Notes to Accounts of ANG Lifesciences India Ltd.

Mar 31, 2025

(d) Provisions (other than for employee benefits)

A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation. Provisions are recognised at the best estimate of the expenditure required to settle the present obligation
at the balance sheet date. Provisions are determined by discounting the expected future cash flows at a pre-tax
rate that reflects current market assessments of the time value of money and the risks specific to the liabi lity. The
unwinding of the discount is recognised as finance cost. Expected future operating losses are not provided for.

(e) Contingent liabilities

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may,
but probably will no t, require an outflow of resources, or a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of outflow of
resources is remote.

Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an
inflow of economic benefits to the entity. Contingent assets are recognized when the realisation of income is virtually
certain, then the related asset is not a contingent asset and its recognition is a ppropriate.

A contingent asset is disclosed where an inflow of economic benefits is probable.

(f) Commitments

Commitments include the amount of purchase order / contracts (net of advances) issued to parties for completion
of assets. Provisions, contingent liabilities, contingent assets and commitments are reviewed at each reporting date.

(g) Revenue

i. Revenue from contract with customers

Under Ind AS 115, the Company recognizes revenue when or as a performance obligation is satisfied by transferring
a promised good or service to a customer.

Further, revenue is recognized based on a 5-Step Meth odology which is as follows:

Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligation in contract
Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognise revenue when or as the enti ty satisfies a performance obligation

The Company disaggregates revenue from contracts with customers by geography.

Use of significant judgements in revenue recognition:

i. The Company’s contracts with customers could include promises to transfer multiple services to a cu stomer.
The Company assesses the services promised in a contract and 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.

ii. Judgement is also required to determine the transaction price for the contract. The transaction price could be
either a fixed amount of customer consideration or variable consideration with elements such as volume

discounts, service level credits, performance bonuses, price concessions and incentives. The transaction price
is also adjusted for the effects of the time value of money if the contract includes a significant financing
component. Any consideration payable to the customer is adjusted to the transaction price, unless it is a
payment for a distinct service from the customer. The estimated amount of variable consideration is adjusted
in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur and is reassessed at the end of each reporting period. The
Company allocates the elements of variable considerations to all the performance obligations of the contract
unless there is observable evidence that they pertain to one or more distinct performance obligations.

iii. 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 service promised in the contract.

iv. 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 as
services are rendered or 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 service, transfer of significant risks and rewards to
the customer, acceptance of delivery by the customer, etc.

v. The Company''s contracts with customers may include multiple performance obligations. For such
arrangements, the Company allocates revenue to each performance obligation based on its relative standalone
selling price, which is generally determined based on the price charged to customers.

Rendering of services

Consideration received for services not yet rendered and for which Company has an obligation to perform is
recognised as revenue received in advance and subsequently recognised as revenue in the Statement of Profit and
Loss over the period of the contract.

Revenue from jo b work is recognized on accrual basis as per the terms of agreement entered into with the
customers.

Contract liabilities

A contract liability is the obligation to transfer goods or services to a customer for which the Company has received
consideration from the customer. Consideration received for services not yet rendered and for which Company has
an obligation to perform is recognised as revenue received in advance and subsequently recognised as revenue in
the Statement of Profit and Loss over the period of the contract.

Trade receivables

A receivable represents the Company''s right to an amount of consideration under the contract with a customer that
is unconditional and realizable on the due date.

ii. Interest income

Interest income is recognized using the effective interest rate (EIR) method, which is the rate that exactly discounts
the estimated future cash receipts through the expected life of the financial assets.

In calculating interest income, the effective interest rate is applied to the gross carrying amount of the asset (when
the asset is not credit-impaired). 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.

(h) Borrowing costs

Borrowing costs includes interest and other costs incurred in connection with the borrowing of funds. Borrowing
costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period of
time to get ready for their intended use are capitalised as part of the cost of that asset. Other borrowing costs are
recognised as an expense in the period in which they are incurred.

(i) Income tax

Income tax comprises current and deferred tax. It is recognised in Statement of Profit and Loss except to the extent
that it relates to an item recognised directly in equity or in other comprehensive income.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best
estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to
income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of the assets and
liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax
asset is recognised for the carryforward of unused tax losses and unused tax credits to the extent that it is probable
that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised.
Therefore, the Company recognis es a deferred tax asset only to the extent that it has sufficient taxable temporary
differences or there is convincing other evidence that sufficient taxable profit will be available against which such
deferred tax asset can be realized.

