Notes to Accounts of Shree Vasu Logistics Ltd.

Mar 31, 2025

2.15. Provisions, Contingent Liabilities & Contingent assets

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
of a past event, it is probable that the Company will be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation. When some or all of the economic benefits
required to settle a provision are expected to be recovered from a third party, a receivable is recognised
as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable
can be measured reliably.

2.16. Financial instruments

Financial assets and financial liabilities are recognized when a company becomes a party to the
contractual provisions of the instruments. Financial assets and financial liabilities are initially measured
at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and financial liabilities at fair value through profit or
loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial
assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or
loss.

2.17. Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a settlement
date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery
of assets within the time frame established by regulation or convention in the marketplace. All
recognised financial assets are subsequently measured in their entirety at either amortised cost or fair
value, depending on the classification of the financial assets.

2.17.1. Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost (except
for debt instruments that are designated as at fair value through profit or loss on initial recognition):
i. the asset is held within a business model whose objective is to hold assets in order to collect
contractual cash flows; and

ii. the contractual terms of the instrument give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.

For the impairment policy on financial assets measured at amortised cost, refer note no 2.17.4

All other financial assets are subsequently measured at fair value.

2.17.2. Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of
allocating interest income over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and other premiums or discounts) through the
expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount
on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets
classified as at FVTPL. Interest income is recognised in profit or loss and is included in the “Other
income” line item.

Company has adopted a policy of recognizing fee below 0.1% of revenue as expense in the year in which
fee is paid.

2.17.3. Financial assets at Fair value through Profit and Loss

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on
initial recognition to present subsequent changes in fair value in Other Comprehensive Income for
investments in equity instruments which are not held for trading.

A financial asset that meets the amortised cost criteria or debt instruments that meet the FVTOCI criteria
may be designated as at FVTPL upon initial recognition if such designation eliminates or significantly
reduces a measurement or recognition inconsistency that would arise from measuring assets or liabilities
or recognising the gains and losses on them on different bases.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains
or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised in profit
or loss incorporates any dividend or interest earned on the financial asset and is included in the ‘Other
Income’ line item. Dividend on financial assets at FVTPL is recognised when the Company’s right to
receive the dividend is established, it is probable that the economic benefits associated with the dividend
will flow to the entity and the amount of dividend can be measured reliably.

2.17.4. Impairment of financial assets

The Company applies the expected credit loss model for recognising impairment loss on financial assets
measured at amortised cost, trade receivables, other contractual rights to receive cash or other financial
asset, and financial guarantees not designated as at FVTPL.

Expected credit losses are the weighted average of credit losses with the respective risks of default
occurring as the weights. Credit loss is the difference between all contractual cash flows that are due to
the Company in accordance with the contract and all the cash flows that the Company expects to receive
(i.e. all cash shortfalls), discounted at the original effective interest rate (or creditadjusted effective
interest rate for purchased or originated credit-impaired financial assets).

The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime
expected credit losses if the credit risk on that financial instrument has increased significantly since
initial recognition.

When making the assessment of whether there has been a significant increase in credit risk since initial
recognition, the Company uses the change in the risk of a default occurring over the expected life of the
financial instrument instead of the change in the amount of expected credit losses. To make that
assessment, the Company compares the risk of a default occurring on the financial instrument as at the
reporting date with the risk of a default occurring on the financial instrument as at the date of initial
recognition and considers reasonable and supportable information, that is available without undue cost or
effort, that is indicative of significant increases in credit risk since initial recognition.

For trade receivables or any contractual right to receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 18, the Company always measures the loss allowance at
an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the
Company has used a practical expedient as permitted under Ind AS 109. This expected credit loss
allowance is computed based on a provision matrix which takes into account historical credit loss
experience and adjusted for forward-looking information

2.17.5. Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of
the asset to another party. If the Company neither transfers nor retains substantially all the risks and
rewards of ownership and continues to control the transferred asset, the Company recognises its retained
interest in the asset and an associated liability for amounts it may have to pay. If the Company retains
substantially all the risks and rewards of ownership of transferred financial asset, the Company
continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds
received.

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount
and the sum of the consideration received and receivable and the cumulative gain or loss that had been
recognised in Other Comprehensive Income and accumulated in equity is recognised in profit or loss if
such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial
asset.

On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option
to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the
financial asset between the part it continues to recognise under continuing involvement, and the part it no
longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The
difference between the carrying amount allocated to the part that is no longer recognised and the sum of
the consideration received for the part no longer recognised and any cumulative gain or loss allocated to
it that had been recognised in Other Comprehensive Income is recognised in profit or loss if such gain or
loss would have otherwise been recognised in profit or loss on disposal of that financial asset. A
cumulative gain or loss that had been recognised in Other Comprehensive Income is allocated between
the part that continues to be recognised and the part that is no longer recognised on the basis of the
relative fair values of those parts.

2.17.6. Foreign exchange gains and losses

The fair value of financial assets denominated in a foreign currency is determined in that foreign
currency and translated at the spot rate at the end of each reporting period.

• For foreign currency denominated financial assets measured at amortised cost and FVTPL, the
exchange differences are recognised in profit or loss except forthose which are designated as
hedging instruments in a hedging relationship.

• Changes in the carrying amount of investments in equity instruments at FVTOCI relating to
changes in foreign currency rates are recognised in Other Comprehensive Income.

