Notes to Accounts of Remus Pharmaceuticals Ltd.

Mar 31, 2025

3.11 Provisions

A provision is recognized when the company has a
present obligation as a result of past event and 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 current market assessments of the
time value of money and the risks specific to the
liability. When discounting is used, the increase in the
provision due to the passage of time is recognized as
a finance cost.

Provisions are not discounted to their present value
and are determined based on the best estimate
required to settle the obligation at the reporting date.
These estimates are reviewed at each reporting date
and adjusted to reflect the current best estimates.

Warranties

A provision for warranties is recognised when the
underlying products are sold. The provision is based
on technical evaluation, historical warranty data and a
weighting of all possible outcomes by their associated
probabilities. A liability is recognised at the time the
product is sold. The Company does not provide any
extended warranties to its customers.

3.12 Contingent Liability

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
company or a present obligation that is not recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where
there is a liability that cannot be recognized because
it cannot be measured reliably. The company does
not recognize a contingent liability but discloses its
existence in the financial statements.

3.13 Contingent Asset

A contingent asset is a possible asset that arises from
past events and whose existence will be confirmed
only by occurrence or non-occurrence of one or
more uncertain future events not wholly within the
control of the company. Contingent assets are neither
recognised nor disclosed in the financial statements.

3.14 Foreign Currency

a. Initial recognition

Foreign currency transactions are recorded in the
functional currency, by applying to the foreign
currency amount the exchange rate between the
functional currency and the foreign currency at
the date of the transaction.

b. Conversion

Foreign currency monetary items are retranslated
using the exchange rate prevailing at the
reporting date. Non-monetary items, which are
measured in terms of historical cost denominated
in a foreign currency, are reported using the
exchange rate at the date of the transaction.

c. Exchange difference

All exchange differences are recognized as
income or as expenses in the year in which
they arise.

3.15 Cash and cash equivalent

Cash and cash equivalents for the purposes of cash flow
statement comprise cash at bank (including demand
deposits) and in hand and short-term, highly liquid
investments with original maturities of three months
or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk
of changes in value.

3.16 Earnings per share

Basic earnings per share is calculated by dividing the
net profit or loss for the year attributable to equity
shareholders by the weighted average number of
equity shares outstanding during the year.

For the purpose of calculating diluted earnings per
share, the net profit or loss for the year attributable to
equity shareholders and the weighted average number
of shares outstanding during the year are adjusted for
the effects of all dilutive potential equity shares.

3.17 Inventories

Items of inventory are valued at cost or net realizable
value, whichever is lower. Cost for traded goods is
determined on FIFO basis. Cost includes all charges
in bringing the goods to their present location and
condition. Net realizable value is the estimated
selling price in the ordinary course of business less the

estimated cost of completion and the estimated costs
necessary to make the sale.

3.18 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.

3.19 Cash Flow Statement

Cash flows are reported using indirect method
whereby profit for the period is adjusted for the effects
of the transactions of non-cash nature, any deferrals or
accruals of past or future operating cash receipts and
payments and items of income or expenses associated
with investing and financing cash flows. The cash flows
from operating, investing and financing activities of
the Company are segregated.

3.20 Events after reporting date

Where events occurring after the Balance Sheet date
provide evidence of conditions that existed at the end
of the 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.

3.21 Investment in Subsidiaries

The Company has elected to recognise its investments
in subsidiary at cost in accordance with the option
available in Ind AS 27, Separate Financial Statements.

3.22 Business Combinations

The Company accounts for its business combinations
under acquisition method of accounting. Acquisition
related costs are recognised in the consolidated
statement of profit and loss as incurred. The acquiree''s

identifiable assets, liabilities and contingent liabilities
that meet the condition for recognition are recognised
at their fair values at the acquisition date.

Purchase consideration paid in excess of the fair value
of net assets acquired is recognised as Goodwill.
Where the fair value of identifiable assets and liabilities
exceed the cost of acquisition, after reassessing the fair
values of the net assets and contingent liabilities, the
excess is recognised as capital reserve.