Deferred tax assets - unrecognised or recognised, are reviewed at each reporting date and are recognised/ reduced
to the extent that it is probable/ no longer probable respectively that the related tax benefits will be realized.

Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realized or the
liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date. The
measurement of deferred tax reflects the tax consequences that would follow from the manner in which the
Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred
tax assets and deferred tax liabilities are offset only if there is a legally enforceable right to offset current tax liabilities
and assets, and they relate to income taxes levied by the same tax authorities.

(j) Leases

The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains,
a lease if the contract con veys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of
the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to
direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use (ROU) asset and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of 12
months or less (short-term leases) and low value leases. For these short-term and low-value leases, the Company
recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease. Certain
lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU
assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The ROU assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for
any lease payments made at or prior to the commencement date. These are subsequently measured at cost less
accumulated depreciation and impairment losses. ROU assets are depreciated from the commencement date on a
straight-line basis over the shorter of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The
lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the
incremental borrowing rates of the Company. Lease liabilities are remeasured with a corresponding adjustment to
the related ROU asset if the Company changes its assessment of whether it will exercise an extension or a
termination option.

Lease liability and ROU assets have been separately presented in the Balance Sheet and lease payments have
been classified as financing cash flows.

Judgements and estimates:-

Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with any
option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an
assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably
certain that any options to extend or terminate the contract will be exercised. In assessing whether the Company is
reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it
considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the
option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term
if there is a change in the non-cancellable period of a lease.

(k) Financial Instruments

Recognition and initial measurement

Financial instruments are recognised when the Company becomes a party to the contractual provisions of the
instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair
value through profit or loss which are measured initially at fair value.

Classification and subsequent measurement
Financial assets

On initial recognition, a financial asset is classified as measured at:

(a) Amortised cost; or

(b) Fair value through profit and loss (‘FVTPL’)

Financial assets are not reclassified subsequent to their initial recognition, except if 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 on the principal amount outstanding.

All financial assets which are not classified as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative fina ncial assets, unless they are designated as hedging
instruments, for which hedge accounting is applied. 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 as at FVTPL
if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial assets: Assessment whether contractual cash flows are solely payments of principal and interest

For the purposes 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 wi th 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 this assessment, the Company considers:

- contingent events that would change the amount or timing 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).
Financial assets: Subsequent measurement and gains and losses

Financial assets at FVTPL - These assets are subsequently measured at fair value. Net gains and losses, including
any interest or dividend income, are recognised in profit or loss.

Financial assets at amortised cost - These assets are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and
losses and impairment are recognised in profit or loss. Any gain or loss on de-recognition is recognised in profit or
loss.

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 de-recognition is also recognised in profit or loss.

De-recognition
Financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset
expire, or if it transfers the rights to receive the contractual cash flows in a transaction in which substantially a ll 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 derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expire.

The Company also derecognises a financial liability when its term s 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.

Offsetting

Financial assets and financial liabilities are offset and the net amount is 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
s ettle them on a net basis or to realize the asset and settle the liability simultaneously.

(l) Impairment

i. Impairment of financial assets

The Company recognises loss allowances for expected credit loss on financial assets measured at amortised cost.
At each reporting date, the Company assesses whether financial assets carried at amortised cost is credit-impaired.
A financial asset is ‘credit-impaired’ when one or more events that have detrimental impact on the estimated future
cash flows of the financial assets have occurred.

The Company measures loss allowances at an amount equal to lifetime expected credit losses, except for the
following, which are measured as 12 month expected credit losses:
- Bank balances for which credit risk (i.e. the risk of defa ult occurring over the expected life of the financial
instrument) has not increased significantly since initial recognition.

Loss allowances for trade receivables are always measured at an amount equal to lifetime expected credit losses.
Lifetime expected credit losses are the expected credit losses that result from all possible default events over the
expected life of a financial instrument. The Company follows ‘simplified approach'' for recognition of impairment loss
allowance for trade receivables. The application of simplified approach does not require the Company to track
changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime expected credit loss at
each reporting date, right from its initial recognition.

12-month expected credit losses are the portion of expected credit losses that result from default events that are
possible within 12 months after the reporting date (or a shorter period if the expected life of the instrument is less
than 12 months).

