Notes to Accounts of Tara Chand InfraLogistic Solutions Ltd.

Mar 31, 2025

O. Provisions

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. If the effect of
the time value of money is material, provisions are
discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability.
When discounting is used, the increase in the provision
due to the passage of time is recognised as a finance
cost.

P. Financial instruments

A financial instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value
plus, in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are
attributable to the acquisition of the financial asset.
Purchases or sales of financial assets that require
delivery of assets within a time frame established by
regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the
date that the Company commits to purchase or sell the
asset.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in three categories:

1) Debt instruments at amortised cost

2) Debt instruments at fair value through other
comprehensive income (FVTOCI)

3) Debt instruments and equity instruments at fair
value through profit or loss (FVTPL)

4) Equity instruments measured at fair value through

other comprehensive income (FVTOCI)

Debt instruments at amortised cost

A ''debt instrument'' is measured at the amortised cost
if both the following conditions are met:

a) The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows, and

b) Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the
principal amount outstanding.

This category is the most relevant to the Company.
After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method. Amortised cost
is calculated by taking into account any discount or
premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is
included in finance income in the profit or loss. The
losses arising from impairment are recognised in the
profit or loss. This category generally applies to trade
and other receivables.

Debt instrument at FVTOCI

A ''debt instrument'' is classified as at the FVTOCI if both
of the following criteria are met:

a) The objective of the business model is achieved
both by collecting contractual cash flows and
selling the financial assets, and

b) The asset''s contractual cash flows represent
SPPI.

Debt instruments included within the FVTOCI category
are measured initially as well as at each reporting date
at fair value. Fair value movements are recognized in
the other comprehensive income (OCI). However, the
Company recognizes interest income, impairment
losses & reversals and foreign exchange gain or loss
in the P&L. On derecognition of the asset, cumulative
gain or loss previously recognised in OCI is reclassified
from the equity to P&L. Interest earned whilst holding
FVTOCI debt instrument is reported as interest income
using the EIR method.

Debt instrument at FVTPL

FVTPL is a residual category for debt instruments. Any
debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is
classified as at FVTPL.

In addition, the Company may elect to designate a debt
instrument, which otherwise meets amortized cost or
FVTOCI criteria, as at FVTPL. However, such election
is allowed only if doing so reduces or eliminates a
measurement or recognition inconsistency (referred
to as ''accounting mismatch''). The Company has not
designated any debt instrument as at FVTPL.

Debt instruments included within the FVTPL category
are measured at fair value with all changes recognized
in the P&L.

Equity investments

All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which are
held for trading.

For all other equity instruments, the Company may
make an irrevocable election to present in other
comprehensive income subsequent changes in the
fair value. The Company makes such election on an
instrument by - instrument basis. The classification is
made on initial recognition and is irrevocable.

If the Company decides to classify an equity
instrument as at FVTOCI, then all fair value changes on
the instrument, excluding dividends, are recognized
in the OCI. There is no recycling of the amounts from
OCI to P&L, even on sale of investment. However, the
Company may transfer the cumulative gain or loss
within equity.

Equity instruments included within the FVTPL

category are measured at fair value with all changes
recognized in the P&L.

Presently, Company does not hold any investment in
equity instruments.

Equity investments

All equity investments in scope of Ind AS 109 are
measured at fair value. Equity instruments which are
held for trading are classified as at FVTPL.

Equity instruments included within the FVTPL

category are measured at fair value with all changes
recognized in the P&L.

Derecognition

A financial asset (or, where applicable, a part of a
financial asset or part of a Company of similar financial
assets) is primarily derecognised (i.e. removed from
the Company''s balance sheet) when:

- The rights to receive cash flows from the asset have
expired, or

- The Company has transferred its rights to receive
cash flows from the asset or has assumed an
obligation to pay the received cash flows in full
without material delay to a third party under a ''pass¬
through'' arrangement; and either (a) the Company has
transferred substantially all the risks and rewards of
the asset, or (b) the Company has neither transferred
nor retained substantially all the risks and rewards
of the asset, but has transferred control of the
asset.