• For the purposes of recognising foreign exchange gains and losses, FVTOCI debt instruments
are treated as financial assets measured at amortised cost. Thus, the exchange differences on
the amortised cost are recognised in profit or loss and other changes in the fair value of
FVTOCI financial assets are recognised in Other Comprehensive Income

2.18. Financial liabilities and equity instruments

2.18.1. Classification as debt or equity

Debt and equity instruments issued by a company are classified as either financial liabilities or as equity
in accordance with the substance of the contractual arrangements and the definitions of a financial
liability and an equity instrument.

2.18.2. Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after
deducting all of its liabilities. Equity instruments issued by a company entity are recognised at the
proceeds received, net of direct issue costs. Repurchase of the Company''s own equity instruments is
recognised and deducted directly in equity. No gain or loss is recognized in profit or loss on the
purchase, sale, issue or cancellation of the Company''s own equity instruments.

2.18.3. Compound financial instruments

The component parts of compound financial instruments (convertible notes) issued by the Company are
classified separately as financial liabilities and equity in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and an equity instrument. A conversion option
that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed
number of the Company’s own equity instruments is an equity instrument.

At the date of issue, the fair value of the liability component is estimated using the prevailing market
interest rate for similar non-convertible instruments. This amount is recognised as a liability on an
amortised cost basis using th effective interest method until extinguished upon conversion or at the
instrument’s maturity date.

The conversion option classified as equity is determined by deducting the amount of the liability
component from the fair value of the compound financial instrument as a whole. This is recognised and
included in equity, net of income tax effects, and is not subsequently remeasured. In addition, the
conversion option classified as equity will remain in equity until the conversion option is exercised, in
which case, the balance recognised in equity will be transferred to other component of equity. When the
conversion option remains unexercised at the maturity date of the convertible note, the balance
recognised in equity will be transferred to retained earnings. No gain or loss is recognised in profit or
loss upon conversion or expiration of the conversion option.

2.18.4. Financial liabilities

All financial liabilities are subsequently measured at amortised cost.

Financial liabilities that are not held-fortrading and are not designated as at FVTPL are measured at
amortised cost at the end of subsequent accounting periods. The carrying amounts of financial
liabilities that are subsequently measured at amortised cost are determined based on the effective
interest method. Interest expense that is not capitalized as part of costs of an asset is included in the
''Finance costs'' line item.

The effective interest method is a method of calculating the amortised cost of a financial liability and of
allocating interest expense over the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments (including all fees that form an integral part of the effective
interest rate, transaction costs and other premiums or discounts) through the expected life of the
financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial
recognition.

2.19. Segment Accounting:

The CEO monitors the operating results of the business segments separately for the purpose of making
decisions about the allocation of resources and performance assessment. Segment performance is
measured based on profit or loss and is measured consistently with profit or loss in Financial Statements

2.19.1. Identification of Operating Segments

The operating segments have been identified based on its services and in the current year company has
two reportable segments, as follows:

i. Logistics, Warehousing and allied services.

ii. Retail Trade

2.19.2. Accounting of Operating Segments

Accounting policies adopted for segment reporting are in line with the accounting policies of the
Company. Revenue and expenses have been identified to segments on the basis of their relationship to
the operating activities of the segment. Revenues and expenses, which relate to the enterprise as a whole

and are not allocable to segments on a reasonable basis and inter-segment revenue and expenses, have
been included under “Unallocated Corporate Expenses/Eliminations”.

2.20. Earnings Per Share:

Basic and diluted earnings per share is computed 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, in accordance with Ind AS 33.

2.21. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 2, the management
is required to make judgements, estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual results may
differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period in which the estimate is revised if the revision affects only the
period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions that have a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next financial year are discussed below.

(i) Useful lives of Property, Plant and Equipment

As described in note 2.10 above, the Company reviews the estimated useful lives of Property, Plant and
Equipment at the end of each annual reporting period.

(ii) Defined Benefit Plans

The cost of the defined benefit plans and other post-employment benefits and the present value of such
obligation are determined using actuarial valuations. An actuarial valuation involves making
assumptions that may differ from actual developments in the future. These include the determination of
discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved
in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in
these assumptions. All assumption are reviewed at each reporting date.

(iii) Fair Value of financial assets and liabilities and investments The Company measures certain
financial assets and liabilities on fair value basis at each balance sheet date or at the time they are
assessed for impairment. Fair value measurement that are based on significant unobservable inputs
(Level 3) requires estimates of operating margin, discount rate, future growth rate, terminal values etc.
based on management’s best estimate about future developments.

(iv) Estimated Lead Time for determining completion of performance obligation

The company also determines completion of performance obligation with respect to transportation
service based on Estimated Lead Time (ELT) to deliver based on standard past performance and to that
extent it involves management judgments for estimating delivery time to destination.

(v) Leases

Ind AS 116 requires lessees to determine the lease term as the non- cancellable period of a lease
adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain.
The Company makes an assessment on the expected lease term on a lease-by lease basis and there by
assesses whether it is reasonably certain that any options to extend or terminate the contract will be
exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold
improvements undertaken over the lease term, costs relating to the termination of the lease and the
importance of the underlying asset to operations taking into account the location of the underlying asset
and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that
the lease term reflects the current economic circumstances.

(vii) Trade receivables

The Company determines the allowance for credit losses based on historical loss experience adjusted to
reflect current and estimated future economic conditions. The Company has considered subsequent

recoveries, past trends, credit risk profiles of the customers based on their industry, macroeconomic
forecasts and internal and external information available to estimate the probability of default in future.

