Notes to Accounts of Cressanda Railway Solutions Ltd.

Mar 31, 2025

28 COMMITMENTS AND CONTINGENCIES

A provision is recognized when the Company has present obligation as a result of past events and it is probable that an outflow of
resources will be required to settle such obligation, in respect of which a reliable estimate can be made. Contingent liabilities not
provided for in the accounts are disclosed in the account by way of notes specifying the nature and quantum of such liabilities.

Under the Income Tax Act, 1961, assessment of income for the various assessment years have taken place under the Income Tax
Act, 1961. As a result a total demand of '' 55.49 Lacs has arisen. Considering the nature of additions made and recent judicial
pronouncements, there are good chances that the additions shall be deleted in the appropriate proceedings and therefore no
provision in this respect has been made in respect of outstanding demand.

29 DISCLOSURE PURSUANT TO EMPLOYMENT BENEFITS

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by
employees are recognised as an expense during the period when the employees render the services. The Company pays gratuity
to the employees who have completed five years of service with the Company at the time of resignation/ superannuation. The
gratuity is paid @15 days basic salary for every completed year of service as per the Payment of Gratuity Act, 1972, Hawever None
of employee complete the minimum 5 year of service, hence no provision has been made for gratuity payment.

The Management assessed that the fair value of financial liabilities approximate their carrying amounts largely due to the short
term maturities of these instruments

32 FINANCIAL RISK MANAGEMENT:

The Company''s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit
risk. The Company''s senior management has the overall responsibility for establishing and governing the Company ''s risk
management framework

The Company''s activities expose it to credit risk, liquidity risk and market risk. This note explains the sources of risks which the entity
is exposed to and how it mitigates that risk.

Liquidity risk:

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities.The Company''s
approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due

Market risk:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk
and commodity risk. Financial instruments affected by market risk include loans and borrowings and investments in securities.

Foreign currency risk

The Company is exposed to insignificant foreign exchange risk as at the respective reporting dates.

Credit Risk

Credit risk is the risk of financial loss to the Company that a customer or counter party to a financial instrument fails to meet its
obligations. The Company is exposed to credit risk from its investing activities, including deposits with banks.

Trade and other receivables:

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record
in the market and past dealings for extension of credit to customers. To manage credit risk, the Company periodically assesses the

financial reliability of the customer, taking into account the financial condition, current economic trends, and analysis of historical
bad debts and aging of accounts receivables. Outstanding customer receivables are regularly monitored to make an assessment
of recoverability. Receivables are provided as doubtful / written off, when there is no reasonable expectation of recovery. Where
receivables have been provided / written off, the Company continues regular follow-up, engage with the customers, legal options
/ any other remedies available with the objective of recovering these outstandings.

Cash and cash equivalents and other investments

The Company is exposed to counter party risk relating to medium term deposits with banks. 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.
The Company does not maintain significant cash and deposit balances other than those required for its day to day operations.

33 SEGMENT REPORTING

As per Ind AS 108- "Operating Segment" segment information has been provided under Notes to Consolidated Financial Statements.

34 RELATED PARTY TRANSACTION

In accordance with the requirements of IND AS 24, on related party disclosures, name of the related party, related party relationship,
transactions and outstanding balances including commitments where control exits and with whom transactions have taken place
during reported periods, are below

35 CSR ACTIVITY

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. Therefore
We made provision in books for CSR Deposite Scheme of ''11.36 Lakhs (Average of last 3 years Profit) for F.Y. 2024-25.

36 OTHER INFORMATION

i) Balances in the accounts of debtors, creditors and contracts and contractors, certain Bank Accounts are taken subject to confirmation
and reconciliation and only upon such confirmation and reconciliation, the entries for discounts, claims and writing off sundry
balances etc. will be recorded in the books.

ii) In the opinion of the management, the current assets and loans & advances are approximately of the value stated, if realised / paid
in the ordinary course of business. The provisions for all known liabilities is adequte and is not in excess of amounts considered
reasonably necessary.

iii) Balances grouped under non current Liabilities, Current Assets, and Non current assets in certain cases are subject to confirmation
and reconcillation from respective parties, impect of the same, if any, shall be accounted as when determined.