If the business combination is achieved in stages, any
previously held equity interest is re-measured at its
acquisition date fair value and any resulting gain or loss
is recognised in profit or loss or OCI, as appropriate.

Business combinations arising from transfers of
interests in entities that are under common control
are accounted at historical cost. The difference
between any consideration given and the aggregate
historical carrying amounts of assets and liabilities of
the acquired entity is recorded in in Capital reserve in
shareholders'' equity.

4. Use of Estimates

The preparation of the financial statements in conformity
with Ind AS requires management to make estimates,
judgments and assumptions.

These estimates, judgments and assumptions affect the
application of accounting policies and the reported amounts
of assets and liabilities, the disclosures of contingent assets
and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during
the period.

Accounting estimates could change from period to period.
Actual results could differ from those estimates. Appropriate
changes in estimates are made as management becomes
aware of changes in circumstances surrounding the
esti mates. Changes i n esti mates are reflected in the financial
statements in the period in which changes are made and,
if material, their effects are disclosed in the notes to the
financial statements.

Application of accounting policies that require critical
accounting estimates involving complex and subjective
judgments and the use of assumptions in these financial
statements are:

- Useful lives of Property, plant and equipment

- Valuation of financial instruments

- Provisions and contingencies

- Measurement and timing for Revenue Recognition

- Income tax and deferred tax

- Measurement of defined employee benefit obligations

4.1 Recent Accounting 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. The Ministry of Corporate
Affairs vide notification dated 9 September 2024 and
28 September 2024 notified the Companies (Indian
Accounting Standards) Second Amendment Rules,
2024 and Companies (Indian Accounting Standards)
Third Amendment Rules, 2024, respectively, which
amended/notified certain accounting standards (see
below), and are effective for annual reporting periods
beginning on or after 1 April 2024:

• Insurance contracts - Ind AS 117; and

• Lease Liability in Sale and Leaseback -
Amendments to Ind AS 116

These amendments did not have any impact on the
amounts recognised in current or prior period. Further,
On May 9, 2025, MCA notifies the amendments to Ind
AS 21 - Effects of Changes in Foreign Exchange Rates.
These amendments aim to provide clearer guidance
on assessing currency exchangeability and estimating
exchange rates when currencies are not readily
exchangeable. The amendments are effective for
annual periods beginning on or after April 1,2025. The
Company is currently assessing the probable impact of
these amendments on its financial statements.

44 Financial Risk Management

The company''s activities expose it to variety of financial risks : market risk, credit risk and liquidity risk. The company''s focus is to
foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The
Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.
The Board of Directors has established a risk management policy to identify and analyze the risks faced by the Company, to
set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management systems are reviewed
periodically to reflect changes in market conditions and the Company''s activities. The Board of Directors oversee compliance with
the Company''s risk management policies and procedures, and reviews the risk management framework.

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 interest rate risk and currency risk.

i Interest Rate Risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Interest risk arises to the Company mainly from borrowings with variable rates. The Company
measures risk through sensitivity analysis. The banks are now finance at variable rate only, which is the inherent business
risk.

C 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, cash and cash equivalent and other financial
assets.

I n 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. The Company ensures that sales of products are made to customers with appropriate
creditworthiness. All trade receivables are also reviewed and assessed for default on a regular basis.

Credit risk arising from cash and cash equivalent and other financial assets is limited due to sound receivable management
of the Company.

The Company has made assessment of Allowance for Credit Loss in respect of Trade Receivables for the first time. The
Company has analysed its trade receivables for agining analysis and grouped them accordingly and then applied year wise
percentage to calculate the amount of Allowance for Credit Loss in respect of the same.

45A Fair Value Measurement of Financial Asset and Financial Liabilities
Fair Value Hierarchy

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair
value hierarchy. The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are
either observable or unobservable and consists of the following three levels:

Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - inputs are other than quoted prices included within level 1 that are observable for the asset or liability either directly
(i.e. as prices) or indirectly (i.e. derived prices)

Level 3 - inputs are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part
using a valuation model based on assumption that are neither supported by prices from observable current market transactions
in the same instrument nor are they based on available market data.

