Notes to Accounts of Hindprakash Industries Ltd.

Mar 31, 2025

13.1 Rights, preferences and restrictions attached to equity shares:

The Company has one class of equity shares having a par value of Rs 10/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their share holding.

14.3 The Company has issued 10,00,000 convertible equity warrants on 6th July 2022 at an issue price of Rs. 82.00 per warrant on preferential basis to the promoters and person belonging to Promoters'' Group on receipt of the subscription money of Rs. 205.00 Lakhs being 25% of the issue price. Such warrants are convertible into equivalent number of fully paid up equity shares of face value of Rs.10/- at a premium of Rs. 72/- each, at an option of the warrant holders, at any time, in one or more tranches, within 18 Months from the date of issue of warrants on the payment of balance 75% amount due on warrants. The warrant holders have exercised their option during FY 2023-24, on the payment of balance 75% amount due on warrants.

15.1.

IDBI - Working Capital Term Loan

Primary Security : Second Charge in the form of hypothecation on entire current and moveable fixed assets of the company including stocks, Book Debts (Both present & future, obtained as primary security for WC limit- Refer Note No:19).

Collateral Security: Second charge on assets obtained by bank as collateral security for WC limit (Ref Note No:19).

The above facilities are further guaranteed by two directors of the company in their personal capacity.

The Limit is covered under Guaranteed Emergency Credit Line (GECL) operated by NCGTC.

15.2.

NKGSB COOP BANK-Mortgage Loan

Primary Security : Registered Mortgage of Industrial Land Plot No. T 10 to T 12 Saykha IndtLstrial Estate Survey No. 26/P, 27/P of Village Saykha Near Luna Chemicals, GIDC Saykha, Taluka Vagra District Bharuch - Gujarat 392165. The facilitiy is further guaranteed by two directors of the company in their personal capacity.

19.1. IDBI Bank Limited (Cash Credit Account).

The Company has created a charge in favour of IDBI Bank Ltd, for Working Capital by way of first charge in the form of hypothecation of stock of raw material (imported & indigenous), work in progress, finished goods, packing materials and other chargeable current assets of the company (Present and future), hypothecation of entire book debts and other current assets of the company, as security for cash credit and other working capital facilities.

The above facilities are further collaterally secured by way of equitable mortgage of company''s shed no. A2-114 and 115, Vatva Industrial Estate, Phase II, GIDC, Ahmedabad. The above facilities are further guaranteed by two directors of the company in their personal capacity.

B. Defined Benefit Plans Gratuity (Unfunded) :

(i) The company administers its employees gratuity scheme unfunded liability. The present value of the liability for the defined benefit plan of gratuity obligation is determined based on actuarial valuation by an independent actuary at the period end, which is calculated using the projected unit credit method, which recognises each year of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

(iii) Risks associated to the defined benefit plan of gratuity:

(a) Actuarial Risk: It is the risk that benefits will cost more then expected. This can arise due to one of the following reasons. Adverse Salary Growth Experience: Salary hikes that are higher then the assumed salary escalation will result into an increase in Obligation at a rate that is higher then expected.

Variability in mortality rates: If actual mortality rates are higher then assumed mortality rate assumption then the Gratuity Benefits will be paid earlier then expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher then assumed withdrawal rate assumption then the Gratuity Benefits will be paid earlier then expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

(b) Investment Risk: For funded plans that rely on insurers for managing the assets, the value of assets certified by the insurer may not be the fair value of instruments backing the liability. In such cases, the present value of the assets is independent of the future discount rate. This can result in wide fluctuations in the net liability or the funded status if there are significant changes in the discount rate during the inter- valuation period.

(c) Liquidity Risk: Employees with high salaries and long durations or those higher in hierarchy, accumulate significant level of benefits. If some of such employees resign/retire from the company there can be strain on the cashflows.

(d) Market Risk: Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One of the actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed to fluctuations in the yields as at the valuation date.

(e) Legislative Risk: Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation/regulation. The government may amend the Payment of Gratuity Act thus requiring the companies to pay higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to be recognized immediately in the year when any such amendment is effective.

(iii) Risks associated to the plan:

Variability in mortality rates: If actual mortality rates are higher then assumed mortality rate assumption then the Privilege Leave benefits will be paid earlier then expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher then assumed withdrawal rate assumption then the Previlege leave benefit will be paid earlier then expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

Variability in availment rates: If actual availment rates are higher then assumed availment rate assumption then leave balances will be utilised earlier then expected. This will result in reduction in leave balances and Obligation..

(d) Market Risk: Market risk is a collective term for risks that are related to the changes and fluctuations of the financial markets. One actuarial assumption that has a material effect is the discount rate. The discount rate reflects the time value of money. An increase in discount rate leads to decrease in Defined Benefit Obligation of the plan benefits & vice versa. This assumption depends on the yields on the corporate/government bonds and hence the valuation of liability is exposed to fluctuations in the yields as at the valuation date.

(e) Legislative Risk: Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation/regulation. The government may amend the Shop and Establishment Act, thus requiring the companies to pay higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to be recognized immediately in the year when any such amendment is effective.

