Notes to Accounts of Wardwizard Innovations & Mobility Ltd.

Mar 31, 2025

3.13 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 the Company will be required to settle the
obligation, and a reliable estimate can be made of the amount
of the obligation. The amount recognised as a provision is the
best estimate of the consideration required to settle the present
obligation at the end of the reporting period, taking into account
the risks and uncertainties surrounding the obligation. When a
provision is measured using the cash flows estimated to settle
the present obligation, its carrying amount is the present value
of those cash flows (when the effect of the time value of money
is material).

Warranties

The estimated liability for product warranties is recorded
when products are sold. These estimates are established
using management estimates, in absence of adequate past
information, regarding possible future instances based on
corrective actions likely to be undertaken product faults/failures.
The timing of outflows will vary as and when warranty claim will
arise, being typically around one year, hence its discounting is
not proposed.

3.14 Financial Instrument

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

Financial assets and financial liabilities are initially measured at
fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities
(other than financial assets and financial liabilities at fair value
through the statement of profit and 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 the statement of profit
and loss are recognised immediately in the statement of profit
and loss.

3.15 Financial Asset:

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 (except for debt
instruments that are designated as at fair value through the
statement of profit and 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.

Debt instruments that meet the following conditions
are subsequently measured at fair value through other
comprehensive income ("FVTOCI") (except for debt
instruments that are designated as at fair value through the
statement of profit and loss on initial recognition):

• the asset is held within a business model whose objective
is achieved both by collecting contractual cash flows and
selling financial assets; 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.

Interest income is recognised in the Statement of profit and loss
for FVTOCI debt instruments.

All other financial assets are subsequently measured at fair value.

Effective interest method

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

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

Financial assets at fair value through the Statement of
profit and loss (FVTPL)

Investments in equity instruments are classified as at FVTPL,
unless the Company irrevocably elects on initial recognition to
present subsequent changes in fair value in other comprehensive
income for investments in equity instruments which are not held
for trading. Debt instruments that do not meet the amortised cost
criteria or FVTOCI criteria are measured at FVTPL. In addition,
debt instruments that meet the amortised cost criteria or the
FVTOCI criteria but are designated as at FVTPL are measured at
FVTPL.

A financial asset that meets the amortised cost criteria or debt
instruments that meet the FVTOCI criteria may be designated as
at FVTPL upon initial recognition if such designation eliminates
or significantly reduces a measurement or recognition
inconsistency that would arise from measuring assets or liabilities
or recognising the gains and losses on them on different bases.
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 the Statement of profit and loss. The
net gain or loss recognised in the Statement of profit and loss
incorporates any dividend or interest earned on the financial
asset and is included in the ''Other income'' line item. Dividend
on financial assets at FVTPL is recognised when the Company''s
right to receive the dividends is established, it is probable that
the economic benefits associated with the dividend will flow to
the entity, the dividend does not represent a recovery of part
of cost of the investment and the amount of dividend can be
measured reliably.

Investments in subsidiaries

Investment in subsidiaries and associates are carried at cost in
the financial statements. Where an indication of impairment
exists, the carrying amount of the investment is assessed and
written down immediately to its recoverable amount. On
disposal of investments in Subsidiaries, the difference between
net disposal proceeds and the carrying amounts are recognised
in the statement of profit and loss.

Impairment of financial assets

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

Offsetting

Financial assets and financial liabilities are offset and the net
amount presented in the balance sheet when, and only when,
the Company currently has a legally enforceable right to set off
the amounts and it intents either to settle them on net basis or to
realise the assets and settle the liabilities simultaneously.

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.

Write-off

The gross carrying amount of a financial asset is written off (either
partially or in full) to the extent that there is no realistic prospect
of recovery. This is generally the case when the Company
determines that the trade receivable does not have assets or
sources of income that could generate sufficient cash flows to
repay the amounts subject to the write off. However, financial
assets that are written off could still be subject to enforcement
activities in order to comply with the Company''s procedures for
recovery of amounts due.

3.16 Financial liabilities and equity
instrument

Classification as debt or equity

Debt and equity instruments issued by 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.

Financial liabilities

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 under ''Finance costs.

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.

All financial liabilities are subsequently measured at amortised
cost using the effective interest method or at FVTPL.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only
when, the Company''s obligations are discharged, cancelled or
have expired.

