Notes to Accounts of Medico Intercontinental Ltd.

Mar 31, 2025

1.15 Contingent liabilities

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that
may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot
be estimated reliably. Contingent liabilities do not warrant provisions, but are disclosed unless the possibility
of outflow of resources is remote.

1.16 Contingent Asset

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed
only be occurrence or non-occurrence of one or more uncertain future events not wholly within the control
of the company. The company does not recognize a contingent asset but discloses its existence in the financial
statements.

1.17 Segment Reporting

An operating segment is component of the company that engages in the business activity from which the
company earns revenues and incurs expenses, for which discrete financial information is available and whose
operating results are regularly reviewed by the chief operating decision maker, in deciding about resources
to be allocated to the segment and assess its performance. The company''s chief operating decision maker
is the Managing Director.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as un-allocable.

Revenue and expenses directly attributable to segments are reported under each reportable segment. All other
expenses which are not attributable or allocable to segments have been disclosed as un-allocable expenses.

The company prepares its segment information in conformity with the accounting policies adopted for preparing
and presenting the financial statements of the company as a whole.

1.18 Leases:

As a lessee:

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

At the commencement date of the lease, the Company recognizes a right-of-use asset and a corresponding
lease liability for all lease arrangements in which it is lessee, except for short-term leases (leases with a
term of twelve months or less), leases of low value assets and, for contract where the lessee and lessor
has right to terminate a lease without permission from the other party with no more than an insignificant
penalty. The lease expense of such short-term leases, low value assets leases and cancellable leases are
recognized as an operating expense on a straight-line basis over the term of the lease.

At commencement date, lease liability is measured at the present value of the lease payments to be paid
during non-cancellable period of the contract, discounted using the incremental borrowing rate. The right-of-
use assets is initially recognized at the amount of the initial measurement of the corresponding lease liability,
lease payments made at or before commencement date less any lease incentives received and any initial
direct costs.

Subsequently the right-of-use asset is measured at cost less accumulated depreciation and any impairment
losses. Lease liability is subsequently measured by increasing the carrying amount to reflect interest on the
lease liability (using effective interest rate method) and reducing the carrying amount to reflect the lease payments
made. The right-of-use asset and lease liability are also adjusted to reflect any lease modifications or revised
in-substance fixed lease payments.

As a lessor:

Leases for which the Company is a lessor are classified as finance or operating leases. Whenever the terms
of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified
as a finance lease. All other leases are classified as operating leases.

Income from operating leases where the Company is a lessor is recognized as income on a straight-line
basis over the lease term unless the receipts are structured to increase in line with expected general inflation
to compensate for the expected inflationary cost increases. The respective leased assets are included in the
Balance Sheet based on their nature. Leases of property, plant and equipment where the Company as a
lessor has substantially transferred all the risks and rewards are classified as finance lease. Finance leases
are capitalized at the inception of the lease at the fair value of the leased property or, if lower, the present
value of the minimum lease payments. The corresponding rent receivables, net of interest income, are included
in other financial assets. Each lease receipt is allocated between the asset and interest income. The interest
income is recognized in the Statement of Profit and Loss over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the asset for each period.

Under combined lease agreements, land and building are assessed individually.

1.19 Impairment of assets:

The carrying amount of assets are reviewed at each Balance Sheet date to assess if there is any indication
of impairment based on internal | external factors. An impairment loss on such assessment is recognized
wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of the
assets is net selling price or value in use, whichever is higher. While assessing value in use, the estimated
future cash flows are discounted to the present value by using weighted average cost of capital. A previously
recognized impairment loss is further provided or reversed depending on changes in the circumstances and
to the extent that carrying amount of the assets does not exceed the carrying amount that will be determined
if no impairment loss had previously been recognized.

1.20 Offsetting financial instruments:

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there
is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net
basis or realize the assets and settle the liabilities simultaneously.

1.21 Dividend distribution to equity holders of the Company

The Company recognises a liability to make dividend distributions to equity holders of the Company when
the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the
corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding
amount is recognised directly in equity.