37 EXCEPTION ITEMS

During the year the relisation of ''14.40 lakhs (''132.50 lakhs in previous year) from old receiables, hence provision for bad debts
has been write back.

38 ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III

i) Details of benami property held -

No proceedings have been initiated on or are pending against the company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

ii) Borrowing secured against current assets

No loan facilities availed by the Company against the current assets as primary security, hence, reporting Quarterly return/
statements reconciliation with books of accounts is not applicable.

iii) Wilful defaulter

Company have not been declared wilful defaulter by any bank or financial institution or government or any government authority.

iv) Relationship with struck off companies

The company has no transactions with companies struck off under Companies Act, 2013 or Companies Act, 1956.

v) Registration of charges or satisfaction with Registrar of Companies

No charges was created or satisfied during the year, hence the Registration of chrages or satisfication of charges with Resistrar of
Companies was not applicable

vi) Compliance with number of layers of companies

The company has complied with the number of layers prescribed under the Companies Act, 2013.

vii) Compliance with approved scheme(s) of arrangements

The company has not entered into any scheme of arrangement which has an accounting impact on current financial year.

viii) Undisclosed Income

The company has not surrendered or disclosed as income during the current or previous year in the tax assessments under the
Income Tax Act, 1961, that has not been recorded in the books of account.

ix) Details of crypto currency or virtual currency

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

x) Valuation of PP&E, intangible asset and investment property

The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the
current or previous year.

xi) Utilisation of equity and Share premium

The company has 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:

a. 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

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

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:

a. 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

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries"

xii) Other information required under part I and Part II of schedule III of Companies Act 2013, are either NIL or NOT
Applicable

39 The previous year figures have been regrouped, reworked, rearranged and reclassified, wherever necessary and are to be read in
relation to the amounts and other disclosures relating to the current year.

As per our report of even date attached

For H.RAJEN & CO For and on Behalf of the Board of Directors of

Chartered Accountants Cressanda Railway Solutions Limited

Firm Registration Number: 108351W (Formerly known as Cressanda Solutions Limited)

CA Rajendra Desai Chandra Prakash Sharma Arunkumar Tyagi

Partner Director Managing Director

M No: 011307 DIN: 02143588 DIN: 05195956

Place: Mumbai Sunil Kumar Trivedi Hemant Singh

Date: 31/07/2025 Company Secretary and Compliance Officer Chief Financial Officer

---

Mar 31, 2024

(K) Provisions, Contingent Liabilities and Contingent Assets

Provisions

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pretax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Contingent liabilities

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. A present obligation that arises from past events but it is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of obligation cannot be measured with sufficient reliability is termed as contingent liability.

Contingent Assets

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

(L) Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates (''the functional currency''). The financial statements are presented in ''Indian Rupees'' (Rs.), which is the Company''s functional and presentation currency.

(ii) Transactions and balances

(a) Foreign currency transactions are translated into

the functional currency using the exchange rates prevailing at the dates of the transactions.

(b) All exchange differences arising on reporting

of foreign currency monetary items at rates different from those at which they were initially recorded are recognised in the Statement of Profit and Loss. (c) In respect of foreign exchange differences arising on restatement or settlement of long-term foreign currency monetary items, the Company has availed the option available in Ind AS 101 to continue the policy adopted for accounting for exchange differences arising from translation of longterm foreign currency monetary items.

• Foreign exchange differences on account of depreciable asset, are adjusted in the cost of depreciable asset and would be depreciated over the balance life of asset.

• In other cases, foreign exchange difference is accumulated in "foreign currency monetary item translation difference account" and amortised over the balance period of such long-term asset / liabilities.

(d) Non-monetary items denominated in foreign currency are stated at the rates prevailing on the date of the transactions / exchange rate at which transaction is actually affected.

(M) Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company

and the revenue can be reliably measured. The following specific recognition criteria are met before revenue is recognized:

(i) Interest income is recognised on a time proportion basis taking in to account the amount outstanding and the applicable interest rate

(ii) Dividend income is recognised when the Companies right to receive dividend is established on the reporting date.

