Notes to Accounts of Medico Remedies Ltd.

Mar 31, 2025

(n) Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized when the Company has a present obligation as a result of
past events and it is probable that an outflow of resources will be required to settle the
obligation in respect of which a reliable estimate can be made. Provisions (excluding
retirement benefits) are not discounted to their present value and are determined based
on the best estimate required to settle the obligation at the Balance Sheet date. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best
estimates.

Contingent liabilities are disclosed in the Notes. Contingent liabilities are disclosed for

(1) possible obligations which will be confirmed only by future events not wholly
within the control of the Company or

(2) present obligations arising from past events where it is not probable that an outflow
of resources will be required to settle the obligation or a reliable estimate of the
amount of the obligation cannot be made.

Contingent assets are not recognised in the Financial Statements.

(o) Earnings Per Share

Basic earnings per share is computed by dividing the profit / (loss) after tax by the
weighted average number of equity shares outstanding during the year. Diluted
earnings per share is computed by dividing the profit / (loss) after tax as adjusted for
dividend, interest and other charges to expense or income (net of any attributable taxes)
relating to the dilutive potential equity shares, by the weighted average number of
equity shares considered for deriving basic earnings per share and the weighted average
number of equity shares which could have been issued on conversion of all dilutive
potential equity shares.

(p) Cash and cash equivalents:

Cash and cash equivalents for the purpose of cash flow statement comprise cash at
bank including fixed deposits (having original maturity of less than 3 months), cheques
in hand and cash in hand.

(q) Exceptional items:

When items of income and expense within profit or loss from ordinary activities are of
such size, nature or incidence that their disclosure is relevant to explain the
performance of the enterprise for the period, the nature and amount of such items is
disclosed separately as Exceptional items.

For V J Shah & Co „ ,

. . For and on behalf of Board of Directors

Chartered Accountants _{A/r T} . .. ,

, . • tvt Medico Remedies Limited

Firm Registration No.:

109823W

Chintan V Shah HARESH MEHTA HARSHIT MEHTA

Partner (CHAIRMAN & CFO) (MANAGINGDIRECTOR)

Membership No.164370 DIN: 01080289 DIN: 05144280

Mumbai Mumbai

Place: Mumbai
Date: 08.05.2025

HASAN BOHRA

(COMPANY SECRETARY)

A73398

Mumbai

The following methods / assumptions were used to estimate the fair values:

Fair valuation of financial assets and liabilities with short term maturities is considered as approximate to respective carrying amount due to the
short-term maturities of these instruments.

Fair valuation of non-current financial assets has been disclosed to be same as carrying value as there is no significant difference between carrying
value and fair value.

Fair value of lease liabilities is estimated by discounting future cash flows using current rates (applicable to instruments with similar terms,
currency, credit risk and remaining maturities) to discount the future payouts.

The fair value is determined by using the valuation model/technique with observable/ non-observable inputs and assumptions.

There are no financial instruments measured at fair value through Other Comprehensive Income.

The fair value is determined by using the valuation model/technique with observable/ non-observable inputs and assumptions.

There are no financial instruments measured at fair value through Other Comprehensive Income. Similarly, there are no financial instruments which
are valued under category Level 1, Level 2 and Level 3.

The Company has exposure to the following risks arising from financial instruments:

¦ Credit risk ;

¦ Liquidity risk ; and

¦ Market risk

For detailed note on financial risk management refer to Note 37.

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs
to spend at least 2% of its average net profit for the immediately preceding three financial years on
corporate social responsibility (CSR) activities. The areas for CSR activities are promoting education,
promoting gender equality by empowering women, healthcare, environment sustainability, destitute
care & rehabilitation and rural development projects. A CSR committee has been formed by the
Company as per the Act. The funds were primarily utilized through the year on these activities which
are specified in Schedule VII of the Companies Act, 2013:

Nature of CSR activities

Promoting education, promoting gender equality by empowering women, healthcare, environment
sustainability, art and culture, destitute care and rehabilitation, disaster relief, and rural development
projects.

