3.19 Provisions
a) Provisions
Provisions (excluding employee benefits)
are recognised when the Company has a
present obligation (legal or constructive)
as a result of a past event and 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.
Provisions are reviewed at each balance
sheet date and are adjusted to reflect the
current best estimate.
b) 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 standalone financial statements.
Contingent assets are not recognised. However,
when the realisation of income is virtually certain,
it is recognised as an asset.
c) Warranty Provisions
The estimated liability for product warranties
is recorded when products are sold. These
estimates are established using historical
information on the nature, frequency and average
cost of warranty claims and management
estimates regarding possible future incidence
based on corrective actions on product failures.
The timing of outflows will vary as and when
warranty claim will arise.
As per the terms of the contracts, the Company
provides post-contract services / warranty
support to some of its customers. The Company
accounts for the post-contract support /
provision for warranty on the basis of the
information available with the Management duly
taking into account the current and past technical
estimates.
3.20 Research and development costs
Research costs are expensed as incurred.
Development expenditures on an individual
project are recognised as an intangible asset
when the Company can demonstrate:
a) The technical feasibility of completing the
intangible asset so that the asset will be
available for use or sale
b) Its intention to complete and its ability and
intention to use or sell the asset
c) How the asset will generate future economic
benefits
d) The availability of resources to complete the
asset
e) The ability to measure reliably the
expenditure during development
Following initial recognition of the development
expenditure as an asset, the asset is carried at
cost less any accumulated amortisation and
accumulated impairment losses. Amortisation
of the asset begins when development is
complete and the asset is available for use. It
is amortised over the period of expected future
benefit. Amortisation expense is recognised
in the statement of profit and loss unless such
expenditure forms part of carrying value of
another asset.
3.21 Leases
The Company recognises a right-of-use asset
and a lease liability at the lease commencement
date. The right-of-use asset is initially measured
at cost, which comprises the initial amount of the
lease liability adjusted for any lease payments
made at or before the commencement date, plus
any initial direct costs incurred and an estimate
of costs to dismantle and remove the underlying
asset or to restore the underlying asset or the site
on which it is located, less any lease incentives
received.
The right-of-use asset is subsequently
depreciated using the straight-line method from
the commencement date to the earlier of the
end of the useful life of the right-of-use asset or
the end of the lease term. The estimated useful
lives of right-of-use assets are determined
on the same basis as those of property and
equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any,
and adjusted for certain re-measurements of the
lease liability.
The lease liability is initially measured at the
present value of the lease payments that are not
paid at the commencement date by discounting
the lease payment by using the Company's
incremental borrowing rate.
Short-term leases and leases of low-value
assets
The Company has elected not to recognise right-
of-use assets and lease liabilities for short term
leases that have a lease term up to 12 months.
The Company recognises the lease payments
associated with these leases as an expense on a
straight-line basis over the lease term.
3.22 Share based payments
Equity-settled share-based payments to
employees are measured at fair value of the
equity instrument as at the date of grant. The fair
value determined at the grant date of the equity-
settled share-based payments is expensed on a
straight-line basis over the vesting period, based
on the Company's estimate of the shares that will
eventually vest to the employees
At the end of each period, the entity revises its
estimates of the number of options that are
expected to vest based on the non-market
vesting and service conditions. It recognises the
impact of the revision to original estimates, if any,
in profit or loss, with a corresponding adjustment
to equity. However, fair value of options is not
remeasured subsequently.
Company has created an Employee Benefit Trust
for the share-based payment to its employees.
The Company uses the Trust as a vehicle for
distributing shares to employees under the
employee Stock option schemes. The Trust
buys shares of the Company from the market,
for granting shares to employees. The Company
treats Trust as its extension and shares held by
the Trust are treated as treasury shares.
Own equity instruments that are reacquired
(treasury shares) are recognised at cost
and deducted from Equity. No gain or loss is
recognised in profit and loss on the purchase,
sale, issue or cancellation of the Company's
own equity instruments. Any difference between
the carrying amount and the consideration, if
reissued, is recognised in capital reserve. Share
options exercised during the reporting year are
fulfilled with treasury shares.