(iii) Other Income account on accrual basis

(N) Employee benefits

short-term obligations

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

other long-term employee benefit obligations

The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in Statement of profit and loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.

(O) income tax

The income tax expense or credit for the period is the tax payable on the current period''s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in Other Comprehensive Income or directly in equity. In this case, the tax is also recognised in Other Comprehensive Income or directly in equity.

(P) Cash and cash equivalents

For the purpose of presentation in the Statement of Cash Flows, cash and cash equivalents include cash on hand, demand deposits with banks, short-term balances (with an original maturity of three months or less from date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

(Q) Earnings per share Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the Company

- by the weighted average number of equity shares outstanding during the financial year.

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

(R) cash flow statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.

(s) segment reporting

The operating segment has been identified and reported taking into account its internal financial reporting, performance evaluation and organizational structure of its operations. Operating segment is reported in the manner evaluated by Board, considered as Chief

Operating Decision Maker under Ind AS 108 "Operating Segment".

(T) Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

(U) Exceptional items

The Company discloses certain financial information both including / excluding exceptional items. The presentation of information excluding exceptional items allows a better understanding of underlying operating performance of the Company and provides consistency with the Company''s internal management reporting. Exceptional items are identified by virtue of either size or nature so as to facilitate the comparison with prior period and to assess underlying trends in financial performance of the Company.

:.2 Critical accounting estimates and judgements

The preparation of the financial statements under Ind AS requires management to take decisions and make estimates and assumptions that may impact the value of revenues, costs, assets and liabilities and the related disclosures concerning the items involved as well as contingent assets and liabilities at the balance sheet date. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(a) Useful lives of property, plant and equipment

The Company has estimated its useful lives of wind power assets based on the expected wear and tear, industry trends etc. In actual, the wear and tear can be different. When the useful lives differ from the original

estimated useful lives, the Company will adjust the estimated useful lives accordingly. It is possible that the estimates made based on existing experience are different to the actual outcomes within the next financial period and could cause a material adjustment to the carrying amount of Property, Plant and Equipment.

(b) income taxes

There are transactions and calculations for which the ultimate tax determination is uncertain and would get finalized on completion of assessment by tax authorities. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

The Company is eligible to claim tax holiday on income generated from wind power generation. The deferred tax on temporary differences which are reversing after the tax holiday period have been estimated considering future projections and Company''s plan to start claiming tax holiday in certain years. It is possible that this estimate may be different to the actual outcome within the next financial periods and could cause material adjustments to the deferred tax recognised in financial statements.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the same can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

(c) Fair value measurement and valuation process

The Company measured its investments in equity shares of subsidiaries at fair value and certain financial assets and liabilities for financial reporting purposes.

The fair values of investments in subsidiaries are not quoted in an active market and are determined by using valuation techniques, primarily earnings multiples and discounted cash flows. The models used to determine fair values including estimates / judgements involved are validated and periodically reviewed by the

management. The inputs used in the valuation models include unobservable data of the Companies which are categorised within level III fair value measurements. They are based on historical experience, technical evaluation and other factors, including expectations of future events. Considering the level of estimation involved and unobservable inputs, the Company has engaged a third-party qualified valuer to perform the valuation. Based on the actual performance of respective subsidiaries project, the inputs considered for valuation may vary materially and could cause a material adjustment to carrying amount of investments.

(d) impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment of financial assets and credit risk exposure. ECL impairment loss allowance (or reversal) recognized during the year is recognized as income / expense in the statement of profit and loss (P&L).

2.3 Previous year''s figures

The Previous year''s figures have been recast/restated, wherever necessary to confirm to current year classification.

NOTE 12.3: iSSUE OF SHARES UNDER RiGHTS iSSUE

The Company had issued 2,46,49,206 equity shares of face value of ''1/- each on right basis (''Rights Equity Shares''). In accordance with the terms of issue, ''10.00 i.e. 50 % of the issue price per Rights Equity Shares, was received from the concerned allottees on application and shares were allotted. The Board had made First and final call of ''10 per Right Equity Shares (including a premium of ''9.50 per share) in January 2024. As on March 31,2024, 82,37,381 partly paid-up equity shares are outstanding on which aggregate amount of ''823.74 Lakh is unpaid.