1.22 Investments and other financial assets

(i) Classification

The Company classifies its financial assets in the following measurement categories:

- those to be measured subsequently at fair value (either through other comprehensive income, or
through profit or loss), and

- those measured at amortized cost.

The classification depends on the entity''s business model for managing the financial assets and the
cash flows.

For assets measured at fair value, gains and losses will either be recorded in Statement of profit or
loss or other comprehensive income. For investments in debt instruments, this will depend on the business
model in which the investment is held. For investments in equity instruments, this will depend on whether
the Company has made an irrevocable election at the time of initial recognition to account for equity
investment at fair value through other comprehensive income.

The Company reclassifies debt investments when and only when its business model for managing those
assets changes.

(ii) Measurement

At initial recognition, the company measures a financial asset at its fair value plus, in the case of
a financial asset not at fair value through profit or loss, transaction costs that are directly attributable
to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.

(iii) Debt instruments:

Subsequent measurement of debt instruments depends on the Company''s business model for managing
the asset and the cash flow characteristics of the asset. There are three measurement categories into
which the Company classifies its debt instruments.

(iv) Amortized Cost:

Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment
that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized
in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets
is included in finance income using the effective interest rate method.

(v) Fair value through other Comprehensive Income (FVOCI):

Assets that are held for collection of contractual cash flows and for selling the financial assets, where
the assets'' cash flows represent solely payments of principal and interest, are measured at fair value
through other comprehensive income (FVOCI). Movements in the carrying amount are taken through OCI,
except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains
and losses which are recognized in profit and loss. When the financial asset is derecognized, the
cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and
recognized in other gains/ (losses). Interest income from these financial assets is included in other income
using the effective interest rate method.

(vi) Fair value through profit or loss:

Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through
profit or loss. A gain or loss on debt investment that is subsequently measured at fair value through
profit or loss is recognized in profit or loss and presented net in the statement of profit and loss
in the period in which it arises. Interest income from these financial assets is included in other
income.

(vii) Financial liabilities:

Financial liabilities are subsequently carried at amortized cost using the effective interest method.

(viii) Investments in Subsidiaries:

Investments in subsidiaries, associates and joint ventures are carried at cost in the financial statements.

(ix) Equity Instruments:

An equity instrument is a contract that evidences residual interest in the assets of the company after
deducting all of its liabilities. Incremental costs directly attributable to the issuance of equity instruments
are recognized as a deduction from equity instrument net of any tax effects.

1.23 Investments Property:

Investment Property is measured initially at cost including related transaction costs.

The cost comprises the purchase price, borrowing cost if capitalization criteria are met and directly attributable
cost of bringing the asset to its working condition for its intended use.

Subsequent expenditures are capitalized only when it is probable that future economic benefits associated
with these will flow to the company and the cost of the item can be measured reliably.

Investment property is carried at cost less accumulated depreciation and impairment.

All day-to-day repair and maintenance expenditure are charged to the statement of profit and loss for the
period during which such expenses are incurred.

Gains or losses arising from derecognition of investment property are measured as the difference between
the net disposal proceeds and the carrying amount of the asset at the time of disposal and are recognized
in the statement of profit and loss when the asset is derecognized.

Depreciation and amortization:

Depreciation, on Investment property, based on useful life of the assets as prescribed in Schedule II to the
Companies Act, 2013, on Written Down Value (WD V) method. Depreciation on additions during the year is
provided on prorata time basis.

NOTE - 11 - EQUITY SHARE CAPITAL: (CONTD.....)

b. Rights, preferences and restrictions:

The Company has only one class of Equity Shares having Par Value of Rs. 10/- per share. Each holder of equity
share is entitled to same Rights based on the number of shares held.

(i) Equity shares:

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the
remaining assets of the Company, after distribution of all preferential amounts and preference shares. The
distribution will be in proportion to the number of equity shares held by the shareholders.

(ii) Dividend:

Unpaid dividend of F.Y 2022-23 of Rs. 11147/- is lying as bank balance in Divided Payable Bank Account and
shown as other current liabilities.