3.17 Cash flow statement

Cash flows are reported using the indirect method, whereby
profit/(loss) before extraordinary items and tax is adjusted for
the effects of transactions of non-cash nature and any deferrals
or accruals of past or future cash receipts or payments. The cash
flows from operating, investing and financing activities of the
Company are segregated based on the available information.

3.18 Earnings per share

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

3.19 Contingent liabilities and contingent assets

A contingent liability exists when there is a possible but
not probable obligation, or a present obligation that may,
but probably will not, require an outflow of resources, or
a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions, but
are disclosed unless the possibility of outflow of resources is
remote. Contingent assets are neither recognised nor disclosed
in the financial statements. However, contingent assets are
assessed continually and if it is virtually certain that an inflow of
economic benefits will arise, the asset and related income are
recognised in the period in which the change occurs.

3.20. Other statutory information:

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

(II) The Company does not have any charges or satisfaction
which is yet to be registered with ROC beyond the
statutory period.

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

(IV) The Company has not advanced or loaned or invested
funds to any person(s) or entity (is), including foreign
entities (Intermediaries) with the understanding that the
Intermediary shall: (a) directly or indirectly lend or invest
in other persons or entities identified in any manner
whatsoever by or on behalf of the Company (Ultimate
Beneficiaries) or (b) provide any guarantee, security or the
like to or on behalf of the Ultimate Beneficiaries.

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

(VI) The Company is in compliance with the number of layers
prescribed under clause (87) of section 2 of the Companies
Act,2013 read with the Companies (Restriction on number
of Layers) Rules, 2017 (as amended).

(VII) The Company does not have any 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.

(VIII) The Company is not declared as wilful defaulter by any bank
or financial institution (as defined under the Companies
Act, 2013) or consortium thereof or other lender in
accordance with the guidelines on wilful defaulters issued
by the Reserve Bank of India.

(IX) The Company does not have any transactions with
companies struck off.

3.21 Recent accounting pronouncements

Recent accounting pronouncements in Indian Accounting
Standards Ministry of Corporate Affairs (''MCA'') notifies new
standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued
from time to time. For the year ended 31 March 2025, MCA
has amended/notified certain accounting standards, which
are effective for annual reporting period beginning on or after
01 April 2024. MCA vide notification dated 09 September
2024 and 28 September 2024 notified the Companies
(Indian Accounting Standards) Second Amendment Rules,
2024 and the Companies (Indian Accounting Standards) Third

Amendment Rules, 2024 respectively: (i) Ind AS 117 - Insurance
Contracts, this new standard enacted for insurance contracts.
Said enactment does not have any impact on the financial
statements; and (ii) Ind AS 116 - Leases, Amendment relates to
subsequent accounting for seller-lessee in respect of the sale
and lease back transactions accounted for as sale under Ind AS
115- Revenue from Contracts with customers. The amendment
does not have any impact on the financial statements of the
Company.

3.22 Report on Other Legal and Regulatory
Requirements

The Company has been maintaining its books of accounts
accounting software which has feature of recording audit trail of
each and every transaction, creating an edit log of each change
made in books of account along with the date when such changes
were made and ensuring that the audit trail cannot be disabled,
throughout the year as required by proviso to sub rule (1) of
rule 3 of The Companies (Accounts) Rules, 2014 known as the
Companies (Accounts) Amendment Rules,2021 .Further,there
are no instance of audit trail feature being tampered.

Commitments and contingencies:

* The Company has received Show cause notice on 01/03/2024 Dt. 18/03/2023 from commissioner of Custom, Nhava Sheva
this is subsequent to the inquiry held during 25/03/2022 & 26/03/2022 upon intelligence developed by DRI Ahmedabad
therein demand for differential duty of '' 12,35,86,901/- has been calculated. Further this is subject to interest & penalty
thereon.The same has been classified and disclosed as contingent liability based upon legal expert opinion & Company is
confident about contesting this Show cause notice without any material payment towards demand for differential duty of
'' 12,35,86,901/- hence no financial impact has been recorded in the financials.

* The Income Tax Authority had conducted search activity at the Company''s corporate office and manufacturing unit, in the month
of Februray 2024. During the search the Company extended full cooperation and provided the required details, clarification,
and documents as of the date of issuance of these financial results. The Company has not received any written communication
from the authority regarding the said search therefore its financial impact on the results is not ascertainable.