Proceeds of the Right Issue ''4106.10 lacs was invested in one subsidiary amounting to ''2802.61 lacs and balance are commercially deployed as an unsecured loan. It was clear non-compliance of the letter of offer for utilization of proceeds for the working capital requirements and other general corporate purpose.

NOTE 12.4: TERMS/RiGHTS ATTACHED TO EQUiTY SHARES

i) The Company has only one class of share capital,i.e.equity shares having face value of ''1/- per share. Each holder of equity share is entiltled to one vote per share, The equity shareholders are entitled to receive dividends as and when declared.

ii) In the event of liquidation of the Company,the holders of equity shares will be entiteld to receive remaining assets of the Company,after distribution of all prefrencial amounts.The distribution will be in proportion to the no.of equity shares held by the shareholder.

NOTE-29: DISCLOSURE PURSUANT TO EMPLOYMENT BENEFITS

The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services. The Company pays gratuity to the employees who have completed five years of service with the Company at the time of resignation/ superannuation. The gratuity is paid @15 days basic salary for every completed year of service as per the Payment of Gratuity Act, 1972, However, None of employee complete the minimum 5 year of service, hence no provision has been made for gratuity payment.

(a) Defined contribution plans

The Company not makes in contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees towards

Provident Fund and Superannuation Fund which is a defined contribution plan. The Company has obligations to make the specified contributions. The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an expense towards contribution to Provident Fund and Superannuation Fund for the year are summarised below.

Through its defined benefit plan, the Company is exposed to a number of risks, the most significant of which are detailed

below

1 Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as shown in financial statements).

2 Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company is exposed to the risk of actual experience turning out to be worse compared to the assumption.

3 Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liabilty.

4 Liquidity Risk: This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due to non availabilty of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

5 Regulatory Risk: Gratuity benefit is paid in accordance with the requirements of the Payment of Gratuity Act, 1972 (as amended from time to time). There is a risk of change in regulations requiring higher gratuity payouts.

NOTE 32: FiNANCiAL RiSK MANAGEMENT:

The Company''s business activities are exposed to a variety of financial risks, namely liquidity risk, market risks and credit risk. The Company''s senior management has the overall responsibility for establishing and governing the Company ''s risk management framework

The Company''s activities expose it to credit risk, liquidity risk and market risk. This note explains the sources of risks which the entity is exposed to and how it mitigates that risk.

Liquidity risk:

Liquidity risk is the risk that the Company will face in meeting its obligations associated with its financial liabilities.The Company''s approach in managing liquidity is to ensure that it will have sufficient funds to meet its liabilities when due

Market risk:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings and investments in securities.

Foreign currency risk

The Company is exposed to insignificant foreign exchange risk as at the respective reporting dates.

Credit Risk

Credit risk is the risk of financial loss to the Company that a customer or counter party to a financial instrument fails to meet its obligations. The Company is exposed to credit risk from its investing activities, including deposits with banks.

Trade and other receivables:

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past dealings for extension of credit to customers. To manage credit risk, the Company periodically assesses the financial reliability of the customer, taking into account the financial condition, current economic trends, and analysis of historical bad debts and aging of accounts receivables. Outstanding customer receivables are regularly monitored to make an assessment of recoverability. Receivables are provided as doubtful / written off, when there is no reasonable expectation of recovery. Where receivables have been provided / written off, the Company continues regular follow-up , engage with the customers, legal options / any other remedies available with the objective of recovering these outstandings.