When the Company has transferred its rights to
receive cash flows from an asset or has entered into
a pass-through arrangement, it evaluates if and to
what extent it has retained the risks and rewards of
ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Company
continues to recognise the transferred asset to the
extent of the Company''s continuing involvement. In
that case, the Company also recognises an associated
liability. The transferred asset and the associated
liability are measured on a basis that reflects the rights
and obligations that the Company has retained.

Impairment of financial assets

The Company recognizes loss allowances using the
expected credit loss (ECL) model for the financial
assets which are not fair valued through profit or loss.
Loss allowance for trade receivables and all other
financial with no significant financing component is
measured at an amount equal to 12-month ECL, unless
there has been a significant increase in credit risk from
initial recognition in which case those are measured for
specific assets. The amount of expected credit losses
(or reversal) that is required to adjust the loss allowance
at the reporting date to the amount that is required to
be recognised is recognized as an impairment gain or
loss in profit or loss.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit
or loss, loans and borrowings, payables as
appropriate.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

The Company''s financial liabilities include trade and
other payables, loans and borrowings and financial
guarantee contracts.

Subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

Financial liabilities at fair value through profit or
loss

Financial liabilities at fair value through profit or loss
include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair
value through profit or loss. Financial liabilities are
classified as held for trading if they are incurred for the
purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are
recognised in the profit or loss.

Loans and borrowings

This is the category most relevant to the Company.
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation
process.

Amortised cost is calculated by taking into account
any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the
statement of profit and loss.

This category generally applies to borrowings

Derecognition

A financial liability is derecognised when the obligation
under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced
by another from the same lender on substantially
different terms, or the terms of an existing liability
are substantially modified, such an exchange or
modification is treated as the derecognition of the
original liability and the recognition of a new liability.
The difference in the respective carrying amounts is
recognised in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle
the liabilities simultaneously.

Q. Contingent liabilities

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed

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

R. Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months
or less, which are subject to an insignificant risk of
changes in value.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above as they are considered an
integral part of the Company''s cash management.

S. Segment Reporting Policies

Operating segments are reported in a manner
consistent which the internal reporting provided to
the chief operating decision maker. Chief operating
decision makers review the performance of the
Company according to the nature of business. The
Company has organized into three segments a)
Transport & Handling Services b) Equipments rental
Services c) Steel Processing & Distribution.

Segment accounting policies

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

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

The fair value of the 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:

- Borrowings are evaluated by the Company based on parameters such as interest rates and specific country risk
factors.

- The fair value of other financial liabilities, obligations under finance leases, is estimated by discounting future cash
flows using rates currently available for debt on similar terms, credit risk and remaining maturities.

- The fair values of the Company''s borrowings and loans are determined by using DCF method using discount rate that
reflects the issuer''s borrowing rate as at the end of the reporting period.

NOTE: 32. Financial risk management objectives and policies

The Company''s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose
of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include
loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company
also holds FVTPL investments .

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management that advises
on financial risks and the appropriate financial risk governance framework for the Company. The senior management
provides assurance to the Company''s senior 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 Board of Directors reviews and agrees on policies for managing each of these
risks, which are summarised below.

1) 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 loans and borrowings,
deposits, FVTPL investments. Company is not effectev by commodity risk.

The sensitivity analyses in the following sections relate to the position as at 31 March 2025 and 31 March 2024

The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating
interest rates of the debt instruments are all constant .

The analyses exclude the impact of movements in market variables on the carrying values of gratuity and other post¬
retirement obligations, provisions.

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 2025 and 31 March 2024

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates
primarily to the Security deposits received/paid and borrowing.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion
of loans and borrowings affected. With all other variables held constant, the Company''s profit before tax is affected
through the impact on floating rate borrowings, as follows:

evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several
jurisdictions and industries and operate in largely independent markets.

- Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in
accordance with the Company''s policy. Investments of surplus funds are made only with approved counterparties and
based on the Investment Policy of the Company. All investments are reviewed by the Company''s Board of Directors on
a quarterly basis.

3) Liquidity risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company''s objective is to maintain a low debt exposure 21% of the Company''s debt will mature in less than one year
at 31 March 2025 (31 March 2024: 29%) based on the carrying value of borrowings reflected in the financial statements.
The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be high.

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual
undiscounted payments.

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable
market environment, showing a significantly higher volatility than in prior years.

2) 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 and other
financial instruments.

- Trade receivables

Customer credit risk is managed subject to the Company''s established policy, procedures and control relating to
customer credit risk management. Credit quality of a customer is assessed and limits are defined in accordance with
this assessment. At 31 March 2025, the Company had net outstanding of INR 5997.63 Lakhs Lakhs (31 March 2024: Rs.
5282.02 Lakhs).

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. 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 4. The Company does not hold collateral as security. The Company

NOTE: 33. Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all
other equity reserves attributable to the equity holders of the parent. The primary objective of the Company''s capital
management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a
gearing ratio, which is net debt divided by total capital plus net debt. The Company''s policy is to keep the gearing ratio less
than 50%. The Company includes within net debt, interest bearing loans and borrowings, , less cash and cash equivalents,
excluding discontinued operations.

NOTE: 38 The Company does not have any Benami property, where any proceeding has been initiated or pending against
the Company for holding any Benami property.

NOTE: 39 The Company do not have any transactions with companies struck off under section 248 of the Companies
Act, 2013 or section 560 of the Campanises Act, 1956 as identified to the extent of struck off companies details
available on the public domain.

NOTE: 40 The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies
(ROC) beyond the statutory period.

NOTE: 41 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

NOTE: 42 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any
other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities
("Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall
lend or invest in other person or entities ("ultimate beneficiaries") by or on behalf of the Company or provide
any guarantee, security or the like to or on behalf of the ultimate beneficiaries.The Company has not received
any funds from any persons or entities, including foreign entities ("Funding Parties"), with the understanding
that the Company shall lend or invest in other persons or entities identified by or on behalf of the Funding Party
or provide any guarantee, security or the like from to or on behalf of the Ultimate Beneficiaries.

NOTE: 43 The Company has not entered into any such transaction which is not recorded in the books of accounts that
has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax
Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

NOTE: 44 The previous period figures have been regrouped/reclassified, wherever necessary to conform to the current
period presentation.

As per our attached report of even date

For Sangeet Kumar & Associates For and on Behalf Of The Board Of Directors

Chartered Accountants Tara Chand Infralogistic Solutions Limited

FRN-011954N (Formerly Known As Tara Chand Logistic Solutions Ltd.)

Sd/- Sd/- Sd/-

Sangeet Kumar Singla Vinay Kumar Ajay Kumar

Partner Managing Director Director

M.No. 090506 DIN: 00151567 DIN: 00151477

Place : Chandigarh Sd/- Sd/-

Date : 15-05-2025 Himanshu Aggarwal CS Shefali Singhal

UDIN:-25090506BMODSM1101 ^{Chief Financial Officer} Compliance Officer

DIN: 01806026 PAN: FOTPS1314P

---

Mar 31, 2024

O. Provisions

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. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

P. Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Company commits to purchase or sell the asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in three categories:

1) Debt instruments at amortised cost

2) Debt instruments at fair value through other comprehensive income (FVTOCI)

3) Debt instruments and equity instruments at fair value through profit or loss (FVTPL)

4) Equity instruments measured at fair value through other comprehensive income (FVTOCI)

Debt instruments at amortised cost

A ''debt instrument'' is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the profit or loss. This category generally applies to trade and other receivables.