Details of transactions with related party

“Kapurlal Tribhovandas Mehta Charitable Trust” is a trust jointly controlled by the KMPs of Medico
Remedies Limited, is a related party. For the year ending March 31, 2025, the Company has made
contributions to “Kapurlal Tribhovandas Mehta Charitable Trust” to fulfil its corporate social
responsibilities. “Kapurlal Tribhovandas Mehta Charitable Trust” supports programs in the areas of
education, rural development, healthcare, arts and culture, and destitute care. For details of related party
transactions refer to Note 33.

36. LEASE

The Company adopted Ind AS 116 “Leases” and applied the standard to the lease contracts using the
modified retrospective method. Consequently, the Company recorded the lease liability at the present
value of the lease payments discounted at the incremental borrowing rate and the right of use asset at
value equal to the lease liability subject to the adjustments for prepayments and accruals.

Set out below are the carrying amounts of lease liabilities recognised and the movements during the
year:

- The weighted average incremental borrowing rate used for discounting is 8%.

- Refer Note 27 for Interest on Lease Liabilities and Note 28 for Depreciation expense of right-of-
use assets recognised in Statement of Profit and Loss during the year.

The summary of practical expedients elected on initial application are as follows :

- The Company has availed the exemption of not recognising right of use assets and liabilities for leases
with less than 12 months of lease term on the date of initial application.

- The Company’s lease asset classes primarily consist of lease for buildings (Office Premises). Office
premises are generally for a period not exceeding five years and are renewable by mutual consent, on
mutually agreeable terms. There are no restrictions imposed by lease arrangement or contingent rent
payable.

The Company’s principal financial liabilities comprise trade and other payables. The main purpose of
these financial liabilities is to finance the company’s operations and to provide guarantees to support its
operation. The Company’s principal financial assets include trade and other receivables and cash and
cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The company financial risk
activities are governed by appropriate policies and procedures and that financial risk are identified,
measured and managed in accordance with the companies policies and risk objectives. The board of
directors reviews and agrees policies for managing each of these risk, which are summarized below:

a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate
because of changes in market prices. Market risk comprises Interest rate risk and foreign currency
risk. Financial instruments affected by market risk includes loans and borrowing, deposits and other
non derivative financial instruments.

i) Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instruments
will fluctuate because of change in market interest rate. The company manages its interest
risk in accordance with the companies policies and risk objective. Financial instruments
affected by interest rate risk includes deposits with banks. Interest rate risk on these
financial instruments are very low as interest rate is for the period of financial instruments.

ii) Foreign Currency Risk

The company continuously manages its risks associated with foreign currency by adopting
various hedging strategies in consultation with internal and external experts. The Company
has a system of regularly monitoring its currency wise exposures. The significant part of
Company’s receivables are in US Dollars which operates as a natural hedge against each
other. The Company has a policy not to borrow in a currency where it has no business
exposure.

The analysis of the foreign currency risk from financial assets and liabilities as at March
31, 2025 was as follows :

b) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial
instrument fails to meet its contractual obligations, and arises principally from the Company’s
receivables from customers. The company is exposed to credit risk from its financial activities
including trade receivable, deposits with banks, financial institutions and other financial
instruments. The maximum exposure to credit risk is equal to the carrying value of the financial
assets. The objective of managing counterparty credit risk is to prevent losses in financial assets.
The Company assesses the credit quality of the counterparties, taking into account their financial
position, past experience and other factors.

c) Financial Instruments and cash

Credit risk from balances with banks and financial institutions is managed in accordance with the
company''s policy. Investment of surplus are made only with approved counterparty on the basis of
the financial quotes received from the counterparty.

d) Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they
become due. The company manages its liquidity risk by ensuring, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both normal and stressed
conditions, without incurring unacceptable losses or risk to the company''s reputation. The
company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is
generated from operations. The company believes that the working capital is sufficient to meet its
current operational requirements. Any short term- surplus cash generated, over and above the
amount required for working capital management and other operational requirements, are retained
as cash and investment in short term deposits with banks. The said investments are made in
instruments with appropriate maturities and sufficient liquidity.

