Notes to Accounts of Skyways Air Services Ltd.

Mar 31, 2025

2.24 Provisions and contingencies

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made
of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under an
insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows to net
present value using an appropriate pre-tax discount rate that reflects current market assessments of the time value of money and,
where appropriate, the risks specific to the liability. Unwinding of the discount is recognized in statement of profit and loss as a
finance cost. Provisions are reviewed at each reporting date and are adjusted to reflect the current best estimate.

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 recognised
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 recognised because it cannot be measured reliably. The Company does
not recognize a contingent liability but discloses its existence in the financial statements.

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. There are
certain obligations which management has concluded, based on all available facts and circumstances, are not probable of payment or
are very difficult to quantify reliably, and such obligations are treated as Contingent liabilities and disclosed in the notes but are not
reflected as liabilities in the financial statements. Although there can be no assurance regarding the final outcome of the legal
proceedings in which the Company involved, it is not expected that such contingencies will have a material effect on its financial
Contincjent assets are not recognised but disclosed in the financial statements when an inflow of economic benefits is probable.

2.25 Insurance claims

Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that the amount
recoverable can be measured reliably and it is reasonable to expect ultimate collection.

2.26 Financial instruments

Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the

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
statement of profit and loss are recognised immediately in statement of profit and loss.

Financial assets

All regular way purchases or sales of financial assets are recognised and derecognised on a trade 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.

Classification of financial assets

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

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

• 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.

All other financial assets are subsequently measured at fair value.

Amortised cost and 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

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 Statement of Profit and Loss.

Financial assets at fair value through profit or loss (FVTPL)

A financial asset 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. The Company has not designated any debt instrument as at FVTPL.

Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any gains or losses arising on re¬
measurement recognised in profit or loss. The net gain or loss recognised in profit or loss is included in the ''other gains and losses''
line item.

Changes in the carrying amount of FVTOCI monetary financial assets relating to changes in foreign currency rates are recognised in
profit or loss. Other changes in the carrying amount of FVTOCI financial assets are recognised in other comprehensive income and
accumulated under the heading of investments revaluation reserve. When the investment is disposed of or is determined to be
impaired, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss.
Changes in the carrying amount of FVTOCI monetary financial assets relating to changes in foreign currency rates are recognised in
profit or loss. Other changes in the carrying amount of FVTOCI financial assets are recognised in other comprehensive income and
accumulated under the heading of investments revaluation reserve. When the investment is disposed of or is determined to be
impaired, the cumulative gain or loss previously accumulated in the investments revaluation reserve is reclassified to profit or loss.

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.

Impairment of 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. If the credit risk on a financial instrument
has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an
amount equal to 12-month expected credit losses.

However, for trade receivables or contract assets that result in relation to revenue from contracts with customers, the Company
measures the loss allowance at an amount equal to lifetime expected credit losses.

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.

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 a transferred financial asset, the Company continues to recognise the financial
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 recognized 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 recognized 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.

Financial liabilities and equity instruments
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.

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 recognised in
profit or loss on the purchase, sale, issue or cancellation of the Company''s own equity instruments.

Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method or at FVTPL. However,
financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement
approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan
at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is designated as at FVTPL.
Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is either held for trading or it is designated as at FVTPL.

A financial liability is classified as held for trading if:

• it has been incurred principally for the purpose of repurchasing it in the near term; or

• on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent
actual pattern of short-term profit-taking; or

• it is a derivative that is not designated and effective as a hedging instrument.

A financial liability other than a financial liability held for trading may be designated as at FVTPL upon initial recognition if:

• such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or

• the financial liability forms part of a Company of financial assets or financial liabilities or both, which is managed and its
performance is evaluated on a fair value basis, in accordance with the Company''s documented risk management or investment
strategy, and information about the Company is provided internally on that basis; or

• it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits the entire combined contract to be
designated as at FVTPL in accordance with Ind AS 109.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in statement of
profit and loss. The net gain or loss recognised in statement of profit and loss incorporates any interest paid on the financial liability
and is included in the ''other gains and losses'' line item.

