q. Provisions (Other than employee benefits)
General 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. When the Company
expects some or all of a provision to be
reimbursed the expense relating to a provision is
presented in the Standalone Statement of Profit
and Loss net of any reimbursement. Provisions
are determined by discounting the expected
future cash flows (representing the best estimate
of the expenditure required to settle the present
obligation at the balance sheet date) at a pre-tax
rate that reflects current market assessments
of the time value of money and the risks specific
to the liability. The unwinding of the discount is
recognised as finance cost. Expected future
operating losses are not provided for.
If the effect of the time value of money is material,
provisions are discounted using a current pre-tax
rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage
of time is recognised as a finance cost.
Warranty provisions
Provision for warranty related costs is recognised
when the product is sold and is based on
historical experience. The provision is based on
technical evaluation/ historical warranty data and
after weighting all possible outcomes by their
associated probabilities. The estimate of such
warranty related costs is revised annually. Where
the effect of the time value of money is material,
the amount of a provision is the present value
of the expenditure expected to be required to
settle the obligation.
Contingent liability
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 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. A contingent
liability also arises in extremely rare cases where
there is a liability that cannot be recognised
because it cannot be measured reliably.
r. Employee benefits
(i) Short-term employee benefits
All employee benefits payable wholly within
twelve months of receiving employee
services are classified as short-term
employee benefits. These benefits include
salaries and wages, bonus and ex-gratia.
Short-term employee benefit obligations
are measured on an undiscounted basis
and are expensed as the related service
is provided. A liability is recognised for
the amount expected to be paid, if the
Company has a present legal or constructive
obligation to pay the amount as a result of
past service provided by the employee, and
the amount of obligation can be estimated
reliably.
(ii) Defined contribution plans
A defined contribution plan is a post¬
employment benefit plan under which
an entity pays fixed contributions into a
separate entity and will have no legal or
constructive obligation to pay further
amounts. The Company makes specified
monthly contributions to the Regional
Provident Fund Commissioner towards
provident fund and Employees’ State
Insurance scheme ('ESI’). Obligations for
contributions to defined contribution plans
are recognised as an employee benefit
expense in the Standalone Statement of
Profit andLoss in the periods duringwhich the
related services are rendered by employees.
If the contribution payable to the scheme
for service received before the balance
sheet date exceeds the contribution already
paid, the deficit payable to the scheme is
recognised as a liability after deducting the
contribution already paid.
If the contribution already paid exceeds
the contribution due for services received
before the balance sheet date, then excess
is recognised as an asset to the extent that
the pre-payment will lead to, for example, a
reduction in future payment or a cash refund.
(iii) Defined benefit plans
The Company operates a defined benefit
gratuity plan, which requires contributions
to be made to Kotak Mahindra Old Mutual
Life Insurance Limited, ICICI Prudential Life
Insurance and LIC of India. There are no other
obligations other than the contribution
payable to the respective entities.
The Company has an obligation towards
gratuity, a defined benefit retirement
plan covering eligible employees. The
plan provides for a lump sum payment to
vested employees at retirement, death
while in employment or on termination
of employment of an amount based on
the respective employee’s salary and the
tenure of employment. Vesting occurs upon
completion of five years of service.
A defined benefit plan is a post¬
employment benefit plan other than a
defined contribution plan. The Company’s
net obligation in respect of defined benefit
plans is calculated by estimating the amount
of future benefit that employees have
earned in the current and prior periods,
discounting that amount and deducting the
fair value of any plan assets.
The calculation of defined benefit obligation
is performed annually by a qualified actuary
using the projected unit credit method,
which recognises each year of service as
giving rise to an additional unit of employee
benefit entitlement and measure each unit
separately to build up the final obligation. The
obligation is measured at the present value
of estimated future cash flows. The discount
rates used for determining the present value
of obligation under defined benefit plans, is
based on the market yields on government
securities as at the balance sheet date,
having maturity periods approximating to
the terms of related obligations.
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 recognised
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.
Past service costs are recognised in profit or
loss on the earlier of:
• The date of the plan amendment or
curtailment, and
• The date that the Company recognizes
related restructuring costs
Net interest is calculated by applying the
discount rate to the net defined benefit
liability or asset. The Company recognizes
the following changes in the net defined
benefit obligation as an expense in the
Standalone Statement of Profit and Loss:
• Service costs comprising current
service costs, past-service costs, gains
and losses on curtailments and non¬
routine settlements; and
• Net interest expense or income
(iv) Other long term employee benefits
Compensated absences
The employees can carry-forward a portion
of the unutilized accrued compensated
absences and utilize it in future service
periods or receive cash compensation
on termination of employment. Since the
compensated absences do not fall due
wholly within twelve months after the end
of the period in which the employees render
the related service and are also not expected
to be utilized wholly within twelve months
after the end of such period, the benefit is
classified as a long-term employee benefit.
The Company records an obligation for
such compensated absences in the period
in which the employee renders the services
that increase this entitlement. The obligation
is measured on the basis of independent
actuarial valuation using the projected unit
credit method.
As per the compensated absence
encashment policy, the Company does
not have an unconditional right to defer
the compensated absence of employees,
accordingly the entire compensated
absence obligation as determined by an
independent actuary has been classified as
current liability as at the year end.
s. 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.
(i) Recognition and initial measurement
Trade receivables and debt securities
are initially recognised when they are
originated. All other financial assets and
financial liabilities are initially recognised
when the Company becomes a party to the
contractual provisions of the instrument.