2.22. 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. MCA has not
notified any new standards or amendments to the existing standards applicable to the company for the
upcoming period.

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Mar 31, 2023

2.15. Provisions, Contingent Liabilities & Contingent assets:

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the
Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. When some or all of the
economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is
virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2.16. Financial instruments:

Financial assets and financial liabilities are recognized when a company becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added
to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or
loss.

2.17. Financial assets:

All regular way purchases or sales of financial assets are recognised and derecognised on a settlement date basis. Regular way purchases or sales
are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the
marketplace. All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the
classification of the financial assets.

2.17.1. Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost (except for debt instruments that are designated
as at fair value through profit or loss on initial recognition):

i. the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

ii. the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding.

For the impairment policy on financial assets measured at amortised cost, refer note no 2.17.4
All other financial assets are subsequently measured at fair value.

2.17.2. Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the
relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or
received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of
the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income
is recognised in profit or loss and is included in the “Other income” line item.

Company has adopted a policy of recognizing fee below 1 % of revenue as expense in the year in which fee is paid.

2.17.3. Financial assets at Fair value through Profit and Loss

Investments in equity instruments are classified as at FVTPL, unless the Company irrevocably elects on initial recognition to present subsequent
changes in fair value in Other Comprehensive Income for investments in equity instruments which are not held for trading.

A financial asset that meets the amortised cost criteria or debt instruments that meet the FVTOCI criteria may be designated as at FVTPL upon
initial recognition if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would arise from
measuring assets or liabilities or recognising the gains and losses on them on different bases.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on remeasurement
recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and
is included in the ‘Other Income’ line item. Dividend on financial assets at FVTPL is recognised when the Company’s right to receive the
dividend is established, it is probable that the economic benefits associated with the dividend will flow to the entity and the amount of dividend
can be measured reliably.

2.17.4. Impairment of financial assets

The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, trade
receivables, other contractual rights to receive cash or other financial asset, and financial guarantees not designated as at FVTPL.

Expected credit losses are the weighted average of credit losses with the respective risks of default occurring as the weights. Credit loss is the
difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the
Company expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate (or creditadjusted effective interest rate for
purchased or originated credit-impaired financial assets).

The Company measures the loss allowance for a financial instrument at an amount equal to the lifetime expected credit losses if the credit risk on
that financial instrument has increased significantly since initial recognition.

When making the assessment of whether there has been a significant increase in credit risk since initial recognition, the Company uses the
change in the risk of a default occurring over the expected life of the financial instrument instead of the change in the amount of expected credit
losses. To make that assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with
the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable
information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition.

For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of
Ind AS 18, the Company always measures the loss allowance at an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring lifetime expected credit loss allowance for trade receivables, the Company has used a practical expedient
as permitted under Ind AS 109. This expected credit loss allowance is computed based on a provision matrix which takes into account historical
credit loss experience and adjusted for forward-looking information

2.17.5. Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains
substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in
the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of
transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds
received.

On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received
and receivable and the cumulative gain or loss that had been recognised in Other Comprehensive Income and accumulated in equity is
recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset.

On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option to repurchase part of a transferred asset),
the Company allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing
involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference
between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer
recognised and any cumulative gain or loss allocated to it that had been recognised in Other Comprehensive Income is recognised in profit or
loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset. A cumulative gain or loss that
had been recognised in Other Comprehensive Income is allocated between the part that continues to be recognised and the part that is no longer
recognised on the basis of the relative fair values of those parts.

2.17.6. Foreign exchange gains and losses

The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the
end of each reporting period.

• For foreign currency denominated financial assets measured at amortised cost and FVTPL, the exchange differences are recognised in
profit or loss except forthose which are designated as hedging instruments in a hedging relationship.

• Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign currency rates are

recognised in Other Comprehensive Income.

• For the purposes of recognising foreign exchange gains and losses, FVTOCI debt instruments are treated as financial assets measured at

amortised cost. Thus, the exchange differences on the amortised cost are recognised in profit or loss and other changes in the fair value of

FVTOCI financial assets are recognised in Other Comprehensive Income

2.18. Financial liabilities and equity instruments:

2.18.1. Classification as debt or equity

Debt and equity instruments issued by a company are classified as either financial liabilities or as equity in accordance with the substance of the
contractual arrangements and the definitions of a financial liability and an equity instrument.

2.18.2. Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by a company entity are recognised at the proceeds received, net of direct issue costs. Repurchase of the Company''s own
equity instruments is recognised and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or
cancellation of the Company''s own equity instruments.

2.18.3. Compound financial instruments

The component parts of compound financial instruments (convertible notes) issued by the Company are classified separately as financial
liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity
instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of
the Company’s own equity instruments is an equity instrument.

At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible
instruments. This amount is recognised as a liability on an amortised cost basis using th effective interest method until extinguished upon
conversion or at the instrument’s maturity date.

The conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound
financial instrument as a whole. This is recognised and included in equity, net of income tax effects, and is not subsequently remeasured. In
addition, the conversion option classified as equity will remain in equity until the conversion option is exercised, in which case, the balance
recognised in equity will be transferred to other component of equity. When the conversion option remains unexercised at the maturity date of
the convertible note, the balance recognised in equity will be transferred to retained earnings. No gain or loss is recognised in profit or loss upon
conversion or expiration of the conversion option.

2.18.4. Financial liabilities

All financial liabilities are subsequently measured at amortised cost.