However, for non-held-for-trading financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the
financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless
the recognition of the effects of changes in the liability''s credit risk in other comprehensive income would create or enlarge an
accounting mismatch in statement of profit and loss. The remaining amount of change in the fair value of liability is recognised in
statement of profit and loss. Changes in fair value attributable to a financial liability''s credit risk that are recognised in other
comprehensive income are not subsequently reclassified to statement of profit and loss.

Gains or losses on financial guarantee contracts and loan commitments issued by the Company that are designated by the Company
as at fair value through profit or loss are recognised in statement of profit and loss.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not held-for-trading 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 capitalised 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 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 financial liability, or (where appropriate) a shorter period, to the net carrying amount on
initial recognition.

Foreign exchange gains and losses

For financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting
period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments and are recognised in
the ''other gains and losses'' line item in the statement of profit and loss.

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the
spot rate at the end of the reporting period. For financial liabilities that are measured as at FVTPL, the foreign exchange component
forms part of the fair value gains or losses and is recognised in the statement of profit and loss.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled or they
expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is
recognised in statement of profit and loss.

Derivative financial intruments

The Company uses derivative forward contracts to hedge its foreign currency risks. Such derivative financial instruments are initially
recognised at fair value on the date on which derivative contract is entered into and are subsequently re-measured at fair value at the
end of each reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when
the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.

2.27 Operating cycle

Based on the nature of the operations and the time between the acquisition of assets for processing and their realization in cash or
cash equivalents, the Company has ascertained its operating cycle as twelve months for the purpose of current non-current
classification of assets and liabilities.

2.28 Critical accounting judgements and key sources of estimation uncertainty

The preparation of these financial statements in conformity with Ind AS requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses and
disclosures of contingent assets and liabilities at the date of these financial statements and the reported amounts of revenues and
expenses for the years presented. Actual results may differ from these estimates under different assumptions and conditions.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimate is revised and future periods affected.

In particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that
have the most significant effect on the amounts recognized in the financial statements are included in the following accounting
policies and/or notes:

Critical estimates and judgements in applying accounting policies

The folowing are the critical judgements, apart from those estimations that the management has made in the process pf applying the
Company Accounting Policies and that have most significant effect on the amounts recognised in the financial statements.

Provisions and contingencies

The significant capital commitments in relation to various capital projects are not recognized in the balance sheet. In the normal
course of business, contingent liabilities may arise from litigation and other claims against the Company. Guarantees are also
provided in the normal course of business. There are certain obligations which management has concluded, based on all available
facts and circumstances, are not probable of payment or are very difficult to quantify reliably, and such obligations are treated as
contingent liabilities and disclosed in the notes but are not reflected as liabilities in the financial statements. Although there can be no
assurance regarding the final outcome of the legal proceedings in which the Company involved, it is not expected that such
contingencies will have a material effect on its financial position or profitability.

Fair value measurement of financial instruments

Some of the Company''s assets and liabilities are measured at fair value for financial reporting purposes. The fair values of financial
assets and financial liabilities recorded in the balance sheet in respect of which quoted price in active markets are available are
measured using valuation techniques. The inputs to these models are taken from observable markets where possible, but where this
is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as
liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial

Impairment of assets

In assessing the property, plant and equipment and intangible assets for impairment, factors leading to significant reduction in profits
such as changes in commodity prices, the Company''s business plans and changes in regulatory environment are taken into
consideration. The carrying value of the assets of a cash generating unit (CGU) is compared with the recoverable amount of those
assets, that is, the higher of fair value less costs of disposal and value in use. Recoverable value is based on the management
estimates of commodity prices, market demand and supply, economic and regulatory climates, long-term plan, discount rates and
other factors. Any subsequent changes to cash flow due to changes in the abovementioned factors could impact the carrying value of
the assets.