1 The Company has availed sanctioned limits for Cash Credit and Working Capital Demand Loan facilities aggregating to ?12,500
lakhs, carrying interest rates ranging from 9.06% to 9.95% per annum, for a period of one year. These facilities are secured by a
charge on the Company and promoter''s immovable properties and current assets, including inventories and receivables.Out of
the sanctioned limits, an amount of ?9,818.17 lakhs has been availed as on the reporting date.

2 The Company has availed a Term Loan facility sanctioned on 22-04-2023, amounting to ?1,500 lakhs. The loan carries an interest
rate of 9.41% per annum and is repayable over a period of five years in structured installments.

3 The Company has availed unsecured Business Term Loans, bearing interest ranging from 13.75% to 15.50% per annum. These
loans are repayable as per the terms agreed with the respective lenders.

4 Vehicle Loans are secured against hypothecation of Vehicles.

5 The Company has availed various credit facilities, including Purchase Invoice Discounting and Loans Against Shares, primarily to
meet its working capital requirements. These facilities comprise a mix of secured and unsecured borrowings, with certain loans
repayable within a short-term tenure. In connection with these borrowings, the Company has provided the required margin
money and a total of 2,78,64,878 equity shares held by the Promoter have been pledged as additional security.

6 Personal guarantee by Mr. Yatin Gupte (Promoter) and corporate guarantee by M/s. Wardwizard Solutions India Private Limited
(Promoter) have been provided, in respect of the respective loans availed, for Wardwizard Innovations & Mobility Limited.

Defined benefit plans:

In accordance with the Payment of Gratuity Act, 1972, the
Company provides for gratuity, as defined benefit plan. The
gratuityplan provides for a lump sum payment to the employees
at the time of separation from the service on completion of
vested year of employment i.e. five years. The liability of gratuity
plan is provided based on actuarial valuation as at the end of
each financial year based on which the Company contributes
the ascertained liability to Life Insurance Corporation of India by
whom the plan assets are maintained."

In accordance with the Payment of Gratuity Act, 1972, the
Company provides for gratuity, as defined benefit plan. The
gratuity plan provides for a lump sum payment to the employees
at the time of separation from the service on completion of
vested year of employment i.e. five years. The liability of gratuity
plan is provided based on actuarial valuation as at the end of
each financial year based on which the Company contributes
the ascertained liability to Life Insurance Corporation of India
by whom the plan assets are maintained.These plans typically
expose the Company to actuarial risks such as: investment risk,
inherent interest rate risk, longevityrisk and salary risk.

Investment Risk: The present value of the defined benefit
plan liability (denominated in Indian Rupee) is calculated using
a discount rate which is determined by reference to market
yields at the end of the reporting period on government bonds.
Currently for the plan in India, it has a relatively balanced
mix of investments in government securities, and other debt
instruments.

Interest Rate Risk: The defined benefit obligation calculated
uses a discount rate based on government bonds. If bond yields
fall, the defined benefit obligation will tend to increase.

Longevity Risk: The present value of the defined benefit
plan liability is calculated by reference to the best estimate of
the mortality of plan participants both during and after their
employment. An increase in the life expectancy of the plan
participants will increase the plan''s liability.

Salary Risk: Higher than expected increases in salary will
increase the defined benefit obligation.

The present value of the defined benefit obligation, and the
related current service cost, were measured using the projected
unit credit method.

30. EARNINGS PER SHARE

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number
of equity shares outstanding during the year. Diluted EPS amounts are calculated by dividing the profit attributable to equity holders
by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares
that would be issued on conversion of all the dilutive potential equity shares into equity Shares.The following table sets out the
computation of basic and diluted earnings per share:

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include inventory, trade
and other receivables, cash and cash equivalents and refundable deposits that derive directly from its operations.The Company is
exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The
Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.

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 risk comprises two types of risk: interest rate risk and other price risk, such as commodity risk. Financial instruments affected
by market risk include loans and borrowings and refundable deposits. The sensitivity analysis in the following sections relate to the
position as at March 31,2025 and March 31,2024. The sensitivity analyses have been prepared on the basis that the amount of net
debt and the ratio of fixed to floating interest rates of the debt.