38. CAPITAL MANAGEMENT

The Company’s capital management is intended to create value for shareholders by facilitating the
meeting of long-term and short-term goals of the Company. The Company determines the amount of
capital required on the basis of annual and long-term strategic plans. The Company’s policy is aimed at
combination of short-term and long-term borrowings. The Company monitors the capital structure on
the basis of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose adjusted net debt is defined as total
liabilities comprising interest bearing loans and borrowings excluding lease liabilities under Ind AS
116, less cash and cash equivalents, bank balance and current investments. Adjusted equity comprises
Total equity.

39. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

a) Relate to Taxation / Statutory dues;

(i) TDS; as per Traces website demand is reflected as Rs. 3.21 Lakhs the company is in process
of the identifying the reason for such demand and in process of revising/rectifying the TDS
returns.

(ii) Income Tax; A total demand of Rs. 20.02 Lakhs (Income Tax along with accrued interest)
for A.Y. 2010-11 & A.Y. 2017-18 is erroneously showing as outstanding to be payable on the
Income Tax Portal. The company has already settled this demand by opting the Vivad-se-
Vishwas Scheme and no demand is outstanding to be paid by the Company. The said issue is
conveyed to the Income Tax Department and accordingly the process to remove the same from
online portal is ongoing.

(iii) There is Outstanding demand alongwith interest on Income Tax website reflecting Rs.0.07
Lakhs pertaining to AY 2023-24.

b) The Company is not involved in other disputes, lawsuits, claims, inquiries and proceedings
including commercial matters that arise from time to time in the ordinary course of business.
The Company believes that there are no such pending matters that are expected to have any
material adverse effect on its financial statements in any given accounting period.

c) Estimated amount of contracts remaining to be executed on capital account (including
development of intangible assets) and not provided for Rs. 5 Lakhs (Previous year - Rs. 5
Lakhs).

40. There are no significant subsequent events that would require adjustments or disclosures in the
financial statements as on the balance sheet date.

41. Previous year figures have been regrouped wherever necessary to confirm to current year
classification.

42. ADDITIONAL REGULATORY DISCLOSURES AS PER SCHEDULE III OF
COMPANIES ACT, 2013

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

ii. All applicable cases where registration of charges or satisfaction is required to be filed with
Registrar of Companies have been filed. No registration or satisfaction is pending at the years
ended 31st March, 2025 and 31st March, 2024.

iii. The Company has complied with the number of layers prescribed under clause (87) of Section
2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules,
2017.

iv. The Company has not advanced loaned or invested 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, (a) directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Company

(“Ultimate Beneficiaries”) or (b) provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.

v. The Company has not received any funds from any person(s) or entity(ies), including foreign
entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise,
that the Company shall, (a) directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate
Beneficiaries”) or (b) provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries.

vi. The Company has not operated in any crypto currency or Virtual Currency transactions.

vii. There were no transactions not recorded in the Books of Accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act 1961.

viii. There are no transactions with the Companies whose name are struck off under Section 248 of
The Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended
31st March 2025 and 31st March 2024.

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

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

43. DISCLOSURES REQUIRED UNDER IND-AS AND SCHEDULE III OF COMPANIES
ACT,2013 (AS AMENDED)

The Company has made the disclosures at appropriates place regarding the relevant items or
transactions of balance sheet and statement of profit and loss. Any non-disclosure is due to non
occurrence of related transaction.

For V J Shah & Co

Chartered Accountants For and on behalf of Board of Directors

Firm Registration No.: Medico Remedies Limited

109823W

Chintan V Shah HARESH MEHTA HARSHIT MEHTA

Partner (CHAIRMAN & CFO) (MANAGINGDIRECTOR)

Membership No.164370 DIN: 01080289 DIN: 05144280

Mumbai Mumbai

Place: Mumbai
Date: 08.05.2025

HASAN BOHRA

(COMPANY SECRETARY)