Debt instrument at FVTOCI

A ''debt instrument'' is classified as at the FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset''s contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the P&L. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to P&L. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

Debt instrument at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ''accounting mismatch''). The Company has not designated any debt instrument as at FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

Equity investments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading.

For all other equity instruments, the Company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value. The Company makes such election on an instrument by - instrument basis. The classification is made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to P&L, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

Presently, Company does not hold any investment in equity instruments.

Equity investments

All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are classified as at FVTPL.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in the P&L.

Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a Company of similar financial assets) is primarily derecognised (i.e. removed from the Company''s balance sheet) when:

- The rights to receive cash flows from the asset have expired, or

- The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ''passthrough'' arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Company has transferred its rights to receive cash flows from an asset or has entered into

a pass-through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Company continues to recognise the transferred asset to the extent of the Company''s continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.

Impairment of financial assets

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables and all other financial with no significant financing component is measured at an amount equal to 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured for specific assets. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognised is recognized as an impairment gain or loss in profit or loss.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables as appropriate.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Company''s financial liabilities include trade and other payables, loans and borrowings and financial guarantee contracts.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are recognised in the profit or loss.

Loans and borrowings

This is the category most relevant to the Company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

This category generally applies to borrowings.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

Q. Contingent liabilities

A contingent liability is a possible obligation that arises

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

R. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above as they are considered an integral part of the Company''s cash management.

S. Segment Reporting Policies

Operating segments are reported in a manner consistent which the internal reporting provided to the chief operating decision maker. Chief operating decision makers review the performance of the Company according to the nature of business. The Company has organized into three segments a) Transport & Handling Services b) Equipments rental Services c) Steel Processing & Distribution.

Segment accounting policies

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

The Company''s principal financial liabilities, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations. The Company also holds FVTPL investments .

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management that advises on financial risks and the appropriate financial risk governance framework for the Company. The senior management provides assurance to the Company''s senior 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 Board of Directors reviews and agrees on policies for managing each of these risks, which are summarised below.

1) 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 loans and borrowings, deposits, FVTPL investments. Company is not effectev by commodity risk.

The sensitivity analyses in the following sections relate to the position as at 31 March 2024, 31 March 2023 and 01 April 2022.

The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt instruments are all constant .

The analyses exclude the impact of movements in market variables on the carrying values of gratuity and other post- retirement obligations, provisions.

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 2024, 31 March 2023 and 1st April 2022.

- Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Security deposits received/paid and borrowing.

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Company''s profit before tax is affected through the impact on floating rate borrowings, as follows:

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher volatility than in prior years.

2) 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 and other financial instruments.

- Trade receivables

Customer credit risk is managed subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed and limits are defined in accordance with this assessment. At 31 March 2024, the Company had net outstanding of INR 5282.02 Lakhs (31 March 2023: Rs. 5358.76 Lakhs , 1 April 2022: Rs. 5842.49 Lakhs).

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. 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 4. 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 industries and operate in largely independent markets.

- Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s policy. Investments of surplus funds are made only with approved counterparties and based on the Investment Policy of the Company. All investments are reviewed by the Company''s Board of Directors on a quarterly basis.

3) Liquidity risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company''s objective is to maintain a low debt exposure 29% of the Company''s debt will mature in less than one year at 31 March 2024 (31 March 2023: 34%, 1 April 2022: 38%) based on the carrying value of borrowings reflected in the financial statements. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be high.

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company''s policy is to keep the gearing ratio less than 50%. The Company includes within net debt, interest bearing loans and borrowings, , less cash and cash equivalents, excluding discontinued operations.

NOTE: 34. First-time adoption of Ind AS

These financial statements, for the year ended 31 March 2024, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2023, 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 (Indian GAAP).

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on 31 March 2024, together with the comparative period data as at and for the year ended 31 March 2023, 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 2022, the Company''s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the balance sheet as at 1 April 2022 and the financial statements as at and for the year ended 31 March 2023.