3.23 Segment reporting
Operating segments are reported in a manner
consistent with the internal reporting provided
to the chief operating decision maker which
comprises of the Board of Directors, Chairman,
Executive Director and Chief financial officer
which assesses the financial performance and
position of the Company and makes strategic
decisions.
The Company primarily operates in the steel Pipe
and lighting segment. The reportable segments
are Steel pipes & strips and Lighting & consumer
durable.
4.1 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 standalone financial
statement:
a) Property, plant and equipment - Useful lives
of assets
The Company reviews the useful life of
assets at the end of each reporting period.
This reassessment may result in change in
depreciation expenses in future periods.
b) Warranties
The Company generally offers Warranties
for its consumer products and the liability
towards warranty-related costs are
recognised in the year of sales or service
provided to the customers. Management
ascertain and measure the liability for
warranty claims based on historical
experience and trend. The assumptions
made in relation to current year are
consistent of those are in prior years.
c) Provision
A provision is recognised when the Company
has a present obligation as a result of past
events and it is probable that an outflow
of resources will be required to settle the
obligation in respect of which a reliable
estimate can be made.
d) Contingent Liabilities and Contingent
Assets
Contingent liabilities are disclosed when
there is a possible obligation arising from
past events, the existence of which will
be confirmed only by 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. Contingent
liabilities are disclosed in the notes.
Contingent assets are not recognised in the
standalone financial statements.
e) Exceptional Items
Exceptional items are transactions which
due to their size or incidence are separately
disclosed to enable a full understanding
of the Company's financial performance.
Items which may be considered exceptional
are significant restructuring charges, gains
or losses on disposal of investments in
subsidiaries, associates and joint venture
and impairment losses/ write down in value
of investment in subsidiaries, associates
and joint venture and significant disposal of
Property, plant and equipment etc.
4.2 Recent accounting pronouncements
The Ministry of Corporate Affairs vide notification
dated 07th May, 2025 and 13th August, 2025 notified
the Companies (Indian Accounting Standards)
Amendment Rules, 2025 and Companies (Indian
Accounting Standards) Second Amendment
Rules, 2025, respectively, which amended certain
accounting standards (see below), and are
effective for annual reporting periods beginning
on or after 01st April, 2025:
(a) Classification of Liabilities as Current or
Non-current and Non-current Liabilities with
Covenants - Amendments to Ind AS 1-As a
result of the adoption of the amendments
to Ind AS 1, the Company changed its
accounting policy for the classification of
borrowings:
- "Borrowings are classified as current
liabilities unless, at the end of the
reporting period, the Company has
a right to defer settlement of the
liability for at least 12 months after the
reporting period. Covenants that the
Company is required to comply with,
on or before the end of the reporting
period, are considered in classifying
loan arrangements with covenants as
current or non-current. Covenants that
the Company is required to comply
with after the reporting period do not
affect the classification."
- This new policy did not result in
a change in the classification of
the Company's borrowings. The
Company did not make retrospective
adjustments as a result of adopting the
amendments to Ind AS 1.
(b) Supplier Finance Arrangements -
Amendments to Ind AS 7 and Ind AS 107
- As a result of the adoption of the
amendments to Ind AS 7 and Ind
AS 107, the Company provided new
disclosures for liabilities under supplier
finance arrangements in Note 26.
(c) International Tax Reform - Pillar Two Model
Rules - Amendments to Ind AS 12
- The Company is not within the scope
of the OECD Pillar Two Model Rules, as
Pillar Two legislation has not yet been
enacted in any of the jurisdictions in
which the Company operates.
(d) Lack of Exchangeability - Amendments to
Ind AS 21
- The amended Ind AS 21 have added
requirements to help entities to
determine whether a currency is
exchangeable into another currency,
and the spot exchange rate to use
where it is not.
- These amendments did not have
any material impact on the amounts
recognised in prior periods and are
not expected to significantly affect the
current or future periods.