Financial liabilities that are not held-fortrading and are not designated as at FVTPL are measured at amortised cost at the end of subsequent
accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the
effective interest method. Interest expense that is not capitalized as part of costs of an asset is included in the ''Finance costs'' line item.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the
relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees that form an
integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or
(where appropriate) a shorter period, to the net carrying amount on initial recognition.

2.19. Segment Accounting:

The CEO monitors the operating results of the business segments separately for the purpose of making decisions about the allocation of
resources and performance assessment. Segment performance is measured based on profit or loss and is measured consistently with profit or loss
in Financial Statements

2.19.1. Identification of Operating Segments

The operating segments have been identified based on its services and in the current year company has only one reportable segment, as follows:
i. Supply Chain Management - Goods transportation service including warehouse management service.

2.19.2. Accounting of Operating Segments

Accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Revenue and expenses have been
identified to segments on the basis of their relationship to the operating activities of the segment. Revenues and expenses, which relate to the
enterprise as a whole and are not allocable to segments on a reasonable basis and inter-segment revenue and expenses, have been included under
“Unallocated Corporate Expenses/Eliminations”.

However, as there is only one reportable segment in current year, segment reporting is not applicable to the company.

2.20. Earnings Per Share:

Basic and diluted earnings per share is computed 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, in accordance with Ind AS 33.

2.21. Critical accounting judgements and key sources of estimation uncertainty:

In the application of the Company’s accounting policies, which are described in note 2, the management is required to make judgements,
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and
associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from
these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in
which the estimate is revised if the revision affects only the period of the revision and future periods if the revision affects both current and
future periods.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year are discussed below.

(i) Useful lives of Property, Plant and Equipment

As described in note 2.11 above, the Company reviews the estimated useful lives of Property, Plant and Equipment at the end of each annual
reporting period

(ii) Defined Benefit Plans

The cost of the defined benefit plans and other post-employment benefits and the present value of such obligation are determined using actuarial
valuations. An actuarial valuation involves making assumptions that may differ from actual developments in the future. These include the
determination of discount rate, future salary increases, mortality rates and attrition rate. Due to the complexities involved in the valuation and its
long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumption are reviewed at each reporting
date.

(iii) Fair Value of financial assets and liabilities and investments. The Company measures certain financial assets and liabilities on fair value
basis at each balance sheet date or at the time they are assessed for impairment. Fair value measurement that are based on significant
unobservable inputs (Level 3) requires estimates of operating margin, discount rate, future growth rate, terminal values etc. based on
management’s best estimate about future developments.

(iv) Estimated Lead Time for determining completion of performance obligation

The company also determines completion of performance obligation with respect to transportation service based on Estimated Lead Time (ELT)
to deliver based on standard past performance and to that extent it involves management judgments for estimating delivery time to destination.

(v) Leases

Ind AS 116 requires lessees to determine the lease term as the non- cancellable period of a lease adjusted with any option to extend or terminate
the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by lease basis
and there by assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the
lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the
termination of the lease and the importance of the underlying asset to operations taking into account the location of the underlying asset and the
availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic
circumstances.

(vii) Trade receivables

The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future
economic conditions. The Company has considered subsequent recoveries, past trends, credit risk profiles of the customers based on their
industry, macroeconomic forecasts and internal and external information available to estimate the probability of default in future.

2.22. 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.

On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below:

Ind AS 16 - Property Plant and equipment - The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing,
if any, shall not be recognised in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of
property, plant, and equipment. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022. The
Company has evaluated the amendment and there is no impact on its financial statements.

Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets - The amendment specifies that the ‘cost of fulfilling’ a contract comprises
the ‘costs that relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract
(examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the
allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The effective date for adoption
of this amendment is annual periods beginning on or after April 1, 2022, although early adoption is permitted. The Company has evaluated the
amendment and there is no impact on its financial statements.

A. Primary Security

l.Cash Credit from KotakMahindra Bank Ltd. Is secured against the following:

First and exclusive charge on all existing and future receivables/ current assets/movable assets/moveable fixed assets of the borrower.

2.Over Draft from Axis Bank Ltd. Is secured against the following:

Pari pasu charge on current asset Both Current & Future with Kotak Mahindra Bank.

3 .Drop Line Over Draft from ICICI Bank Ltd. Is secured against the following;

First pari pasu Charge on current Asset & Movable Fixed Asset

B. Collateral Security

1. Term Loan from Axis Bank Ltd is secured against the following :

(i) Kh. No.222/67, 222/122,222/123, 222/124, total area 6090 sq mt Village Tendua Dharsiwa - 1, Tehsil Raipur Dist-Raipur in the name of Company.

2. Term Loan & Over draft from Axis Bank Ltd is secured against the following :

(i) Kh. No. 69/22 Ph. No. 104, Mouza Raipura, Raipur (Owned by Atul Garg, Managing Director of the company)

3. Term Loan & Cash Credit from KotakMahindra Bank Ltd, is secured against the following :

(i) Kh No. 69/6-12-18, Plot No. 104/35, Madav Rao sapre ward (68) Raipura, Raipur Owned by the Company.

(ii) Kh No. 43/1, Plot No. 104, Madav Rao spray ward (68) Raipura, Raipur. Owned by-Shree Bhushan Garg., Whole Time Director

(iii) Plot No. 2, Kh. No. 222/26,222/31 of Part, PH No. 32, Vill. Tendua, Raipur Owned by the Company.