(c) Classification and measurement of financial instrument

As required under Ind AS 101 the Company has assessed the classification and measurement of financial assets on the
basis of the facts and circumstances that exist at the date of transition to Ind AS except where practicable, measurement
of financial assets accounted at amortised cost or at Fair value through OCI has been done retrospectively.

C Transition to Ind AS - Reconciliations

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 IGAAP to Ind AS:

i) Reconciliation of Balance sheet as at March 31, 2024 and April 01, 2023:

ii) Reconciliation of Total Comprehensive Income for the year ended March 31,2024:

iii) Reconciliation of Total Equity as on March 31, 2024 and March 31,2023

iv) Adjustments to Statement of Cash Flows

The presentation requirements under Previous GAAP differs from Ind AS, and hence, Previous GAAP information has
been regrouped for ease of reconciliation with Ind AS. The re-grouped Previous GAAP information is derived from the
Financial Statements of the Company prepared in accordance with Previous GAAP

Note: 46- First time adoption of Ind AS

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

The Company has adopted Indian Accounting Standards (Ind AS) with effect from April 01, 2024, with a transition date of April
01, 2023. Set out below are the Ind AS 101 optional exemptions availed as applicable and mandatory exceptions applied in the
transition from previous GAAP to Ind AS.

A Optional Exemptions availed

(a) Deemed Cost - Previous GAAP carrying amount

The company has elected to continue with the carrying value for all of Property, Plant and Equipment and Intangible
Assets as recognised in its Indian GAAP financial as deemed cost at the transition date.

B Applicable Mandatory Exceptions

(a) Estimates

Estimates in accordance with Ind AS at the transition date will be consistent with estimates made for the same date
in accordance with IGAAP (after adjustments to reflect any difference in Accounting Policies) unless there is objective
evidence that those estimates were in error.

(b) Derecognition of financial assets and financial liabilities

The Company has elected to apply the derecognition principles of Ind AS 109 prospectively.

C Deferred Tax Adjustments

Under previous GAAP, deferred tax accounting was done using the income statement approach, which focuses on differences
between taxable profits and accounting profits for the period. Under Ind AS, accounting of deferred taxes is done using
the Balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability
in the balance sheet and its tax base. Further, deferred tax on account of items relating to other comprehensive income are
recognised in the other comprehensive income as compared to statement of profit and loss as per previous GAAP.

D Other Comprehensive Income

Under previous GAAP, there was no concept of other comprehensive income. Under Ind AS specified items of income,
expense, gains or losses are required to be presented in other comprehensive income. Certain changes in the value of
Defined benefit obligations are required to be recognised thorugh other comprehensive income. Similary, the Company has
elected to measure Equity Instruments of Entities other than subsidiaries at fair value through other comprehensive income.

E Leased Assets

As per IND AS 116, Right to Use assets and Lease Liabilities Created giving retrospective effect. Right to use asset is created
at the amount equal to Lease liabilities and it is adjusted for the Adjustment in the interest free deposits using the modified
approach as provided in the IND AS.

F Reclassification and Re-Grouping

Certain assets and Liabilities were regrouped and reclassified in accordance with the respective IND AS.

Financial Assets: Impact of Fair value as on the balance sheet dates has been assessed in accordance with respective IND AS.
Changes on the transition date are recognised in the opening reserves and thereafter are recognised in the profit and loss
for the period or other comprehensive income, as the case may be.

Financial Liabilities: Under IGAAP, transaction costs incurred in connection with borrowing costs incurred in connection
with borrowing cost are amortised upfront and and charged to Statement of profit and loss for the period. Under IND AS,
transaction costs are included in initial recognition recognition amount of financial liability measured at amortised cost and
charged to statement of profit and loss using effective interest rate (EIR) method.

