3.14 Provisions and contingencies
Provisions
Provisions are recognised 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. If the
effect of the time value of money is material, provisions are
discounted using equivalent period government securities
interest rate. Unwinding of the discount is recognised in the
Statement of Profit and Loss as a finance cost. Provisions are
reviewed at each balance sheet date and are adjusted to
reflect the current best estimate.
Contingencies
Contingent liabilities are disclosed when there is a possible
obligation arising from past events, the existence of which 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 where it is either not probable that an outflow of
resources will be required to settle or a reliable estimate of
the amount cannot be made. Information on contingent
liability is disclosed in the Notes to the Financial Statements.
Contingent assets are not recognised. However, when the
realisation of income is virtually certain, then the related asset
is no longer a contingent asset, but it is recognised as an asset.
3.15 Lease
The Company, as a lessee, recognises 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 re-measurement of the
lease liability. The right-of-use assets is depreciated using
the straight-line method 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.
The lease liability is subsequently remeasured by increasing
the carrying amount to reflect interest on the lease liability,
reducing the carrying amount to reflect the lease payments
made and remeasuring the carrying amount to reflect
any reassessment or lease modifications. The Company
recognises the amount of the re-measurement of lease
liability as an adjustment to the right-of-use asset. Where the
carrying amount of the right-of-use asset is reduced to zero
and there is a further reduction in the measurement of the
lease liability, the Company recognises any remaining amount
of the re-measurement in statement of profit and loss.
For short-term and low value leases, the Company recognises
the lease payments as an operating expense on a straight-line
basis over the lease term.
For a lease modification or termination, the lessee shall
account for the remeasurement of lease liability by
a) Decreasing the carrying amount of the right of use
assets to reflect the partial or full termination for
lease modification or lease termination. The lessee
shall recognise any profit and loss on the partial or
full termination of the lease in the statement of profit
and loss account.
b) Making a corresponding adjustment to the right of use
assets for all other modifications.
3.16 Current /non-current classification
The Company presents assets and liabilities in statement of
financial position based on current/non-current classification.
The Company has presented non-current assets and current
assets before equity, non-current liabilities and current
liabilities in accordance with Schedule III, Division II of
Companies Act, 2013 notified by MCA.
An asset is classified as current when it is:
a) Expected to be realised or intended to be sold or
consumed in normal operating cycle,
b) Held primarily for the purpose of trading,
c) Expected to be realised within twelve months after the
reporting period, or
d) Cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least twelve
months after the reporting period.
All other assets are classified as non-current.
A liability is classified as current when:
a) It is expected to be settled in normal operating cycle,
b) It is held primarily for the purpose of trading,
c) I t is due to be settled within twelve months after the
reporting period, or
d) There is no unconditional right to defer the settlement
of the liability for at least twelve months after the
reporting period.
All other liabilities are classified as non-current.
The operating cycle is the time between the acquisition
of assets for processing and their realisation in cash or
cash equivalents.
Deferred tax assets and liabilities are classified as non-current
assets and liabilities.
3.17 Government Grant
Government Grant Government grants with a condition to
purchase, construct or otherwise acquire long-term assets
are initially measured based on grant receivable under the
scheme. Such grants are recognised in the Statement of
Profit and Loss on a systematic basis over the useful life of
the asset. Amount of benefits receivable in excess of grant
income accrued based on usage of the assets is accounted
as Government grant received in advance. Changes in
estimates are recognised prospectively over the remaining
life of the assets.
The company has option to present the government grant
related to fixed assets by deducting the grant from the
carrying value of the asset and to present the non-monetary
grant at a nominal amount. The company has not availed this
option in current financial year.
Grants from the government are recognised at their fair
value where there is a reasonable assurance that the grant
will be received and the company will comply with all
attached condition.
Government revenue grants relating to income are deferred
and recognised in the Statement of Profit and Loss over the
period necessary to match them with the costs that they are
intended to compensate.
3.18 Recent accounting pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards
or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to
time. For the year ended March 31, 2026, MCA has not notified
any new standards or amendments to the existing standards
applicable to the Company.