In all cases, the maximum period considered when estimating expected credit losses is the maximum contractual
period over which the Company is exposed to credit risk.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and
when estimating expected credit losses, the Company considers reasonable and supportable information that is
relevant and available without undue cost or effort. This includes both quantitative and qualitative information and
analysis, based on the Company''s h istorical experience and informed credit assessment and including forward
looking information.

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. difference between the cash flow due to the Company in accordance with
the contract and the cash flow 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 is deducted from the gross carrying amount of the
assets.

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 debtors do not
have assets or sources of income that could generate sufficient cash flows to repay the amount subject to the write¬
off. However, financial assets th at are written off could still be subject to enforcement activities in order to comply
with the Company''s procedure for recovery of amounts due.

ii. Impairment of non-financial assets

The Company''s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists, then the asset''s
recoverable amount is estimated.

For impairment testing, assets that do not generate independent cash inflows are grouped together into cash
generating units (CGUs). Each CGU represents the smallest group of assets that generates cash inflows that are
largely independent of the cash inflows of other assets or CGUs.

The recoverable amount of a CGU (or an individual asset) is the higher of its value in use and its fair value less
costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a
pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to
the CGU (or the asset).

An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable
amount. Impairment losses are recognised in profit or loss. Impairment loss recognised in respect of a CGU is
allocated to reduce the carrying amounts of the assets of the CGU (or group of CGUs) on a pro rata basis.

An impairment loss in respect of assets for which impairment loss has been recognised in prior periods, the
Company reviews at each reporting date whether there is any indication that the loss has decreased or no longer
exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. Such a reversal is made only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been
recognised.

(m) Transactions in foreign currency

Initial recognition

T ransactions in foreign currencies are translated into the functional currency of the Company at the exchange rates
at the dates of the transactions o r an average rate if the average rate approximates the actual rate at the date of
the transaction.

Measurement at the reporting date

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign
currency are translated into the functional currency at the exchange rate when the fair value was determined. Non¬
monetary assets and liabilities that are measured based on historical cost in a foreign currency are translated at the
exchange rate at the date of the transaction. Exchange differences on restatement/settlement of all monetary items
are recognised in the Statement of Profit and Loss.

(n) Operating segments

An operating segment is a component of the Company that engages in business activities from which it may earn
revenues and incur expen ses, including revenues and expenses that relate to transactions with any of the
Company’s other components, and for which discrete financial information is available. All operating segments’
operating results are reviewed regularly by the Company’s Chief Operating Decision Maker (CODM) to make
decisions about resources to be allocated to the segments and assess their performance.

(o) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash in hand,
demand deposits held with banks, other short-term highly liquid investments with original maturities of three months
or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of
changes in value.

(p) Statement of Cash flows

Cash flows are reported using the indirect method, whereby profit / (loss) for the period is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments
and item of income or expenses associated with investing or fina ncing cash flows. The cash flows from operating,
investing and financing activities of the Company are segregated based on the available information.

(q) Earnings per share

Basic earnings per share are calculated by dividing the net profit / (loss) for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year. Diluted earnings per
share is computed using the weighted average number of equity and dilutive equity equivalent shares outstanding
during the year end, except where the results would be anti-dilutive.

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Mar 31, 2024

(ii) Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of ? 10 per share. Each holder of equity shares is entitled to one vote per share and rank pari passu. In the event of liquidation of the Company, the holders of equity shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. The distribution shall be in proportion to the number of equity shares held by the shareholders.

There are nil shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including the terms and amounts;

(a) Vehicle loans from Punjab National bank and axis bank amounting to Rs. 7.42 lakhs (31 March 2023: Rs. 12.00 lakhs) carrying interest rate in the range of 7.55% p.a. to 9.45% p.a. (previous year 7.55% p.a. to 10.26% p.a) are secured against hypothecation of specific vehicle purchased out of the proceeds of those loans. The loans are to be repaid as per the respective repayment schedule in equal monthly instalments.

iv) During the financial year ended 31 March 2023, 2,591,657 bonus shares were issued in the proportion of 1 (One) equity share of Rs. 10 each for every 4 (four) equity shares of Rs. 10 each held by the shareholders of the company as on the record date i.e 14 july 2022. Further. 5,183,315 bonus shares were issued during the financial year ended 31 March 2022. However, no shares were issued pursuant to contract without payment being received in cash, allotted as fully paid up by way of bonus issue or brought back in finanacial year ended 31 March 2024 or prior to financial year ended 31 March 2022 for last 2 years.