A financial asset (unless it is a trade
receivable without a significant financing
component) or financial liability is initially
measured at fair value plus or minus, for an
item not at FVTPL, transaction costs that
are directly attributable to its acquisition or
issue. A trade receivable without a significant
financing component is initially measured at
the transaction price.
(ii) Classification and subsequent
measurement
Financial assets
On initial recognition, a financial asset is
classified as measured at:
- Amortised cost;
- Fair Value through Other
Comprehensive Income ('FVOCI’) -
debt instrument;
- FVOCI - equity investment; or
- FVTPL
Financial assets are not reclassified
subsequent to their initial recognition,
except if and in the period the Company
changes its business model for managing
financial assets.
A financial asset is measured at amortised
cost if it meets both of the following
conditions and is not designated as at
FVTPL:
the asset is held within a business model
whose objective is to hold assets to collect
contractual cash flows; 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.
This category is the most relevant to the
Company. After initial measurement, such
financial assets are subsequently measured
at amortised cost using the effective
interest rate (EIR) method. Amortised 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 amortisation is included in finance
income in the profit or loss. The losses arising
from impairment are recognised in the profit
or loss. This category generally applies to
trade and other receivables. Company has
recognised financial assets viz. security
deposit, trade receivables, employee
advances at amortised cost.
A debt instrument is measured at FVOCI if it
meets both of the following conditions and
is not designated as at FVTPL:
the asset is held within a business model
whose objective is achieved by both
collecting contractual cash flows and selling
financial assets; 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.
Debt instruments included within the
FVTOCI category are measured initially as
well as at each reporting date at fair value.
Fair value movements are recognised in
the other comprehensive income (OCI).
However, the Company recognizes interest
income, impairment losses & reversals
and foreign exchange gain or loss in the
Standalone Statement of Profit and Loss.
On derecognition of the asset, cumulative
gain or loss previously recognised in OCI is
reclassified from the equity to Standalone
Statement of Profit and Loss. Interest earned
whilst holding FVTOCI debt instrument is
reported as interest income using the EIR
method.
On initial recognition of an equity investment
that is not held for trading, the Company may
irrevocably elect to present subsequent
changes in the investment’s fair value in OCI
(designated as FVOCI - equity investment).
This election is made on an investment-by¬
investment basis.
All financial assets not classified as
measured at amortised cost or FVOCI as
described above are measured at FVTPL.
This includes all derivative financial assets.
On initial recognition, the Company may
irrevocably designate a financial asset that
otherwise meets the requirements to be
measured at amortised cost or at FVOCI or at
FVTPL if doing so eliminates or significantly
reduces an accounting mismatch that would
otherwise arise.
Equity investments
All equity investments in scope of Ind AS 109
are measured at fair value. Equity instruments
which are held for trading and contingent
consideration recognised by an acquirer
in a business combination to which Ind AS
103 applies are classified as at FVPL. For all
other equity instruments, the Company may
make an irrevocable election to present in
other comprehensive income subsequent
changes in the fair value. The Company
makes such election on an instrument by¬
instrument basis. The classification is made
on initial recognition and is irrevocable.
If the Company decides to classify an
equity instrument as at FVOCI, then all fair
value changes on the instrument, excluding
dividends, are recognised in the OCI. There
is no recycling of the amounts from OCI
to the Standalone Statement of Profit and
Loss, even on sale of investment. However,
the Company may transfer the cumulative
gain or loss within equity.
Equity instruments included within the FVTPL
category are measured at fair value with
all changes recognised in the Standalone
Statement of Profit and Loss.
Investments in joint ventures
Investments in joint ventures are carried at
cost less accumulated impairment losses,
if any. Where an indication of impairment
exists, the carrying amount of the investment
is assessed and written down immediately
to its recoverable amount. On disposal of
investments in joint ventures, the difference
between net disposal proceeds and the
carrying amounts are recognised in the
Standalone Statement of Profit and Loss.
Investments in subsidiaries
Investments in subsidiaries are carried at
cost less accumulated impairment losses,
if any. Where an indication of impairment
exists, the carrying amount of the investment
is assessed and written down immediately
to its recoverable amount. On disposal of
investments in subsidiaries, the difference
between net disposal proceeds and the
carrying amounts are recognised in the
Standalone Statement of Profit and Loss.
Financial assets: Business model
assessment
The Company makes an assessment of the
objective of the business model in which
a financial asset is held at a portfolio level
because this best reflects the way the
business is managed and information is
provided to management. The information
considered includes:
- the stated policies and objectives
for the portfolio and the operation of
those policies in practice. These include
whether management’s strategy
focuses on earning contractual interest
income, maintaining a particular interest
rate profile, matching the duration of
the financial assets to the duration of
any related liabilities or expected cash
outflows or realising cash flows through
the sale of the assets;
- how the performance of the portfolio
is evaluated and reported to the
Company’s management;
- the risks that affect the performance of
the business model (and the financial
assets held within that business model)
and how those risks are managed;
- the frequency, volume and timing
of sales of financial assets in prior
periods, the reasons for such sales
and expectations about future sales
activity.
Financial assets that are held for trading or
are managed and whose performance is
evaluated on a fair value basis are measured
at FVTPL.
Financial assets: Assessment whether
contractual cash flows are solely payments
of principal and interest
For the purpose of this assessment
'Principal’ is defined as the fair value of
the financial asset on initial recognition.
'Interest’ is defined as consideration for
the time value of money and for the credit
risk associated with the principal amount
outstanding during a particular period of
time and for other basic lending risks and
costs (e.g. liquidity risk and administrative
costs), as well as a profit margin.