Useful life of property, plant and equipment and intangible assets

Property, plant and equipment and intangible assets as disclosed above are depreciated over their useful economic lives. Management
reviews the useful economic lives at least once a year and any changes could affect the depreciation rates prospectively and hence the
asset carrying values. The Company also reviews its property, plant and equipment, for possible impairment if there are events or
changes in circumstances that indicate that carrying values of the assets may not be recoverable. In assessing the property, plant and
equipment for impairment, factors leading to significant reduction in profits such as changes in commodity prices, the Company''s
business plans and changes in regulatory environment are taken into consideration.

The carrying value of the assets of a cash generating unit (CGU) is compared with the recoverable amount of those assets, that is, the
higher of fair value less costs of disposal and value in use. Recoverable value is based on the management estimates of commodity
prices, market demand and supply, economic and regulatory climates, long-term plan, discount rates and other factors. Any
subsequent changes to cash flow due to changes in the above mentioned factors could impact the carrying value of the assets.

Contingencies and commitments

In the normal course of business, contingent liabilities may arise from litigation, taxation and other claims against the Company. A
tax provision is recognised when the Company has a present obligation as a result of a past event, it is probable that the Company
will be required to settle that obligation.

Where it is management''s assessment that the outcome cannot be reliably quantified or is uncertain the claims are disclosed as
contingent liabilities unless the likelihood of an adverse outcome is remote. Such liabilities are disclosed in the notes but are not
provided for in the financial statements.

When considering the classification of a legal or tax cases as probable, possible or remote there is judgement involved. This pertains
to the application of the legislation, which in certain cases is based upon management''s interpretation of country specific tax.

2.29 Key sources of estimation uncertaininty

(a) Fair value measurements and valuation processes

Some of the Company''s assets and liabilities are measured at fair value for financial reporting purposes. The Board of directors
of the Company has designated the Chief Financial Officer of the Company determines the appropriate valuation techniques and
inputs for fair value measurements.

(b) Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing
of future taxable income. Given the wide range of business relationships and the long-term nature and complexity of existing
contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such
assumptions, could necessitate future adjustments to tax income and expense already recorded. The firm establishes provisions,
based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax
audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of
interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the
companies.

(c) Impairment of Financial assets

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

(d) Impairment of non-Financial assets

The firm assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists,
or when annual impairment testing for an asset is required, the firm estimates the asset''s recoverable amount. An assets
recoverable amount is the higher of an asset''s CGU''S fair value less cost of disposal and its value in use. It is determined for an
individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or
firm''s of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired
and is written down to its recoverable amount.

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

2.30 Standards issued but not effective

There are no standards that are issued but not yet effective on March 31, 2025.

Note :

During the year ended March 31, 2025, an investment property comprising building, furniture & fixture and Electrical equipments in Mahipalpur, Delhi, which was held to earn rentals and
Fair Value Hierarchy

The Company has no restrictions on the realisability of its investment property and no contractual obligation to purchase, construct or develop or for repair & maintenance.

Description of Valuation Technique used:

The Company obtained independent valuations of its investment properties as at the year ended March 31, 2025. The fair value of the investment properties have been derived using the
direct comparison method. The direct comparison method involves a comparison of the investment properties to similar properties that have actually been sold on arm-length basis or are
offered for sale in the same region. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in an open and
competitive market, and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. This approach leads to a reasonable estimation of
the prevailing price. Given that the comparable instances are located in close proximity to the investment properties; these instances have been assessed for their locational comparative
advantages and disadvantages while arriving at the indicative price assessment for investment properties.

These valuations are based on valuations performed by an accredited independent valuer who is a specialist in valuing these types of investment properties and is a registered valuer as
defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. A valuation model in accordance with that recommended by the international valuation standards
committee has been applied.

Sensitivity analysis of the investment property fair value assumptions

Further the Company performs sensitivity analysis on the assumptions used by the valuer and ensures that the valuation of investment property is appropriate.

The Company undisputedly possessed the title deeds for all properties held by the Company, presented under freehold land and Building'' in the above schedule.