Term loan from Axis bank amounting to Rs. 42.63 lakhs (31 March 2023: Rs. 57.25 lakhs) carrying interest rate of 7.60% p.a. (previous year 7.60%p.a.) is secured by way of equitable mortgage of property situated at Plot No. 61B, EPIP, Phase 1, Jharmari, H P. The loan is to be repaid in 84 installments of Rs 1.53 lakhs as per repayment schedule in equal annual installments commencing from 27 November 2020.

GECL loan from Punjab National bank amounting to Rs. Nil (31 March 2023: Rs. 35.43 lakhs) carrying interest rate of 8.55% p.a. (previous year 7.65% p.a.) is an extended loan under GECL scheme secured by way of existing security pledged with the bank. The loan is to be repaid in 36 installments of Rs. 7.22 lakhs as per repayment schedule in equal annual installments commencing from 30 Nov 2021. The last installment would be repaid in October 2024.

Vehicle loans from HDFC Bank amounting to Rs. 16.22 lakhs (31 March 2023: Rs. 26.66 lakhs) carrying interest rate of 7.65% p.a. (previous year Nil) are secured against hypothecation of specific vehicle purchased out of the proceeds of those loans. The loans are to be repaid as per the respective repayment schedule in equal monthly installments.

Vehicle loans from HDFC Bank amounting to Rs. 19.97 lakhs (31 March 2023: Rs. 32.83 lakhs) carrying interest rate of 7.65% p.a. (previous year Nil) are secured against hypothecation of specific vehicle purchased out of the proceeds of those loans. The loans are to be repaid as per the respective repayment schedule in equal monthly installments.

" GECL loan from HDFC Bank amounting to Rs. 406.32 lakhs (31 March 2023: Rs. 610.47 lakhs) carrying interest rate of 7.65% p.a. is an extended loan under GECL scheme secured by way of existing security pledged with the bank.The loans are to be repaid as per the respective repayment schedule in 60 equal monthly installments.

Term loan from Punjab National Bankamounting to Rs. 89.44 lakhs (31 March 2023: Rs. 100.38 lakhs) carrying interest rate of 6.75% p.a. (previous year Nil) is secured by way of equitable mortgage of property situated at Plot No. 61B, EPIP, Phase 1, Jharmari, H.P. The loan is to be repaid in 120 installments of Rs. 1.38 lakhs as per repayment schedule in equal annual installments commencing from 07 January 2022. The last installment would be repaid in December 2031.

Term loan from Punjab National Bank amounting to Rs 11.32 lakhs (31 March 2023: Rs. 13.70 lakhs) carrying interest rate of 6.85% p.a. (previous year Nil) is secured by way of equitable mortgage of property situated at Plot No. 61B, EPIP, Phase 1, Jharmari, H P. The loan is to be repaid in 84 installments of Rs. 0.27 lakhs as per repayment schedule in equal annual installments commencing from April 2022. The last installment would be repaid in March 2029.

“(b) •- GECL loan from Edelwiess Retail Finance Limited amounting to Rs. Nil (31 March 2023: Rs. 3.55 lakhs) carrying fixed

interest rate of 14.00% p.a. (previous year 14.00% p.a.) is an extended loan under GECL scheme secured by way of existing security pledged with the bank. The loan is to be repaid in 36 installments of Rs. 0.47 lakhs as per repayment schedule in equal annual installments commencing from December 2021. The last installment would be repaid in November 2024.

(c ) GECL loan from Clix Capital Services Private Limited, to Rs. Nil (31 March 2023: Rs. 0.82 lakhs) carrying fixed interest rate of 18.00% p.a. (previous year 14.00% p.a., 01 April 2020; Nil). The loan is to be repaid in 48 monthly installments of Rs. 0.17 lakhs commencing from 27 November 2020. The last installment would be repaid in August 2024.