(iv) Plot No. 4, Kh. No. 222/26, 222/30 of Part, PH No. 32, Vill. Tendua, Raipur Owned by the Company.

(v) )Plot No. -1, Kh. No. -87/2 Part, 87/5 Part, 88/1 Part, P.H.No. - 32, R.N.M. Dharsiwa -1, Mouja - Tendua, Tehsil & Dist.

Raipur, (C.G.) Owned by company.

(vi) Plot No. - 12 Kh. No. - 90/27 Part, 90/28 Part, 94, 95/3, 95/1, 95/2, P.H.No. - 32, R.N.M. Dharsiwa -1, Mouja - Tendua,

Tehsil & Dist. - Raipur, (C.G.) Owned by company.

(vii) Plot No. -13 Kh. No. - 90/1, 90/4, 90/7 Part, 90/27 Part, 90/28 Part, P.H.No. - 32, R.N.M. Dharsiwa -1, Mouja -
Tendua, Tehsil & Dist. - Raipur, (C.G.) Owned by company.

(viii) Personal guarantees of Directors Shree Bhusan Garg, Mr. Atul Garg., Mrs Preeti Garg & Mrs. Sumita Garg.

4. Drop Line Over Draft, Cash Credit, Rupee Term Loan, Bank Guarantee (Financial) from ICICI Bank Ltd, is secured against the following:

(i) ) PlotNo.12, 13, 14, Part of Kh No.222/4, 5, 6, 7, 8, 9, 10, 11,61, 62, 63, PhNo.32, Mouja-Tendua,R.N.M-Dharsiwa, Logistics Park, Raipur,Raipur
Chhattisgarh, India ,492099 (owned by Shree Balaji Ventures, Shree infrastructures.

(ii) Mouja-Tendua, R.N.M - Dharsiwa, , Logistics Park, Mouja Tendua , Mouja Tendua, Raipur ,Chhattisgarh , India ,492099 (owned by company).

(iii) Personal guarantees of Directors Shree Bhusan Garg, Mr. Atul Garg and Mrs Preeti Garg, Guarantee of Shree Infrastructures and Shree Balaji
Ventures.

U. 1 erms

All transactions and outstanding balances with these related parties are priced on an arm’s length basis and are to be settled within the
credit period allowed as per the policy. All related parties balances are unsecured and considered good. All the amounts of transactions
and balances disclosed in this note are gross and undiscounted.

38. Segment information

According to Ind AS 108, identification of operating segments is based on Chief Operating Decision Maker (CODM) approach for
making decisions about allocating resources to the segment and assessing its performance. Based on the consideration of dominant
sources and nature of risk & returns, the company is considered an Service provider as carrying & forwarding agents, warehouse
renting and allied transporting. Most of the activities are revolving around this business and accordingly has only one reportable
segment. The geographical location of its main operations and the internal organization/ reporting and management structure supports
such treatment.

39. Dues to Micro and Small Enterprises

The dues to Micro and Small Enterprises as required under the Micro, Small and Medium Enterprises Development Act, 2006 to the
extent information available with the company is given below:

41. Financial risk management objectives and policies

The Company’s principal financial liabilities, comprise borrowings, trade payables, and creditors for expenses. The Company’s principal
financial assets include long term deposits, trade receivables, cash and short-term deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of
these risks. The Company’s senior management is supported by the Board of Directors that advises on financial risks and the appropriate
financial risk governance framework for the Company. The board provides assurance to the Company’s management that the Company’s
financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed
in accordance with the Company’s policies and risk objectives. The management reviews and agrees policies for managing each of these
risks, which are summarised below.

I. Market risk

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

The sensitivity analyses of the above mentioned risk in the following sections relate to the position as at 31 March 2022 and 31 March
2023.

The analyses exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations;
provisions; and the non-fmancial assets and liabilities.

The following assumptions have been made in calculating the sensitivity analyses:

- 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 31 March 2022 and 31 March 2023.

The movement in the pre-tax effect on profit and loss is a result of a change in the fair value of monetary assets and liabilities denominated

II. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,
including deposits with banks and financial institutions.

Credit risk from investments with banks and other financial institutions is managed by the Treasury functions in accordance with the
management policies. Investments of surplus funds are only made with approved counterparties who meet the appropriate rating and/or
other criteria, and are only made within approved limits. The management continually re-assess the Company''s policy and update as
required. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty failure.

41. Financial risk management objectives and policies (Contd.)

A. Trade receivables

Customer credit risk is managed by each business unit subject to the Company’s established policy, procedures and control relating to
customer credit risk management Credit quality of a customer is assessed based on an extensive credit review and individual credit limits
are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored.

At the year end the Company does not have any significant concentrations of bad debt risk other than disclosed in Note 12.

An impairment analysis is performed at each reporting date on an individual basis for major clients. The calculation is based on historical
data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 40.
The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as
low, as its customers are located in several jurisdictions and operate in largely independent markets.

II. Credit risk (Contd.)

B. Financial instruments and cash deposits

Credit risk lfom balances with banks and financial institutions is managed by the Company’s treasury department in accordance with the
Company’s policy. Investments of surplus firnds are made only with approved counterparties.

III. Liquidity risk

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts.

42. Capital Management

The objective of the Company’s capital management stnichire is to ensure that there remains sufficient liquidity within die Company to carry out
committed work programme requirements. The Company monitors the long term cash flow requirements of die business in order to assess die
requirement for changes to the capital stnichire to meet that objective and to maintain flexibility.