Note - 38 - Contingent Liabilities and Capital Commitments		(Rs. in Lakhs)
Particulars	As at	As at
Particulars	31st March, 2025	31st March, 2024
(i) Contingent Liabilities
a) Claims against the company not acknowledged as debts:	NIL	NIL
b) Outstanding amount of Foreign Letter of Credit [Net of Purchase of	230.14	211.17
Rs. 109.74 Lakhs (Previous Year Rs. 140.94 Lakhs)]. c) Estimated outstanding obligation of custom duty in respect of bonds executed by company in favour of custom authorities in respect of goods lying in custom bonded warehouse.	NIL	NIL
d) Bill discounted with banks under L/C received (Inland)	NIL	NIL
(ii) Capital Commitments: (a) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of capital advances)	NIL	NIL

Note - 39 - Operating Segment Information

(a) The company has identified Dyes, Intermediates, Auxiliary, Chemicals and other merchendise etc., which have similar risks and returns, as its sole primary business segment, accordingly, there are no separate reportable segment.

(b) Geographical Information:

Analysis of the Company''s revenues and Non - Current Assets by the Company''s country of domicile (i.e., India) and other countries. In presenting the geographical information, segment revenue has been based on the geographical location of customers and segment assets have been based on the geographical location of assets.

KMP who are under the employment of the Company and entitled to post employment benefits and other long term employee benefits recognised as per Ind AS 19 - ''Employee Benefits'' in the Standalone Financial Statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.

E. All related party transactions entered during the year were in ordinary course of business and are on arm''s length basis. No amount has been recognised as bad or doubtful in respect of transactions with the related parites.

Note - 42 - Financial Instruments

Financial Risk Management - Objectives and Policies

The Company''s financial liabilities mainly comprise the loans and borrowings in domestic currency, money related to capital expenditures, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s financial assets comprise mainly of investments, security deposits, cash and cash equivalents, other balances with banks, trade and other receivables that derive directly from its business operations.

The Company is exposed to the Market Risk, Credit Risk and Liquidity Risk from its financial instruments.

The Management of the Company has implemented a risk management system which is monitored by the Board of Directors of the Company. The general conditions for compliance with the requirements for proper and future-oriented risk management within the Company are set out in the risk management principles. These principles aim at encouraging all members of staff to responsibly deal with risks as well as supporting a sustained process to improve risk awareness. The guidelines on risk management specify risk management processes, compulsory limitations, and the application of financial instruments. The risk management system aims to identify, assess, mitigate the risks in order to minimize the potential adverse effect on the Company''s financial performance.

The following disclosures summarize the Company''s exposure to the financial risks and the information regarding use of derivatives employed (if any) to manage the exposures to such risks. Quantitative Sensitivity Analysis has been provided to reflect the impact of reasonably possible changes in market rate on financial results, cash flows and financial positions of the Company. ^{1 2}

Market Risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market Risk comprises three types of Risk: "Interest Rate Risk, Currency Risk and Other Price Risk". Financial instrument affected by the Market Risk includes loans and borrowings in foreign as well as domestic currency, retention money related to capital expenditures, trade and other payables etc.

(a) Interest Rate Risk

Interest Rate Risk is the risk that fair value or future cash outflows of a financial instrument will fluctuate because of changes in market interest rates. An upward movement in the interest rate would adversely affect the borrowing cost of the Company. The Company is exposed to long term and short - term borrowings. The Company manages interest rate risk by monitoring its mix of fixed and floating rate instruments and taking actions as necessary to maintain an appropriate balance. The Company has not used any interest rate derivatives.

(b) Foreign Currency Risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US Dollar. Foreign exchange risk arises from recognized assets and liabilities denominated in a currency that is not the functional currency of the Company.

Credit risk is the risk that a counterparty fails to discharge its obligation to the Company. The Company''s exposure to credit risk is influenced mainly by cash and cash equivalents, trade receivables and other financial assets measured at amortized cost. The Company continuously monitors defaults of customers and other counterparties and incorporates this information into its credit risk controls.

The Company assesses and manages credit risk based on internal credit rating system. Internal credit rating is performed for each class of financial instruments with different characteristics. 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. (i) Low credit risk, (ii) Moderate credit risk, (iii) High credit risk.

Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical economic conditions.

I. Cash and Cash Equivalent and Bank Balance:

Credit risk related to cash and cash equivalents and bank balance is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks.

II. Loans and other Financial Assets Measured at Amortized Cost:

Other financial assets measured at amortized cost includes export benefits receivables, bank deposits with maturity of more than 12 months and other receivables. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

III. Trade Receivables:

Life time expected credit loss is provided for trade receivables. Based on business environment in which the Company operates, a default on a financial asset is considered when the counter party fails to make payments within the agreed time period as per contract. Loss rates reflecting defaults are based on actual credit loss experience and considering differences between current and historical economic conditions. 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 enforce repayment. Recoveries made are recognized in statement of profit and loss.

(a) Concentration of Trade Receivables:

In order to avoid excessive concentrations of risk, the Company''s policies and procedures include specific guidelines to focus on the maintenance of a diversified portfolio. Identified concentration of credit risk are controlled and managed accordingly. Such identified concentration of credit risk on trade receivables other than credit impaired are disclosed below:

(b) Expected Credit Losses:

Expected credit loss for trade receivables and other receivables under simplified approach:

The Company recognizes lifetime expected credit losses on trade receivables & other receivables using a simplified approach, wherein Company has defined percentage of provision by analyzing historical trend of default based on the criteria defined below and such provision percentage determined have been considered to recognize life time expected credit losses on trade receivables/other receivables (other than those where default criteria are met in which case the full expected loss against the amount recoverable is provided for). Further, the Company has evaluated recovery of receivables on a case to case basis. The Company computes credit loss allowance based on provision matrix. The provision matrix is prepared on historically observed default rate over the expected life of trade receivable and is adjusted for forward looking estimate.