*Fair Value of Instruments is classified in various fair value hierarchies based on the following three levels:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques, which maximise the use of observable market data and rely as little as possible on entity specific estimates.
If significant inputs required to fair value an instruments are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs are not based on observable market data, the instruments is included
in level 3.

Management uses its best judgement in estimating the fair value of its financial instruments. However, there are inherent
limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates
presented above are not necessarily indicative of the amounts that the Company could have realized or paid in sale
transactions as of respective dates. As such, the fair value of financial instruments subsequent to the reporting dates
may be different from the amounts reported at each reporting date.

NOTE - 31 - FINANCIAL RISK MANAGEMENT:

The Company is exposed to market risk (fluctuation in foreign currency exchange rates, price and interest rate),
liquidity risk and credit risk, which may adversely impact the fair value of its financial instruments. The Company
assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects on the
financial performance of the Company.

(A) 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 risk comprises of currency risk, interest rate risk and price risk. Financial
instruments affected by market risk include loans and borrowings, trade receivables and trade payables involving
foreign currency exposure. The sensitivity analyses in the following sections relate to the position as at March
31, 2025 and March 31, 2024.

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks.
This is based on the financial assets and financial liabilities held at March 31, 2025 and March 31,2024.

(i) Foreign currency exchange rate risk

Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rate. The company is exposed to foreign currency risk due
to import of materials. The company measures risk through sensitivity analysis. No outstanding amount
is payable for purchase of imported material as on March 31, 2025.

ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of change in market interest rates. The Company''s exposure to the risk of changes in market
interest rates relates primarily to the Company''s debt obligations with floating interest rates. As the
Company has certain debt obligations with floating interest rates, exposure to the risk of changes in
market interest rates are dependent of changes in market interest rates. Management monitors the
movement in interest rate and, wherever possible, reacts to material movements in such rates by
restructuring its financing arrangement.

As the Company has no significant interest bearing assets, the income and operating cash flows are
substantially independent of changes in market interest rates.

(B) Credit Risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party
by failing to discharge an obligation. Credit risk encompasses both, the direct risk of default and the risk
of deterioration of credit worthiness.

Credit risk arises primarily from financial assets such as trade receivables, investments in mutual funds, cash
and cash equivalent and other balances with banks.

In respect of trade receivables, credit risk is being managed by the company through credit approvals, establishing
credit limits and continuously monitoring the creditworthiness of customers to which the company grants
credit terms in the normal course of business. All trade receivables are also reviewed and assessed for
default on a regular basis. The concentration of credit risk is limited due to the fact that the customer base
is large.

(C) Liquidity risk

a. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when
due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining
availability under committed facilities.

b. Management monitors rolling forecasts of the Company 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 it operates. In addition, the Company''s liquidity management policy involves projecting cash flows
in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance
sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing
plans.

NOTE - 32 - EMPLOYEE BENEFIT:
a) Defined Contribution plan:

Provident fund

State defined contribution plans

Employers'' contribution to employees'' state insurance

Employers'' contribution to employees'' pension scheme 1995

The provident fund and the state defined contribution plans are operated by the Regional Provident Fund
Commissioner. Under the scheme, the Company is required to contribute a specified percentage of payroll
cost to the retirement benefit scheme to fund the benefits. These funds are recognized by the income tax
authorities. The contribution of the Company to the provident fund and other contribution plans for all employees
is charged to the Standalone Statement of Profit and Loss.

Estimation of social security code:

The Parliament of India has approved the Code on Social Security, 2020 (the Code), which may impact the
contributions by the Company towards provident fund, gratuity and ESIC. The Ministry of Labour and Employment,
Government of India has released draft rules for the Code on November 13, 2020. Final rules are yet to be
notified. The Company will assess the impact of the Code when it comes into effect and will record related
impact, if any.

Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation
has been calculated using the projected unit credit method at the end of the reporting period, which is the
same method as applied in calculating the Defined Benefit Obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior
years.

Notes:

Gratuity is payable as per entity''s scheme as detailed in the report.

Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI).
All above reported figures of OCI are gross of taxation.