The analysis excludes the impact of movements in market variables on: the carrying values of gratuity and other post retirement
obligations; provisions. The below assumption has been made in calculating the sensitivity analysis: 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 March 31,2025 and March 31,2024.

b) 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 credit risk arises principally from its operating activities (primarily trade receivables) and from its investing activities,
including deposits with banks and financial institutions and other financial instruments. Credit risk is controlled by analysing credit
limits and creditworthiness of customers on a continuous basis to whom credit has been granted after obtaining necessary approvals
for credit. The collection from the trade receivables are monitored on a continuous basis by the receivables team.The Company
establishes an allowance for credit loss that represents its estimate of expected losses in respect of trade and other receivables
based on the past and the recent collection trend. The maximum exposure to credit risk as at reporting date is primarily from trade
receivables amounting to ? 3.68 lakhs. The movement in allowance for credit loss in respect of trade and other receivables during
the year was as follows:

The Company is engaged in the manufacturing and selling of Electrical Vehicles,its components & related services. The board of
directors of the Company, who has been identified as being the chief operating decision maker (CODM), evaluates the Company''s
performance, allocate resources based on the analysis of the various performance indicator of the Company as a single unit.Therefore,
based on the guiding principles given in Ind AS 108 on ''Operating Segments'', the Company''s business activity fall within a single
operating segment, namely Electric Mobility Vehicles and its relating activities through dealership network.

36. ADDITIONAL INFORMATION DETAILS:

0 Undisclosed income

The Company shall give details of any transaction 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), unless there is immunity for disclosure under any scheme and shall also state whether the
previously unrecorded income and related assets have been properly recorded in the books of account during the year.

0 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Corporate Social Responsibility (CSR) committee has been formed by the Company
and the Company has spent '' 35.25 lakhs.

0 Crypto Currency or Virtual Currency

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

0 Capital Management

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return
to stakeholders through efficient allocation of capital towards expansion of business, optimisation of working capital requirements
and deployment of surplus funds into various investment options. The Company have debts and meets its capital requirement through
debt, equity and internal accruals. The management of the Company reviews the capital structure of the Company on regular basis.
As part of this review, the Board considers the cost of capital and the risks associated with the movement in the working capital.The
Company''s objectives when managing capital are to (a) maximise shareholder value and provide benefits to other stakeholders and
(b) maintain an optimal capital structure to reduce the cost of capital.For the purpose of the Company''s capital management, capital
includes issued capital, share premium and all other equity reserves attributable to the equity holders.

---

Mar 31, 2024

Commitments and contingencies:

* The company has received Show cause notice on 01/03/2024 Dt. 18/03/2023 from commissioner of Custom, Nhava Sheva this is subsequent to the inquiry held during 25/03/2022 & 26/03/2022 upon intelligence developed by DRI Ahmedabad therein demand for differential duty of '' 12,35,86,901/- has been calculated. Further this is subject to interest & penalty thereon.

The same has been classified and disclosed as contingent liability based upon legal expert opinion & company is confident about contesting this Show cause notice without any material payment towards demand for differential duty of '' 12,35,86,901/-.

* The Income Tax Authority had conducted search activity at the company''s corporate office and manufacturing unit. During the search the company extended full cooperation and provided the required details, clarification, and documents as of the date of issuance of these financial results. The company has not received any written communication from the authority regarding the said search therefore its financial impact on the results is not ascertainable.

i) In respect of the year ended March 31, 2024, the Directors recommed that a dividend of '' 0.15 per share be paid on fully

paid equity shares. This equity dividend is subject to approval by shareholders at the Annual General Meeting and has not

been included as liability in these financial statements.

ii) The Board of Directors of the Company at its meeting held on 12th December, 2022 approved coversion and allotment of 24,91,631 partly paid up equity shares face value '' 0.50/- into fully paid-up equity shares of face value '' 1/- each against 56,70,303 partly paid-up equity shares (originally allotted as party paid—up equity shares on 15th March, 2022) in pursuant to First and Final Call Money Notice dated Saturday 29th October, 2022. The Company has received '' 10,21,56,871/-(Rupees Ten Crores Twenty One Lakhs Fifty Six Thousand Eight Hundred Seventy One only) out of which an amount of '' 12,45,815.5/- transfered to share capital and '' 10,09,1 1,055.5/- of Share Premium to Securities Premium.

iii) The Board of Directors of the Company at its meeting held on 31st March, 2023 approved coversion and allotment of