D. Liquidity Risk

Liquidity Risk is the risk that the Company will encounter difficulty in raising the funds to meet the commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates.

E. Capital Management

The Company''s capital management objectives are:

â¢ To ensure the company''s ability to continue as a going concern

â¢ To provide an adequate return to share holders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet. Management assesses the Company''s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company''s various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

Note - 43 - Balance Confirmation of Receivables

Confirmation letters have not been obtained from all the parties in respect of trade receivable, other NonCurrent Assets and Other Current Assets. Accordingly, the balances of the accounts are subject to confirmation, reconciliation and consequent adjustments, if any.

Note - 44 - Balance Confirmation of Payables

Confirmation letters have not been obtained from all the parties in respect of trade payable and other Current Liabilities. Accordingly, the balances of the accounts are subject to confirmation, reconciliation and consequent adjustments, if any.

Note - 45 - Disclosure under section 186(4)

Loans given for the purpose of utilizing in the activity of the business (Outstanding Balance as on 31-03-2025(31-03-2024)): Bhatia Colour Company Nil (PY Nil), Clairvoyance Industries Private Limited Rs. 600.30 Lakhs (PY 200.00 Lakhs), Ecofine Colourchem Private Limited Rs. 51.27 Lakhs (PY Rs. 33.08 Lakhs), Hindparagon Polyresins Private Limited Rs. 372.08 Lakhs (PY Rs. 415.45 Lakhs), Hindprakash Chemicals Private Limited Nil (PY NA), Hindprakash Global Private Limited NA (PY Nil), Hindprakash Organic Private Limited Nil (PY Nil), Hindprakash Overseas Private Limited Rs. 273.88 Lakhs (PY Rs. 329.79 Lakhs), Innovent Exim Private Limited Nil (PY Nil), Mangalam Global Enterprise Limited Nil (PY NA), Orio Shanghai Colors Private Limited Rs NA (PY Nil), Superior Tradelink Private Limited Rs. 125.00 Lakhs (PY NA).

Note - 46 - Events occurring after the Balance sheet Date

The Group evaluates events and transactions that occur subsequent to the balance sheet date but Prior to approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the financial statements. There are no subsequent events to be recognized or reported that are not already disclosed.

Note - 49- Utilisation of borrowed funds and share premium

As on March 31, 2025 there is no Unutilised Amounts in respect of any Issue of Securities and Long Term Borrowings from Banks and Financial Institutions. The Borrowed Funds have been utilised for the Specific Purpose for which the Funds were raised.

Note - 50- LEASES (Right of Use Assets)

Gujarat Industrial Development Corporation has executed long term lease agreement in favour of the company in respect of industrial plot (Land) situated at Vatva (Gujarat) and Saykha (Gujarat). The company has paid in full the lease payment / other obligation. (See note no: 2).

Note - 51 - GST Grant (Subsidy)

Company is eligible to receive GST grant/subsidy in respect of new investment made in GIDC Saykha. Company is preparing application and other papers which are yet to be submitted to the government department. Company will recognise the same as income when there is reasonable assurance that the Company will comply with all the necessary conditions attached to them.

Note - 52- Audit Trail

The Company uses accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software. Further, there is no instance of audit trail feature being tampered with in respect of the accounting software. Furthermore, the audit trails generated by the accounting software have been preserved by the Company in accordance with the applicable statutory record retention requirements. The privileged access to database continues to be restricted to limited set of users who necessarily require this access for maintenance and administration of the database.

Note - 53- Additional regulatory information

(a) The Company has borrowed from Banks on the basis of security of current assets. The quarterly returns and statements of current assets filed by the company with banks are generally in agreement with the books of accounts and no material discrepancies were noticed. The marginal differences are due to regrouping, reclassification, valuation policies and subsequent adjustment on account of information received by the company post submission of quarterly return/ statements.

Reason for variance

(i) Company arranged Working Capital Term Loan in the form of mortgage loan from bank.

(ii) Due to decrease in operating earnings before interest and taxes.

(iii) The company earned from disposal of investment and hence data are not comparable with previous period.

(c) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.

(d) The Company does not have any Investment Property.

(e) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) and Intangible Assets.

(f) There are no Loans or Advances in the nature of loans that are granted to Promoters, Directors, KMPs and their Related Parties (as defined under Companies act, 2013), either severally or jointly with any other person, that are outstanding as on 31 March 2025:

(i) Repayable on Demand; or

(ii) Without specifying any terms or period of repayment

(g) Capital Work in Progress ageing schedule: Refer Note No. 2B

(h) There are no Intangible Assets under development as on 31 March 2025.

(i) No Proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

(j) The Company is not declared Willful Defaulter by any Bank or Financial Institution or Other Lender.

(k) The Company has not undertaken any transactions with Companies struck off under section 248 of the companies act, 2013 or section 560 of companies act, 1956.