(v) Increase in authorised share capital

During the year ended March 31, 2025, the company has in aggregate increased its authorised share capital by INR 9,700.00 lacs consist of 9,70,00,000 equity shares of INR 10/- each.
Out of this, 9,00,00,000 equity shares has been increased vide shareholders'' approval at Extraordinary General Meeting (EGM) held on June 14, 2024 and 70,00,000 equity shares has
been increased vide shareholders'' approval at Extraordinary General Meeting (EGM) held on March 29, 2025.

During the year ended March 31, 2024, the company has increased its authorised share capital by INR 5,000.00 lacs consist of 5,00,00,000 equity shares of INR 10/- each vide
shareholders'' approval at Extraordinary General Meeting (EGM) held on August 25, 2023.

During the year ended March 31, 2023, the Company has in aggregate increased its authorised Equity Share Capital by INR 500.00 lacs consist of 5,00,000 equity shares of INR 100/-
each. 15,000 equity shares vide Shareholders'' approval at Extraordinary General Meeting (EGM) held on December 16,2022, further increased by 4,85,000 equity shares on March 20,
2023.

(vi) During the year ended March 31, 2024, the company has split its equity share capital from Face value of INR 100 per share to face value of INR 10 per share vide shareholders'' approval at
Extraordinary General Meeting (EGM) held on June 26, 2023.

(vii) During the year ended March 31, 2025, the company has in aggregate alloted 9,39,28,320 equity shares of INR 10/- each as fully paid bonus shares. Out of this, 4,17,45,920 bonus shares
has been alloted vide shareholder''s approval at Extraordinary General Meeting (EGM) held on May 24, 2024 and 5,21,82,400 bonus shares has been alloted vide shareholder''s approval at
Extraordinary General Meeting (EGM) held on December 31, 2024.

(viii) During the year ended March 31, 2025, the company in aggregate has issued and alloted 10,19,89,938 equity shares of INR 10 each amounting to INR 7,577.45 lacs through private
placement of 72,91,969 equity shares and 7,69,149 shares of INR 10 each at a premium of INR 84 each vide shareholders approval at EGM held on January 13, 2025 and March 29, 2025
respectively.

Notes:

a. The Company has obtained Term Loan aggregating to INR 13,513.00 lacs from Bajaj Finance Limited (INR 1,500.00 lacs), Oxyzo Financial Services Private
Limited (INR 2,018.00 lacs), Tata Capital Financial Services Limited (INR 2,500.00 lacs), Tata Capital Limited (INR 1,500.00 lacs), Axis Bank Limited (INR
1,735.00 lacs), State Bank Of Mauritius (INR 3,000.00 Lacs) and HDFC Bank (INR 1,260.00 lacs) and carrying interest rate in the range of 9.20% to 13.00%
against which INR 10,516.18 lacs, INR 6,313.64 lacs and INR Nil is outstanding as at March 31, 2025, March 31, 2024 and April 01, 2023 respectively. These
term loans are secured by:-

For Bajaj Finance Limited

(i) exclusive charge on current assets of one of the subsidieries companies i.e., Rahat Continental Private Limited with minimum cover of 1.25x.

(ii) Pledge on entire shareholding of Rahat Continental Private Limited acquired by the company.

(iii) Personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma

For Oxyzo Financial Services Private Limited

(i) Cash collateral of INR 400.00 lacs in favour of Oxyzo Financial services Private Limited.

(ii) Co-financed Party''s Mr. Yashpal Sharma and Mr. Tarun Sharma.

For Tata Capital Financial Services Limited

(i) Exclusive lien on Mutual funds held by the company.

(ii) Personal guarantee of Mr. Yashpal Sharma and Mr. Tarun Sharma.

For Tata Capital Limited ("TCL")

(i) Extension of charge by way of mortage over the Land & Building of Plot no. 239, Okhla Indutrial Area Phase I, Okhla, Delhi, India, owned by one of the
subsidieries companies i.e., Forin Container Line Private Limited ("FCLPL") (which has been already been mortageged to TCL for the facilities sanctioned by TCL
to FCLPL.