18,20,269 partly paid up equity shares face value '' 0.50/- into fully paid-up equity shares of face value '' 1/- each against

31,78,672 partly paid-up equity shares (originally allotted as party paid—up equity shares on 15th March, 2022) in pursuant to Final Call Money Cum Forfeiture Notice dated Monday 13th February, 2023. The Company has received '' 7,46,31,029/-(Rupees Seven Crores Forty Six Lakhs Thirty-One Thousand Twenty Nine only) out of which an amount of '' 9,10,134.5/-transfered to share capital and '' 7,37,20,894.5/- of Share Premium to Securities Premium.

iv) The Board of Directors of the Company at its meeting held on 31st March, 2023 approved forfeiture of 13,58,403 Partly paid-up Rights Equity shares, on which the holders thereof have failed to pay the balance call money of '' 41/- per share in pursuant to the Final Call Money-Cum-Forfeiture Notice dated Monday 13th February, 2023.

v) The Company has converted and allotted 18,20,269 partly paid equity shares into fully paid equity shares on 31st March, 2023. The Company has forfeited 13,58,403 partly paid equity shares on 31st March, 2023, to those shareholders who have failed to pay the balance call money.

Nature and Description

i) Securities premium:- Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.

ii) General reserve:- General Reserves are free reserves of the Company which are kept aside out of Company''s profits to meet the future requirements as and when they arise. The Company had transferred a portion of the profit after tax (PAT) to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

Defined benefit plans:

In accordance with the Payment of Gratuity Act, 1972, the Company provides for gratuity, as defined benefit plan. The gratuityplan provides for a lump sum payment to the employees at the time of separation from the service on completion of vested year of employment i.e. five years. The liability of gratuity plan is provided based on actuarial valuation as at the end of each financial year based on which the Company contributes the ascertained liability to Life Insurance Corporation of India by whom the plan assets are maintained.

These plans typically expose the Company to actuarial risks such as: investment risk, inherent interest rate risk, longevityrisk and salary risk

Investment Risk: The present value of the defined benefit plan liability (denominated in Indian Rupee) iscalculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. Currently for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

Interest Rate Risk: The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

Longevity Risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary Risk: Higher than expected increases in salary will increase the defined benefit obligation.

The present value of the defined benefit obligation, and the related current service cost, were measured using the projected unit credit method.

30 Earnings per share:

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity Shares.The following table sets out the computation of basic and diluted earnings per share:

Note: During the Financial Year 2022-23, the Company has alloted 5670303 Right Issue Shares of Face Value of '' 1 each at a price 82 per Right Equity Shares to the eligible equity share holders as on record date. Total Amount received from right issue is '' 17,67,87,900/-, amount transfer to Share Capital is 21,55,950/- and premium on issue of of '' 17,46,31,950/-. The Board of Directors of the Company at its meeting held on 31st March, 2023 approved forfeiture of 13,58,403 Partly paid-up Rights Equity shares, on which the holders thereof have failed to pay the balance call money of '' 41/- per share in pursuant to the Final Call Money-Cum-Forfeiture Notice dated Monday 13th February, 2023.

31 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 and support Company''s operations. The Company''s principal financial assets include inventory, trade and other receivables, cash and cash equivalents and refundable deposits that derive directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below.

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 risk comprises two types of risk: interest rate risk and other price risk, such as commodity risk. Financial instruments affected by market risk include loans and borrowings and refundable deposits. The sensitivity analysis in the following sections relate to the position as at March 31, 2024 and March 31, 2023. The sensitivity analyses have been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt.

The analysis excludes the impact of movements in market variables on: the carrying values of gratuity and other post retirement obligations; provisions. The below assumption has been made in calculating the sensitivity analysis: 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 March 31, 2024 and March 31, 2023.

b) 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 credit risk arises principally from its operating activities (primarily trade receivables) and from its investing activities, including deposits with banks and financial institutions and other financial instruments. Credit risk is controlled by analysing credit limits and creditworthiness of customers on a continuous basis to whom credit has been granted after obtaining necessary approvals for credit. The collection from the trade receivables are monitored on a continuous basis by the receivables team.The Company establishes an allowance for credit loss that represents its estimate of expected losses in respect of trade and other receivables based on the past and the recent collection trend. The maximum exposure to credit risk as at reporting date is primarily from trade receivables amounting to '' 3.68 lakhs. The movement in allowance for credit loss in respect of trade and other receivables during the year was as follows:

35. Segment Reporting (Ind AS 108):

The Group, based on the "Management Approach" as defined in Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Group''s performance and allocates resources based on the analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presented both along business segments and geographic segments. The accounting policies adopted for segment reporting are in line with the accounting policies of the Group. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the basis of their relationship to the operating activities of the segment. Inter-segment revenue is accounted on the basis of transactions which are primarily determined based on market/fair value factors. Revenue, expenses, assets and liabilities which relate to the Group as a whole and not allocable to segments on reasonable basis have been included under "unallocated revenue /expenses /assets / liabilities."