New standards or amendments not yet
adopted-Classification of Liabilities as
Current or Non-current and Non-current
Liabilities with Covenants
Amendments to Ind AS 1 - This amendment
also includes specific provisions that will
take effect for reporting periods beginning
on or after 01st April, 2026, as outlined below:
- Under the existing Ind AS 1, where
there is a breach of a material provision
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 on the
reporting date, the entity does not
classify the liability as current, 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.
- However, the amended requirements
stipulate that entities will no longer
be permitted to consider lender
waivers that are granted after the
reporting date but before the financial
statements are approved for the
purpose of classification of loans. This
amendment is required to be applied
retrospectively in accordance with Ind
AS 8. The Company does not expect
this amendment to have an impact on
its operations or financial statements.
Nature and purpose of reserves
a. Capital Redemption Reserve
Capital Redemption Reserve was created on redemption of preference share capital. During the previous
year,Company has fully used this reserve in issuing fully paid-up bonus share to it's members.
b. Capital Reserve
Capital reserve has been created on Business Combination on appointed date i.e.01st April 2016 Pursuant to the
Scheme of Arrangement amongst company and its associate e-Surya Global Steel Tubes Limited as per order of
NCLT dated 11th December, 2017.
c. Securities premium
Securities premium is used to record the premium on issue of shares. The premium should be utilised in accordance
with the provisions of the Companies Act.During the previous year ' 51.41 crore is utilised for issue of fully paid up
bonus shares.
d. Share Option Outstanding Account
The Share option outstanding account relates to share options granted by the Company to its employees under its
employee share option plan. Further information about share-based payments to employees is set out in note 49.
e. Forfeiture reserve
Forfeiture Reserve represents the forfeiture of amount of consideration received on allotment of warrants of the
cases where option to take equity shares were not exercised within the prescribed time in accordance with Chapter
VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009
f. General reserve
The general reserve is created time to time to transfer profits from retained earnings for appropriation purposes. As
the general reserve is created by transfer from one component of equity to another equity, hence items included in
general reserve will not be reclassified subsequently to profit and loss.
g. Dividend
Final Dividend of ' 54.41 crore for the Year 2025-26 (Dividend of ' 65.29 crore for the Year 2024-25) is accounted in
the year of approval by the shareholders
III Entry of Goods into Local Area Act, 2008 :
The Haryana Government levied Local Area Development Tax by (The LADT Act) w.e.f. 05th May, 2000, The said act
was declared ultra vires by the Hon'ble Punjab & Haryana High Court on 14th March, 2007. Later on, the Haryana
Government has repealed the LADT Act w.e.f. 08th April, 2008 and introduced in its place, 'The Haryana Tax on Entry
of Goods into local Areas Act, 2008', which was also held ultra vires by the Hon'ble High Court on 01st October, 2008
(Rules not yet notified). Both these Acts were declared unconstitutional on the ground of non-compensatory,but
Subsequently, on the SLP of the Haryana Government, the Hon'ble Supreme Court Constitutional Bench vide its
judgment dated 11th November, 2016 held the applicability of entry tax valid on compensatory grounds. However,
directed its Divisional bench for examining the provisions on the other issues of discrimination, local area etc. The
divisional bench remanded back the matters to the Hon'ble Punjab & Haryana High Court on 21st March, 2017 with a
direction to file fresh writ petitions in this regard for factual backgrounds and other constitutional statutory issues.
The matter is still pending in the Hon'ble Punjab & Haryana High Court, hence no provision has been made.
IV Income Tax Act
In respect of Income-tax assessments of the Company for the AY 2009-10 to AY 2013-14 demands of ' 72.42 crore
were raised wherein, Company had appealed and the cases were decided in favour of the Company by CIT (A).
Thereafter revenue appealed before ITAT,where the appeal filed by the revenue were dismissed and cases were in
favour of the Company. However revenue has preferred to appeal before Delhi High Court. Based on the decision in
favour of the Company, interpretations and decisions of appellate authorities and Courts in similar cases and as per
the consultations made, the Company is not liable for such demand and accordingly no provision has been made.