In assessing whether the contractual cash
flows are solely payments of principal
and interest, the Company considers the
contractual terms of the instrument. This
includes assessing whether the financial
asset contains a contractual term that could
change the timing or amount of contractual
cash flows such that it would not meet this
condition. In making the assessment, the
Company considers:
- contingent events that would change
the amounts or timings of cash flows;
- terms that may adjust the contractual
coupon rate, including variable interest
rate features;
- prepayment and extension features;
and
- terms that limit the Company’s claim to
cash flows from specified assets (e.g.
non - recourse features)
A prepayment feature is consistent with
the solely payments of principal and
interest criterion if the prepayment amount
substantially represents unpaid amounts
of principal and interest on the principal
amount outstanding, which may include
reasonable additional compensation
for early termination of the contract.
Additionally, for a financial asset acquired
at a significant discount or premium to its
contractual amount, as a feature that permits
or requires prepayment at an amount that
substantially represents the contractual
par amount plus accrued (but unpaid)
contractual interest (which may also include
reasonable additional compensation for
early termination) is treated as consistent
with this criterion if the fair value of the
prepayment feature is insignificant at initial
recognition.
Financial liabilities: Classification,
subsequent measurement and gains and
losses
Financial liabilities are classified as
measured at amortised cost or FVTPL. A
financial liability is classified as at FVTPL if
it is classified as held- for- trading, or it is
a derivative or it is designated as such on
initial recognition. Financial liabilities at
FVTPL are measured at fair value and net
gains and losses, including any interest
expense, are recognised in profit or loss.
Other financial liabilities are subsequently
measured at amortised cost using the
effective interest method. Interest expense
and foreign exchange gains and losses are
recognised in profit or loss. Any gain or loss
on derecognition is also recognised in profit
or loss.
(iii) Derecognition
Financial assets
The Company derecognizes a financial asset
when the contractual rights to the cash flows
from the financial asset expire, or it transfers
the rights to receive the contractual cash
flows in a transaction in which substantially
all of the risks and rewards of ownership of
the financial asset are transferred or in which
the Company neither transfers nor retains
substantially all of the risks and rewards of
ownership and does not retain control of the
financial asset.
If the Company enters into transactions
whereby it transfers assets recognised on
its balance sheet, but retains either all or
substantially all of the risks and rewards
of the transferred assets, the transferred
assets are not derecognised.
Financial liabilities
The Company derecognizes a financial
liability when its contractual obligations
are discharged or cancelled, or expire. The
Company also derecognizes a financial
liability when its terms are modified and the
cash flows under the modified terms are
substantially different. In this case, a new
financial liability based on the modified
terms is recognised at fair value. The
difference between the carrying amount of
the financial liability extinguished and the
new financial liability with modified terms is
recognised in profit or loss.
(iv) Offsetting
Financial assets and financial liabilities are
offset and the net amount presented in the
balance sheet when, and only when, the
Company currently has a legally enforceable
right to set off the amounts and it intends
either to settle them on a net basis or to
realise the asset and settle the liability
simultaneously.
(v) Derivative financial instruments
The Company uses derivative instruments
such as foreign exchange forward contracts
and currency swaps to hedge its foreign
currency and interest rate risk exposure.
Embedded derivatives are separated
from the host contract and accounted
for separately if the host contract is not a
financial asset and certain criteria are met.
Derivatives are initially measured at fair
value. Subsequent to initial recognition,
derivatives are measured at fair value and
changes therein are generally recognised in
profit or loss.
Impairment of financial assets
The Company recognises loss allowances
for expected credit losses on:
- Financial assets measured at amortised
cost; and
- Financial assets measured at FVOCI -
debt instruments.
At each reporting date, the Company
assesses whether financial assets carried
at amortised cost and debt instruments
at FVOCI are credit-impaired. A financial
asset is 'credit-impaired’ when one or more
events that have a detrimental impact on the
estimated future cash flows of the financial
asset have occurred.
Evidence that a financial asset is credit -
impaired includes the following observable
data:
For recognition of impairment loss on
financial assets and risk exposure, the
Company determines 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 for impairment loss. However, if
credit risk has increased significantly,lifetime
ECL is used. If, in a subsequent period, credit
quality of the instrument improves such that
there is no longer a significant increase in
credit risk since initial recognition, then the
entity reverts to recognizing impairment loss
allowance based on 12 month ECL.
Measurement of expected credit losses
Expected credit losses are a probability-
weighted estimate of credit losses. Credit
losses are measured as the present value
of all cash shortfalls (i.e. the difference
between the cash flows due to the Company
in accordance with the contract and the
cash flows that the Company expects to
receive).
Presentation of allowance for expected
credit losses in the balance sheet
Loss allowance for financial assets measured
at amortised cost are deducted from the
gross carrying amount of the assets. For
debt securities at FVOCI, the loss allowance
is charged to the Standalone Statement of
Profit and Loss and is recognised in OCI.
Write-off
The gross carrying amount of a financial
asset is written off (either partially or in full) to
the extent that there is no realistic prospect
of recovery. This is generally the case when
the Company determines that the debtor
does not have assets or sources of income
that could generate sufficient cash flows to
repay the amounts subject to the write- off.
However, financial assets that are written
off could still be subject to enforcement
activities in order to comply with the
Company’s procedures for the recovery of
amount due.
In accordance with Ind AS 109, the Company
applies expected credit loss (ECL) model
for the measurement and recognition of
impairment loss on the following financial
assets and credit risk exposure:
a. Financial assets that are debt
instruments, and are measured at
amortised cost e.g., deposits and
advances
b. Trade receivables that result from
transactions that are within the scope
of Ind AS 115
c. Financial guarantee contracts which
are not measured at FVTPL.