(l) No Charges or satisfaction of charges are yet to be registered with registrar of companies beyond the statutory period as on 31 March 2025.

(m) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the act read with Companies (restriction on number of layers) Rules, 2017.

(n) No Scheme of arrangements has been approved by the competent authority in terms of sections 230 to 237 of the Companies Act, 2013.

(o) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (ultimate beneficiaries) by or on behalf of the Company or provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(p) 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 directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever (ultimate beneficiaries) by or on behalf of the funding party or provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(q) No Transactions has been surrendered or disclosed as income during the year in the tax assessment under the income tax act, 1961. There is no such previously unrecorded income or related assets.

(r) The Company is not covered under section 135 of the Companies act Corporate Social Responsibility (CSR).

(s) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

Note - 54 - Previous year''s figures have been regrouped, reclassified wherever necessary to correspond with the current year classification / disclosure.

Note - 55 - Authorisation of financial statements

The Financial statements for the year ended 31 March 2025 were approved by the board of directors on 29^th May 2025.

Fair value of financial assets and liabilities measured at amortized cost approximates their respective carrying values as the management has assessed that there is no significant movement in factor such as discount rates, interest rates, credit risk. The fair values are assessed by the management using Level 3 inputs.

The financial instruments measured at FVTPL represents investments having been valued using Level 1 / Level 2 / Level 3 valuation hierarchy.

Fair Value Hierarchy

The fair value of financial instruments as referred to in note below has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities [Level 1 measurements] and lowest priority to unobservable inputs [Level 3 measurements].

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market

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). Fair values are determined in whole or in part using a net asset value or valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Mar 31, 2024

1.3.23 Provisions, Contingent Liabilities

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability.

Disclosure of contingent liability is made when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources embodying economic benefits will be required to settle or a reliable estimate of amount cannot be made.

1.3.24 Events after Reporting Date

Where events occurring after the Balance Sheet date provide evidence of condition that existed at the end of reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed.

1.3.25 Non-Current Assets Held For Sales

Non-current assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and sale is considered highly probable.

A sale is considered as highly probable when decision has been made to sell, assets are available for immediate sale in its present condition, assets are being actively marketed and sale has been agreed or is expected to be concluded within 12 months of the date of classification.

Non-current assets held for sale are neither depreciated nor amortised.

Assets and liabilities classified as held for sale are measured at the lower of their carrying amount and fair value less cost of sale and are presented separately in the Balance Sheet.

1.3.26 Cash Flows Statement

Cash Flows Statements are reported using the method set out in the Ind AS - 7, "Cash Flow Statements", whereby the Net Profit/ (Loss) before tax is adjusted for the effects of the transactions of a Non-Cash nature, any deferrals or accrual of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

1.3.27 Cash and Cash Equivalents

Cash and cash equivalents comprise of cash on hand, cash at banks, short-term deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

1.3.28 Recent Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended 31st March 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

1.4 Critical Accounting Judgments and Key Sources of Estimation Uncertainty:

The preparation of the Company''s Financial Statements requires management to make judgment, estimates and assumptions that affect the reported amount of revenue, expenses, assets and liabilities and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in next financial years.

1.4.1 Income Tax

The Company''s tax jurisdiction is in India. Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the income tax provisions, including the amount expected to be paid / recovered for uncertain.

1.4.2 Property Plant and Equipment/ Intangible Assets

Estimates are involved in determining the cost attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by the management. Property, Plant and Equipment/Intangible Assets are depreciated/amortised over their estimated useful life, after taking into account estimated residual value. Management reviews the estimated useful life and residual values of the assets annually in order to determine the amount of depreciation/ amortisation to be recorded during any reporting period. The useful life and residual values are based on the Company''s historical experience with similar assets and take into account anticipated technological changes. The depreciation/amortisation for future periods is revised if there are significant changes from previous estimates.

1.4.3 Defined Benefits Obligations

The costs of providing Gratuity and other post-employment benefits are charged to the Statement of Profit and Loss in accordance with Ind AS - 19, "Employee Benefits" over the period during which benefit is derived from the employees'' services. It is determined by using the Actuarial Valuation and assessed on the basis of assumptions selected by the management. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These assumptions include salary escalation rate, discount rates, expected rate of return on assets and mortality rates. Due to complexities involved in the valuation and its long term in nature, a defined benefit obligation is highly sensitive to change in these assumptions. All assumptions are reviewed at each balance sheet date.

1.4.4 Fair value measurements of Financial Instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model, which involve various judgments and assumptions.

1.4.5 Recoverability of Trade Receivables

Judgments are required in assessing the recoverability of overdue trade receivables and determining whether a provision against those receivables is required. Factors considered include the credit rating of the counterparty, the amount and timing of anticipated future payments and any possible actions that can be taken to mitigate the risk of non-payment.

1.4.6 Provisions

The timing of recognition and quantification of the liability (including litigations) requires the application of judgment to existing facts and circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.

1.4.7 Impairment of Financial and Non - Financial Assets

The impairment provisions for Financial Assets are based on assumptions about risk of default and expected cash loss rates. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history, existing market conditions as well as forward-looking estimates at the end of each reporting period.

In case of non-financial assets company estimates asset''s recoverable amount, which is higher of an asset''s or Cash Generating Units (CGU''s) fair value less costs of disposal and its value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such transactions can be identified, an appropriate valuation model is used.