46 GOVERNMENT GRANTS (INVESTMENT PROMOTION ASSISTANCE)
The Company has made investments of ' 473.16 crore up to 31st March, 2026 in the State of Madhya Pradesh, Andhra
Pradesh, Uttrakhand and Gujarat for establishing manufacturing facilities at Malanpur, Hindupur,Kashipur and Anjar
respectively as per provisions of the Industrial Investment Promotion Assistance Schemes/ Policy of these states /
PLI scheme by Central Government.The Company has been eligible for periodical Grants during the specified period by
way of assistance/ reimbursement of VAT/ CST/ SGST/PLI (Production Linked Incentive Scheme by Central Govt. on
LED Component)/ Power Cost and recognised the same in revenue on satisfying the conditions mentioned under the
respective schemes/policies. These incentive claims are periodically evaluated and necessary adjustments /reversals
have been made time to time for deductions made or expected in processing, verifications, clarifications or change
in policies/guidelines. Accordingly, The Company has recognised grants of ' 164.13 crore up to 31st March, 2026
(' 146.06 crore up to 31st March, 2025 (Out of which ' 49.86 crore remained outstanding as on 31st March, 2026 and
' 40.77 crore as on 31st March, 2025).
47 PROJECT FOR SUPPLY, IMPLEMENTATION, OPERATION AND MAINTENANCE OF ORISSA GREENFIELD STREET
LIGHTING SYSTEM THROUGH SPV COMPANY
The Company has been awarded project(s) by Directorate of Municipal Administration(DMA), Orissa for designing,
implementing, operating, maintaining the Greenfield Pubic Street Lighting System along with other infrastructure
including CCMS and automation. The project is required to be executed through Special Purpose Vehicle Company (SPV)
as per terms of LOA and accordingly Company has incorporated a wholly-owned subsidiary namely SURYA ROSHNI LED
LIGHTING PROJECTS LIMITED on 21st January, 2019.
48 EMPLOYEE BENEFITS
Disclosures pursuant to Ind AS -19 "Employee Benefits" (Specified under the section 133 of the Companies Act 2013 (the
Act) read with Companies (Indian Accounting Standards) Rule 2015 (as amended from time to time) and other relevant
provision of the Act) are given below
VIII Sensitivity Analysis:
Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary
increase and withdrawal rate. The sensitivity analysis below have been determined based on reasonably possible
changes of respective assumptions occurring at the end of the reporting period, while holding all other assumptions
mnctant
Note :
a) The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of
the assumptions may be correlated.
b) Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation
has been calculated using the projected unit credit method at the end of the reporting period, which is the
same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet.
c) There was no change in the method and assumptions used in preparing the sensitivity analysis from prior
years.
Notes:
A. Short-term benefits comprises the expenses recorded under the head employee benefit expenses (e.g.
Salary and wages, contribution to provident fund, NPS, Leave encashment payments, and taxable value of
perquisites etc.
B. The liability for gratuity and compensated absences are provided on actuarial basis for the Company as a
whole, amounts accrued pertaining to key managerial personnel are not included above.
C. The remuneration of directors and key executives is determined by the remuneration committee having
regard to the performance of individuals and market trends.
D. The Company has granted Stock Options to eligible employees, including Executive Directors and KMPs,
under its Employee Stock Option Schemes [within the meaning of the Securities and Exchange Board
of India (Share Based Employee Benefits) Regulations, 2014 as amended]. However, in accordance with
Ind AS -102, the Company has recorded employee benefits expense by way of share based payments to
employees at ' 0.19 crore for the year ended 31st March, 2026 [2025 - ' 1.60 crore].
51 SEGMENT INFORMATION
Description of segments and principal activities
The Chief operational decision makers (CODM) monitor the operating results of its Business Segments separately for
the purpose of making decisions about resource allocation and performance assessment. Segment performance is
evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements. Operating
segments have been identified on the basis of the nature of products/ services and have been identified as per the
quantitative criteria specified in the Ind AS.