A73398

Mumbai

---

Mar 31, 2024

The description of the nature and purpose of each reserve within equity is as follows:

i Securities premium is received pursuant to the further issue of equity shares at a premium net of the share issue expenses. This is a non-distributable reserve except for the following instances where the the share premium account may be applied;

i) towards the issue of unissued shares of the Company to the members of the Company as fully paid bonus shares;

ii) for the purchase of its own shares or other securities;

iii) in writing off the preliminary expenses of the Company;

iv) in writing off the expenses of, or the commission paid or discount allowed on, any issue of shares or debentures of the Company; and

v) in providing for the premium payable on the redemption of any redeemable preference shares or of any debentures of the Company.

ii Retained earnings are the profits that the Company has earned till Date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

17.3 Details of the security and repayment terms :

Term Loan, CC/OD facility and Packing Credit facility are cumulatively secured againt

(i) Hypothecation :

-First and exclusive hypothecation charge on all existing and future current assets of the Company -First and exclusive hypothecation charge on all existing and future moveable fixed assets of the Company.

(ii) Mortgage :

-First and exclusive hypothecation charge on Factory land and building.

(iii) Personal Guarantee/s of Directors / Promotors

17.4 Cash Credit / Overdraft Facilities carry a rate of Interest of 9.55% p.a., computed on a monthly basis on the actual amount utilized, and are repayable on demand.

17.6 As per the register of charge on MCA records (MCA portal) the Compnay has created total charge of Rs. 2408 Lacs on the borrowings from Kotak Bank Ltd., whereas duing the year the Company has fully repaid the term loans hence the same is subject to the updation / revision.

21.1 The information as required to be disclosed pursuant under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) has been determined to the extent such parties have been identified based on the information information available with the Company;

I Defined Benefit Plan:

The company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the company makes contributions to recognised funds in India. The company does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on estimations of expected gratuity payments.

The following table summarizes the components of net benefit expense recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the balance sheet.

Sensitivity analysis is performed by varying a single parameter while keeping all the other parameters unchanged.

Sensitivity analysis fails to focus on the interrelationship between underlying parameters. Hence, the results may vary if two or more variables are changed simultaneously.

The method used does not indicate anything about the likelihood of change in any parameter and the extent of the change if any.

I Expected future cash flows

The Description on funding arrangements and funding policy

The Company has Purchased an Insurance policy to settle the Gratuity Payment to their employees. Company may do the contribution every years based on the funding valuation carry out by insurance company based on the latest data provided by Company.

1. Financial instruments - Fair values and risk management A. Accounting classification and fair values

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels that are reclassified as applicable. It does not include the fair value information for financial assets and financial liabilities not measured at fair value if their carrying amount is a reasonable approximation of fair value.

The following methods / assumptions were used to estimate the fair values:

Fair valuation of financial assets and liabilities with short term maturities is considered as approximate to respective carrying amount due to Fair valuation of non-current financial assets has been disclosed to be same as carrying value as there is no significant difference between Fair value of lease liabilities is estimated by discounting future cash flows using current rates (applicable to instruments with similar terms, The fair value is determined by using the valuation model/technique with observable/ non-observable inputs and assumptions.

There are no financial instruments measured at fair value through Other Comprehensive Income.

The fair value is determined by using the valuation model/technique with observable/ non-observable inputs and assumptions.

There are no financial instruments measured at fair value through Other Comprehensive Income. Similarly, there are no financial instruments which are valued under category Level 1, Level 2 and Level 3.

The Company has exposure to the following risks arising from financial instruments:

¦ Credit risk ;

¦ Liquidity risk ; and

¦ Market risk

For detailed note on financial risk management refer to Note 38.

Terms and conditions of transactions with related parties

Outstanding balances at year end are generally unsecured. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 31 March 2024, the company has not recorded any impairment of receivables relating to amounts owed by related parties.

36. CORPORATE SOCIAL RESPONSIBILITIES

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for CSR activities are promoting education, promoting gender equality by empowering women, healthcare, environment sustainability, destitute care & rehabilitation and rural development projects. A CSR committee has been formed by the Company as per the Act. The funds were primarily utilized through the year on these activities which are specified in Schedule VII of the Companies Act, 2013:

Nature of CSR activities

Promoting education, promoting gender equality by empowering women, healthcare, environment sustainability, art and culture, destitute care and rehabilitation, disaster relief, and rural development projects.