The Company follows the 'simplified
approach’ for recognition of impairment
loss allowance on Trade receivables.
The application of simplified approach does
not require the Company to track changes in
credit risk. Rather, it recognizes impairment
loss allowance based on lifetime ECLs at
each reporting date, right from its initial
recognition.
For recognition of impairment loss on
other financial assets and risk exposure,
the Company determines 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 for impairment
loss. However, if credit risk has increased
significantly, lifetime ECL is used. If, in a
subsequent period, credit quality of the
instrument improves such that there is no
longer a significant increase in credit risk
since initial recognition, then the entity
reverts to recognising impairment loss
allowance based on 12-month ECL.
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 and similar 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
• Cash flows from the sale of collateral
held or other credit enhancements that
are integral to the contractual terms
ECL impairment loss allowance (or reversal)
recognised during the period is recognised
as income/ expense in the Standalone
Statement of Profit and Loss. This amount is
reflected under the head 'other expenses’
in the Standalone Statement of Profit and
Loss. The balance sheet presentation for
various financial instruments is described
below:
• Financial assets measured as at
amortised cost and contractual revenue
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.
• Loan commitments and financial
guarantee contracts: ECL is presented
as a provision in the balance sheet, i.e.
as a liability.
For assessing increase in credit risk and
impairment loss, the Company combines
financial instruments on the basis of shared
credit risk characteristics with the objective
of facilitating an analysis that is designed to
enable significant increases in credit risk to
be identified on a timely basis.
The Company does not have any purchased
or originated credit-impaired (POCI)
financial assets, i.e., financial assets which
are credit impaired on purchase/ origination.
t. Expenditure
Expenses are accounted for on the accrual basis.
u. Exceptional items
Exceptional items refer to items of income or
expense within the Standalone Statement of
Profit and Loss from ordinary activities which
are non-recurring and are of such size, nature
or incidence that their separate disclosure
is considered necessary to explain the
performance of the Company.
v. Research and development
Expenditure on research activities is recognised
in the Standalone Statement of Profit and Loss as
incurred.
Development expenditure is capitalized as
part of cost of the resulting intangible asset
only if the expenditure can be measured
reliably, the product or process is technically
and commercially feasible, future economic
benefits are probable, and the Company intends
to and has sufficient resources to complete
development and to use or sell the asset.
Otherwise, it is recognised in profit or loss as
incurred. Subsequent to initial recognition, the
asset is measured at cost less accumulated
amortisation and any accumulated impairment
losses, if any.
w. Recognition of dividend income, interest
income or expense
Dividend income is recognised in profit or loss on
the date on which the Company’s right to receive
payment is established.
Interest income or expense is recognised using
the effective interest method.
The 'effective interest rate’ is the rate that exactly
discounts estimated future cash payments or
receipts through the expected life of the financial
instrument to:
- the gross carrying amount of the financial
asset; or
- the amortised cost of the financial liability.
In calculating interest income and expense, the
effective interest rate is applied to the gross
carrying amount of the asset (when the asset is
not credit-impaired) or to the amortised cost
of the liability. However, for financial assets that
have become credit-impaired subsequent to
initial recognition, interest income is calculated
by applying the effective interest rate to the
amortised cost of the financial asset. If the asset
is no longer credit-impaired, then the calculation
of interest income reverts to the gross basis.
x. Recent pronouncement
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.
In May 2025, MCA notified amendments to
Ind AS 21 - The Effects of Changes in Foreign
Exchange Rates, applicable w.e.f. April 1, 2025.
The Company has reviewed the amendment
and based on its evaluation has determined
that it does not have any significant impact in
its financial statements. In August 2025, MCA
notified the following amendments to:
1. Ind AS 1, Presentation of Financial
Statements, applicable w.e.f. April 1, 2025
- The amendment relates to classification
of liabilities as current or non-current and
non-current liabilities with covenants. In the
context of classifying a liability as current,
it removes the requirement of existence
of a right to defer settlement for at least 12
months after the reporting date and instead
requires that the said right should exist on
the reporting date and have substance. The
amendment also introduces guidance on
classification of liabilities with covenants.
The Company has no impact from these
amendments on its classification criteria for
current and non-current liabilities.
2. Ind AS 7, Statement of Cash Flows and Ind
AS 107, Financial Instruments: Disclosures,
applicable w.e.f. April 1, 2025 - The
amendment in Ind AS 7 requires entities to
inform users of financial statements of the
existence of supplier finance arrangements
and explain the nature of the arrangements,
the carrying amount of liabilities and the
range of payment due dates. Ind AS 107
has been amended to add supplier finance
arrangements as a factor that may cause
concentration of liquidity risk. The Company
has reviewed the amendment and based on
its evaluation has determined that it does not
have any significant impact in its standalone
financial statements.
3. Ind AS 12, International Tax Reform - Pillar
Two Model Rules applicable immediately
- The amendments provide a temporary
mandatory relief from deferred tax
accounting for top-up tax and disclose that
they have applied the relief. The Company
has reviewed the amendment and based on
its evaluation has determined that it does not
have any significant impact in its standalone
financial statements.
y. Standard issued but not yet effective
The Ministry of Corporate Affairs has notified
an amendment to Ind AS 1 - Presentation of
Financial Statements, effective for accounting
periods beginning on or after 1 April 2026.