Exemptions applied

Ind AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

- Property plan and equipment, including intangliable , the Company has elected to continue with the carrying value(i.e. at cost) for all assets as recognised in its Indian GAAP financial as deemed cost at the transition date.

- Since there is no change in the functional currency, the Company has elected to continue with the carrying value for all of its investment property as recognised in its Indian GAAP financial as deemed cost at the transition date.

- Appendix C to Ind AS 17 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 17, this assessment should be carried out at the inception of the contract or arrangement. However, the Company has used Ind AS 101 exemption and assessed all arrangements based for embedded leases based on conditions in place as at the date of transition.

i. Defined benefit liabilities

Both under Indian GAAP and Ind AS, the Group recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to profit or loss. Under Ind AS, remeasurements [comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets excluding amounts included in net interest on the net defined benefit liability] are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. Thus the employee benefit cost is reduced by Remeasurement gains/ losses on defined benefit plans has been recognized in the OCI net of tax.

ii. Provisions

Under Indian GAAP, the Group has accounted for provisions, including long-term provision, at the undiscounted amount. In contrast, Ind AS 37 requires that where the effect of time value of money is material, the amount of provision should be the present value of the expenditures expected to be required to settle the obligation. The discount rate(s) should not reflect risks for which future cash flow estimates have been adjusted. Ind AS 37 also provides that where discounting is used, the carrying amount of a provision increases in each period to reflect the passage of time.

iii. Deferred tax

Indian GAAP requires 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 between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was required under Indian GAAP and accordingly DTA/(DTL) has been recognised.

iv. Other comprehensive income

Under Indian GAAP, the Group has not presented other comprehensive income (OCI) separately. Hence, it has reconciled Indian GAAP profit or loss to profit or profit or loss as per Ind AS. Further, Indian GAAP profit or loss is reconciled to total comprehensive income as per Ind AS.

B) Related party transactions attached as Annexure- 1

38 The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

39 The Company do not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Campanises Act, 1956 as identified to the extent of struck off companies details available on the public domain.

40 The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

41 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

42 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other persons or entities, including foreign entities ("Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in other person or entities ("ultimate beneficiaries”) by or on behalf of the Company or provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.The Company has not received any funds from any persons or entities, including foreign entities ("Funding Parties”), with the understanding that the Company shall lend or invest in other persons or entities identified by or on behalf of the Funding Party or provide any guarantee, security or the like from to or on behalf of the Ultimate Beneficiaries.

43 The Company has not entered into any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

44 The previous period figures have been regrouped/reclassified, wherever necessary to conform to the current period presentation.

As per our attached report of even date

For Sangeet Kumar & Associates On Behalf Of The Board Of Directors

Chartered Accountants Tara Chand Infralogistic Solutions Limited

^FRN-011954N (Formerly Known As Tara Chand Logistic Solutions Ltd.)

Sd/- Sd/- Sd/-

Dheeraj Kumar Garg Vinay Kumar Ajay Kumar

Partner Managing Director Director

M.No.533845 DIN:00151567 DIN:00151477

Sd/- Sd/-

Place : Chandigarh ^{Himanshu Aggarwal} CS Nishu Kansal

Date : 02-05-2024 Chief Financial Officer Compliance Officer

UDIN: 24533845BKCFQQ6320 DIN: 001806026 PAN: ATYPK9505F

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Mar 31, 2023

1 During the year under review, there has been no change in the paid-up capital of the Company

2 The company has allotted 21.20 Lakhs Equity warrants convertible into equity shares at an issue price of Rs. 72/- per warrant, 25% partly Paid and the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds so raised remains unutilized till the end of Financial Year

3 Further Balance amount of Rs 54/- per warrant was also received against 3 lacs warrants before 31st March 2023 and shares were issued in April 2023 to them and total amount so received against this 3 lacs warrants was shown under the head application money received pending allotment