Cash and cash equivalents and other investments

The Company is exposed to counter party risk relating to medium term deposits with banks. 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. The Company does not maintain significant cash and deposit balances other than those required for its day to day operations.

i) Details of benami property held -

No proceedings have been initiated on or are pending against the company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

ii) Borrowing secured against current assets

No loan facilities availed by the Company against the current assets as primary security, hence, reporting Quarterly return/ statements reconciliation with books of accounts is not applicable.

iii) Wilful defaulter

Company have not been declared wilful defaulter by any bank or financial institution or government or any government authority.

iv) Relationship with struck off companies

The company has no transactions with companies struck off under Companies Act, 2013 or Companies Act, 1956.

v) registration of charges or satisfaction with registrar of companies

No charges was created or satisfied during the year , hence the Registration of chrages or satisfication of charges with Resistrar of Companies was not applicable

vi) compliance with number of layers of companies

The company has complied with the number of layers prescribed under the Companies Act, 2013.

vii) compliance with approved scheme(s) of arrangements

The company has not entered into any scheme of arrangement which has an accounting impact on current financial year.

viii) Undisclosed income

The company has not surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

ix) Details of crypto currency or virtual currency

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

x) Valuation of PP&E, intangible asset and investment property

The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the current or previous year.

xi) Utilisation of equity and Share premium

The company has 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:

a. 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

b. provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

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:

a. 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

b. provide any guarantee, security or the like on behalf of the ultimate beneficiaries

xii) other information required under part i and part ii of schedule iii of companies Act 2013, are either NiL or NoT Applicable NoTE 39

The previous year figures have been regrouped , reworked, rearranged and reclassified, wherever necessary and are to be read in relation to the amounts and other disclosures relating to the current year.

As per our report of even date attached

For AGRAWAL JAiN AND GUpTA For and on Behalf of the Board of Directors of

Chartered Accountants cressanda railway solutions Limited

Firm Registration Number: 013538C (Formerly known as Cressanda Solutions Limited)

Govind Mishra rajkumar Dinesh Masalia Arunkumar tyagi

Partner Director Managing Director

M No: 188560 DIN : 09772787 DIN : 05195956

UDIN: 24188560BKAHYR6425

Place : Mumbai tushti sharma Neha Gupta

Date : 2nd July 2024. Company Secretary Chief Financial Officer

---

Mar 31, 2023

11.4 Terms/Rights attached to equity shares

i) The Company has only one class of share capital,i.e.equity shares having face value of '' 1/- per share. Each holder of equity share is entiltled to one vote per share, The equity shareholders are entitled to receive dividends as and when declared.

ii) In the event of liquidation of the Company, the holders of equity shares will be entiteld to receive remaining assets of the Company,after distribution of all prefrencial amounts.The distribution will be in proportion to the no.of equity shares held by the shareholder.

19 PROVISIONS AND CONTINGENT LIABILITIES

A provision is recognized when the Company has present obligation as a result of past events and it is probable that an outflow of resources will be required to settle such obligation, in respect of which a reliable estimate can be made. Contingent liabilities not provided for in the accounts are disclosed in the account by way of notes specifying the nature and quantum of such liabilities.

Under the Income Tax Act, 1961, assessment of income for the various assessment years have taken place under the Income Tax Act, 1961. As a result a total demand of '' 19.74 Lacs has arisen. Considering the nature of additions made and recent judicial pronouncements, there are good chances that the additions shall be deleted in the appropriate proceedings and therefore no provision in this respect has been made in respect of outstanding demand.

20 EMPLOYMENT BENEFITS

Provision for Gratuity, Leave Encashment and bonus has not been made as none of the employee have completed the minimum qualified period of services.

22 Segment REpoRTING

The Company has only one segment of activity during the year, hance segment wise reporting as defined in accounting standard 17 is not applicable.

24 CSR ACTIVITY

As per the Companies Act, 2013, all companies having a net woth of '' 500 crore or more, or a turnover of '' 1000 crore or more or a net profit of '' 5 crore or more during any financial year are required to constiture a CSR Committee of the Board of Director comprising three director. All such companies are requaired to spend at least 2% of the average net profit of their three immediately preceding financial years on CSR-related activities.

25 Balances in the accounts of debtors, creditors and contracts and contractors, certain Bank Accounts are taken subject to confirmation and reconciliation and only upon such confirmation and reconciliation, the entries for discounts, claims and writing off sundry balances etc. will be recorded in the books.

26 In the absence of detailed information from Small Scale and Ancillary Undertaking, included under the head Sundry Creditors dues there from are not ascertained as on the date of Balance Sheet.