For accounting periods beginning on or after 1
April 2026, when an entity breaches any covenant
of a long-term loan arrangement on or before
the end of the reporting period with the effect
that the liability becomes payable on demand, it
classifies the liability as current, even if the lender
agreed, after the reporting period and before the
approval of the financial statements for issue, not
to demand payment as a consequence of the
breach. An entity classifies the liability as current
because, at the end of the reporting period, it
does not have the right to defer its settlement for
at least 12 months after that date.
However, an entity classifies the liability as non¬
current if the lender agreed by the end of the
reporting period to provide a period of grace
ending at least 12 months after the reporting
period, within which the entity can rectify the
breach and during which the lender cannot
demand immediate payment.
This amendment is to be applied retrospectively
for annual reporting periods beginning on or
after 1 April 2026, in accordance with Ind AS 8,
Accounting Policies, Accounting Estimates and
Errors.
1. The Company has decided to dispose a parcel of land in Haridwar, and accordingly, the said land has been classified
as a non-current asset held for sale in accordance with Ind AS 105 - Non-current Assets Held for Sale and Discontinued
Operations as at the reporting date.
2. During the year ended 31 March 2025, the Company entered into a Share Purchase Agreement, for the disinvestment of
its entire 50% equity stake in its Joint Venture, Jinyoung Sandhar Mechatronics Private Limited. The sale was completed
on 15 April 2025 at a consideration of Rs. 668.44 lacs and the carrying value of the investment was Rs. 670.57 lacs
resulting in a loss of Rs. 2.13 lacs which has been recognised in the Standalone Statement of Profit and Loss.
3. During the year, the Company completed the sale of assets of Peenya plant, which had been classified as a non¬
current asset held for sale as at 31 March 2025. These assets had a carrying amount of Rs. 2,699.31 lacs at the time of
classification. The assets were sold during the year for total proceeds of Rs. 6,100 lacs, resulting in a gain on disposal
amounting to Rs. 3,400.69 lacs, which has been recognized under "Other income” in the statement of profit or loss.
For the purposes of impairment testing, goodwill is allocated to the Cash Generating Unit (CGU) which represents the lowest
level at which the goodwill is monitored for internal management reporting purposes.
The recoverable amount of the cash generating unit was based on its value in use. The value in use of this unit was determined
to be higher than the carrying amount and an analysis of the calculation’s sensitivity towards changes in key assumptions
did not identify any probable scenarios where the CGU recoverable amount would fall below their carrying amount.
Value in use was determined by discounting the future cash flows generated from the continuing use of the CGU. The
calculation was based on the following key assumptions:
i. The anticipated annual revenue growth and margin included in the cash flow projections are based on past experience,
actual operating results and the 5-year business plan in all periods presented.
ii. The terminal growth rate ranges of 4% representing management view on the future long-term growth rate.
iii. A discount rate of 16% was applied in determining the recoverable amount of the CGU. The discount rate was estimated
based on past experience and companies average weighted average cost of capital.
The values assigned to the key assumptions represent the management’s assessment of future trends in the industry and
based on both internal and external sources.
Rights, preferences and restrictions attached to equity shares
The Company has one class of equity shares having par value of Rs.10 per share (31 March 2025: Rs.10 per share). Each holder
of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.
The Board of Directors at its Meeting held on 22 May 2025, has recommended a final dividend @ 35% i.e. Rs. 3.50 per equity
share, which has been approved by shareholders in Annual General Meeting held on 19 September 2025. The same has been
paid.
The Board of Directors at its Meeting held on 21 May 2026, has recommended a final dividend @ 40% i.e. Rs. 4.00 per equity
share. The dates of the book closure for the entitlement of such final dividend and Annual General Meeting shall be decided
and informed in due course of time.
In the event of liquidation of the Company, the shareholders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity
shares held by the shareholders.
1. Capital Reserve:
This represents Capital reserve created during the year ended 31 March 2013, consequent to the approval by the Hon’ble
High Court of Delhi of the scheme of amalgamation of MAG Engineering Private Limited with the Company and will be
utilised as per the requirements of the Companies Act, 2013.
2. Securities premium:
Securities premium is used to record the premium received on issue of shares. It is utilised in accordance with the
provisions of the Companies Act, 2013.
3. Remeasurements of defined benefit obligation:
Remeasurements of defined benefit obligation comprises actuarial gains/ (losses).
4. Retained earnings:
This represents the cumulative profits of the Company.
Above term loans are secured by:
1. First pari passu charge on the entire present and future movable property, plant and equipment of the borrower
excluding those assets which are specifically funded by other lenders/ financial institutions
2. First pari passu charge on immovable properties, of the borrower as detailed below:
i. 4, HSIDC Industrial Area, Delhi Gurgaon Road, Gurgaon
ii. 3, HSIDC Industrial Area, Delhi Gurgaon Road, Gurgaon
iii. Plant at Village Dhumaspur, P.O Badshahpur, Gurgaon
iv. Plot no. 24, Sector 3, IMT Manesar, Haryana
v. Plot no. 44, Sector 3, IMT Manesar, Haryana
vi. Plot no. 8, Bommasandra- Jigani Link Road Industrial Area, Hubli
vii. Plot # 12c, Sy No. 47 & 50, KIADB, Bangalore
viii. Plot # 13a, Sy No. 47 & 50, KIADB, Bangalore
ix. Sandhar Himachal, Bharatgarh Road, Tehsil Nalagarh, District Solan, Himachal Pradesh
x. Plot No. 7A, KIADB Industrial Area, Attibele Hobli, Anekal Taluk, Bangalore
The Company’s contracts with customers includes promises to transfer products and rendering of services to the customer.