Salary escalation & attrition rate are considered as advised by the entity; they appear to be in line with
the industry practice considering promotion and demand & supply of the employees.

Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death
in respective year for members as mentioned above.

Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

Weighted Average Duration of the Defined Benefit Obligation is the weighted average of cash flow timing, where
weights are derived from the present value of each cash flow to the total present value.

Any benefit payment and contribution to plan assets is considered to occur end of the year to depict liability
and fund movement in the disclosures.

- The Company is not declared wilful defaulter by any bank or financial institution or other lender

- The Company has not traded or invested in crypto currency or virtual currency during the financial year.

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

- No proceedings have been initiated or are pending against the Company for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under.

NOTE - 37 - RELATIONSHIP WITH STRUCK OFF COMPANIES:

There were no transactions or balances with struck off companies.

NOTE - 38 - FOREIGN CURRENCY EXPOSURE:

There was no foreign currency exposure as on March 31, 2025.

NOTE - 39 : Previous year figures have been regrouped / reclassified wherever necessary to correspond with current
year classification/disclosure.

The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the board

For V. GOSWAMI & CO, Medico Intercontinental Limited

Chartered Accountants

FRN : 0128769W Sd/- Sd/-

Sd/- Tanvi Shah Samir Shah

Vipul Goswami Chairperson Managing Director

Partner DIN:-08192047 DIN:-03350268

M.No.: 119809 Sd/- Sd/-

Place : Ahmedabad Jay Shah

Dated : 30/05/2025 Chief Financial officer

UDIN : 25119809BMLIMN6439 PAN No.: CZOPS1007A

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Mar 31, 2024

1.15 Contingent liabilities

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably. Contingent liabilities do not warrant provisions, but are disclosed unless the possibility of outflow of resources is remote.

1.16 Contingent Asset

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only be occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company. The company does not recognize a contingent asset but discloses its existence in the financial statements.

1.17 Segment Reporting

An operating segment is component of the company that engages in the business activity from which the company earns revenues and incurs expenses, for which discrete financial information is available and whose operating results are regularly reviewed by the chief operating decision maker, in deciding about resources to be allocated to the segment and assess its performance. The company''s chief operating decision maker is the Managing Director.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as un-allocable.

Revenue and expenses directly attributable to segments are reported under each reportable segment. All other expenses which are not attributable or allocable to segments have been disclosed as un-allocable expenses.

The company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the financial statements of the company as a whole.

1.18 Leases:

As a lessee:

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

At the commencement date of the lease, the Company recognizes a right-of-use asset and a corresponding lease liability for all lease arrangements in which it is lessee, except for short-term leases (leases with a term of twelve months or less), leases of low value assets and, for contract where the lessee and lessor

has right to terminate a lease without permission from the other party with no more than an insignificant penalty. The lease expense of such short-term leases, low value assets leases and cancellable leases are recognized as an operating expense on a straight-line basis over the term of the lease.

At commencement date, lease liability is measured at the present value of the lease payments to be paid during non-cancellable period of the contract, discounted using the incremental borrowing rate. The right-of-use assets is initially recognized at the amount of the initial measurement of the corresponding lease liability, lease payments made at or before commencement date less any lease incentives received and any initial direct costs.

Subsequently the right-of-use asset is measured at cost less accumulated depreciation and any impairment losses. Lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using effective interest rate method) and reducing the carrying amount to reflect the lease payments made. The right-of-use asset and lease liability are also adjusted to reflect any lease modifications or revised in-substance fixed lease payments.

As a lessor:

Leases for which the Company is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

Income from operating leases where the Company is a lessor is recognized as income on a straight-line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases. The respective leased assets are included in the Balance Sheet based on their nature. Leases of property, plant and equipment where the Company as a lessor has substantially transferred all the risks and rewards are classified as finance lease. Finance leases are capitalized at the inception of the lease at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rent receivables, net of interest income, are included in other financial assets. Each lease receipt is allocated between the asset and interest income. The interest income is recognized in the Statement of Profit and Loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the asset for each period.

Under combined lease agreements, land and building are assessed individually.