(ii) Extension of charge on mutual fund amounting og INR 1,250.00 lacs.

(iii) Personal guarantee of Mr. Yashpal Sharma and Mr. Tarun Sharma

For Axis Bank Limited

(i) First charge on entire movable fixed assets of the company both present and future.

(ii) Negative lien on property located at A-390 B, Village Mahipalpur, New Delhi-110037 in the name of the promoters.

(iii) Collateral in thr form of FDR under lienwith Axis Bank to the extent of 25% of the limit.

(iv) Personal guarantee of promoters namely Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma
For SBM Bank

(i) Exclusive Charge by way of lien over Fixed Deposit to the Extent of 25% of sanctioned limit.

(ii) Subservient charge overall the present and future current assets of the borrower.

(iii) Security post dated cheque (PDC) for the principal amount and 3 months interest amount.

(iv) Personal guarantee of promoters namely Mr. Yashpal Sharma and Mr. Tarun Sharma

For HDFC Bank

(i) Personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma.

(ii) Secondary charge on movable fixed assets of INR 1,260.00 lacs.

(iii) First Pari Passu charge on Entire Current Assets, both present and future.

b. Secured by Hypothecation of respective Vehicles and are repayable in equated monthly instalments over the tenure of loans of 60 months carries interest rate
of 7.00% to 9.50%.

(i) The Company has availed working capital and overdraft facility from HDFC Bank amounting to INR 8,900.00 lacs (March 31, 2024: INR 4,000.00 lacs and April 01,
2023: INR 2,000.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, Cash Collateral of
35% along with personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma. An amount of INR 2061.44 lacs ( March 31, 2024: INR

1.432.00 lacs and April 01, 2023: INR 1,820.00 lacs) remains undrawn as at the year end.

(ii) The Company has availed working capital and overdraft facility from Axis Bank amounting to INR 5,000.00 lacs (March 31, 2024: INR 9,000.00 lacs and April 01,
2023: INR 5,000.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, Cash Collateral of
10% along with personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma. An amount of INR 2,400 lacs (March 31, 2024: INR

2.157.00 lacs and April 01, 2023: INR 2,400.00 lacs) remains undrawn as at the year end.

(iii) The Company has availed working capital and overdraft facility from IDFC Bank amounting to INR 4,200.00 lacs (March 31, 2024: INR 3,000.00 lacs and April 01,
2023: INR 2,400.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, Fixed Deposit of INR

570.00 lacs along with personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma. An amount of INR 2,700.00 lacs (March 31,
2024: INR 3,000.00 lacs and April 01, 2023: INR 2,400.00 lacs) remains undrawn as at the year end.

(iv) The Company has availed working capital facility from Bajaj Finance Limited amounting to INR 1,500.00 lacs (March 31, 2024: INR 1,500.00 lacs and April 01, 2023:
INR 1,500.00 lacs). This loan is secured by way of Cash margin of 30% outstanding limit along with personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal
Sharma and Mr. Tarun Sharma. An amount of INR Nil ( March 31, 2024: INR Nil and April 01, 2023: INR Nil) remains undrawn as at the year end.

(v) The Company has availed working capital and overdraft facility from Indusind Bank amounting to INR 2,900.00 lacs (March 31, 2024: INR 2,900.00 lacs and April 01,
2023: INR 3,800.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, Cash Collateral of
35% along with personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma. An amount of INR Nil (March 31, 2024: INR Nil and
April 01, 2023: INR 1,620.00 lacs) remains undrawn as at the year end.

(vi) The Company has availed working capital and overdraft facility from Kotak Mahindra Bank amounting to INR 3,000.00 lacs (March 31, 2024: INR 2,000.00 lacs and
April 01, 2023: INR 3,000.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, Cash
Collateral of 25% along with personal guarantee of Mr. Yashpal Sharma and Mr. Tarun Sharma. An amount of INR 3,000.00 lacs (March 31, 2024: INR 466.00 lacs
and April 01, 2023: INR 600.00 lacs) remains undrawn as at the year end.