The Company assesses the products/services promised in identifies distinct performance obligations in the contract.
Identification of distinct performance obligation involves judgement to determine the deliverables and the ability of the
customer to benefit independently from such deliverables. The Company uses judgement to determine an appropriate
standalone selling price for a performance obligation. The Company allocates the transaction price to each performance
obligation on the basis of the relative standalone selling price of each distinct product or service promised in the contract.
The Company exercises judgement in determining whether the performance obligation is satisfied at a point in time or
over a period of time. The Company considers indicators such as how customer consumes benefits of significant risks and
who controls the asset as it is being created or existence of enforceable right to payment for performance to date and
alternate use of such product or service, transfer of significant risk and rewards to the customer, acceptance of delivery by
the customer etc. Based on the above assessment performance obligation is satisfied at point in time. The Company has a
payment terms ranging from 30 days to 60 days for its customer.
Contract assets are recognised when there is excess of revenue earned over billings on contracts. Contract assets are
classified as unbilled receivables (only act of invoicing is pending) when there is an unconditional right to receive cash, and
only passage of time is required, as per contractual terms.
The contract liabilities primarily relate to the advance consideration received from customers for procurement of goods,
for which revenue is recognised point in time. This will be recognised as revenue when the control of the goods will be
transferred, which is expected to occur during the next year.
*The Government of India notified the provisions of the four new Labour Codes ("Labour Codes”) on 21 November 2025,
thereby consolidating twenty-nine existing labour laws into a comprehensive and unified framework. Among other changes,
the Labour Codes provide a unified definition of "wages” to be applied across various employee benefit computations. In
accordance with Ind AS 19 - Employee Benefits, the Company has recognised a one-time expense of Rs. 178.01 lacs towards
increase in the gratuity and compensated absences liabilities. The Company continues to monitor the finalisation of State
Rules from the Government on other aspects of the Labour Code.
(b) Demographic assumptions
The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment market.
The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to
the period over which the obligation is to be settled.
Other long-term employee benefits (unfunded):
During the year ended 31 March 2026, the Company has incurred an expense on compensated absences amounting to Rs.
149.05 lacs (previous year Rs. 273.55 lacs). The Company determines the expense for compensated absences basis the
actuarial valuation of present value of the obligation, using the Projected Unit Credit Method.
* It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending
resolution of the respective proceedings as it is determinable only on receipt of judgements / decisions pending with various
forums/ authorities. The above amounts represent principal exposures and exclude interest and penalties aggregating to Rs
644.81 Lacs.
Based on the status of cases and as advised by Company’s tax/legal advisors, wherever applicable, the management
believes that the Company has strong chance of success and hence no provision against matters disclosed in "Claims
against the Company not acknowledged as debts” are considered necessary.
Guarantee given by the Company to related parties
To facilitate grant of financing facilities to the Company’s joint ventures and subsidiaries, the Company has given corporate
guarantees to banks. As at year end, the outstanding corporate guarantee/stand by-letter of credits/ bank guarantees so
given amounts to Rs. 62,146.76 (31 March 2025: Rs. 40,335.17).
34. Leases
A. Leases as a lessee
i. The Company has lease contracts for land and building used in its operations. Generally, the Company is restricted from
assigning and subleasing the leased assets. The Company also has certain leases of guest house and other equipment
with lease terms of 12 months or less. The Company applies the 'short-term lease’ recognition exemptions for these
leases.
iv. Refer note 37 for contractual maturities of lease liabilities.
B. Leases as a lessor
i. Operating lease
The Company leases out its investment property. The Company has classified these leases as operating leases, because
they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets.
Refer note 3D for information about the operating leases of investment property.
ii. Finance Lease
During the year ended 31 March 2026, the Company has sub-leased plant and machinery that has been presented as a right-
of-use asset - plant and machinery.
During the year ended 31 March 2026, the Company recognised a loss of Rs. 50.97 lakhs (31 March 2025: Nil) on derecognition
of the right-of-use asset pertaining to the Plant and machinery as presented in the statement of profit and loss.
During the year ended 31 March 2026, the Company recognised interest income on lease receivables of Rs. 15.90 lacs (31
March 2025: Nil).
The following table sets out a maturity analysis of lease receivables, showing the undiscounted lease payments to be
received after the reporting date.
35. Sale and leaseback
The Company entered into sale and leaseback arrangements in respect of certain property, plant and equipment. Based
on an evaluation of the contractual terms, including the existence of a substantive right to repurchase, the transaction did
not meet the requirements to be accounted for as a sale in accordance with Ind AS 115. Accordingly, the underlying assets
continue to be recognized as property, plant and equipment and the consideration received has been recognized as a
financial liability measured at amortised cost.
The management assessed that the fair values of short term financial assets and liabilities significantly approximate their
carrying amounts largely due to the short-term maturities of these instruments. Accordingly, management has not disclosed
fair values for financial instruments such as trade receivables, trade payables, cash and cash equivalents, other current
assets, interest accrued on fixed deposits, other current liabilities etc.
The following methods and assumptions were used to estimate the fair values:
Long-term fixed-rate and variable-rate receivables/borrowings are evaluated by the Company based on parameters such
as interest rates, specific country risk factors and individual creditworthiness of the customer, allowances are taken into
account for the expected credit losses of these receivables.
The fair value of unquoted instruments, is calculated by arriving at intrinsic value of the investee. The fair value of loans
from banks and other financial liabilities, obligations under finance leases, as well as other non-current financial liabilities is
estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining
maturities.