27 OTHER INFORMATION

i) In the opinion of the management, the current assets and loans & advances are approximately of the value stated, if realised / paid in the ordinary course of business. The provisions for all known liabilities is adequte and is not in excess of amounts considered reasonably necessary.

ii) Balances grouped under non current Liabilities, Current Assets, and Non current assets in certain cases are subject to confirmation and reconcillation from respective parties, impect of the same, if any, shall be accounted as when determined.

27A Exception items

during the year the relisation of '' 132.50 lakhs ('' 27.10 lakhs in previous year) from old receiables, hence provision for bad debts has been write back

27B Other information required under part I and Part II of schedule III of Companies Act 2013, are either NIL or NOT Applicable

31 The previous year figures have been regrouped, rearranged wherever necessary.

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Mar 31, 2015

NOTE 1: Amalgamation and Reduction

The scheme of Amalgamation under sections 391 to 394 of the Companies Act 1956, which was approved by the board of directors (the scheme), between Smart champs IT and Infra Limited (SIIL), the Company and their respective shareholders and creditors with January 1, 2012 as the appointed date, has been approved by the Hon'ble High Court of Bombay vide order dated January 24, 2013. Upon necessary filing with the Registrar of Companies on February 09, 2013, the scheme became effective and the effect thereof has been given in these financial statements. Consequently,

a. The accumulated losses of Rs. 8,55,00,000/- of the Company has been adjusted against the paid up capital of the Company. Thus the paid up capital of the Company has been reduced from Rs. 9,00,00,000/- (Rupees Nine Crores only) divided into 90,00,000 (Ninety Lakhs) shares of Rs. 10/- each to Rs. 45.00.Q0Q/- (Rupees

b. forty five lakhs only) divided into 4,50,000 shares of Rs. 10/- each.

c. In terms of the scheme, the entire business and the whole of the undertaking of SIIL, as a going concern, stands transferred to and vested in the Company with effect from January 1,2012, being the scheme appointed date.

d. In consideration of the amalgamation of SIIL with the Company, the Company has issued 2,99,07,750 equity shares of Rs. 10/- each aggregating to Rs. 29,90,77,500/- in the ratio of 1:1.

e. The amalgamation of SIIL with the Company is accounted for on the basis of the pooling of interest method as envisaged in the Accounting Standard (AS)-14 on 'Accounting for Amalgamations' specified in the Companies (Accounting Standard) Rules 2006. Accordingly, the assets and liabilities of SIIL have been recorded by the Company at their existing carrying amounts.

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Mar 31, 2014

1: Amalgamation and Reduction

The scheme of Amalgamation under sections 391 to 394 of the Companies Act 1956, which was approved by the board of directors (the scheme), between Smartchamps IT and Infra Limited (SUL), the Company and their respective shareholders and creditors with January 1, 2012 as the appointed date, has been approved by the Hon''ble High Court of Bombay vide order dated January 24, 2013. Upon necessary filing with the Registrar of Companies on February 09, 2013, the scheme became effective and the effect thereof has been given in these financial statements. Consequently,

a. The accumulated losses of Rs. 8,55,00,000/- of the Company has been adjusted against the paid up capital of the Company. Thus the paid up capital of the Company has been reduced from Rs. 9,00,00,000/- (Rupees Nine Crores . only) divided into 90,00,000 (Ninety Lakhs) shares of Rs. 10/- each to Rs. 45,00,000/- (Rupees forty five lakhs only) divided into 4,50,000 shares of Rs. 10/- each.

b. In terms of the scheme, the entire business and the whole of the undertaking of SllL, as a going concern, stands transferred to and vested in the Company with effect from January 1, 2012, being the scheme appointed date.

c. In consideration of the amalgamation of SIIL with the Company, the Company has issued 2,99,07,750 equity shares of Rs. 10/- each aggregating to Rs. 29,90,77,500/- in the ratio of 1:1.

d. The amalgamation of SIIL with the Company is accounted for on the basis of the pooling of interest method as envisaged in the Accounting Standard (AS)-14 on ''Accounting for Amalgamations'' specified in the Companies (Accounting Standard) Rules 2006. Accordingly, the assets and liabilities of SIIL have been recorded by the Company at their existing carrying amounts.

e. SIIL was engaged in the business of trading of computer hardware & software, infrastructure building and leasing of assets.