Specifically, the Company's reportable segments under Ind AS are as follows:
1 Steel Pipe and Strips (comprises Steel pipes and cold rolled strips)
2 Lighting and consumer durables (comprises Lamps, fittings, street light, fans, electric appliances and allied items)
Identification of Segments:
For financial statements presentation purposes, these individual operating segments have been aggregated into a singal
operating segment after taking into consideration the similar nature of the products, production processes and other risk
factors. For financial statements presentation purposes, these individual operating segment's have been aggregated
into a single operating segment taking into account the following factors:
i. These operating segments have similar long-term gross profit margins;
ii. The nature of the products and production processes are similar; and
iii. The methods used to distribute the products to the customer are same
The additional factors taken into consideration for aggregation into a single operating segment are as follows:
i. Operating revenues and expenses related to both third party and inter-segment transactions are included in
determining the segment results of each respective segment.
ii. Finance expense incurred are not allocated to individual segment and the same has been reflected at the Company
level for segment reporting.
iii. Segment assets represent assets directly managed by each segment, and primarily include receivables, property,
plant and equipment, intangibles, inventories, operating cash and bank balances, inter-segment assets and exclude
derivative financial assets, deferred tax assets and income tax recoverable.
iv. Segment liabilities comprise operating liabilities and exclude external borrowings, provision for taxes, deferred tax
liabilities and derivative financial liabilities.
v. Segment capital expenditure comprises additions to property, plant and equipment and intangible assets (net of
rebates, where applicable).
vi. Unallocated expenses/ results, assets and liabilities include expenses/ results, assets and liabilities (including
inter-segment assets and liabilities) and other activities not allocated to the operating segments. These also include
current taxes, deferred taxes and certain financial assets and liabilities not allocated to the operating segments.
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
and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Risk
Management 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 Risk Management 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 Risk Management Committee. The Company is exposed to financial market risk, credit risk and liquidity
risk.
I Financial Market risk
Financial market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a
change in the price of financial instrument. The value of a financial instrument may change as a result of change
in the interest rates, foreign currency exchange rates and other market changes that affect market risk sensitive
instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency
trade receivables, trade payables and borrowings.
a 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 change in market interest rates. In order to optimize the Company's position with regards to interest and
to manage the interest rate risk, finance department performs a comprehensive corporate interest rate risk
management by balancing the proportion of fixed rate with reset clause and floating rate financial instruments
in its total portfolio. The borrowings of the Company are on floating interest rate along with periodical interest
reset.
The Company is not exposed to significant interest rate risk at the respective reporting dates. With all other
variables held constant, the following table demonstrates the impact of borrowing cost on floating rate portion
of loans and borrowings are taken.
b Foreign currency risk
The Company transacts business primarily in Indian Rupee, USD and Pound sterling (GBP). The Company
having trade payables as well as receivables in foreign currency. The Company evaluates foreign currency
exposure time to time and follows established risk management policies by taking foreign exchange forward
contracts mostly with a maturity less than one year from the reporting date. The Company do not use derivate
financial instrument for trading or speculation purpose to hedge exposure of foreign currency risk. The
particulars of forward contract taken are given below :-
II Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company's receivables from customers and
cash and cash equivalents. To manage this, the Company periodically assesses the financial risk limits of the
customers, taking into account the payment behaviour, aging of outstanding, credit ratings, current economic trends,
and analysis of historical bad debts, Further the Company makes provision for bad and doubtful debts on trade
receivables based on Expected Credit loss (ECL) method based on provision matrix.
Trade Receivable
The Company's exposure to credit risk is influenced by the individual characteristics of each customer, Credit risk is
managed through credit approvals, establishing credit limits and continuously monitoring the credit worthiness of
customers to which the Company grants credit terms in the normal course of business. The Company has a detailed
review mechanism of overdue trade receivables at various levels in the organisation to ensure proper attention and
focus on realisation.
Expected credit loss assessment
Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine
incurred and expected credit losses. Management believes that the unimpaired amounts that are past due are still
collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk
Cash and Cash Equivalents, Deposit in Banks and other Financial instruments
The Company considers factors such as track record, size of the institution, market reputation and service standards
to select the banks with which balances and deposits are maintained. Generally, the balances are maintained with
the institutions with which the Company has also availed borrowings. For other financial assets the Company
monitors ratings, credit spreads and financial strengths of its counterparties. Based on its ongoing assessment
of the counter party's risk, the Company adjust its exposures to various counter parties. Based on the assessment
there is no impairment in other financial assets.
III Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a
reasonable price. The Company's finance department manage the liquidity through verity of sources of borrowings, by
ensuring sufficient liquidity to meet its liabilities when due, under all circumstances, without incurring unacceptable
losses or risk to the Company's reputation. The current committed working capital facilities are used 40% to 50% and
sufficient to meet its requirement. The Company monitor rolling forecast for its liquidity requirements.
For the purposes of the Company's capital management, capital includes issued capital and all other equity reserves.
The primary objective of the Company's Capital Management is to maximize shareholder value. The Board of Directors
monitors the return on capital, dividend to shareholders, maintain balance between capital and borrowing in the light
of changes in economic environment and the business requirements. In order to achieve this overall objective, the
Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the
interest-bearing loans and borrowings
Reasons for change in the ratio by more than 25% as compared to the preceding year
a) Debt Service Coverage ratio is reduced due to decrease in Earning before Interest & Depreciation and increase in 'Ý
interest cost.
b) Return on Equity is reduced due to decrease in profitability on increased Average Net Worth.
c) Return on Investment is increased due to increase in profitability of wholly owned subsidiary company.
ESOS- Loan to Employees Welfare Trust
The Company has introduced Employees Stock Option schemes for its employees and hold 21,080 Treasury equity shares
of ' 5/- each as on 31st March, 2026 (73,928 Treasury equity shares of ' 5/- each as on 31st March, 2025) acquired by
way of secondary acquisition through Surya Roshni Employees Welfare Trust and for the same provided funds by way of
interest free loan to the Trust in compliance of Provisions of The Companies Act, 2013 and SEBI(SBEB Regulations), 2014
as amended, having outstanding balance of ' 0.19 crore as on 31st March, 2026 (' 0.71 crore as on 31st March, 2025)
56 ADDITIONAL INFORMATION
(i) All title deeds of Immovable properties are held in name of the Company;
(ii) The Company has no investment property hence disclosure of fair value of investment property is not applicable;
(iii) The Company has not revalued its Property, Plant and Equipment (including Right-of—Use Assets), hence disclosure
on the basis of its revaluation is not applicable;
(iv) The Company has not revalued its intangible assets hence disclosure on the basis of its revaluation is not applicable;
(v) No Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as
defined under Companies Act, 2013), either severally or jointly with any other person, that are:
a) Repayable on demand; or
b) Without specifying any terms or period of repayment,
(vi) No proceeding has been initiated or pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder;
(vii) The Company has borrowings from banks or financial institutions on the basis of security of current assets and
quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in
agreement with the books of accounts;
(viii) The Company is not a declared wilful defaulter by any bank or financial institutions or other lender in accordance
with the guidelines on wilful defaulters issued by the Reserve Bank of India;
(ix) The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of the Companies Act, 1956;
(x) No charges or satisfaction are yet to be registered with ROC beyond the statutory period;
(xi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with
the Companies (Restriction on number of Layers) Rules, 2017;
(xii) No Scheme of Arrangement has been approved by the Competent Authority in terms of Section 230 to 237 of the
Companies Act, 2013 during the year;
(xiii) (A) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or 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
(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.
(B) The Company has 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
(xiv) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year, hence
disclosure is not required;
(xv) The Company has used the borrowings from banks and financial institutions for the specific purpose for which it
was taken at the balance sheet date;
(xvi) There are no transactions in the books of account that has been surrendered or disclosed as income during the year
in the tax assessments under the Income-Tax Act, 1961, that has not been recorded in the books of account.
57 The Company has perpetual system of balance confirmation and reconciliation of Trade receivables and Trade payables,
however at year end some of the balances remain subject to confirmation and reconciliation.
58 Previous Period figures are regrouped /reclassified wherever necessary in line with requirement of Schedule III to the
Companies Act 2013.
59 Approval of financial statements
The financial statements were approved for issue by the Board of Directors on 25th May, 2026.
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