(d) ''Company has taken interest free borrowing from different individual lendors amounting to Rs. 148.46 lakhs (31 March 2023: Rs. 148.46 lakhs) repayable in 1 years to 3 years from the respective dates of loan. Since the fair value of such loans at inception was lower, the difference was accounted as deemed issue of other equity and added to equity component of such loan

Fund Based Working Capital facilities of Rs. 2,150.00 lakhs and non-fund based limit of Rs. 1,500 lakhs availed from Punjab National Bank are secured by hypothecation of stock of raw material, WIP, Finished goods, book debts and other current assets (i.e. entire current assets of the company present as well as future) of the company. The rate of Interest is 10.05% p.a. which is subject to change from time to time as per Bank/RBI guidelines. All the fund based and non fund based facilities from Punjab National Bank has been secured by three collaterals in the name of Company as per sanction letter and one collateral in the name of Director. 3887500 equity shares held in the name of Director has also been pledged as collateral security with Punja b National Bank. The aforesaid credit facilities are further secured by personal guarantee of directors

The adhoc limit of Rs. 500 lakhs sanctioned by Punjab National Bank is secured by extension of charge on current assets of the company already held as security by the bank. Further the said facility is also secured by extension of charge on various imm ovable properties already held by the bank as security for its credit facilities_

Fund Based Working Capital facilities of Rs. 875 lakhs availed from HDFC Bank are secured by hypothecation of stock of raw material, WIP, Finished goods , book debts and other current assets (i.e. entire current assets of the company present as wel I as future) of the company. The rate of Interest is 9.32% p.a. which is subject to change from time to time as per Bank/RBI guidelines. The said facility is collaterally secured by factory land and building measuring 3 Bigha 13 Biswa situated at Jodhapur, Barotiwala, Tehsil Baddi, Distt, Solan having valuation of Rs. 8 crores. the said facility is collaterally secured by property situated at MUHUL Manpura Tehsil Baddi distt Solan in the name of Mansa Print and Publishers Limited . The aforesaid credit facilities are further secured by personal guarantee of directors.

During the year the fund based working capital limit of Rs. 1,000 lakh has been availed from Canara bank. The same is secured against entire current assets of the Company (25.32% share of Canara Bank) and lien against fixed deposit of Rs 250 lakhs. The rate of interest is 12.15% p.a. 2,00,000 equity shares held in the name of Director has also been pledged as collateral security with Canara Bank.

*There are no financial assets and liabilities which are measured at fair value through profit or loss or fair value through oth< comprehensive income.

Investment in subsidiaries are measured at cost as per Ind AS 27, Separate financial statements’ and hence, not presented here, ii) Fair values hierarchy

Financial assets and financial liabilities are measured at fair value in the financial statements and are grouped into three

- levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the

__measurement, as follows:_

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: Directly (i.e. as prices) or indirectly (i.e. derived from prices) observable market inputs, other than Level 1 inputs;

___and_

Level 3: Inputs which are not based on observable market data (unobservable inputs).The input factors considered are Estimated cash flows and other assumptions._

A) Credit risk_

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial asset fails to meet its contractual obligations. The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each financial asset. The carrying amounts of financial assets represent the maximum credit risk exposure. The Company monitors its exposure to credit risk on an ongoing basis.

a) Credit risk rating management

i) Credit risk rating

The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and factors specific to the class of financial assets. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

A: Low credit risk B: Moderate credit risk C: High credit risk

Life time expected credit loss is provided for trade receivables.

Assets are written off when there is no reasonable expectation of recovery, such as a debtor declaring bankruptcy or a litigation decided against the Company. The Company continues to engage with parties whose balances are written off and attempts to enfo rce repayment. Recoveries made are recognised in statement of profit and loss

A) Credit risk_

Trade receivables

The Company closely monitors the credit-worthiness of customers, thereby, limiting the credit risk. The Company uses a simplified approach (lifetime expected credit loss model) for the purpose of computation of expected credit loss for trade receivables.

''Cash and cash equivalents and other bank balances

''Credit risk related to cash and cash equivalents and bank deposits is managed by only diversifying bank deposits and accounts in different banks. Credit risk is considered low because the Company deals with reputed banks.

''Loans and other financial assets

''Loans and other financial assets measured at amortized cost includes secunty deposits and other receivables. Credit risk related to these financial assets is managed by monitoring the recoverability of such amounts continuously. Credit risk is considered low because the Company is in possession of the underlying asset. Further, the Company creates provision by assessing individual financial asset for expectation of any credit loss basis expected credit loss model.

b) Credit risk exposure i) Provision for expected credit losses

The Company provides for 12 month expected credit losses for following financial assets:

B) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial asset fails to meet its contractual obligations. The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each financial asset. The carrying amounts of financial assets represent the maximum credit risk exposure. The Company monitors its exposure to credit risk on an ongoing basis.

a) Credit risk rating management

i) Credit risk rating

The Company assesses and manages credit risk of financial assets based on following categories arrived on the basis of assumptions, inputs and factors specific to the class of financial assets. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

A: Low credit risk B: Moderate credit risk C: High credit risk

i) Foreign exchange risk

The Company has international transactions and is exposed to foreign exchange risk arising from foreign currency transactions. Foreign exchange risk arises from commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company’s functional currency. The Company has not hedged its foreign exchange receivables and payables as at 31 March 2022.