4 Out of total Equity warrants, 7.80 lacs equity warrants was issued to the members of Promoters Group

1 Secured Loans From Banks & NBFC''S

Disclosure: Details of Security for secured Long Term Borrowings-a) Lender Banks:-

Axis Bank, HDFC Bank, ICICI Bank, Indusind Bank, State Bank of India, Kotak Bank & Yes Bank Lender NBFCs:-

Tata Capital Financial Services Ltd. & Tata Motors Ltd

a) Loans from banks & NBFC''s are Secured by hypothecation of specific Cars, Cranes, lorries, truck ,trailors & other equipments etc.

b) Loans are repayable in Equated Monthly Instalments of varying amounts (including interest) within maximum tenure of 60 months and the rate of interest ranges from 8.00% to 11.50% p.a.

Disclosure: Details of Security for CC Limits & Bank Guarantees-

1. PRIMARY SECURITY - FOR- C/C Limits

Hypothication of entire current assets of the company including stocks, Stores & Spares,

Bills, Books Debts and receivables, both present and future.

2. COLLATERAL SECURITY

STATE BANK OF INDIA : C/C Limit , BG Limit :

(a) Equitable Mortagage of Residential House No. 965, Sector 9, Panchkula measuring 307.50 sq. mt. in the name of Mr. Vinay Kumar.

(b) Extension of charge on builiding measuring 1450 Sq. Mtrs bearing Plot No. 6, Sector -10E, Kalamboli, Taluka Panvel,Navi Mumbai in the name of Mr. Vinay Kumar

3.6: Sensitivity Analysis:

Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and expected salary increase rate. Effect of change in mortality rate is negligible. Please note that the sensitivity analysis presented below may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of the assumptions may be correlated. The results of sensitivity analysis are given below:

30 Corporate Social Responsibility

Keeping in view the provisions of CSR the company has not covered under the provisions of Section 135 of the Companies Act,2013 for the F.Y. 2021-22, because company has not met with any of the eligible criteria of Section 135 (1) of the Companies Act, 2013 from last three consecutive preceding financial years.

31 FOREIGN CURRENCY EXCHANGE

Fluctuation in foreign currency exchange Loss: 0.43 lacs

32. EXPENDITURE IN FOREIGN CURRENCY NIL

Keeping in view the provisions of CSR the company has not covered under the provisions of Section 135 of the Companies Act,2013 for the F.Y. 2021-22, because company has not met with any of the eligible criteria of Section 135 (1) of the Companies Act, 2013 from last three consecutive preceding financial years.

33 Contingent Liability:

There is no Contingent Liability except outstanding Bank Guarantee with SBI as on 31.03.2023

34 Previous year figures have been regrouped/ rearranged where ever necessary to correspond with the current year’s classification/disclosures.

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Mar 31, 2018

*IPO - Fresh issue of shares_

The Company has completed the Initial Public offering (IPO) of fresh issue of 37,20,000 equity shares of '' 10 each at an issue price of Rs. 55 per share. The equity shares of the Company were listed on National Stock Exchange (NSE) w.e.f. 23rd March, 2018.

Expenses incurred by the Company aggregating to Rs 1,33,81,180, in connection with IPO have been adjusted towards share premium reserve.

Securities premium reserve

Share premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with provisions of the Companies Act, 2013.

1. FOREIGN CURRENCY EXCHANGE Fluctuation in foreign currency exchange : NIL

2 EXPENDITURE IN FOREIGN CURRENCY

USD 940500

EURO 745000

3. There is no Contingent Liability except outstanding Bank Guarantee with SBI and ICICI Bank as on 31.03.2018 and 31.03.2017 .

4. Previous year figures have been regrouped/ rearranged where ever necessary to correspond with the current year''s classification/disclosures. Figures have been rounded off to the nearest of rupee.