exchange differences arising from foreign
currency borrowings to the extent that they are regarded as an adjustment to the borrowing costs.
2.3.15 Impairment of Non-Financial Assets:
The Company assesses, at each reporting date, whether there is an indication that an asset may be
impaired. If any indication exists, or when annual impairment testing for an asset is required, the
Company estimates the assets recoverable amount. An asset's recoverable amount is the higher of an
assets or cash-generating units (CGU) fair value less costs of disposal and its value in use.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash
inflows that are largely independent of those from other assets or groups of assets. When the carrying
amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and
In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset.
In determining fair value less costs of disposal, recent market transactions are taken into account. If no
such transactions can be identified, an appropriate valuation model is used. These calculations are
corroborated by valuation multiples, quoted share prices for publicly traded companies or other available
fair value indicators.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are
prepared separately for each of the Company's CGUs to which the individual assets are allocated. These
budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term
growth rate is calculated and applied to project future cash flows after the fifth year. To estimate cash flow
projections beyond periods covered by the most recent budgets/forecasts, the Company extrapolates
cash flow projections in the budget using a steady or declining growth rate for subsequent years, unless
an increasing rate can be justified. In any case, this growth rate does not exceed the long-term average
growth rate for the products, industries, or country or countries in which the entity operates, or for the
market in which the asset is used.
Impairment losses of operations, including impairment on inventories, are recognized in the statement of
profit and loss, except for properties previously revalued with the revaluation surplus taken to OCI. For
such properties, the impairment is recognized in OCI up to the amount of any previous revaluation
surplus.
After impairment depreciation is provided on the revised carrying amount of the asset over its remaining
economic life. An assessment is made in respect of assets at each reporting date to determine whether
there is an indication that previously recognized impairment losses no longer exist or have decreased. If
such indication exists, the Company estimates the asset's or CGU's recoverable amount. A previously
recognized impairment loss is reversed only if there has been a change in the assumptions used to
determine the asset's recoverable amount
since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the
asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognized for the asset in prior years.
Such reversal is recognized in the statement of profit or loss unless the asset is carried at a revalued
amount, in which case, the reversal is treated as a revaluation increase.
2.3.16 Government Grants:
Government grants are recognized where there is reasonable assurance that the grant will be received
and all attached conditions will be complied with. When the grant relates to an expense item, it is
recognized as income on systematic basis over the periods that the related costs, for which it is intended
to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal
amounts over the expected useful life of the related asset. However, if any export obligation is attached to
the grant related to an asset, it is recognized as income on the basis of accomplishment of the export
obligation.
When the Company receives grants of non-monetary assets, the asset and the grant are recorded at fair
value amounts and released to profit or loss over the expected useful life in a pattern of consumption of
the benefit of the underlying asset i.e. by equal annual installments.
2.3.17 Earnings per share
Basic and diluted earnings per Equity Share are computed in accordance with Indian Accounting
Standard 33 ‘Earnings per Share', notified accounting standard by the Companies (Indian Accounting
Standards) Rules of 2015 (as amended). Basic earnings per share is calculated by dividing the net profit
or loss attributable to equity holder of Company (after deducting preference dividends and attributable
taxes, if any) by the weighted average number of equity shares outstanding during the period. Partly paid
equity shares are treated as a fraction of an equity share to the extent that they are entitled to participate
in dividends relative to a fully paid equity share during the reporting period. The weighted average
number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus
element in a rights issue, share split, and reverse share split (consolidation of shares) that have changed
the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period, attributable
to equity shareholders of the Company and the weighted average number of shares outstanding during
the period are adjusted for the effects of all dilutive potential equity shares.
24. Contingent Liabilities and Commitments:
Liabilities in respect of Income Tax and Sales Tax have been accounted for on the basis of respective
returns filed with the relevant authorities. Additional demand, if any, arising at the time of assessment is
accounted for in the year in which assessment is completed. Income Tax assessments have been
assessed up to the assessment year 2021-22 and there is no outstanding demand is case of completed
assessments except Correction u/s 154 has been filed for assessment year 2020-21 against demand of
Rs. 60540/-. Sales Tax assessments have been completed up to financial year 2016-17. The Demands
have been raised by the Sales Tax Department and the Excise Department on account of Entry Tax,
CENVAT Credit, Penalty etc. The Status of such assessments is provided below:
The amounts disclosed in the table relating to employee benefits are the amounts recognised as an
expense during the reporting period related to key management personnel.
Terms and conditions of transactions with related parties
Outstanding balances of Unsecured Loan of the Directors at the year-end are unsecured and interest free
and settlement occurs in cash. There have been no guarantees provided or received for any related party
receivables or payables. For the year ended 31st March 2024, the Company has not recorded any
impairment of receivables relating to amounts owed by related parties. This assessment is undertaken
each financial year through examining the financial position of the related party and the market in which
the related party operates.
26. Deferred Tax
The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate
to income taxes levied by the same tax authority.