TV. Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical
region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in
economic, political or other conditions. Concentrations indicate the relative sensitivity of the Company’s performance to developments
affecting a particular industry. The company is a manufacturer of float glass, mirror & other value-added glass and the management have
assessed risk concentration as low.

58 In the opinion of the management, there is no such events occurred alter the date ot Balance Sheet of material value which needs disclosure in the
accounts.

59 Compliance with number of layers of companies

Company has not made any investment in another company.

60 Utilisation of Borrowed funds and share premium

Company has utilized the fund obtained by way of borrowing and share premium for the purposes for which they were obtained.

61 Government Grants

The company has not received any sum against interest subsidy during the year from the state government.

62 During the year, the company has ventured into retail business by setting up Exclusive Brand Outlets (EBOs) for Page Industries Limited popularly
known by the brand name “Jockey”. The turnover pertaining to the said business amounted to Rs. 1,61,81,055/- (One crore Sixty-One Lakh Eighty-
Onc Thousand Fifty-Five only).

63 During the year, the company has issued 38,22,000 Bonus shares having equal rights of voting and dividend to the shareholders in the proportion of
1:2 i.e. 1 (One) new fully paid up equity share of face value of Rs. 10/- (Rupees Ten only) each for every 2 (Two) fully paid up existing equity share of
face value of Rs. 10/- (Rupees Ten only) each held. The bonus shares were issued by capitalizing a sum of Rs. 3,82,20,000/- (Rupees Three Crores
Eighty-Two Lakhs Twenty Thousand Only) out of''Reserves and Surplus'' built out of Securities Premium.

64 During the year, the company has introduced Employee Stock Option Plan (ESOP) namely “Shrcc Vasu Logistics Limited-Employees Stock Option
Plan 2022 (SVLL-ESOP 2022”). The Nomination and Remuneration Committee (“N&RC”) shall grant not more than 5,00,000 (Five Lakhs) options
to employees under SVLL-ESOP 2022, in one or more tranches convertible into 5,00,000 (Five Lakhs) Equity shares of face value of Rs. 10/- each at
such price or prices, and on such terms and conditions, as may be determined by the N&RC in accordance with the provisions of SVLL-ESOP 2022.
Further, the Company has granted 1,55,700 (One Lakh Fifty-Five Thousand Seven Hundred) options to the eligible employees as decided by the
N&RC on 15.02.2023 at such price terms and on such terms and conditions as decided by the N&RC and provided in the Grant Letter issued to
eligible employees out of which options for 85000 shares were accepted by employees.

65 Rounding off of figures

As per the requirement of Sch III to the companies Act, 2013, reporting figures arc represented in Rs. Lakhs.

66 Regrouping of Balances

The previous year figures have been regrouped and/or rearranged and/or reworked and/or reclassified wherever necessary to correspond with the
current year classification/disclosure.

Reason for deviation over 25%:

1 Net Capital Turnover ratio has increased in current year due to increase in total sales

2 Return on Capital employed has improved in current year on account of better earnings

46 Revaluation of Property, Plant and Equipment

During the year, Company has not revalued of its Property, plant and equipments.

47 Proceedings under Benami Transactions (Prohibition) Act

There are no proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder.

48 Security of current assets against borrowings

The quarterly statements of current assets filed with banks or finanacial institution are in agreement with the books of account.

49 Transaction with Struck off companies

The company has not entered into any transactions with companies which are S truck-off under section 248 of the Companies Act, 2013.

50 Scheme of arrangement approved by NCLT

During the year, the company has not applied for any scheme of arragement with NCLT and no previous complies are pending as on year end.

51 Title deeds of Immovable Property not held in the name of the Company

There are no Immovable property whose title deed is not held in the name of the company.

52 Dealing in Virtual Digital assets

The company has not traded or invested in cryptocurrency or virtual currency during the reporting period.

53 Registration of charges or satisfaction with Registrar of Companies

There are charges or satisfaction yet to be registered with registrar of the companies beyond the statutory period. Detail are as:

Reason for non creation of charge

Company is in continuous follow up with lending institutions for creation of charge, however, till date required digitally signed documents are not
provided to the company for creation of charge

54 No classification as Wilful Defaulter by Bank

The company has not been declared as a wilful defaulter by any bank or Financial Institutions or consortium thereof in accordance with the guidelines
on wilful defaulters issued by RBI.

55 Inventories amounting to Rs.4.93 lakhs (PY- Rs. 22.37 Lakhs) appearing in Note 11 to the Balance Sheet under the head current assets represents items
of stationeries, house keeping products, accessories etc. used in day to day affair for smooth running of the business. The value stated there is as valued
& certified by the management.

56 In opinion of the Board, the value of realization of long term and short term loans and advances and current assets in the ordinary course of business
will not be less than the amount at which they are stated in the balance sheet.

57 The Company has not granted loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of
repayment to Promoters or KMP or related parties as defined in clause (76) of section 2 of the Companies Act, 2013.

67 First time adoption of Ind AS

These financial statements, for the year ended 3 1 March 2023, arc the first the Company has prepared in accordance with Ind AS. For periods up to
and including the year ended 31 March 2022, the Company prepared its financial statements in accordance with accounting standards notified under
section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on 31 March 2023, together
with the comparative period data as at and for the year ended 31 March 2022, as described in the summary of significant accounting policies. In
preparing these financial statements, the Company’s opening balance sheet was prepared as at 1 April 2021, the Company’s date of transition to Ind
AS. This note explains exemptions availed by the Company in restating its Previous GAAP financial statements, including the balance sheet as at 1
April 2021 and the financial statements as at and for the year ended 3 1 March 2022.