4. Critical accounting estimates, assumptions and
judgements
In the process of applying the Company’s accounting policies,
management has made the following estimates,assumptions
and judgements, which have significant effect on the amounts
recognised in the financial statement:
(a) Property, plant and equipment
External adviser and internal technical team assess the
remaining useful lives and residual value of property,
plant and equipment. Management believes that the
assigned useful lives and residual value are reasonable,
the estimates and assumptions made to determine their
carrying value and related depreciation are critical to
the Company’s financial position and performance.
(b) Income taxes
Management judgment is required for the calculation
of provision for income taxes and deferred tax assets
and liabilities. The Company reviews at each balance
sheet date the carrying amount of deferred tax assets.
The factors used in estimates may differ from actual
outcome which could lead to significant adjustment to
the amounts reported in the financial statements.
(c) Contingencies
Management judgement is required for estimating
the possible outflow of resources, if any, in respect of
contingencies/claim/litigations against the Company
as it is not possible to predict the outcome of pending
matters with accuracy.
(d) Allowance for uncollected accounts receivable
and advances
Trade receivables do not carry any interest and are
stated at their normal value as reduced by appropriate
allowances for estimated irrecoverable amounts.
Individual trade receivables are written off when
management deems them not to be collectible.
Impairment is made on the expected credit losses,
which are the present value of the cash shortfall over the
expected life of the financial assets.
(e) Fair valuation of Financial Assets and Liabilities
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 input to these models are taken from observable
markets where possible, but where this is not feasible,
a degree of judgement is required in establishing
fair value. Judgements include consideration of
input such as liquidity risk, credit risk and volatility.
Changes in assumptions about these factors could
affect the reported fair value of financial instruments.
(f) Defined Benefit Plan
The cost of the defined benefit plan and other
post-employment benefits and the present value of such
obligation are determined using actuarial valuations.
An actuarial valuation involves making various
assumptions that may differ from actual developments
in future. These includes the determination of the
discount rate, future salary increases, mortality rates
and attrition rate. Due to the complexities involved
in the valuation 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.
Terms /Right of Equity shares
Company has only one class of issued equity shares having a par value of Rs 2/ per equity share . Each equity share holder is entitled
to one vote per share held. The dividend proposed by the Board of Directors is subject to approval of the share holders in the ensuing
Annual General meeting except in case of interim dividend. In the event of liquidation , the equity shareholders are eligible to receive
the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholdings.
During the year, the company has issued 1,76,886 equity shares (Previous Year 98,058 equity shares) of Rs. 2/- each to employees as
per Employee Stock Incentive Scheme at a price of Rs. 5/- per equity share (including premium).
General reserve represents the statutory reserve, this is in accordance with Indian corporate law wherein a portion of profit is
apportioned to General Reserve. Under Companies Act 1956 it was mandatory to transfer amount before a company can declare
dividend. however under Companies Act 2013 transfer of any amount to General Reserve is at the discretion of the company.
Securities Premium represents the amount received in excess of par value of securities (equity share, preference shares and
debentures). Premium on redemption of securities is accounted in security premium available. Where security premium is not
available, premium on redemption of securities is accounted in statement of Profit and Loss, Section 52 of Companies Act 2013
specify restriction on utilisation of security premium.
Capital Reserve represents project subsidy from State Government and created on cancellation/ forfeited of the own equity instruments.
Employees Stock Option represents the fair value of stock option granted by the company to its employees during the Financial Year
2023-24 accumulated over the vesting period. The said amount will be utilised on exercise of option.
Nature of Security
From Banks
Loan from banks are secured against hypothecation of vehicles and carries rate of interest ranging from 7.85 % to 9.10 % p a, loan is
repayable as monthly installments. Last installment is due in February 2032 .
Term Loan from Financial Institution
Loan from Financial Institution is secured against surrender value/ maturity value of keyman insurance policy of Mr. Sanjay Aggarwal
and Mr. Sandeep Aggarwal, Directors of the Company. The rate of interest is 9.5% p a. This loan was repayable during the Financial
Year 2025-26 at time of surrender of policy. The loan was repaid during the year upon maturity of the policies.