(vii) The Company has availed working capital and overdraft facility from Standard Chartered Bank amounting to INR 3,300.00 lacs (March 31, 2024: INR 3,000.00 lacs
and April 01, 2023: INR 1,800.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, Fixed
Deposit of INR 1,437.80 lacs along with personal guarantee of Mr. Sudershan Lal Sharma , Mrs. Bharti Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma. An
amount of INR 3,300.00 lacs (March 31, 2024: INR 2,100.00 lacs and April 01, 2023: INR 1,800.00 lacs) remains undrawn as at the year end.

(viii) The Company has availed working capital and overdraft facility from Yes Bank amounting to INR 3,000.00 lacs (March 31, 2024: INR 3,000.00 lacs and April 01,
2023: INR 3,000.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, Cash Collateral of
35% along with personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma. An amount of INR 200.00 lacs (March 31, 2024: INR

200.00 lacs and April 01, 2023: INR 200.00 lacs) remains undrawn as at the year end.

(ix) The Company has availed working capital and overdraft facility from CITI Bank amounting to INR 3,600.00 lacs (March 31, 2024: INR 2,000.00 lacs and April 01,
2023: INR 3,000.00 lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future, 30% collateral cover
by way of pledge over FDR (32% in case of DMF''s) of utilised limit with personal guarantee of Mr. Sudershan Lal Sharma, Mr. Yashpal Sharma and Mr. Tarun Sharma.
An amount of INR Nil (March 31, 2024: INR 2,000.00 lacs and April 01, 2023: INR 3,000.00 lacs) remains undrawn as at the year end.

(x) The Company has availed working capital and overdraft facility from Federal Bank amounting to INR 3,500 lacs (March 31, 2024: INR Nil and April 01, 2023: INR Nil
lacs). This loan is secured by way of first pari passu charge on current assets including book debts both present and future along with personal guarantee of Mr.
Yashpal Sharma, Mr. Tarun Sharma and Mr Sudershan Lal Sharma. An amount of INR 1,539.55 (March 31, 2024: INR Nil, April 01, 2023: INR Nil lacs) remains
undrawn as at the year end.

(xi) The Company has availed working capital and overdraft facility from Bank of Bahrain and Kuwait SBC amounting to INR 5,000.00 lacs (March 31, 2024: INR Nil and
April 01, 2023: INR Nil lacs). This loan is secured by way of first pari passu charge on current assets of the borrower along with other lenders under Multiple Banking
Arrangement along with personal guarantee of Mr. Yashpal Sharma, Mr. Tarun Sharma and Mr Sudershan Lal Sharma. An amount of INR 1,998.03 lacs (March 31,
2024: INR Nil, April 01, 2023: INR Nil lacs) remains undrawn as at the year end.

D. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

35 Gratuity and other post-employment benefit plans

Disclosures pursuant to Ind AS - 19 "Employee Benefits" (notified under the section 133 of the Companies Act 2013 (the Act) read with Companies (Indian Accounting
Standards) Rule 2015 (as amended from time to time) and other relevant provision of the Act) are given below :

a. Contribution to Defined Contribution Plan, recognised as expense for the year is as under:

The Company makes contributions towards provident fund and employee state insurance scheme to a defined contribution retirement benefit plan for qualifying employees. The
Company''s contribution to the Employees Provident Fund and Employees State Insurance scheme is deposited with the Regional Provident Fund Commissioner. Under the
scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit scheme to fund the benefits.