1.19 Impairment of assets:

The carrying amount of assets are reviewed at each Balance Sheet date to assess if there is any indication of impairment based on internal | external factors. An impairment loss on such assessment is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount of the assets is net selling price or value in use, whichever is higher. While assessing value in use, the estimated future cash flows are discounted to the present value by using weighted average cost of capital. A previously recognized impairment loss is further provided or reversed depending on changes in the circumstances and to the extent that carrying amount of the assets does not exceed the carrying amount that will be determined if no impairment loss had previously been recognized.

1.20 Offsetting financial instruments:

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liabilities simultaneously.

1.21 Dividend distribution to equity holders of the Company

The Company recognises a liability to make dividend distributions to equity holders of the Company when the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

1.22 Investments and other financial assets

(i) Classification

The Company classifies its financial assets in the following measurement categories:

- those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and

- those measured at amortized cost.

The classification depends on the entity''s business model for managing the financial assets and the cash flows.

For assets measured at fair value, gains and losses will either be recorded in Statement of profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for equity investment at fair value through other comprehensive income.

The Company reclassifies debt investments when and only when its business model for managing those assets changes.

(ii) Measurement

At initial recognition, the company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

(iii) Debt instruments:

Subsequent measurement of debt instruments depends on the Company''s business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments.

(iv) Amortized Cost:

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss when the asset is derecognized or impaired. Interest income from these financial assets is included in finance income using the effective interest rate method.

(v) Fair value through other Comprehensive Income (FVOCI):

Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets'' cash flows represent solely payments of principal and interest, are measured at fair value through other comprehensive income (FvoCi). Movements in the carrying amount are taken through OCI, except for the recognition of impairment ga i n s or losses, interest revenue and foreign exchange gains and losses which are recognized in profit and loss. When the financial asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to profit or loss and recognized in other gains/ (losses). Interest income from these financial assets is included in other income using the effective interest rate method.

(vi) Fair value through profit or loss:

Assets that do not meet the criteria for amortized cost or FVOCI are measured at fair value through profit or loss. A gain or loss on debt investment that is subsequently measured at fair value through profit or loss is recognized in profit or loss and presented net in the statement of profit and loss in the period in which it arises. Interest income from these financial assets is included in other income.

(vii) Financial liabilities:

Financial liabilities are subsequently carried at amortized cost using the effective interest method.

(viii) Investments in Subsidiaries:

Investments in subsidiaries, associates and joint ventures are carried at cost in the financial statements.

(ix) Equity Instruments:

An equity instrument is a contract that evidences residual interest in the assets of the company after deducting all of its liabilities. Incremental costs directly attributable to the issuance of equity instruments are recognized as a deduction from equity instrument net of any tax effects.

a) Defined Contribution plan:

Provident fund

State defined contribution plans

Employers'' contribution to employees'' state insurance

Employers'' contribution to employees'' pension scheme 1995

The provident fund and the state defined contribution plans are operated by the Regional Provident Fund Commissioner. Under the scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit scheme to fund the benefits. These funds are recognized by the income tax authorities. The contribution of the Company to the provident fund and other contribution plans for all employees is charged to the Standalone Statement of Profit and Loss.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the Defined Benefit Obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit Obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the Defin ed Benefit Obligation as recognised in the balance sheet.

There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

Notes:

Gratuity is payable as per entity''s scheme as detailed in the report.

Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI). All above reported figures of OCI are gross of taxation.

Salary escalation & attrition rate are considered as advised by the entity; they appear to be in line with the industry practice considering promotion and demand & supply of the employees.

Maturity Analysis of Benefit Payments is undiscounted cashflows considering future salary, attrition & death in respective year for members as mentioned above.

Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

Weighted Average Duration of the Defined Benefit Obligation is the weighted average of cash flow timing, where weights are derived from the present value of each cash flow to the total present value.

Any benefit payment and contribution to plan assets is considered to occur end of the year to depict liability and fund movement in the disclosures.