Details of transactions with related party

“Kapurlal Tribhovandas Mehta Charitable Trust” is a trust jointly controlled by the KMPs of Medico Remedies Limited, is a related party. For the year ending March 31, 2024, the Company has made contributions to “Kapurlal Tribhovandas Mehta Charitable Trust” to fulfil its corporate social responsibilities. “Kapurlal Tribhovandas Mehta Charitable Trust” supports programs in the areas of education, rural development, healthcare, arts and culture, and destitute care. For details of related party transactions refer to Note 34.

37. LEASE

The Company adopted Ind AS 116 “Leases” and applied the standard to the lease contracts using the modified retrospective method. Consequently, the Company recorded the lease liability at the present value of the lease payments discounted at the incremental borrowing rate and the right of use asset at value equal to the lease liability subject to the adjustments for prepayments and accruals.

Set out below are the carrying amounts of lease liabilities recognised and the movements during the year:

- The weighted average incremental borrowing rate used for discounting is 8%.

- Refer Note 28 for Interest on Lease Liabilities and Note 29 for Depreciation expense of right-of-use assets recognised in Statement of Profit and Loss during the year.

The summary of practical expedients elected on initial application are as follows :

- The Company has availed the exemption of not recognising right of use assets and liabilities for leases with less than 12 months of lease term on the date of initial application.

- The Company’s lease asset classes primarily consist of lease for buildings (Office Premises). Office premises are generally for a period not exceeding five years and are renewable by mutual consent, on mutually agreeable terms. There are no restrictions imposed by lease arrangement or contingent rent payable.

38. FINANCIAL RISK MANAGEMENT

The Company’s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to finance the company’s operations and to provide guarantees to support its operation. The Company’s principal financial assets include trade and other receivables and cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The company financial risk activities are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in accordance with the companies policies and risk objectives. The board of directors reviews and agrees policies for managing each of these risk, which are summarized below:

a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in market prices. Market risk comprises Interest rate risk and foreign currency risk. Financial instruments affected by market risk includes loans and borrowing, deposits and other non derivative financial instruments.

i) Interest Rate Risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of change in market interest rate. The company manages its interest risk in accordance with the companies policies and risk objective. Financial instruments affected by interest rate risk includes deposits with banks. Interest rate risk on these financial instruments are very low as interest rate is for the period of financial instruments.

ii) Foreign Currency Risk

The company continuously manages its risks associated with foreign currency by adopting various hedging strategies in consultation with internal and external experts. The Company has a system of regularly monitoring its currency wise exposures. The significant part of Company’s receivables are in US Dollars which operates as a natural hedge against each other. The Company has a policy not to borrow in a currency where it has no business exposure.

b) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers. The company is exposed to credit risk from its financial activities including trade receivable, deposits with banks, financial institutions and other financial instruments. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit quality of the counterparties, taking into account their financial position, past experience and other factors.

c) Financial Instruments and cash

Credit risk from balances with banks and financial institutions is managed in accordance with the company''s policy. Investment of surplus are made only with approved counterparty on the basis of the financial quotes received from the counterparty.

d) Liquidity risk

Liquidity risk is the risk that the company will not be able to meet its financial obligations as they become due. The company manages its liquidity risk by ensuring, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risk to the company''s reputation. The company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The company believes that the working capital is sufficient to meet its current operational requirements. Any short term- surplus cash generated, over and above the amount required for working capital management and other operational requirements, are retained as cash and investment in short term deposits with banks. The said investments are made in instruments with appropriate maturities and sufficient liquidity.

39. CAPITAL MANAGEMENT

The Company’s capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company. The Company determines the amount of capital required on the basis of annual and long-term strategic plans. The Company’s policy is aimed at combination of short-term and long-term borrowings. The Company monitors the capital structure on the basis of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose adjusted net debt is defined as total liabilities comprising interest bearing loans and borrowings excluding lease liabilities under Ind AS 116, less cash and cash equivalents, bank balance and current investments. Adjusted equity comprises Total equity.

40. CONTINGENT LIABILITIES AND COMMITMENTS (to the extent not provided for)

a) Relate to Taxation / Statutory dues;

(i) TDS; as per Traces website demand is reflected as Rs.4.17 Lakhs the company is in process of the identifying the reason for such demand and in process of revising/rectifying the TDS returns.