During the year, the Company has recognised INR 113.59 Lacs (March 31, 2024: INR 107.97 lacs) for Employer''s contributions to the Provident Fund and INR 4.19 Lacs (March
31, 2024: INR 5.50 lacs) for Employee State Insurance Scheme contribution in the Statement of Profit and Loss. The contribution payable to the plan by the Company is at the
rate specified in rules to the scheme.

b. Defined benefit plan - Gratuity plan

The gratuity liability arises on retirement, withdrawal, resignation and death of an employee. The aforesaid liability is calculated on the basis of fifteen days salary (i.e. last
drawn basic salary) for each completed year of service subject to completion of five years service.

B. Fair value measurements

The management assessed that cash and cash equivalents, other bank balances, trade receivables, trade payables, borrowings, other current financial assets, loans and other current financial liabilities approximate
their carrying amounts largely due to the short-term maturities of these instruments.

The fair value of the other financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation
sale. The following methods and assumptions were used to estimate the fair values:

1) The fair value of unquoted instruments, loans from banks, other non-current financial assets and non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt
on similar terms, credit risk and remaining maturities. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below.
Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.

2) The fair values of the Company''s interest-bearing borrowings are determined by using effective interest rate (EIR) method using discount rate that reflects the issuer''s borrowing rate as at the end of the reporting
period. The own non-performance risk as at March 31, 2025 was assessed to be insignificant.

3) Long-term receivables/payables are evaluated by the Company based on parameters such as interest rates, risk factors, individual creditworthiness of the counterparty and the risk characteristics of the financed
project. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk
management policies and systems are reviewed periodically to reflect changes in market conditions and the Company''s activities. The Company, through its training, standards and procedures, aims to maintain a
disciplined and constructive control environment in which all employees understand their roles and obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the
risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results
of which are reported to the audit committee.
a) 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 prices comprises three types of risk: currency rate risk, interest rate
risk and other price risks. Financial instruments affected by market risks include loans and borrowings, deposits, investments , and foreign currency receivables and payables. The sensitivity analysis in the following
sections relate to the position as at reporting date. The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non¬
financial assets and liabilities. The sensitivity of the relevant Profit and Loss item and equity is the effect of the assumed changes in the respective market risks. This is based on the financial assets and financial
liabilities held as of March 31, 2025, March 31, 2024 and April 01, 2023.

38 Segment Information

38.1 Description of Segment and principal activities

As per Ind AS-108, "Operating Segment" ( specified under the section 133 of the Companies Act 2013 (the Act) read with
Companies (Indian Accounting Standards) Rule 2015 (as amended from time to time) and other relevant provision of the Act )
the Company''s chief operating decision maker, i.e. Managing Director (''CODM'') has identified Logistic services and other related
services as the reportable segments.

44 There were no amounts which were required to be transferred to the investor education and protection fund by the Company.

45 The Company has established a comprehensive system of maintenance of information and documents as required by the transfer pricing
legislation under Sections 92-92F of the Income tax Act, 1961. Since the law requires existence of such information and documentation to be
contemporaneous in nature, the Company is in the process of updating the documentation for the international transactions entered into with
the associated enterprises during the year and expects such records to be in existence latest by such date as required under the law. The
management is of the opinion that its transactions covered under transfer pricing regulations are at arm''s length so that the aforesaid
legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of provision for taxation.

46 First-time adoption of Ind AS

These are the Company''s first financial statements prepared in accordance with Ind AS. The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended
March 31, 2025, March 31, 2024 and in the preparation of an opening Ind AS balance sheet at April 01, 2023 (the Company''s date of transition).

For all periods upto and including the year ended March 31, 2024, the Company prepared its financial statements in accordance with Generally Accepted Accounting Principles (GAAP) and complied with
accounting standards as notified under Section 133 of the Companies Act 2013, read together with rule 7 of the Companies (Accounts) Rules, 2014 ^previous GAAP'' or ''IGAAP'') to the extent applicable and
the presentation requirements of the Companies Act, 2013.

The transition of Ind AS was carried out in accordance with Ind AS 101, with April 01, 2023 being the date of transition. This note explains the exemptions on the first-time adoption of Ind AS availed in
accordance with Ind AS 101 and an explanation of how the transition from previous GAAP to Ind AS has affected the Company''s financial position, financial performance and cash flows.