52 The Management has assessed internal and external information upto the date of approval of these Financial statements while
reviewing the recoverability of the assets, adequacy of financial resources, performance of contractual obligations, ability to
service the debt & liabilities etc. based on such assessment, the management expects to fully recover the carrying amounts of
the assets and confortably discharge its debts & obligations. Hence, the management does not envisage any material impact on
these Financial Statements.

53 As stated and Confirmed by Board of Directors,the Company has not availed any fresh term loans during the year. However,
Vehicle loans are utilised for the purpose for which it was raised.

54 Balance Confirmation from the suppliers, Customers as well as various loans or advances have been taken as per the books of
accounts submitted by the company and are subject to confirmation from the respective parties.

55 Undisclosed Transactions

As stated & confirmed by the Board of Directors, the Company does not have any such transaction which is 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 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

56 Benami Transactions

As stated & confirmed by the Board of Directors ,the Company does not have any Benami property, where any proceeding has
been initiated or pending against the Group for holding any Benami property.

57 Loan or Investment to Ultimate Beneficiaries

As stated & Confirmed by the Board of Directors ,the Company has not advanced or loaned or invested funds to any other person(s)
or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

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

58 Loan or Investment from Ultimate Beneficiaries

As stated & Confirmed by the Board of Directors ,the Company has not received any fund from any person(s) or entity(ies), including
foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

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

59 Willful Defaulter

As stated & Confirmed by the Board of Directors ,the company has not been declerated willful defaulter by the bank during the
year under review.

60 Transactions with Struck off Companies

As stated & Confirmed by the Board of Directors ,the company has not under taken any transactions nor has outstanding balance
with the company Struck Off either under section 248 of the Act or under Section 560 of Companies act 1956.

61 Satisfaction of Charge

As stated & Confirmed by the Board of Directors ,the compnay does not have any pending registration or satisfaction of charges
with ROC beyond the statutory period .

62 Working Capital

As stated & Confirmed by the Board of Directors, the Company has not been sanctioned working capital limits from a bank on
the basis of security of the current assets.

63 Number of Layers of Companies

As stated & Confirmed by the Board of Directors, 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.

64 Crypto Currency

As stated & Confirmed by the Board of Directors ,the Company has not traded or invested in Crypto Currency or Virtual Currency.

65 Compliance with approved Schemes of Arrangements

During the year under review, the Company has not applied for any scheme of Arrangements under sections 230 to 237 of the
Companies Act 2013.

Significant Accounting Policies - Note 1 to 4
5 to 65 Notes forming part of the Standalone Financial Statements

As per our report of even date attached

For, Pankaj R Shah & Associates For and on behalf of Board of Directors of

Chartered Accountants Remus Pharmaceuticals Limited

Firm Regn. No. 107361W CIN:L24232GJ2015PLC084536

CA Nilesh Shah Arpit Shah Swapnil Shah

Partner Managing Director Chairman - Whole Time Director

Membership No. 107414 DIN: 07214641 DIN: 05259821

UDIN - 25107414BMGIRK8615

Anjali Shah Deval Patel

Chief Financial Officer Company Secretary

ICSI M.No.: A60090

Place: Ahmedabad Place: Ahmedabad

Date: 17/05/2025 Date: 17/05/2025

---

Mar 31, 2024

IX. CONTINGENT LIABILITIES/ CONTINGENT ASSETS

(a) Contingent liabilities are disclosed by way of a note in the balance Sheet.

(b) No Contingent Assets has neither been recognized in the accounts nor disclosed.

X. FOREIGN CURRENCY TRANSACTIONS

Transactions in the foreign currency which are covered by forward contracts are accounted for at the contracted rate; the difference between the forward rate and the exchange rate at the date of transaction is recognized in the statement of profit & loss over the life of the contract. Foreign currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are included in the Statement of Profit and Loss. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction. Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled.