2: Sub-Division of Shares

The company have undergone a Sub-division of Equity Share of the face value of Rs.10/- to face value of Re.1/- each on 16th January, 2014.

NOTE 27: Investment in subsidiary companies

Particulars For the Year Ended on For the Year Ended on March 31,2014 March 31,2013 (Rs> (Rs)

Investment in Cressanda Solutions Inc - 10,867,340.00

The company had an investment of Rs. 1,08,67,340/- in equity shares of Cressanda Solutions Inc. a wholly owned subsidiary of the company. The subsidiary company is not functional and also the company is trying to liquidate the company as soon as possible. As there is negligible chances of actual recovery of any part of the investment, the whole investment of Rs. 1,08,67,340/- has been written off during the year. The audited financials of the company couldn''t be made.

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Mar 31, 2013

NOTE 1 : Amalgamation and Reduction

The scheme of Amalgamation under sections 391 to 394 of the Companies Act 1956, which was approved by the board of directors (the scheme), between Smartchamps IT and Infra Limited (SIIL), the Company and their respective shareholders and creditors with January 1, 2012 as the appointed date, has been approved by the Hon''ble High Court of Bombay vide order dated January 24, 2013. Upon necessary filing with the Registrar of Companies on February 09, 2013, the scheme became effective and the effect thereof has been given in these financial statements. Consequently,

a. The accumulated losses of Rs. 8,55,00,000/- of the Company has been adjusted against the paid up capital of the Company. Thus the paid up capital of the Company has been reduced from Rs. 9,00,00,000/- (Rupees Nine Crores only) divided into 90,00,000 (Ninety Lakhs) shares of Rs. 10/- each to Rs. 45,00,000/- (Rupees forty five lakhs only) divided into 4,50,000 shares of Rs. 10/- each.

b. In terms of the scheme, the entire business and the whole of the undertaking of SIIL, as a going concern, stands transferred to and vested in the Company with effect from January 1, 2012, being the scheme appointed date.

c. In consideration of the amalgamation of SIIL with the Company, the Company has issued 2,99,07,750 equity shares of Rs. 10/- each aggregating to Rs. 29,90,77,500/- in the ratio of 1:1.

d. The amalgamation of SIIL with the Company is accounted for on the basis of merger method as envisaged in the Accounting Standard (AS)-14 on ‘Accounting for Amalgamations'' specified in the Companies (Accounting Standard) Rules 2006. Accordingly, the assets and liabilities of SIIL have been recorded by the Company at their existing carrying amounts.

e. SIIL was engaged in the business of trading of computer hardware & software, infrastructure building and leasing of assets.

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Mar 31, 2012

(a) Terms / Rights attached to the equity shares

The Company has only one class of equity shares having par value of Rs. 10 per share, fach holder of equity shares is entitled to one vote per share.

NOTE 1: CORPORATE INFORMATION Cressanda Solution Ltd is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company was engaged in Software Development Consultancy Services.

1 SMALL SCALE INDUSTRY:

As at March 31,2012, the Company has no outstanding dues to small-scale industrial undertakings.

2. ClF VALUE OF IMPORTS

During the financial year 2011-12 CIF value of import of raw material, components and spare parts and capita! goods is Nil (Financial Year 2010-11 is Nil )

3. EXPENDITURE IN FOREIGN CURRENCY

During the financial year 2011-12. the company has not incurred any expenditure on traveling in foreign exchange as compared to Rs. NIL during the previous year 2010-11.

5. DEFERRED TAX

No Deferred Tax Assets has been created, as Company has carried forward losses from the previous years and in terms of Accounting Standard 22 the company is following the conservative policy.

6. SEGMENTAL REPORTING

The Company had only one Business Segment i.e. information technology services or software development consultancy services, however the Company has suspended all its business and services in last two financial years.

7. STATEMENT PURSUANT TO SECTION 212

The audited financial accounts of the Cressanda Solutions Inc. (Subsidiary' Company) are not available to us, so Statement pursuant to Section 212 of the Companies Act, 1956, relating to Subsidiary Company is not attached.