		As at 31 March 2024	As at 31 March 2023
40	Contingent liabilities and commitments
	Outstanding bank guaranatees against government tenders	566.25	626.93
	Outstanding letter of credit	999.36	1,035.89
	Capital commitments	313.88	313.88

Sensitivities due to mortality is not material. Hence impact of change is not calculated

Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement and llfi expectancy are not applicable being a lump sum benefit on retirement.

d) The best estimated expense for the next year is 129.31 lakh.

~42 Segment information

The primary business segment is reflected based on principal business activities carried on by the Company. Managing Director ha; been identified as being the Chief Operating Decision Maker (''CODM'') and evaluates the Company''s performance and allocate; resources based on analysis of the variance performance indicators of the Company as a single unit. Therefore, there are no separati reportable business segments as per IND AS 108, ''Operating Segment''. The Company operates in one reportable business segment i.e. manufacturing and sales of finished pharmaceutical formulations in a dosage form and is primarily operating in India and hence considered as single geographical segment.

Entity wide disclosures:

(a) Information about services

The Company’s business operation comprises of single operating segment of manufacturing and sales of finished pharmaceutical formulations in a dosage form. Since the Company operates in one service line, therefore product wise revenue disclosure is not applicable.

(b) Information about geographical area

The Company’s sales includes sales to customers which are domiciled in India and outside India. Below are the details of Company''s revenue from customers domiciled in India and outside India:

d) Lease payments not recognised as a liability

The Company has elected not to recognise a lease liability for short-term leases (leases with an expected term of 12 months or less). Payments made under such leases are expensed on a straight-line basis. The Company does not have any liability to make variable lease payments for the right-to-usethe underlying asset recognised in the financials.

The expense relating to short-term leases recognised are ? 32.47 lakhs.

Total cash outflow for leases for the year ended 31 March 2024 is ? 106.84 lakhs (for the year ended 31 March 2023 ^ 30.94 lakhs)._

47 Revenue from contracts with customers

IND AS 115, Revenue from contracts with customers, establishes a framework for determining whether, how much and when revenue is recognised and requires disclosures about the nature, amount, timing and uncertainity of revenues and cashflows arising from customer contracts. Ind AS-115, provides a five step model for evaluating each revenue contract(s) which are as follows •Identifying the contract with customer •Identifying the performance obligation (''PO'')

•Determine the transaction price •Allocate the transaction price to the PO •Recognize revenue

The Company is in the business of manufacturing and sales of finished pharmaceutical formulations in a dosage form of Dry Powder Injection Vials, Liquid Injections Vials, Ampoules, PFS, Hard Gelatin Capsules, Tablets, Soft Gelatin Capsules, Dry Syrups, Liquid Syrups and Suspension, Lotions etc. The revenue is respect of these recognised on point in time basis when the control of goods is transferred to the customer.

‘For the unspent amount of Rs. 47.55 lacs as on 31 March 2023, the Company has transferred the same to CSR unspent account on 30 September 2023, of which sum of Rs. 5.62 lakh has already been spent on on-going project of health care centre in Sur Singh and tuition fee payments as allowed by Schedule VII of Companies Act, 2013.

52. No dividend was paid during the current as well as preceding financial year. Further, no additional dividend is proposed for the current financial year.

53. The Board of Directors of the Company have approved the issue of 2,591,657 bonus equity shares on the record date i.e. 14 July 2022 in the proportion of 1 (One) equity share of ? 10 each for every 4 (four) equity Shares of ? 10 each held by the shareholders of the Company as on the record date. No such bonus shares issued during the current year.

54. During the year ended 31 March 2024, the Company has sold a part of property, plant and equipment at a loss of Rs. 173.51 lakhs which has been shown as exceptional loss in the Statement of Profit and Loss.

55. These standalone financial statements were approved for issue by the board of directors on 30 May 2024.

56. (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 persons or entities, including foreign entities (Intermedianes) 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 funds from any persons or entities, 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.