Discount rates used in determining fair value:
The interest rates used to discount estimated future cash flows, where applicable, are based on the discount rate that
reflects the issuer’s borrowing rate as at the end of the reporting period.
The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most
relevant data available. In addition, the Company internally reviews valuation, including independent price validation for
certain instruments.
37. Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial statements that are
(a) recognised and measured at fair value and
(b) measured at amortised cost and for which fair values are disclosed in the standalone financial statements.
To provide an indication about the reliability of the inputs used in determining fair value, the Company has classified its
financial instruments into three levels prescribed under the accounting standard.
All financial instruments for which fair value is recognised or disclosed are categorised with in the fair value hierarchy,
described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).
Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The Company has an established control framework with respect to the measurements of fair values. This includes a valuation
team and has overall responsibility for overseeing all significant fair value measurements and reports directly to the Chief
Financial Officer. The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third
party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses
the evidence obtained from the third parties to support the conclusion that these valuations meet the requirements of Ind
AS, including the level in the fair value hierarchy in which the valuations should be classified.
38. Financial risk management objectives and policies
The Company is primarily engaged in the manufacturing and assembling of automotive components such as lock-set,
mirrors and various sheet metal components including cabins for two wheelers, four wheelers and off road vehicle industry.
The Company’s principal financial liabilities, comprises loans and borrowings, trade and other payables and finance lease
obligation. The main purpose of these financial liabilities is to support the Company’s operations. The Company’s principal
financial assets include investments in equity, employee advances, trade and other receivables, security deposits, cash and
short-term deposits that derive directly from its operations.
The Company has exposure to the following risks arising from financial instruments
- Market risk (see (b);
- Credit risk (see (c); and
- Liquidity risk (see (d).
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk.
a) Risk management framework
The Company’s activities make it susceptible to various risks. The Company has taken adequate measures to address such
concerns by developing adequate systems and practices. The Company’s overall risk management program focuses on the
unpredictability of markets and seeks to manage the impact of these risks on the Company’s financial performance.
The Company’s senior management oversee themanagement ofthese risks and advises on financial risks and the appropriate
financial risk governance framework for the Company. The board of directors of the Company provides assurance to the
shareholders that the Company’s financial risk activities are governed by appropriate policies and procedures and that
financial risks are identified, measured and managed in accordance with the Company’s policies and risk objectives.
The Company’s risk management policies are established to identify and analyse the risks faced by the company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies are reviewed
regularly to reflect changes in market conditions and Company’s activities. The Company, through its training and
management standards and procedures, aims to maintain a disciplined and constructive control environment in which all
employees understand their roles and obligations.
The Company’s audit committee oversees how management monitors compliance with the Company’s risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the
Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad
hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.
b) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises following types of risk: interest rate risk, currency risk, price risk, and commodity risk.
Financial instruments affected by market risk include loans and borrowings, investment, deposits and advances.
The sensitivity analyses in the following sections relate to the position as at 31 March 2026 and 31 March 2025. The sensitivity
analyses have been prepared on the basis that the amount of net debt, the ratio of floating to fixed interest rates of the debt
and the proportion of financial instruments in foreign currencies are all constant in place at 31 March 2026.
The analyses exclude the impact of movements in market variables on: the carrying values of gratuity and other post¬
retirement obligations; provisions.
The following assumptions have been made in calculating the sensitivity analyses:
-The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is
based on the financial assets and financial liabilities held at 31 March 2026 and 31 March 2025.
c) Interest rate risk
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. The Company’s exposure to the risk of changes in market interest rates relates primarily to the
Company’s long-term debt obligations with fixed interest rates.
Equity price risk
The Company’s non-listed equity securities are susceptible to market price risk arising from uncertainties about future
values of the investment securities. The Company manages the equity price risk through diversification and by placing
limits on total equity instruments. Reports on the equity portfolio are submitted to the Company’s senior management on a
regular basis. The Company’s Board of Directors reviews and approves all equity investment decisions.
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables), including
foreign exchange transactions and other financial instruments.
Trade receivables
Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date
of statements of financial position whether a financial asset or a Company of financial assets is impaired. The Company
recognises lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing
transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12 months
expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset
has increased significantly since initial recognition.
Trade receivables of Rs. 52,705.72 lacs as at 31 March 2026 (31 March 2025: Rs 46,798.83 lacs) forms a significant part of
the financial assets carried at amortised cost, which is valued considering provision for allowance using expected credit
loss method. In addition to the historical pattern of credit loss, we have considered the likelihood of increased credit risk.
This assessment is not based on any mathematical model but an assessment considering the nature of segment, impact
immediately seen in the demand outlook of these segments and the financial strength of the customers in respect of whom
amounts are receivable.
The Company’s exposure to customers is diversified and some customer contributes more than 10% of outstanding
accounts receivable as of 31 March 2026 and 31 March 2025 however there was no default on account of those customers in
the past. The Company has payment terms in range of 30 days to 120 days with its customers.
Before accepting any new customer, the Company assesses the potential customer’s credit quality and defines credit limits
to customer. Limits and scoring attributed to customers are reviewed on periodic basis.
The Company performs credit assessment for customers on an annual basis and recognizes credit risk, on the basis lifetime
expected losses and where receivables are due for more than six months.
Financial instruments and cash deposits
Credit risk from balances with banks and financial institutions ismanaged by theCorporate finance department in accordance
with the Company’s policy. Investments of surplus funds are made only in schemes of alternate investment fund/or other
appropriate avenues including term and recurring deposits with approved counterparties and within credit limits assigned
to each counterparty. Counterparty credit limits are reviewed by the Company’s Board of Directors on an annual basis. The
limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty’s potential
failure to make payments.