Term Loan from Non Banking Financial Company
Loan from Non Banking Financial Company is secured against hypothecation of vehicles and carries rate of interest of 8.5 % p a, loan
is repayable in monthly installments. Last installment is due in February 2027.
Nature of Security
* Working Capital facilities from Banks are secured by 1st Pari-Passu charge by way of hypothecation on the entire present and future current assets
of the company including raw material, stocks in process, finished goods, consumable stores & spares, book debts and other current assets of the
Company and collateral security (Paripassu Charge) of equitable mortgage of Company's Immovable Properties situated at Industrial Property Bearing
No. 37 situated at Industrial Area Dharuhera, Sub-Tehsil Dharuhera District Rewari Haryana and Industrial Property bearing Nos. SP-30 (B), SP-30(A)
and E-31 situated at Rico Industrial Area, Khushkhera Tehsil Bhiwadi District Alwar (Rajasthan). Further they are secured by personal guarantees of Mr.
Sanjay Aggarwal and Mr. Sandeep Aggarwal, Directors of the Company. Rate of Interest is 8.85% to 9.20% p.a.
** Working Capital facilities from other (Intercorporate Loans) are secured by 1st Pari-Passu charge by way of hypothecation on the entire present and
future current assets of the company. Further they are secured by personal guarantees of Mr. Sanjay Aggarwal and Mr. Sandeep Aggarwal, Directors of
the Company. Rate of Interest is 10.50% p.a.
41 Financial risk management
Financial risk factors
The Company’s principal financial liabilities, comprise borrowings, trade and other payables. The main purpose of these financial
liabilities is to manage finances for the Company’s operations. The Company has short term trade receivable and bank deposits which
are under lien with banks for availing credit facilities. The Company’s activities expose it to a variety of financial risks:
i) Market risk
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as
equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits
and investments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. Interest rate risk is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. This is based on the financial assets and financial liabilities
held as of March 31, 2025, and March 31, 2026.
ii) Credit risk
Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss.
iii) Liquidity risk
Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses.
The Company’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the Company’s financial performance.
Market Risk
The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment
benefit obligations provisions and on the non-financial assets and liabilities. The sensitivity of the relevant Statement of Profit
and Loss item is the effect of the assumed changes in the respective market risks. The Company’s activities expose it to a variety
of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. However, such effect
is not material.
(a) Foreign exchange risk and sensitivity
The Company transacts business primarily in Indian Rupee. However, the Company has transactions in USD, Euro, and
GBP. The Company has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk,
though not material.
The following table demonstrates the sensitivity in the USD, Euro & GBP to the Indian Rupee with all other variables held
constant. The impact on the Company’s profit before tax and other comprehensive income due to changes in the fair value
of monetary assets and liabilities is given below:
(b) Interest rate risk and sensitivity
The Company’s exposure to the risk of changes in market interest rates relates primarily to long term debt. Out of total
borrowings, some borrowings are floating rate of intererst and hence, interest risk sensitivity has been prepared in regard
to these borrowings with all other variables held constant, the following table demonstrates the sensitivity to a reasonably
possible change in interest rates on floating rate portion of loans and borrowings after considering the impact of interest
rate swaps. The below sensitivity analysis is based on movement in interest rates by 50 basis points.
Weighted average cost of borrowing is 9.58% for the year ended 31st March, 2026 (10.60% for the year ended 31st March,
2025) excluding borrowings which are assigned/negotiated with banks with no interest liability.
Credit risk
The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks which are under lien with banks for availing credit facilities.
Trade Receivables
The Company extends credit to customers in normal course of business. The Company considers factors such as credit
track record in the market and past dealings for extension of credit to customers. The Company monitors the payment
track record of the customers. Outstanding customer receivables are regularly monitored. The Company evaluates the
concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and
industries and operate in largely independent markets.
Liquidity risk
The Company’s objective is to maintain optimum levels of liquidity to meet its cash and collateral requirements.. In case
of temporary short fall in liquidity to repay the bank borrowing/operational short fall , promoters envisage to infuse
capital and loans.