57. The Code on Social Security, 2020 which would impact the contributions by the Company towards Provident Fund and Gratuity has received presidential assent on 28 September 2020. The effective date from which the changes are applicable is yet to be notified and the final rules are yet to be framed. The Company will carry out an evaluation of the impact and record the same in the financial statements in the period in which the Code becomes effective and the related rules are published.

58. a) The Company does not have any transactions a relationships with any companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of the Companies Act, 1956.

b) There are no proceedings initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

c) The Company has not been declared a wilful defaulter by any bank or financial institution or government or any government authority.

d) The Company does not have any charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.

e) The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

f) Money raised by way of term loans were applied for the purposes for which these were obtained.

g) The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

h) The Company does not have any advances in the nature of loans during the year.

i) There are no transactions that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 which have not been recorded in the books of account.

This is a summary of significant accounting policies and other explanatory information referred to in our report of even date.

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Mar 31, 2021

Nature of Security and Rate of Interest

1. Fund Based Working Capital facilities of Rs. 21.50 crores availed from Punjab National Bank are secured by hypothecation of stock of raw material, WIP, Finished goods , book debts and other current assets (i.e. entire current assets of the company present as well as future) of the company. The rate of Interest is 9.95% which is subject to change from time to time as per Bank/RBI guidelines. All the fund based and non-fund based facilities from Punjab National Bank has been secured by three collaterals in the name of Company having valuation of Rs. 15.28 Crores as per sanction letter, two collateral for friends and relatives of directors having valuations of Rs.6.70 Crores and One collateral in the name of Director having valuation of Rs.1.39 Crore. The Equity Shares (1555000) in the name of Director has also been pledged as collateral security with Punjab National Bank. The aforesaid credit facilities are further secured by Personal guarantee of directors.

2. The adhoc limit of Rs.3 Crores sanctioned by PNB is secured by extension of charge on current assets of the company already held as security by the bank. Further the said facility is also secured by extension of charge on various immovable properties already held by the Bank as security for its credit facilities.

3. Fund Based Working Capital facilities of Rs. 8 crores and Non-Fund Based facilities of Rs.5 crores availed from HDFC Bank are secured by hypothecation of stock of raw material, WIP, Finished goods , book debts and other current assets (i.e. entire current ass ets of the company present as well as future) of the company. The rate of Interest is 8.20% which is subject to change from time to time as per Bank/RBI guidelines. The said facility is collaterally secured by factory land and building measuring 3 Bigha 13 Biswa situated at Jodhapur, Barotiwala, Tehsil Baddi, Distt, Solan having valuation of Rs. 8 crores. The aforesaid credit facilities are further secured by personal guarantee of directors.

31.1 The Company has acquired a company named Mansa Prints and Publishers Limited as per Hon''ble order of NCLT dated 18.03.2020 under Insolvency and Bankruptcy Code 2016 ,the proceedings of which was started on 28.02.2019 .The order of Hon''ble National company Law Tribunal was pronounced on 18.03.2020 wherein the Resolution Plan of ANG Life Sciences India Limited was approved. The payment of Rs.13.50 crores was to be made by the Resolution Applicant ANG Life Sciences India Limited. The Resolution Professional was to be implement the Approved Resolution Plan within 10 months from the approval of Resolution Plan .The implementation of the plan got delayed as the Resolution Applicant ANG Lifesciences India Limited made the major payments i n the month of February and March 2021.The Resolution professional appointed the directors as per the Resolution Plan on 12.02.2021 , however the effective control was passed on to the Board of directors in the month of April,2021.The equity shares to the Resolution Applicant was allotted on 1st April, 2021.

31.2 The litigations for recovery against sundry debtors & advances for Rs. 25784319/- is pending before Courts against 17 parties .There is uncertainty as far as the recovery of this amount is concerned, the Company has shown above amount under the head of Sundry Debtors above 6 months. However the company has made a provision of Rs. 77,35,265/- against the above Debtors as Doubtfull Debts.

32.7 There is no liability towards interest on delayed payments under The Micro, Small and Medium Enterprises Development Act 2006'' during the year. There is also no amount of outstanding interest in this regard, brought forward from previous years Information in this regard is on basis of intimation received, on requests made by the Company, with regards to registration of vendors under the said Act.

32.8 Demands/Claims by various government authorities and others not acknowledged as debts by the Company:

(i) Income Tax Matters Rs. 37.47 lakhs (Previous Year: Rs. 28.95 lakhs)

32.9 The figures and groupings of the previous year are regrouped/ reclassified whenever necessary so as to make them compara ble with the current year.