XI. INVESTMENTS

Investments are either classified as current or non-current based on management''s intention. Current investments are carried at lower of cost and fair value of each investment individually. Long-term investments are carried at cost less provisions recorded to recognize any decline, other than temporary, in carrying value of each investment.

XII. EARNING PER SHARE

Basic earnings per share is calculated by dividing the net profit after tax for the year attributable to Equity Shareholders of the Company by the weighted average number of Equity Shares in issue during the year. Diluted earnings per Share is calculated by dividing net profit attributable to equity Shareholders (after adjustment for diluted earnings) by average number of weighted equity shares outstanding during the year.

XIII. CURRENT AND NON-CURRENT CLASSIFICATION

All the assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in Schedule III to the Companies Act, 2013. Based on the nature of activities and time between the activities performed and their subsequent realization in cash or cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current / non-current classification of assets and liabilities.

XIV. BORROWING COSTS

i. Borrowing costs are interest and other costs incurred in connection with the borrowing of funds.

ii. General and specific borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets during the period of time that is required to complete and prepare the asset for its intended use. A qualifying asset is one that takes necessarily substantial period of time to get ready for its intended use.

XV. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit before tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows.

Cash and Cash equivalents presented in the Cash Flow Statement consist of cash on hand and demand deposits with banks.

(ii) Commitments

Estimated amount of contracts remaining to be executed on capital account [net of advances] and not provided for Rs. 61.86 lakhs (P.Y Rs. NIL)

Note - i

It is not practicable for the company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/ authorities.

Note - ii

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. As per the opinion of the management, the Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial Position.

Basis & Reasonableness of Valuation Assumptions

1. Discount Rate:

The rate used to discount post-employment benefit obligations (both funded and unfunded) should be determined by reference to market yield sat the balance sheet date on government bonds. The currency and term of the government bonds should be consistent with the currency and estimated term of the post-employment benefit obligations.

The estimated term of the Obligation is around 9.43 years. The yields on the government bonds as at the 31-03-2024 were 7.20%.

2. Salary Growth Rate

This is Management''s estimate of the increases in the salaries of the employees over the long term. Estimated future salary increases should take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

The salary escalation assumption reflects the expected ''average'' over the entire population, as well as over time. When setting the assumption, companies must consider what Cumulative Average Growth Rate (CAGR) in salaries of the existing employees is expected over the duration of the liabilities.

3. Expected Rate of Return :

This assumption is required only in case of funded plans. The level of returns would depend on the nature of assets and the prevailing economic scenario.

4. Withdrawal Rates:

This is Management''s estimate of the level of attrition in the company over the long term. Estimated withdrawal rates should take into account the broad economic outlook, type of sector the company operates in and measures taken by the management to retain/ relieve the employees.

5. Mortality Rates:

Mortality rate is a measure of the number of deaths (in general, or due to a specific cause) in population, scaled to the size of that population, per unit of time.

6. Current Service Cost

This is the cost of benefits expected to be earned over the reporting period (year or quarter or month) and equates to the increase in the liability resulting from members serving an additional period during the reporting period. An additional period of service increases their liability in proportion to their total liability

7. Interest on Obligation

This is the cost of an increase in the liability resulting from expected future benefits being one year/period closer to being paid at the current valuation date compared to the last valuation date.

8. Past Service Cost

The change in the present value of the Defined Benefit Obligation for employee service pertaining to periods prior to the current accounting period, resulting from a Plan amendment or a curtailment or the first time valuation of the Plan.

9. Expected Rate of Return :

The expected return on plan assetsover the accounting period, based on an assumed rate of return as at the start of the valuation period.

10. Actuarial Gain/Loss :

Actuarial Gain/Loss occurs due to the differences between the previous actuarial assumptions and actual experience and also due to changes in actuarial assumptions at the current valuation date compared to the previous valuation.