1.4.8 Recognition of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses for which there is probability of utilisation against the future taxable profit. The Company uses judgment to determine the amount of deferred tax that can be recognised, based upon the likely timing and the level of future taxable profits and business developments.

(iii) Risks associated to the defined benefit plan of gratuity:

(a) Actuarial Risk: It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons. Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Gratuity Benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the Gratuity Benefits will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

(iii) Risks associated to the plan:

(a) Actuarial Risk: It is the risk that benefits will cost more than expected. This can arise due to one of the following reasons, Adverse Salary Growth Experience: Salary hikes that are higher than the assumed salary escalation will result into an increase in Obligation at a rate that is higher than expected.

Variability in mortality rates: If actual mortality rates are higher than assumed mortality rate assumption than the Privilege Leave benefits will be paid earlier than expected. Since there is no condition of vesting on the death benefit, the acceleration of cashflow will lead to an actuarial loss or gain depending on the relative values of the assumed salary growth and discount rate.

Variability in withdrawal rates: If actual withdrawal rates are higher than assumed withdrawal rate assumption than the will be paid earlier than Previlege leave benefit will be paid earlier than expected. The impact of this will depend on whether the benefits are vested as at the resignation date.

Variability in availment rates: If actual availment rates are higher than assumed availment rate assumption then leave balances will be utilised earlier than expected. This will result in reduction in leave balances and Obligation..

(e) Legislative Risk: Legislative risk is the risk of increase in the plan liabilities or reduction in the plan assets due to change in the legislation/regulation. The government may amend the Shop and Establishment Act, thus requiring the companies to pay higher benefits to the employees. This will directly affect the present value of the Defined Benefit Obligation and the same will have to be recognized immediately in the year when any such amendment is effective.

Note - 42 - Financial Instruments

Financial Risk Management - Objectives and Policies

The Company is exposed to the Market Risk, Credit Risk and Liquidity Risk from its financial instruments.

(a) Interest Rate Risk

C. Credit Risk (Contd...)

I. Cash and Cash Equivalent and Bank Balance:

Credit risk related to cash and cash equivalents and bank balance is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks.

II. Loans and other Financial Assets Measured at Amortized Cost:

III. Trade Receivables:

(a) Concentration of Trade Receivables:

(b) Expected Credit Losses:

Expected credit loss for trade receivables and other receivables under simplified approach:

E. Capital Management

The Company''s capital management objectives are:

â¢ To ensure the company''s ability to continue as a going concern

â¢ To provide an adequate return to share holders

Note - 43 - Balance Confirmation of Receivables

Note - 44 - Balance Confirmation of Payables

Note - 45 - Disclosure under section 186(4)

Loans given for the purpose of utilizing in the activity of the business (Outstanding Balance as on 31-03-2024(31-03-2023)): Bhatia Colour Company Nil (PY NA), Clairvoyance Industries Private Limited Rs. 200.00 Lakhs (PY Nil), Ecofine Colourchem Private Limited Rs. 33.08 Lakhs (PY Nil), Hindparagon Polyresins Private Limited Rs. 415.45 Lakhs (PY Rs. 205.26 Lakhs), Hindprakash Global Private Limited Nil (PY Nil), Hindprakash Organic Private Limited Nil (PY Nil), Hindprakash Overseas Private Limited Rs. 329.79 Lakhs (PY Nil), Innovent Exim Private Limited Nil (PY Nil), Orio Shanghai Colours Private Limited Nil (PY Nil), Akik Dyechem NA (PY Nil), Amaze Marble Limited Liability Partnership NA (PY Nil), Mangalam Global Enterprise Limited NA (PY Nil), Mangalam Worldwide Limited NA (PY Nil), Vap Chem NA (PY Nil).

Note - 46 - Events occurring after the Balance sheet Date

Note - 49- Utilisation of borrowed funds and share premium

As on March 31, 2024 there is no Unutilised Amounts in respect of any Issue of Securities and Long Term Borrowings from Banks and Financial Institutions. The Borrowed Funds have been utilised for the Specific Purpose for which the Funds were raised.

Note - 50- LEASES (Right of Use Assets)

Note - 51 - GST Grant (Subsidy)

Note - 52- Audit Trail

The Company uses an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software. Further, there is no instance of audit trail feature being tampered with in respect of the accounting software. The privileged access to database continues to be restricted to limited set of users who necessarily require this access for maintenance and administration of the database.

Note - 53- Additional regulatory information

(e) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) and Intangible Assets.

(i) Repayable on Demand; or

(ii) Without specifying any terms or period of repayment

(g) Capital Work in Progress ageing schedule: Refer Note No. 2B

(h) There are no Intangible Assets under development as on 31 March 2024.

(i) No Proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

(j) The Company is not declared Willful Defaulter by any Bank or Financial Institution or Other Lender.

(k) The Company has not undertaken any transactions with Companies struck off under section 248 of the companies act, 2013 or section 560 of companies act, 1956.

(l) No Charges or satisfaction of charges are yet to be registered with registrar of companies beyond the statutory period as on 31 March 2024.

(m) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the act read with Companies (restriction on number of layers) Rules, 2017.

(n) No Scheme of arrangements has been approved by the competent authority in terms of sections 230 to 237 of the Companies Act, 2013.