The Company places its cash and cash equivalents and term deposits with banks with high investment grade ratings, limits
the amount of credit exposure with any one bank and conducts ongoing evaluation of the credit worthiness of the banks
with which it does business. Given the high credit ratings of these banks, the Company does not expect these banks to fail
in meeting their obligations. The maximum exposure to credit risk for the components of the balance sheet at 31 March 2026
and 31 March 2025 is represented by the carrying amount of each financial asset.
The Company’s policies is to provide financial guarantees only for subsidiaries and joint ventures. At 31 March 2026 and 2025,
the Company has issued guarantee to certain bank in respect of credit facilities granted to subsidiaries and joint ventures.
d) Liquidity risk
Liquidity risk refers to the risk that the company cannot meet its financial obligations. The objective of liquidity risk
management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company
manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdrafts, buyers credit and bank loans. The Company assessed the concentration of risk with respect to refinancing its
debt and concluded it to be low. The Company has access to a sufficient variety of sources of funding and debt maturing
within 12 months can be rolled over with existing lenders.
39. Capital management
The primary objective of the Company’s capital management is to safeguard the Company’s ability to continue as a going
concern, maintain a strong credit rating and a healthy capital ratio to support the business and to enhance shareholder value.
The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and
business strategies to maintain or adjust the capital structure, issue new shares or raise and repay debts. The Company’s
capital management objectives, policies or processes were unchanged during the year.
40. Segment Reporting
The Company is engaged in the business of manufacturing and assembling of automotive components. The Chief Operating
Decision Maker (CODM) evaluates the Company’s performance and allocates resources based on an analysis of various
performance indicators by industry classes. All operating segments’ operating results are reviewed regularly by CODM to
make decisions about resources to be allocated to the segments and assess their performance. CODM believes that these
are governed by same set of risk and returns hence CODM reviews as one balance sheet component. Further, the economic
environment in which the company operates is significantly similar and not subject to materially different risk and rewards.
The operating segment of the Company is identified to be "Automotive components” as the CODM reviews business
performance at an overall Company level as one segment.
Accordingly, as the Company operates in a single business and geographical segment, the reporting requirements for
primary and secondary disclosures under Indian Accounting Standard - 108 "Operating Segments” have not been provided
in the standalone financial statements.
Major Customer
There are three customers who contribute to 10 per cent or more of the Company’s revenue from operations.
41. Disclosure in relation to Micro and Small enterprises ‘Suppliers’ as defined in the Micro, Small
and Medium Enterprises Development Act, 2006.
The dues to Micro, Small and Medium Enterprises as required under the Micro, Small and Medium Enterprises Development
Act, 2006 to the extent information available with the company is given below:
42. Transfer pricing
The Company has established a comprehensive system of maintenance of information and documents as required by
the transfer pricing legislation under sections 92-92F of the Income-tax Act, 1961. Since the law requires existence of
such information and documentation to be contemporaneous in nature, the Company is in the process of updating the
documentation of the international transactions entered into with the associated enterprises from 1 April 2025 and expects
such records to be in existence before the due date of filing of income tax return. The management is of the opinion that its
international transactions are at arm’s length so that the aforesaid legislation will not have any impact on the Standalone
Financial Statements, particularly on the amount of tax expense and that of provision for taxation.
44. Pursuant to a Business Transfer Agreement (“BTA”) dated 1 July 2025 entered into with Sandhar
Engineering Private Limited
Pursuant to a Business Transfer Agreement ("BTA”) dated 1 July 2025 entered into with Sandhar Engineering Private Limited,
the Company transferred three manufacturing units engaged in the business of manufacturing automobile components on
a going concern basis by way of slump sale.
The transfer was effected for an aggregate consideration of Rs 6,525 lacs. The carrying value of the net assets pertaining to
the transferred undertakings as at the date of transfer amounted to Rs 5,802 lacs.
The Company has derecognised the assets and liabilities relating to the said undertakings at their respective carrying values
from its books of account. The resultant excess of consideration over the carrying value of net assets amounting to Rs 723
lacs has been recognised as a gain in the Statement of Profit and Loss.
45. Pursuant to multiple Business Transfer Agreements (“BTA”) entered into during the financial
year with Sandhar Ascast Private Limited (formerly known as Sandhar Tooling Private Limited),
the Company transferred four manufacturing units engaged in the business of manufacturing
automobile components on a going concern basis by way of slump sale.
The transfer was effected for an aggregate consideration of Rs. 22,743 lacs. The carrying value of the net assets pertaining
to the transferred undertakings as at the date of transfer amounted to Rs. 21,554 lacs.
The Company has derecognised the assets and liabilities relating to the said undertakings at their respective carrying values
from its books of account. The resultant excess of consideration over the carrying value of net assets amounting to Rs. 1,189
lacs has been recognised as a gain in the Statement of Profit and Loss.
46. Additional Information:
(i) The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The Company do not have any transactions with companies struck off.
(iii) The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) 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 (Ultimate Beneficiaries) or
ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vi) 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 Funding Party (Ultimate Beneficiaries) or
ii. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vii) The Company have 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).
(viii) The Company is not declared as a wilful defaulter by any bank or financial institution or other lender.
(ix) The Company has complied with the number of layers prescribed under the Companies Act, 2013.
(x) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.
(xi) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets
or both during the current or previous year.
(xii) The Company (as per the provisions of the Core Investment Companies (Reserve Bank) Directions, 2016) does not
have Core Investment Company (CIC).
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