From one Scheme year to the next, if the actual experience of the Scheme differs from that expected using the actuarial assumptions, an actuarial gain or loss occurs. For example, an actuarial gain would occur if the Scheme Assets earned 12% for the year whilst the assumed rate of return used in the valuation was 8%. Other causes of actuarial gains or losses would include changes in actuarial assumptions and / or demographic changes in the population profile (withdrawals, retirements, deaths

11. Curtailment :

It is the cost that arises due to an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits of some or all of their future services.

12. Settlement :

A settlement occurs when an enterprise enters into a transaction that eliminates all further obligations for part or all of the benefits provided under a defined benefit plan.

13. Defined Benefit Obligation :

The present value of a defined benefit obligation is the present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods.

14. Fair Value of Plan Assets

The assets out of which the obligations have to be settled measured at their market Value.

15. Assets Ceiling

The present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan.

16. Net Defined Benefit Liability/(Assets)

It is the deficit or surplus, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling.

17. Current & Non Current Liability

For Funded Plan, amount due for payment within 12 months to the fund.

For Unfunded Plan, expected benefit payment which are due within 12 months to the employees on exit due to resignation, death or retirement within the next 12 months may be treated as Current Liability.

The remaining amount attributable to other employees who are likely to continue in the service for more than 12 months

33 Previous year Figures have been rearranged and regrouped wherever practicable and considered necessary.

34 The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is not in excess of the amounts reasonably required to be provided for.

35 The balances of trade payables, trade receivables, loans and advances are subject to confirmations of respective parties concerned.

36

In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and that the provision for depreciation and all known and ascertained liabilities are adequate and not in excess of the amount reasonably necessary.

37 Contractual liabilities: All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

38 Amounts in the financial statements: Amounts in the financial statements are rounded off to nearest lakhs. Figures in brackets indicate negative values.

40 Undisclosed Transactions

As stated & confirmed by the Board of Directors, The Company does not have any such transaction which is not recorded in the books of account!.that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961

41 Benami Transactions

As stated & confirmed by the Board of Directors, The Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.

42 Loan or Investment to Ultimate Beneficiaries

As stated & confirmed by the Board of Directors, The Company has not advanced any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

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

43 Loans and Investment from Ultimate Beneficiaries

As stated& Confirmed by the Board of Directors, The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

44 As stated & Confirmed by the Board of Directors ,The company has not taken term loan during the Year under review .

45 Working Capital

As stated & Confirmed by the Board of Directors, The Company has not been sanctioned working capital limits from a bank.

46 Willful Defaulter

As stated & Confirmed by the Board of Directors, the company has not been declared willful defaulter by the bank during the Year under review.

47 Transactions with Struck off Companies

As stated and confirmed by the Board of Directors, during the year, the Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

48 Satisfaction of Charge

As stated & Confirmed by the Board of Directors, the company does not have any pending registration or satisfaction of charges with ROC beyond the statutory period.

49 Crypto Currency

As stated & Confirmed by the Board of Directors, The Company has not traded or invested in Crypto Currency or Virtual Currency.

50 Compliance with number of layers of companies:

As informed and confirmed by the Board of Directors, 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.

51 Compliance with approved Schemes of Arrangements

During the Year under review, The Company has not applied for any scheme of Arrangements under sections 230 to 237 of the Companies Act 2013.

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

For, Pankaj R Shah & Associates Remus Pharmaceuticals Limited

Chartered Accountants (CIN:L24232GJ2015PLC084536)

Firm Regn. No. 107361W

CA NILESH SHAH Arpit Shah Swapnil Shah

Partner Managing Director Chairman - Whole Time

Mem. No. - 107414 DIN: 07214641 ^Director

UDIN:24107414BJZXEJ1762 ^DIN:05259821

Anjali Shah Deval Patel

Chief Financial Officer Company Secretary

Place : Ahmedabad Place : Ahmedabad

Date: 16/05/2024 Date: 16/05/2024

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Mar 31, 2023

Out of the above, Execution of Guarantee Documents of loan sanctioned to Ratnagene Lifescience Private Limited of Rs. 5625.00 Lakhs was executed after the balance sheet date but before the Finalisation of Accounts.