The table below provides undiscounted cash flows towards non-derivative financial liabilities into relevant maturity based
on the remaining period at the balance sheet to the contractual maturity date.
Capital risk management
The Company aim to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to
optimise returns to shareholders.
The capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in
order to meet its strategic and day-to-day needs. The Company’s primary objective when managing capital is to ensure the
amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the
risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust
the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.
The Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain
investor, creditors and market confidence and to sustain future development and growth of its business. The Company will
take appropriate steps in order to maintain, or if necessary, adjust, its capital structure.
The Company monitors capital using a gearing ratio, which is net debt divided by total capital. Net debt is calculated as
loans and borrowings less cash and cash equivalents.
42 Fair value of financial assets and liabilities
Set out below is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments that are
recognised in the financial statements.
Fair Value hierarchy
The Company measures financial instruments at fair value in accordance with the accounting policies mentioned above. 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:
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
• Level 1: Quoted prices/NAV for identical instruments in an active market;
• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and
• Level 3: Inputs which are not based on observable market data.
When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used
to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement
is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire
measurement. The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during
which the change has occurred.
43 Segment informationInformation about primary segment
The Company operates in a Single Primary Segment (Business Segment) i.e. Wire and Cables comprising of power cables, telecom
cables, railway cables and specialised cables.
Information about Geographical Segment - Secondary
The Company’s operations are located in India.
The segment information about geographical segment is given in note 33.1.
(b) Defined Benefit Plan
It consists of Gratuity and leave encashment.
Below tables sets forth the changes in the projected benefit obligation and plan assets and amounts recognized in the Balance Sheet
as of March 31, 2025 and March 31, 2026 being the respective measurement dates:
Presentation in Statement of Profit & Loss and Balance Sheet
Expense for service cost, net interest on net defined benefit liability (asset) is charged to Statement of Profit & Loss.
IND AS 19 do not require segregation of provision in current and non-current, however net defined liability (Assets) is shown as
current and non-current provision in balance sheet as per IND AS 1.
Actuarial liability for short term benefits (leave encashment cost) is shown as current and non-current provision in balance sheet.
The Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards.
The mortality rates used are as published by one of the leading life insurance companies in India.
(M) Employee Stock Option plan (ESOP)
Company Employee Stock Incentive Scheme to provide incentive to the senior employees of the company were approved by
the Board of Directors in its meeting held on 10th August 2023 and also approved by the shareholders in their meeting held on
28th September 2023. During the Financial Year 2023-24, the company has granted options to its eligible employees under the
scheme on 7th November 2023 (Grant Date). Further, during the current year, out of the options granted, the company has issued
176886 shares to respective employees on 10.12.2025.
46.1 Pending litigations
The impact of pending litigations has been considered and disclosed in the contingent liabilities in Note No. 46(ii) above. Further, it is
not possible to predict the outcome of the pending litigations with accuracy, the Company believes, based on legal opinions received,
that it has meritorious defences to the claims. The management believe the pending actions will not require outflow of resources
embodying economic benefits and will not have a material adverse effect upon the results of the operations, cash flows or financial
condition of the Company.
48 Taxation
Income tax expenses or credit for the period comprised of tax payable on the current period’s taxable income based on the applicable
income tax rate, the changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses, and
previous year tax adjustments.
Tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised directly in equity or other
comprehensive income, in such cases the tax is also recognised directly in equity or in other comprehensive income. Any subsequent
change in direct tax on items initially recognised in equity or other comprehensive income is also recognised in equity or other
comprehensive income, such change could be for change in tax rate.
The current income tax charge or credit is calculated on the basis of the tax law enacted after considering allowances, exemptions and
unused tax losses under the provisions of the applicable Income Tax Laws. Current tax assets and current tax liabilities are off set and
presented as net.
Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax base 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.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available against which the temporary differences can be utilised.
Effective Tax Reconciliation:
A reconciliation of the theoretical income tax expense / (benefit) applicable to the profit / (loss) before income tax at the statutory tax
rate in India to the income tax expense / (benefit) at the Company's effective tax rate is as follows:
The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.