(ii) Income Tax; A total demand of Rs. 20.02 Lakhs (Income Tax along with accrued interest) for A.Y. 2010-11 & A.Y. 2017-18 is erroneously showing as outstanding to be payable on the Income Tax Portal. The company has already settled this demand by opting the Vivad-se-Vishwas Scheme and no demand is outstanding to be paid by the Company. The said issue is conveyed to the Income Tax Department and accordingly the process to remove the same from online portal is ongoing.

(iii) There is Outstanding demand on Income Tax website reflecting Rs.0.06 Lakhs pertaining to AY 2023-24.

b) The Company is not involved in other disputes, lawsuits, claims, inquiries and proceedings including commercial matters that arise from time to time in the ordinary course of business. The Company believes that there are no such pending matters that are expected to have any material adverse effect on its financial statements in any given accounting period.

c) Estimated amount of contracts remaining to be executed on capital account (including development of intangible assets) and not provided for Rs. 5 Lakhs (Previous year - Rs. 5 Lakhs).

41. There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

42. Previous year figures have been regrouped wherever necessary to confirm to current year classification.

43. ADDITIONAL REGULATORY DISCLOSURES AS PER SCHEDULE III OF COMPANIES ACT, 2013

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

ii. All applicable cases where registration of charges or satisfaction is required to be filed with Registrar of Companies have been filed. No registration or satisfaction is pending at the years ended 31st March, 2024 and 31st March, 2023.

iii. The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

iv. The Company has not advanced loaned or invested 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, (a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

v. The Company has not received any funds from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, (a) directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

vi. The Company has not operated in any crypto currency or Virtual Currency transactions.

vii. There were no transactions not recorded in the Books of Accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act 1961.

viii. There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31st March 2024 and 31st March 2023

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

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

44. DISCLOSURES REQUIRED UNDER IND-AS AND SCHEDULE III OF COMPANIES ACT,2013 (AS AMENDED)

The Company has made the disclosures at appropriates place regarding the relevant items or transactions of balance sheet and statement of profit and loss. Any non-disclosure is due to non occurrence of related transaction.

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Mar 31, 2018

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

NOTE 2

AUTHORISED, ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL

PARTICULARS		31.03.18	31.03.17
		Rs.	Rs.
1)	Authorised Share Capital
	45,00,000 Equity Shares of Rs.10/- each	45,000,000	45,000,000
2)	Issued.Subscribed and Paid-uo Share Capital
	41,49,200 Equity Shares of Rs.10/- each fully paid -up	41,492,000	32,000,000
	(PY : 32,00,000 Equity Shares of Rs.10/- each fully paid -up)
		41,492,000	32,000,000

NOTE 2A

RECONCILIATION OF NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR

PARTICULARS		31.03.18		31.03.17
		No.	Rs.	No.	Rs.
(A)	Equity Shares
1)	Shares Outstanding at the beginning of the year	3,200,000	32,000,000	1,600,000	16,000,000
2)	Shares Issued during the year	949,200	9,492,000	-	-
3)	Bonus Shares Issued during the year	-	-	1,600,000	16,000,000
4)	Shares Bought Back during the year	-	-	-	-
5)	Shares Outstanding at the end of the year	4,149,200	41,492,000	3,200,000	32,000,000

NOTE 2B

TERMS / RIGHTS ATTACHED WITH EQUITY SHARES

1) The Company has one Class of equity shares having a par value of Rs.10 each.

2) Each shareholder is eligible for one vote per share held.