(q) No Transactions has been surrendered or disclosed as income during the year in the tax assessment under the income tax act, 1961. There are no such previously unrecorded income or related assets.

(r) The Company is not covered under section 135 of the Companies act Corporate Social Responsibility (CSR).

(s) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

Note - 54 - Previous year''s figures have been regrouped, reclassified wherever necessary to correspond with the current year classification / disclosure.

Note - 55 - Authorisation of financial statements

The Financial statements for the year ended 31 March 2024 were approved by the board of directors on 28^thMay 2024.

For and on behalf of the Board of Directors,

Hindprakash Industries Limited (CIN: L24100GJ2008PLC055401)

Sanjay Prakash Mangal

Managing Director (DIN:02825484)

Santosh N Nambiar

Whole Time Director (DIN:00144542)

Hetal Shah

Chief Financial Officer (PAN:AHWPS1850P)

Avani Patel

Company Secretary (Mem No.:A66815)

Place: Ahmedabad Date: 28-05-2024

investment in associates are measured at cost.

The financial instruments measured at FVTPL represents investments having been valued using Level 2 / Level 3 valuation hierarchy.

Fair Value Hierarchy

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market

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). Fair values are determined in whole or in part using a net asset value or valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Mar 31, 2023

1. Rights, preferences and restrictions attached to equity shares:

(i) Promoter here means promoter as defined in the Companies Act, 2013.

(ii) percentage change shall be computed with respect to the number at the beginning of the year or if issued during the year for the first time then with respect to the date of issue.

15.1. Primary Security : Second Charge in the form of hypothecation on entire current and moveable fixed assets of the company including stocks, Book Debts (Both present & future, obtained as primary security for WC limit- Refer Note No: 19).

Collateral Security: Second charge on assets obtained by bank as collateral security for WC limit (Ref Note No:19). The above facilities are further guaranteed by two directors of the company in their personal capacity.

The Limit is covered under Guaranteed Emergency Credit Line (GECL) operated by NCGTC.

19.1. The Company has created a charge in favour of IDBI Bank Ltd, for Working Capital by way of first charge in the form of hypothecation of stock of raw material (imported & indigenous), work in progress, finished goods, packing materials and other chargeable current assets of the company (Present and future), hypothecation of entire book debts and other current assets of the company, as security for cash credit and other working capital facilities.

(iii) Risks associated to the defined benefit plan of gratuity:

(a) Investment / Interest Risk: The present value of defined benefit plan liability is calcuated using discount rate determined with refence to market yield on government bonds denominated in indian rupees. A decrease in the bond interest rate will increase the plan liability.

(b) Longevity Risk: The present value of the defined benefit plan liablity is calculated by reference to the best estimate of the mortality of the plan participants both during and after their employment. An increase in the life exepectancy of the plan participants will increase the plan''s liablity.

(c) Salary Risk: The present value of the defined benefit plan liablity is calculated by reference to the future salaries of the plan participants. as such, an increase in the salary of the plan participants will increase the plan''s liability.

(d) Legislative Risk: Risks of increase in the plan liabilities or reduction in plan assets due to change in legislation.

Note - 38 - Contingent Liabilities and Capital Commitments			(Rs. in Lakhs)
Particulars	As at	As at	As at
Particulars	31st March, 2023	31st March, 2022	1st April, 2021
(i) Contingent Liabilities
a) Claims against the company not acknowledged as debts:	NIL	NIL	NIL
b) Outstanding amount of Foreign Letter of Credit [Net of Purchase of Rs. 38.73 Lakhs (Previous Year Rs. 73.95 Lakhs)].	119.67	NIL	NIL
c) Estimated outstading obligation of custom duty in respect of bonds executed by company in favour of custom authorities in respect of goods lying in custom bonded warehouse.	NIL	NIL	NIL
d) Bill discounted wth banks under L/C reveived (Inland)	NIL	NIL	NIL
(e)For Assessment Year 2020-21 (Financial Year 2019-20), the Income tax department has raised tax demand u/s 143(1) of Rs 19,07,470/- against which the company has filed application u/s 154 (rectification of mistake). As the company does not anticipate any liability in this regard, further provision is not considered necessary and hence not provided for.	19.07	19.07	19.07
(ii) Capital Commitments:
(a) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of capital advances)	NIL	NIL	NIL

Note - 39 - Operating Segment Information

(a) The company has identified Dyes, Intermediates, Auxiliary, Chemicals and other merchandise etc., which have similar risks and returns, as its sole primary business segment, accordingly, there are no separate reportable segment.

(b) Geographical Information

The geographical information analyses the Company''s revenues and Non - Current Assets by the Company''s country of domicile (i.e., India) and other countries. In presenting the geographical information, segment revenue has been based on the geographical location of customers and segment assets have been based on the geographical location of assets.

Key Managerial Personnel who are under the employment of the Company and entitled to post employment benefits and other long term employee benefits recognised as per Ind AS 19 - ''Employee Benefits'' in the Standalone Financial Statements. As these employee benefits are lump sum amounts provided on the basis of actuarial valuation, the same is not included above.

F. All related party transactions entered during the year were in ordinary course of business and are on arm''s length basis. No amount has been recognised as bad or doubtful in respect of transactions with the related parites.

Note - 42 - Financial Instruments

Financial Risk Management - Objectives and Policies

The Company is exposed to the Market Risk, Credit Risk and Liquidity Risk from its financial instruments.