8. FIXED DEPOSITS

Fixed Deposit of Rs. 45,000/- shown in the Balance Sheet is in the name of "Adroit Computer Technologies Pvt. Ltd". The above mentioned Fixed Deposit was acquired as part of merger with Adroit Computer Technologies Pvt. Ltd, but the registered name of the holder with Corporation Bank has not been changed till now.

9. EARNINGS PER SHARE

Basic and diluted earnings per share are calculated by dividing 1 he net Profit/ (loss) after tax for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

10. CONTINGENT LIABILITY

Contingent liability in respect of ESI contribution prior to registration if any. not ascertainable

11. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped / reclassified wherever necessary to make them comparable with the current year figures.

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Mar 31, 2010

1. MANAGERIAL REMUNERATION

Managerial remuneration paid to the director of the Company during the financial year 2008-09 was Rs. 9,00,600 as compared to Rs. 6,87,596 paid during the financial year 2009-10 Mr. -Rahul Agarwal; the Managing Director of the Company does not draw any remuneration from the Company.

2 SMALL SCALE INDUSTRY:

As at March 31, 2010, the Company has no outstanding dues to small-scale industrial undertakings (Year ended on March 31,2009-Nil)

3 PART II OF SCHEDULE VI OF THE COMPANIES ACT, 1956

The Company is engaged in development of computer software. The production and sale of such software cannot be expressed in any generic unit. Hence, it is not possible to give the quantitative details of sales and certain information as required under paragraphs 3, 4C and 4D of part II of Schedule VI to the Companies Act, 1956.

4. CIF VALUE OF IMPORTS

During the financial year 2009-10 CIF value of import of raw material, components and spare parts and capital goods is Nil (Financial Year 2008-09 is Nil)

5. EXPENDITURE IN FOREIGN CURRENCY

During the financial year 2009-19, the company has not incurred any expenditure or traveling in foreign exchange as compared to Rs. NIL during the previous year 2008-09

6. DEFERRED TAX

No Deferred Tax Assets has been created, as Company has carried forward losses from the previous years and in terms of Accounting Standard 22 the company is following the conservative policy.

7. SEGMENTAL REPORTING

The Board of Directors (the Board) of the Company reviews the performance of the Company at the enterprise level. The Board relies primarily on results at the enterprise level for assessing performance and making decisions about resource allocation and hence the Company has no reportable segments. The Company has only one Business Segment i.e. information technology services or software development - consultancy services.

8. EARNINGS PER SHARE

Basic and diluted earnings per: hare are calculated by dividing the net Profit/ (loss) after tax for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

9. RELATED PARTY TRANS ACTIONS

a) List of Related Parties

Name Type of Relation

Cressanda Solutions, Inc. Wholly Owned Subsidiary Company

Cressanda Solutions UK Limited Common Directorship

Global Fintech Pvt. Ltd. Common Directorship

Ecom Concepts India Private Limited Common Directorship / 49% Shareholding

Mr. Sandeep Talwar Key Management Personnel (Deputy Managing director)

Mr. Rohit Agarwal Key Management Personnel (Executive Director)

Mr. Rahul Agarwal Managing Director

Icon Nteractive Pvt. Ltd. Common Directorship

Batlivala & Karani Securities India Pvt. Ltd Common Directorship

Plus Investments (P) Ltd Common Directorship

Ishi CSL Infosystems (P) Ltd Common Directorship

IBSN Common Directorship

10. CONTINGENT LIABILITY

a) Contingent liability in respect of ESI contribution prior to registration , if any, not ascertainable

b) For the Assessment Year 2001-02, Commissioner of Income Tax (Appeals) XIII, New Delhi, vide order dated 01-02-2005 disallowed expenditure amounting to Rs. 1,19,43,788. The, company has appealed to ITAT against the order of Commissioner of Income Tax (Appeals) XIII, New Delhi. The order of the tribunal is still pending for hearing.

11. PREVIOUS YEAR FIGURES

Previous year figures have been regrouped / reclassified wherever necessary to make them comparable with the current year figures.