Note - ii

It is not practicable for the company to estimate the timings of cash outflows, if any, in respect of the above, pending resolution of the respective proceedings as it is determinable only on receipt of judgments/decisions pending with various forums/ authorities.

Note - iii

The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. As per the opinion of the management, the Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial Position.

ii) Commitments

Company does not have Capital Commitments and hence not provided for.

a) The Company has Changed the method of accounting for providing Gratuity from cash basis to accrual basis:

Had the Company continued to follow cash system of Providing Gratuity as per the previous financial year, the profit for the year would have been higher by Rs 10.22 lakhs and liability of “Provision for Gratuity” would have been lower to that extent.

b) Change in the method of providing Gratuity & resultant impact in the opening balance as per the previous financial year ended on 31.03.2022 from cash basis to accrual basis:

Had the Company continued to provide the gratuity on cash basis for the earlier years, then opening balance of Reserves & Surplus would have been higher by Rs 19.51 lakhs and liabilities of “Provision for Gratuity” would have been lower to that extent.

c) Directly debiting the Provision for Gratuity of earlier years to the Opening Balance of Reserves & Surplus instead of routing through Statement of Profit and loss.

Had the company debited earlier year provision for gratuity to the statement of Profit and loss account, the profit for the year transferred to Reserves & Surplus would have been lower by Rs 19.51 lakhs.

34 Figures have been rearranged and regrouped wherever practicable and considered necessary.

35 The management has confirmed that adequate provisions have been made for all the known and determined liabilities and the same is not in excess of the amounts reasonably required to be provided for.

36 The balances of trade payables, trade receivables, loans and advances are subject to confirmations of respective parties concerned.

37 In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and that the provision for depreciation and all known and ascertained liabilities are adequate and not in excess of the amount reasonably necessary.

38 Contractual liabilities: All other contractual liabilities connected with business operations of the Company have been appropriately provided for.

39 Amounts in the financial statements: Amounts in the financial statements are rounded off to nearest lakhs. Figures in brackets indicate negative values.

40 Corporate Social Responsibility (CSR) reporting

Based on the average net profits of the Company after computation of Net Profit as per Section 198 of the Companies Act, 2013 for the preceding three financial years, the Company is not required to spend any amount on CSR activities during the financial year 2022-23.

41 Undisclosed Transactions

As stated & confirmed by the Board of Directors, The Company does not have any such transaction which is 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 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.

42 Benami Transactions

As stated & confirmed by the Board of Directors, the Company does not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.

43 Loan or Investment to Ultimate Beneficiaries

As stated & confirmed by the Board of Directors, The Company has not advanced any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

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

44 Loans and Investment from Ultimate Beneficiaries

As stated& Confirmed by the Board of Directors, The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) P rovide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

45 As stated & Confirmed by the Board of Directors ,the company has taken term loan during the Year under review which has been applied for the purpose for which it was raised.

46 Working Capital

As stated & Confirmed by the Board of Directors, the Company has been sanctioned working capital limits from a bank, however as informed by the Board of Directors, the company is not required to submit the stock and book debt statment to bank .

47 Willful Defaulter

As stated & Confirmed by the Board of Directors, the company has not been declared willful defaulter by the bank during the Year under review.

48 Transactions with Struck off Companies

As stated and confirmed by the Board of Directors, during the year, the Company does not have any transactions with the companies struck off under section 248 of Companies Act, 2013 or section 560 of Companies Act, 1956.

49 Satisfaction of Charge

As stated & Confirmed by the Board of Directors, the company does not have any pending registration or satisfaction of charges with ROC beyond the statutory period.

50 Crypto Currency

As stated & Confirmed by the Board of Directors, the Company has not traded or invested in Crypto Currency or Virtual Currency.

51 Compliance with number of layers of companies:

As informed and confirmed by the Board of Directors, 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.

52 Compliance with approved Schemes of Arrangements

During the Year under review, the Company has not applied for any scheme of Arrangements under sections 230 to 237 of the Companies Act 2013.