The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity.
51 Impairment review
Assets are tested for impairment whenever there are any internal or external indicators of impairment.
Impairment test is performed at the level of each Cash Generating Unit (‘CGU’) or groups of CGUs within the Company at which the
goodwill or other assets are monitored for internal management purposes, within an operating segment.
The impairment assessment is based on higher of value in use and value from sale calculations.
During the year, the testing did not result in any impairment in the carrying amount of goodwill and other assets.
The measurement of the cash generating units’ value in use is determined based on financial plans that have been used by
management for internal purposes. The planning horizon reflects the assumptions for short to- midterm market conditions.
Key assumptions used in value-in-use calculations:
- Operating margins (Earnings before interest and taxes)
- Discount rate
- Growth rates
- Capital expenditures
Operating margins: Operating margins have been estimated based on past experience after considering incremental revenue arising
out of adoption of valued added and data services from the existing and new customers, though these benefits are partially offset by
decline in tariffs in a hyper competitive scenario. Margins will be positively impacted from the efficiencies and initiatives driven by the
Company; at the same time, factors like higher churn, increased cost of operations may impact the margins negatively.
Discount rate: Discount rate reflects the current market assessment of the risks specific to a CGU or group of CGUs. The discount rate
is estimated based on the weighted average cost of capital for respective CGU or group of CGUs.
Growth rates: The growth rates used are in line with the long term average growth rates of the respective industry and country in
which the Company operates and are consistent with the forecasts included in the industry reports.
Capital expenditures: The cash flow forecasts of capital expenditure are based on past experience coupled with additional capital
expenditure required
52 Impact of Labour Codes
On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code,
2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, (‘Labour Codes’)
which consolidate twenty-nine existing labour laws into a unified framework governing employee benefit during employment
and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and
enhanced benefits relating to gratuity and leave.
In respect of Gratuity Expenses, the Company has assessed the financial implications of the changes which has resulted in increase in
gratuity liability arising out of past service cost amounting to Rs. 2.34 Crores.
In respect of Leave Encashment Expenses, the Company has assessed the financial implications of the changes which has resulted in
increase in leave encashment liability arising out of past service cost amounting to Rs. 0.18 Crores.
The impact arising out of an enactment of the new legislation is an event of non recurring nature. The Company has recognized this
incremental amount as “Salaries and wages” under “Employee Benefit Expenses” in the Statement of Profit and Loss for the year
ended March 31, 2026. The Company continues to monitor the developments pertaining to Labour Codes and will evaluate impact if
any on the measurement of the employee benefits liability.
(v) The company does not have any pending proceeding for holding benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and the rules made thereunder.
(vi) There are no material discrepancies in quarterly returns or statements of current assets filed by the company during the year with
banks as per the books of accounts.
(vii) Company has not been declared as wilful defaulter by any bank or financial Institution or other lender.
(viii) The company have the followings transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560
of Companies Act, 1956. The details of which are as under
(x) The company has not advanced/ loaned/ invested funds (borrowed/share premium/any other sources of kind of funds) to any other
person(s) or entity(ies), including foreign entities (intermediaries), with the understanding (whether recorded in writing or otherwise)
that the intermediary shall (a) directly/ indirectly lend or invest in other persons or entities identified in any manner by or on behalf
of the company (ultimate beneficiaries) or (b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(xi) The company has not received any funds from any other person(s) or entity(ies), including foreign entities (Funding Party), with
the understanding (whether recorded in writing or otherwise) that the company shall (a) directly/ indirectly lend or invest in other
persons or entities identified in any manner by or on behalf of the Funding Party (Ultimate beneficiaries) or (b) provide any guarantee,
security or the like to or on behalf of the Ultimate beneficiaries.
(xii) The Company has complied with number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction
on number of Layers) Rules, 2017. are not applicable on the company.
(xiii) No income has been surrendered or disclosed for which transaction was 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).
(xiv) There is no transaction related to Crypto Currency or Virtual Currency. Hence, not applicable
55 Previous year figures have been regrouped/ rearranged, wherever considered necessary to conform to current year’s classification.
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