The Company has tax losses (Business Loss) of INR 18,09,55,020 (pertaining to A.Y. 2018-2019) and
INR 5,09,23,546 (pertaining to A.Y. 2016-2017) that are available for offsetting for eight years against
future taxable profits of the companies in which the losses arose.
The management assessed that trade receivables, cash and cash equivalents, other bank balances, loans
and advances to related parties, interest receivable, trade payables, capital creditors, other current financial
assets and liabilities are considered to be the same as their fair values, due to their short-term nature.
The fair value of loans from banks and other financial liabilities are estimated by discounting future cash flows
using rates currently available for debt on similar terms, credit risk and remaining maturities. The valuation
requires management to use observable and unobservable inputs in the model, of which the significant
observable and unobservable inputs are disclosed below. Management regularly assesses a range of
reasonably possible alternatives for those significant observables and unobservable inputs and determines
their impact on the total fair value.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The
following methods and assumptions were used to estimate the fair values:
The Company enters into derivative financial instruments such as foreign exchange forward contracts being
valued using valuation techniques, which employs the use of market observable inputs. The Company uses
Mark to Market provided by Bank for valuation of these derivative contracts.
The fair values of the Company's interest-bearing borrowings are determined by using DCF method using
discount rate that reflects the issuer's borrowing rate as at the end of the reporting period. The own non¬
performance risk as at March 31,2024 was assessed to be insignificant.
Fair value hierarchy
The Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation technique:
Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are
observable, either directly or indirectly
Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not
based on observable market data.
29. Capital Management
For the purpose of the Company's capital management, capital includes issued equity attributable to the
equity shareholders of the Company, Liability Component of compound financial instrument (CFI),
security premium and all other equity reserves. The primary objective of the Company's capital
management is that it maintains an efficient capital structure and maximize the shareholder value. The
Company manages its capital structure and makes adjustments in light of changes in economic
conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the
Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new
shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus
net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other
payables, less cash and cash equivalents, other bank balances.
The Preference shares amounting to Rs. 15,00,00,000 were issued on respective dates (15/01/2016:
Rs.3,00,00,000, 11/02/2016: Rs.3,00,00,000, 31/12/2020: Rs.3,00,00,000, 20/03/2021: Rs 6,00,00,000).
In accordance with IND AS-109, the equity and debt component of Preference shares were segregated in
the year of their issue. Hence, interest amounting to Rs. 25,12,655 relates to this debt component of
Preference shares issued. Hence, this interest charged is a mere presentation requirement of IND AS-
109. The relevant effects have also been provided in recording deferred tax liability/asset in accordance
with IND AS-12.
The Company availed SAFASU Loan amounting Rs.53,49,00,000 on 30/11/2018. The Company was
offered this loan at 5% rate of interest, which was less than the prevailing market rate at time of issue.
Hence, the fair value of differential rate of interest was recorded as deferred income. The actual rate of
interest charged by bank is Rs. 40,11,750. Remaining Rs. 85,89,340 amount is mere presentation of IND
AS-109. The same amount has been transferred from deferred income to other non-operating income.
The Company availed GECL Loan amounting Rs.5,00,00,000 on 13/01/2022. The Company was offered
this loan at 7.40% rate of interest, which was less than the prevailing market rate at time of issue. Hence,
the fair value of differential rate of interest was recorded as deferred income. The actual rate of interest
charged by bank is Rs. 36,91,435. Remaining Rs. 27,91,156 amount is mere presentation of IND AS-109.
The same amount has been transferred from deferred income to other non-operating income.
32. Operating Segments:
A. Description of the segments and principal activities:
The Company's executive committee examines the Company's performance from a product and
geographic perspective and has identified two reportable segments of its business:
a. Sugar Manufacturing:
This part of the business manufactures and market Sugar and its byproducts (Molasses,
bagasse). The main raw material is Sugar cane. The Company has its Manufacturing Plant at
Village Aurangabad, Tehsil Nawabganj, Distt. Bareilly (Uttar Pradesh).
b. Power Generation
Under this segment of the business the Company generates power and provide commercial
Supply to UPPCL under power purchase agreement of 7-MW signed with UPPCL Lucknow (Uttar
Pradesh).
35. The previous year expenses amounting to Rs. 34,24,960/- relate to contribution given to install
oxygen plant at the premises as per the directions of the UP Government in the FY 2021-22.
36. Approval of Financial Statements
The Financial Statements have been approved for issue by the Board of Directors on 30th May 2024.
For Oswal Overseas Limited
Sd/- Sd/- Sd/-
(AIJAZ AHMAD) (ANOOP KUMAR SHRIVASTAVA) (PARAMJEET SINGH)
CFO DIRECTOR MANAGING DIRECTOR
Sd/-
(Lalit Kumar)
Company Secretary
FOR DSRV AND CO LLP
CHARTERED ACCOUNTANTS
Sd/-
(CA. MOHIT KUMAR)
Place: Panchkula Partner
Date: 30.05.2024 Membership No. 542901
FRN: 006993N
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