The Company is exposed to market risk (fluctuation in foreign currency exchange rates, price and interest rate), liquidity risk and credit risk, which may adversely impact the fair value of its financial instruments. The Company assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects on the financial performance of the Company.

(A) 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 risk comprises of currency risk, interest rate risk and price risk. Financial instruments affected by market risk include loans and borrowings, trade receivables and trade payables involving foreign currency exposure. The sensitivity analyses in the following sections relate to the position as at March 31, 2024 and March 31, 2023.

The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial liabilities held at March 31, 2024 and March 31, 2023.

(i) Foreign currency exchange rate risk

Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rate. The company is exposed to foreign currency risk due to import of materials. The company measures risk through sensitivity analysis. No outstanding amount is payable for purchase of imported material as on March 31, 2024.

ii) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of change in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s debt obligations with floating interest rates. As the Company has certain debt obligations with floating interest rates, exposure to the risk of changes in market interest rates are dependent of changes in market interest rates. Management monitors the movement in interest rate and, wherever possible, reacts to material movements in such rates by restructuring its financing arrangement.

As the Company has no significant interest bearing assets, the income and operating cash flows are substantially independent of changes in market interest rates.

(B) Credit Risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Credit risk encompasses both, the direct risk of default and the risk of deterioration of credit worthiness.

Credit risk arises primarily from financial assets such as trade receivables, investments in mutual funds, cash and cash equivalent and other balances with banks.

In respect of trade receivables, credit risk is being managed by the company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the company grants credit terms in the normal course of business. All trade receivables are also reviewed and assessed for default on a regular basis. The concentration of credit risk is limited due to the fact that the customer base is large.

(C) Liquidity risk

a. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

b. Management monitors rolling forecasts of the Company 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 it operates. In addition, the Company''s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

Maturities of financial liabilities:

The tables below analyse the Company''s financial liabilities into relevant maturity groupings based on their contractual

maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted

cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not

Qinnifircint

NOTE - 34 - OTHER STATUTORY INFORMATION:

- The Company is not declared wilful defaulter by any bank or financial institution or other lender.

- The Company has not traded or invested in crypto currency or virtual currency during the financial year.

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

- No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under.

NOTE - 35 - RELATIONSHIP WITH STRUCK OFF COMPANIES:

There were no transactions or balances with struck off companies

NOTE - 36- FOREIGN CURRENCY EXPOSURE:

There was no foreign currency exposure as on March 31, 2024.

NOTE - 37 : Previous year figures have been regrouped / reclassified wherever necessary to correspond with current year classification/disclosure.

The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the board

For V. GOSWAMI & CO, Medico Intercontinental Limited

Chartered Accountants

FRN : 0128769W Sd/- Sd/-

Sd/- Tanvi Shah Samir Shah

Nilesh Purohit Chairperson Managing Director

Partner DIN:-08192047 DIN:-03350268

M.No. 162541 Sd/- Sd/-

Jay Shah Puneeta Sharma

Place : Ahmedabad Chief Financial officer Company Secretary

Dated : 25/05/2024 PAN No.: CZOPS1007A PAN No.: CXOPS0548E

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Mar 31, 2018

1 Previous year figures

Previous Year''s figures have been regrouped/reclassified, wherever necessary, to correspond with the current year''s classification/disclosures.

2 Corporate information

Intercontinental Leasing & Finance Company Limited (" the company") is a Limited Company in India and incorporated under the provisions of Companies Act,1956. It came into existence on August 14, 1984.

3 Basis of preparation of Financial Statements

The Financial Statements of the company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects, with the accounting Standards notified under the Companies Act, 2013 which continues to be applicable in terms of general circular15/2013 dated September 13, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention.

(A) Other Disclosure :-

1. Segments have been identified in line with the Accounting Standard on Segment Reporting (AS-17) taking into account the organization structure as well as the differential risks and returns of these segments.

2. The Company has disclosed Business Segment as the primary segment.

3. The Segment Revenues, Results, Assets and Liabilities include the respective amount identifiable to each of the segment and amounts allocated on a reasonable basis.

Note: - Above details complied by the Management and relied upon by the Auditors.