3) In the event of Liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribuction of all preferential amounts, in proportion to their shareholding._____________________________________________________________

NOTE 2C

DETAILS OF SHAREHOLDERS HOLDING MORE THEN 5% SHARES IN THE COMPANY

PARTICULARS		31.03.18		31.03.17
		No. of Shares	% of Holding	No. of Shares	% of Holding
1)	Haresh K Merita	687,000	16.56%	747,000	23.34%
2)	Haresh K Mehta HUF	493,600	11.90%	503,600	15.74%
3)	Rita H Mehta	431,400	10.40%	491,400	15.36%
4)	Rishit H Mehta	393,860	9.49%	393,860	12.31%
5)	Harshit H Mehta	378,000	9.11%	398,000	12.44%
6)	Shweta H Mehta	363,000	8.75%	342,000	10.69%
7)	Shri Parasram Holdings Private Limited	265,200	6.39%	-	-
8)	Priyal Mehta	260,000	6.27%	260,000	8.13%

NOTE 2D

Aggregate number of bonus shares issued, shares issued for consideration other then cash during the period of five years immediately preceding the reporting date

PARTICULARS		(Aggregate No. of Shares) for the year ended
		2017-18	2016-17	2015-16	2014-15	2013-14
1)	Fully Paid up Equity Shares by way of Bonus	-	1,600,000	-	-	-

NOTE 3

RESERVES AND SURPLUS

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
1)	Securities Premium
	Opening Balance	76,850,000	92,850,000
	Add: Additions during the year	85,428,000	-
	Less/Utilised for issue of Bonus shares	-	(16,000,000)
	Less:Utilised for Expenses incurred for IPO	(4,183,612)	-
		158,094,388	76,850,000
2)	Profit & Loss Account
	Opening Balance	54,868,027	38,586,613
	Add: Profit for the year	12,201,984	16,281,414
	Less: Appropriations	-	-
		67,070,011	54,868,027
	TOTAL	225,164,399	131,718,027

NOTE 4

LONG TERM BORROWINGS

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
1)	Secured Borrowings
a)	Loan From Deutsche Bank	19,428,263	26,229,930
	(Secured against equitable mortgage of residential premise of directors)
2)	Unsecured Borrowings
a)	Inter-Corporate Deposits	-	37,450,718
b)	Loan from Financial Institutions	-	42,247,138
c)	Sales Tax Deferment	2,470,776	2,470,776
	TOTAL	21,899,039	108,398,562

NOTES

OTHER LONG TERM LIABILITIES

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
1)	Security Deposit received	1,500,000	-
	TOTAL	1,500,000	-

NOTE 6

DEFERRED TAX LIABILITY

PARTICULARS		31.03.18	31.03.17
		Rs.	Rs.
1)	Deferred Tax Liability	1,182,715	157,143
	TOTAL	1,182,715	157,143
(Due to timing difference in the block of fixed assets, Interest Capitalization and 43B payments between Books of Accounts and Income Tax Act.)

NOTE 7

LONG TERM PROVISIONS

PARTICULARS		31.03.18	31.03.17
		Rs	Rs.
1)	Provision for Gratuity	893,000	719,000
	TOTAL	893,000	719,000

NOTE 8

SHORT TERM BORROWINGS

PARTICULARS		31.03.18	31.03.17
		Rs	-
1)	SECURED
	Loans Repayable on Demand (From Banks)
	a) Packing Credit	71,470,769	38,651,314
	(Packing Credit facility has been secured against document of FBP undertaking and FBP Agreement, Hypothecation of Stock, Plant & Machinery, Factory Land & Building, Export Trust receipt, Power of attorney for Book Debts, Residential Premises of the directors and Personal Gurantee of the Directors)
	b) Cash Credit	14,255,634	34,209,639
	(Cash Credit facility has been secured against document of FBP undertaking and FBP Agreement, Hypothecation of Stock, Plant & Machinery, Factory Land & Building, Export Trust receipt, Power of attorney for Book Debts, Residential Premises of the directors and Personal Gurantee of the Directors)
		85,726,403	72,860,953
2)	UNSECURED
	Loans and Advances from
	a) Directors	11,152,925	6,166,104
		11,152,925	6,166,104
	TOTAL	96,879,328	79,027,058

NOTE 9

TRADE PAYABLES

PARTICULARS		31.03.18	31.03.17
		Rs	-
1)	Trade Payable for Goods	166,920,282	112,341,814
2)	Trade Payable for Expenses	9,916,352	6,476,799
	TOTAL	176,836,634	118,818,613

Micro, Small and Medium enterprises have been identified by the Company on the basis of the information available.