Exemptions applied:

1. Mandatory exceptions;

a) Estimates

The estimates at 1 April 2021 and at 31 March 2022 are consistent with those made for the same dates in accordance with Previous GAAP (after
adjustments to reflect any differences in accounting policies) apart from impairment of financial assets based on expected credit loss model where
application of Previous GAAP did not require estimation.

The estimates used by the Company to present these amounts in accordance with Ind AS reflect conditions at 1 April 2021, the date of transition to Ind
AS and as of 31 March 2022.

b) Dc-rccognition of financial assets and liabilities :

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the
date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the dc-rccognition requirements in Ind AS 109 retrospectively
from a date of the entity’s choosing, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised
as a result of past transactions was obtained at the time of initially accounting for those transactions. The group has elected to apply the de-recognition
provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

c) Classification and measurement of financial assets:

Einancial Instruments:

Financial assets like security deposits received and security deposits paid, has been classified and measured at amortised cost on the basis of the facts
and circumstances that exist at the date of transition to Ind AS. Since, it is impracticable for the Company to apply retrospectively the effective interest
method in Ind AS 109, the fair value of the financial asset or the financial liability at the date of transition to Ind AS by applying amortised cost
method, has been considered as the new gross carrying amount of that Financial asset or the financial liability at the date of transition to Ind AS.

2. Optional exemptions:

a. Deemed cost-: (PPE and Intangible)

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the
financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of
transition after making necessary adjustments for de-commissioning liabilities. This exemption can also be used for intangible assets covered by Ind
AS 38 Intangible Assets.

Accordingly, the company has elected to measure all of its property, plant and equipment, capital work in progress and intangible assets at their
previous GAAP carrying value.

b. Business combinations: -

Ind AS 101 provides the option to apply Ind AS 103 prospectively from the transition date or from a specific date prior to the transition date. This
provides relief from full retrospective application that would require restatement of all business combinations prior to the transition date.

The Company has elected to apply Ind AS 103 prospectively to business combinations occurring after its transition date. There were no business
combinations occurring prior to the transition date.

c. Long Term Foreign Currency Monetary Items

The Company does not have any foreign currency exposure and thus no adjustment of the policy of capitalising exchange differences arising on
translation of long term foreign currency monetary items for the period ending immediately before the beginning of the first Ind AS financial reporting

Reconciliations between previous GAAP and Ind AS

Ind AS 10 1 requires an entity to reconcile total equity and total comprehensive income for prior periods. The following tables represent the
reconciliations from previous GAAP to Ind AS.

Note - 1

Accounting for operating lease as per Ind AS 116

Under the previous GAAP, the operating lease rentals were recognised as expenses in the statement of profit and loss. However, under Ind AS,
the company has measured lease liability at the date of transition to Ind AS at the present value of the remaining lease payments, discounted
using the its incremental borrowing rate at the date of transition to Ind AS and correspondingly the company has measured a right-of-use asset at
the date of transition to Ind AS at its carrying amount as if Ind AS had been applied since the commencement date of the lease, but discounted
using the its incremental borrowing rate at the date of transition to Ind AS.

Note - 2

Measurement of certain financial assets at amortised cost

Under the previous GAAP, investment in Gold were recorded at book value. Under Ind AS, all financial assets are required to be recognised at
fair value. Accordingly, the group has fair valued these investments in Gold under Ind AS. Difference between the fair value and transaction
value of the investment has been recognised as right of use asset.

Note - 3

Effect of deferred tax assets (net)

Under previous GAAP, Deferred tax assets were recognised for impact of transaction in Profit & Loss account for IND AS conversion.

Note - 4

Retained earnings

Retained earnings as at 1st April 2021 has been adjusted consequent to the above Ind AS transition adjustments.

Note - 5

Other comprehensive income

Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard
requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit and
loss as ‘other comprehensive income’ includes remeasurements of defined benefit plans. The concept of other comprehensive income did not
exist under previous GAAP.

Note - 6

Statement of Cash flows

Changes consequent to above Ind AS adjustments have been made in the statement of cash flows for the year ended 31^st March 2023.

Ke-classilication

The previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purposes of this note.

In terms of our report of even date annexed For and on behalf of the Board of Directors of

For APAS & Co. LLP
Chartered Accountants

ICAI Firm Registration No.: 000340C/C400308
Sd/-

Abhishek Mahawar

Partner Shree Bhushan Garg Atul Garg

Membership No.: 078796 Whole Time Director Managing Director

DIN: 01349775 DIN: 01349747

Sd/- Sd/-

Loknidi Akhilesh Rao Anil Kumar Katre

Chief Executive Officer Chief Financial Officer

Sd/-

Surabhi Deshmukh

Company Secretary

UDIN-23078796BGZRMM6085 Membership No.: A66589

Place: Raipur Place: Raipur

Date: 30^th May 2023 Date: 30^th May 2023

---

Mar 31, 2018

CORPORATE INFORMATION

Shree Vasu Logistics Private Limited is a company incorporated on 21.03.2007 under the Companies Act, 1956. The company was converted into Public Limited company w.e.f. 06.02.2018. The principal business activity of the company of Carrying & Forwarding Agents, Godown Renting & Transporting Business. The company is represented by Shree Bhushan Garg, Atul Garg & Preeti Garg in the Board of Directors of the Company.