(a) Interest Rate Risk

(b) Foreign Currency Risk

C. Credit Risk (Contd...)

I. Cash and Cash Equivalent and Bank Balance:

Credit risk related to cash and cash equivalents and bank balance is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks.

II. Loans and other Financial Assets Measured at Amortized Cost:

III. Trade Receivables:

(a) Concentration of Trade Receivables:

(b) Expected Credit Losses:

Expected credit loss for trade receivables and other receivables under simplified approach:

The cash credit and other facilities may be drawn at any time and may be terminated by the bank without notice.

> Maturities of Financial Liabilities:

The table below analyses financial liabilities of the Company into the relevant maturity grouping based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows:

D. Capital Management

The Company''s capital management objectives are:

â¢ To ensure the company''s ability to continue as a going concern

â¢ To provide an adequate return to share holders

Note - 43 - Balance Confirmation of Receivables

Note - 44 - Balance Confirmation of Payables

Note - 45 - Disclosure under section 186(4)

Loans given for the purpose of utilizing in the activity of the business (Outstanding Balance as on 31-032023): Akik Dyechem Nil (PY Nil), Amaze Marble Limited Liability Partnership Nil (PY Nil), Clairvoyance Industries Private Limited Nil (PY Nil), Ecofine Colourchem Pvt Ltd Nil (PY Nil), Hindparagon Polyresins Private Limited Rs 205.26 Lakhs (PY Nil), Hindprakash Global Private Limited Nil (PY Nil), Hindprakash Organic Private Limited Nil (PY Nil), Hindprakash Overseas Private Limited Nil (PY Nil), Mangalam Global Enterprise Limited Nil (PY Nil), Mangalam Worldwide Limited Nil (PY Nil), Orio Shanghai Colours Private Limited Nil (PY Nil), Vap Chem Nil (PY Nil).

Note - 46 - Events occurring after the Balance sheet Date

Note - 49- Utilisation of borrowed funds and share premium

As on March 31, 2023 there is no Unutilised Amounts in respect of any Issue of Securities and Long Term Borrowings from Banks and Financial Institutions. The Borrowed Funds have been Utilised for the Specific Purpose for which the Funds were raised.

Note - 50- LEASES (Right of Use Assets)

Note - 51 - GST Grant (Subsidy)

Note - 52 - First Time Adoption of Indian Accounting Standards (''Ind AS'')

These are the Company''s first financial statements prepared in accordance with Ind AS.

For all period up to and including the year March 31, 2022, the Company had prepared its financial statements in accordance with the Accounting Standards notified under Section 133 of The Companies Act, 2013, read together with Rule 7 of the Companies (Accounts) Rules, 2015/ Rule 3 of Companies (Accounting Standards) Rules, 2021 ("Previous GAAP"), as applicable. For the year ended on March 31, 2023 prepared and presented in accordance with the Indian Accounting Standards notified under the Companies (Indian Accounting Standards) Rules, 2015 in accordance with the accounting policies as set out by the Company in Note No. 1.

The Accounting Policies as set out in Note No. 1 have been applied in preparing its financial statements for the year ended March 31, 2023 including the Comparative information for the year ended on March 31, 2022 and the Opening Ind AS Balance Sheet on the date of transition i.e., April 01, 2021.

In preparing its Ind AS Balance Sheet as at April 01, 2021 and in preparing the Comparative information for the period ended March 31, 2022, the Company has adjusted amounts reported previously in financial statements prepared in accordance with Previous GAAP. This note explains the principal adjustments made by the Company in restating its financial statements prepared under Previous GAAP for the followings:

(a) Balance Sheet as at April 01, 2021 (Transition Date);

(b) Balance Sheet as at March 31, 2022;

(d) Statement of Cash Flows for the year ended March 31, 2022

Ind AS 101 - First Time Adoption of Indian Accounting Standard, allow the first-time adopters, exemptions from the retrospective application and exemption of certain requirements of the Other Ind AS. The Company has availed the following exemptions as per Ind AS 101.

A. Ind AS Optional Exemptions:

1) Financial Instruments:

For the financial instruments, where the fair market values are not available the Company has elected to adopt fair value recognition prospectively to transactions entered after the date of transition.

2) Deemed cost of property, Plant and equipment and intangible Assets:

The Company has elected to consider the Carrying Value of all its Property, Plants and Equipment''s (PPE) and Intangible Assets recognized in the financial statements prepared under Previous GAAP and use the same as Deemed Cost in the Opening Ind AS Financial Statements.

3) Deemed cost for Investments in associates:

The carrying amount of Company''s Investments in its Associate Companies as per the financial statements of the Company prepared under Previous GAAP, are considered as Deemed Cost for measuring such investments in the Opening Ind AS Financial Statements.

4) Leases:

The company has elected to measure the right of use assets at the date of transition as if Ind AS 116 had been applied since the commencement date of the lease. The accounting for operating leases with a remaining lease of less than 12 months as on transition date as short-term leases

B. Ind AS Mandatory Exceptions:

1) Estimates:

An entity estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimate made for the same date in accordance with Previous GAAP (after adjustment to affect any difference in accounting policies) unless there is objective evidence that those estimates were in error.