Exemptions availed and mandatory exceptions

Ind AS 101 ''First-time Adoption of Indian Accounting Standards'' allows first-time adopters certain exemptions from retrospective application of certain requirements under Ind AS. Set out below are the
applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.

A) Ind AS optional exemptions

A.1 Investments in subsidiaries, joint ventures and associates

Ind AS 101 permits a first-time adopter to measure its investments in subsidiaries, joint ventures and associates at deemed cost. The deemed cost of such an investment shall be either (a) its fair value at the
date of transition; or (b) previous GAAP carrying amount at that date. Either (a) or (b) can be chosen to measure the investment in each subsidiary, joint venture or associate, that it elects to measure using a
deemed cost.

A.2 Carrying value as deemed cost for property, plant and equipment

Ind AS 101 permits, where there is no change in the functional currency on the date of transition to Ind ASs, a first time adopter to Ind AS may elect to continue with the carrying value for all of its property,
plant and equipment defined as per IND AS 40 as recognised in the financial statements as at the date of transition to Ind ASs, measured as per the previous GAAP and use that as its deemed cost as at the
date of transition except to the extent of capitalisation of the government grant as at transition date.

Accordingly, the Company was required to use the carrying value for all of its property, plant and equipment on the date of transition and designate the same as deemed cost on the date of transition.
However, the company has used the carrying value for all its property, plant and equipment as on March 31, 2023, as per the restated financial statements approved by the Board of Directors in their meeting
held on June 23, 2025 and designated the same as deemed cost on the date of transition i.e., April 01, 2023. There is no material impact on the other equity as at April 01, 2023.

A. 3 Right of use assets and Lease liabilities

Ind AS 116 permits a first time adopter to apply this standard to its leases either retrospectively to each prior reporting period presented applying Ind AS 8, Accounting Policies, Changes in Accounting
Estimates and Errors; or retrospectively with the cumulative effect of initially applying the Standard recognised at the date of initial application.

Accordingly, the Company has opted to represent the Right of use assets and lease liabilities retrospectively to each prior reporting period presented.

B) Ind AS mandatory exceptions

B. 1 Accounting estimates

An entity''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect
any difference in accounting policies), unless there is objective evidence that those estimates were an error.

Ind AS estimates as at April 01, 2023 are consistent with the estimates as at the same date made in conformity with previous GAAP except for ''other adjustments'' as below.

B.2 De-recognition 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 de-recognition 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 Company has elected to apply the de-recognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

B.3 Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial
assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

Accordingly, the Company has determined the classification of financial assets bases on facts and circumstances that exist on the date of transition. Measurement of the financial assets accounted at
amortised cost has been done retrospectively except where the same is impracticable.

a. Reconciliation of other equity between Ind AS and previous GAAP :

1 Investments in mutual funds measured at fair value: Under the previous GAAP, investments in mutual funds were measured at lower of cost or fair value. Under Ind AS, these investments are required

to be measured at fair value through profit or loss. The resulting fair value changes of these investments is recognised in the retained earnings as at the date of transition.

2 Remeasurement of the defined benefit plan: Ind AS 19 Employee Benefits requires the impact of re-measurement in net defined benefit liability (asset) to be recognized in other comprehensive income

(OCI). Re-measurement of net defined benefit liability (asset) comprises actuarial gains and losses, return on plan assets (excluding interest on net defined benefit asset/liability). This was being recognised in
the statement of profit and loss in Statement of profit and loss in previous GAAP.

3 Right of use assets: Ind AS 116 requires the following accounting treatment in the books of the lessee, on the commencment of the lease:

- A lessee recognises a Right of Use (ROU) asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments.

- A lessee measures the ROU asset at cost less accumulated depreciation and accumulated impairment losses.

The Company has opted to represent the Right of use assets and lease liabilities retrospectively to each prior reporting period presented.

4 Deferred Tax: Previous GAAP required deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12

requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences betwee