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
a)	Dues remaining unpaid as at 31st March Principal Interest on the above	-	-
b)	Interest paid in terms of Section 16 of the act along with amount of payment made to the supplier beyond the appointed day during the year. Principal paid beyond the appointed date Interest paid in terms of Section 16 of the act
c)	Amount of interest due and payable for the period of delay on payments made beyond the appointed day during the year	-	-
d)	Further interest due and payable even in the succeeding years, until such date when the interest due as above are actually paid to the small enterprises.	_	_
e)	Amount of interest accrued and remaining unpaid as at 31st March	-	-

NOTE 10

OTHER CURRENT LIABILITIES

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
1)	Current Maturities of Long Term Debt	6,694,889	5,992,505
2)	Statutory Dues Payable	640,671	539,958
3)	Expenses Payable	4,259,685	4,143,961
4)	Temporarily overdrawn bank balance	324,131	-
5)	Advance from Debtors	16,085,815	1,673,428
	TOTAL	28,005,190	12,349,852

NOTE 11

SHORT TERM PROVISIONS

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
1)	Provision for tax (Net of taxes paid in advance)	-	894,200
	TOTAL	-	894,200

NOTE 13

CAPITAL WORK-IN-PROGRESS

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
1)	Corporate office	43,693,131	27,646,701
	(Interest capitalised during the year is Rs.29,63,144/-, previous year is Rs.14,47,144/-)
	TOTAL	43,693,131	27,646,701

NOTE 14

NON-CURRENT INVESTMENTS

PARTICULARS		31.03.18	31.03.17
		Rs	Rs
	Other Investments-Unquoted
1)	Investment in equity instruments
	a) Equity shares of Kapol co-op Bank	-	16,600
2)	Investment in Government Bonds
	a) Bonds under PMGKDS	1,500,000	1,500,000
3)	FD with Bank	877,614	1,376,495
	TOTAL	2,377,614	2,893,095

NOTE 15

LONG TERM LOANS AND ADVANCES

PARTICULARS		31.03.18	31.03.17
		Rs.	Rs
1)	Earnest Money Deposit''s	4,632,440	1,822,740
		4,632,440	1,822,740
2)	Security Deposits
	With Statutory Authorities	-	25,000
	Others	2,937,626	1,731,557
		2,937,626	1,756,557
3)	Inter Corporate Deposits	17,000,000	-
		17,000,000	-
	TOTAL	24,570,066	3,579,297

NOTE 16 INVENTORIES

PARTICULARS		31.03.18	31.03.17
		Rs.	Rs.
1)	Raw Materials and components	55,119,212	34,443,634
2)	Work in Progress	43,385,490	21,561,961
3)	Stores,Packing Material,Dies & Punches	47,098,287	44,738,775
4)	Finished Goods	3,502,478	689,032
	TOTAL	149,105,467	101,433,402
	(Inventory is valued at lower of cost or net realisable value)

NOTE 17

TRADE RECEIVABLES

PARTICULARS		31.03.18	31.03.17
		Rs.	Rs.
1)	Outstanding for a period exceeding six months
	Unsecured, considered good	15,494,262	69,249,761
2)	Other Trade receivables	154,591,326	111,910,474
	TOTAL	170,085,588	181,160,235
The Company has to receive Rs. 25,86,380/- (PY Rs. 25,66,727 ''/-) from a debtor against which the Company has filed a suit for recovery. The matter is pending in the Sessions Court and in the Company is confident that result of the litigation will be favourable. In light of the same, the amount has been considered good and no provision is made against the same.

NOTE 40

ISSUE OF SHARES TO PUBLIC

The company completed initial public offer of 10,99,200 equity shares of Rs. 10/- each at a price of Rs.100/-consisting of fresh issue of 9,49,200 equity shares and offer for sale of 1,50,000 equity shares. The equity shares of the company got listed on the SME Platform of BSE Limited on this 8th day of February 2018. Proceeds of the IPO have been fully utilised for the purpose of the issue i.e repayment of loans.

NOTE 41

PREVIOUS YEAR FIGURES

Previous year figures have been regrouped to comply with current year groupings.