Ind AS estimates as at 01^st April, 2021 are consistent with the estimates as at the same date made in conformity with Previous GAAP. The Company made estimates for following items in accordance with Ind AS at the date of transition as there were not required under previous GAAP.

The company has applied modified retrospective approach to all leases contract existing as at 01 April 2021 under Ind AS 116

2) Classification and measurement of financial assets and liabilities:

The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing as on date of transition. Financial Assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstance existing at the date of transition and if it is impracticable to assess elements of modified time value of money i.e., use of effective interest method, fair value of financial assets at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.

C. Reconciliations between Previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from Previous GAAP to Ind AS.

Foot notes to First time adoption changes:

1. Lease accounting adjustment under Ind AS 116 and Depreciation on ROU Assets

The Company has leases for Immovable properties being Industrial Land. Under the previous GAAP, all of the payments in regard to these leases were capitalised as lease hold land and depreciation on such lease hold is not provided in statement of Profit and Loss. However, under Ind AS 116, the accounting is different as each lease is reflected on the balance sheet as a right-of-use asset and a lease liability with the exception of short-term leases and leases of low-value underlying assets which is expensed off in the statement of profit and loss. The Company classifies its right-of-use assets in a consistent manner to its property, plant and equipment and provide for depreciation on life of the leased terms.

2. Measurement of financial assets and financial liabilities at amortized cost

Under Previous GAAP, all financial assets and financial liabilities were carried at cost. Under Ind AS, certain financial assets and financial liabilities are subsequently measured at amortized cost which involves the application of effective interest method. For certain financial liabilities / assets, the fair value of the financial liability / assets at the date of transition to Ind AS has been considered as the new amortized cost of that financial liability / assets at the date of transition to Ind AS.

3. Recognition of loss allowance for expected credit losses on financial assets measured at amortized cost

Under Previous GAAP, provision for doubtful debts was recognized based on the estimates of the outcome and of the financial effect of contingencies determined by the management of the Company. This judgment was based on consideration of information available up to the date on which the financial statements were approved and included a review of events occurring after the balance sheet date.

Under Ind AS, a loss allowance for expected credit losses is recognized on financial assets carried at amortized cost. Expected loss on individually significant receivables is assessed when they are past due and based on company''s historical counterparty default rates and forecast of macroeconomic factors. Other receivables have been segmented by reference to the industry of the counterparty and other shared credit risk characteristics to evaluate the expected credit loss. The expected credit loss estimate is then based on recent historical counterparty default rates for each identified segment.

4. Gratuity & Privilege Leave

Provision for gratuity and privilege leave as required under Ind AS has been calculated based on the actuarial report and the said provisions has been so adjusted in the financial statements. Further the difference in gratuity provision due to changes in actuarial assumption etc is carried to other comprehensive income as per the requirements of Ind As.

5. Other Transition Adjustments

The errors and omissions came across upon the transition to Ind AS were adjusted in the Financial Statements.

6. Other Comprehensive Income (OCI)

The difference in gratuity provision due to changes in actuarial assumption etc along with deferred tax on it is accounted for as other comprehensive income as per the requirements of Ind As.

7. Deferred tax impact on above Ind AS

Under Previous GAAP, deferred tax was accounted using the income statement approach, on the timing differences between the taxable profit and accounting profits for the period. Under Ind AS, deferred tax is recognized following balance sheet approach on the temporary differences between the carrying amount of asset or liability in the balance sheet and its tax base. In addition, various transitional adjustments have also led to recognition of deferred taxes on new temporary differences.

8. Reclassification / Regrouping upon Transition to Ind AS

Previous GAAP figures have been reclassified / regrouped wherever necessary to confirm with financial statements prepared under Ind AS.

Note - 53- Additional regulatory information

(d) The Company does not have any Investment Property.

(e) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) and Intangible Assets.

(i) Repayable on Demand; or

(ii) Without specifying any terms or period of repayment

(g) Capital Work in Progress ageing schedule: Refer Note No. 2B

(h) There are no Intangible Assets under development as on 31 March 2023.

(i) No Proceedings have been initiated or pending against the Company for holding any Benami property under the Benami Transactions (prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

(j) The Company is not declared Willful Defaulter by any Bank or Financial Institution or Other Lender.

(k) The Company has not undertaken any transactions with Companies struck off under section 248 of the companies act, 2013 or section 560 of companies act, 1956.

(l) No Charges or satisfaction of charges are yet to be registered with registrar of companies beyond the statutory period as on 31 March 2023.

(m) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the act read with Companies (restriction on number of layers) Rules, 2017.

(n) No Scheme of arrangements has been approved by the competent authority in terms of sections 230 to 237 of the Companies Act, 2013.

(q) No Transactions has been surrendered or disclosed as income during the year in the tax assessment under the income tax act, 1961. There are no such previously unrecorded income or related assets.

(r) The Company is not covered under section 135 of the Companies act Corporate Social Responsibility (CSR).

(s) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

Note - 54 - Previous year''s figures have been regrouped, reclassified wherever necessary to correspond with the current year classification / disclosure.

Note - 55 - Authorisation of financial statements

The Financial statements for the year ended 31 March 2023 were approved by the board of directors on 29^thMay 2023.

Investment in associates are measured at cost.

The financial instruments measured at FVTPL represents investments having been valued using Level 2 / Level 3 valuation hierarchy.

Fair Value Hierarchy

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market

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

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