NOTE NO. 1.1:- RELATED PARTY DISCLOSURES

Disclosure as required under related party disclosure (AS-18) issued by The Institute of Chartered Accountants of India are as below:

A. List of Related Parties:

Key Management Personnel: i) Shree Bhushan Garg (Whole Time Director)

ii) Atul Garg (Managing Director)

iii) Preeti Garg (Director) [Appointed as Director w.e.f 01.12.2017]

iv) Deepak Kumar Sinha (Chief Financial Officer) from 12.02.2018 upto 19.06.2018

v) Monalisa Patni (Company Secretary from 12.02.2018 Upto 06.07.2018)

vi) Neelam Dahiya (Company Secretary from 06.07.2018)

Other Related Parties:

i) Smt. Sumita Garg

ii) Shree Bhushan Garg (HUF)

iii) Shree Leasing (Prop:Atul Garg HUF)

iv) Shree Leasing (P’Ship Firm)

v) Shatabdi Leasing (Prop: Atul Garg)

vi) Shatabdi Leasing (P’Ship Firm)

vii) Shree Shyam Leasing (Prop: Preeti Garg)

viii) Shree Shyam Leasing (P’Ship Firm)

ix) Shree Jee Real Estate (P’Firm - Director are Partner)

x) Bengal Logistics Pvt. Ltd.

B: Transactions carried out with key management personnel, their relatives and their enterprises where transactions have taken place, in ordinary course of business:

NOTE NO. 1.2:- SEGMENT REPORTING

The company has only one Business Segment i.e working as a Clearing, Forwarding Agent & transportation and only one Geographical Segment i.e operation within India, hence segment reporting as defined in Accounting Standard-17 issued by the Institute of Chartered Accountants of India is not not required.

NOTE NO. 1.3:-

Inventories amounting to Rs. 16,21,098.63/- appering in Note 2.11 to the Balance Sheet under the head current assets represents items of stationeries, house keeping products, accessories etc. used in day to day affair for smooth running of the business. The value stated there is as valued & certified by the management.

NOTE NO. 1.4:-

In opinion of the Board, the value of realization of long term and short term loans and advances and current assets in the ordinary course of business will not be less than the amount at which they are stated in the balance sheet.

NOTE NO. 1.5:- Details of Primary & Collateral Securities offered against Term Loan and Cash Credit from Banks:

A. Primary Security

Cash Credit from Kotak Mahindra Bank Ltd. Is secured against the following:

First and exclusive charge on all existing and future receivables/ current assets/movable assets/moveable fixed assets of the borrower.

B. Collateral Security

1. Term Loan from Axis Bank Ltd is secured against the following :

(i) Kh. No. 69/22 Ph. No. 104, Mouza Raipura, Raipur (Owned by Atul Garg, Director of the company)

2. Term Loan from Kotak Mahindra Bank Ltd. is secured against the following :

(i) Kh No. 69/6-12-18, Plot No. 104/35, Madav Rao sapre ward (68) Raipura, Raipur Owned by Shree Vasu Logistics Pvt. Ltd.

(ii) Kh No. 43/1, Plot No. 104, Madav Rao spray ward (68) Raipura, Raipur. Owned by-Shree Bhushan Garg.

(iii) Plot No. A-23, Shyam Prasad Mukerjee Ward No.63, walfort City Bhatagaon, Raipur Owned by Sumita garg & Preeti Garg.

(iv) Kh No.30 & 31/1 Plot No. 11, Naya raipur Road behind Shubh Honda Showroom,Mouza Gram, Jhalpa, Belha Bilaspur Owned by Shree Vasu Logistics Pvt. Ltd.

(v) Plot No. 2, Kh. No. 222/26, 222/31 of Part, PH No. 32, Vill. Tendua, Raipur Owned by Shree Vasu Logistics Ltd.

(vi) Plot No. 4, Kh. No. 222/26, 222/30 of Part, PH No. 32, Vill. Tendua, Raipur Owned by Shree Vasu Logistics Ltd.

3. Term Loan from BMW financial Services is secured against Hypothecation of Vehicle.

NOTE NO. 1.6:- GOVERNMENT GRANTS

The company has received an Interest subsidy amounting to Rs. 3.17 lacs during the year from state government.

Such Interest subsidy received has been credited to Profit & Loss Account.

NOTE NO. 1.7:-

Micro , Small And medium Development Act 2006(MSMED Act):

Under the MSMED act which comes into force from 2nd Oct 2006, certain disclosures are required to be made relating to Micro, Small and medium enterprises. The company is in the process of compling relevant information from its creditors about their coverage under the said act. Since the relevant information is not readily available no disclosures has been made in the accounts.

However, in view of the management the impact of interest , if any that may be payable in accordance with the provision of the act is not expected to be material.

NOTE NO. 1.8:-

The company got converted into Public Limited company w.e.f. 06.02.2018. The name of the company after conversion is Shree Vasu Logistics Limited.

NOTE NO. 1.9:-

Events occuring after the Balance Sheet Date:

The company has made an Initial Public offer of 20,64,000 Nos. of Equity Shares of Rs. 10/- each for a consideration of Rs. 45/- per equity shares including a Share Premium of Rs. 35/- per equity Share. The issue was opened on 22.05.2018 and closed on 25.05.2018. The shares of the company has been listed on NSE Emerge Platform on 04.06.2018.

NOTE NO. 1.10:-

The previous year figures have been regrouped and/or rearranged and/or reworked and/or reclassified wherever necessary to correspond with the current year classification/disclosure.