Segment Information

Company is engaged in the manufacturing and selling of Electrical Vehicles, its components & related services,Trading of Home appliances, White Goods and Digital business process support services. Based on the "Management Approach" as defined in Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Company''s performance and allocates resources based on the analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presented both along business segments and geographic segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the significant accounting policies.

Reporting for business segment is on the following basis:

Revenue relating to individual segment is recorded in accordance with accounting policies followed by the Company. All expenditure, which is directly attributable to a project, is charged to the project and included in the respective segment to which the project related. The costs which cannot be reasonably attributable to any project and are in the nature of general administrative overheads are shown as unallocable expenses. The accounting policies of the reportable segments are the same as the company''s accounting policies. Segment profit represents the profit before tax earned by each segment without allocation of central administration costs and directors'' salaries, share of profit of joint ventures, other income, as well as finance costs. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance. For the purpose of monitoring segment performance and allocating resources between segments: Property, plant and equipments employed in the specific project are allocated to the segment to which the project relates. The depreciation on the corresponding assets is charged to respective segments. All other assets are allocated to reportable segments other than investments in associates, investments in joint ventures, other investments, loans, other financial assets and current and deferred tax assets. All liabilities are allocated to reportable segments other than borrowings, other financial liabilities, current and deferred tax liabilities.

36. ADDITIONAL INFORMATION DETAILS:0 Undisclosed income

The Company shall give details of any transaction 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), unless there is immunity for disclosure under any scheme and shall also state whether the previously unrecorded income and related assets have been properly recorded in the books of account during the year.

0 Corporate Social Responsibility

As per Section 135 of the Companies Act, 2013, a Corporate Social Responsibility (CSR) committee has been formed by the company and the company has spent '' 18.98 lakhs.

0 Crypto Currency or Virtual Currency

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

0 Capital Management (Ind AS 1)

The Company manages its capital to ensure that the Company will be able to continue as a going concern while maximising the return to stakeholders through efficient allocation of capital towards expansion of business, optimisation of working capital requirements and deployment of surplus funds into various investment options. The Company have debts and meets its capital requirement through debt, equity and internal accruals. The management of the Company reviews the capital structure of the Company on regular basis. As part of this review, the Board considers the cost of capital and the risks associated with the movement in the working capital.

37. The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

38. The Financial Statements were approved by the Board of Directors on 25.04.2024.

39. Previous year''s figures have been regrouped/ reclassified to confirm to current year''s presentation. As per our Report of even date.

# The decrease in the Debt Service Coverage Ratio is attributed to an increase in long-term debt and the expansion of our cash credit facility.

$ More lenient credit terms extended toSuper stockist & Distributors to drive sales growth, resulting in a temporary increase in receivables but potentially higher future revenue.

@ Raising debt for working capital has enabled timely and faster payments to suppliers.

% Increased investments in working capital to support future growth, temporarily reducing the turnover ratio but setting up for long-term gains.

& More effective use of capital to generate higher returns, reflecting successful strategic investments and operational improvements.

^A Significant improvement in operational efficiency, leading to higher operating profits and better control over operating expenses.

---

Mar 31, 2023

Contingent liabilities and contingent assets

A contingent liability exists when there is a possible but
not probable obligation, or a present obligation that may,
but probably will not, require an outflow of resources, or
a present obligation whose amount cannot be estimated
reliably. Contingent liabilities do not warrant provisions, but
are disclosed unless the possibility of outflow of resources
is remote. Contingent assets are neither recognised nor
disclosed in the financial statements. However, contingent
assets are assessed continually and if it is virtually certain
that an inflow of economic benefits will arise, the asset
and related income are recognised in the period in which
the change occurs

3.19 Other statutory information :

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

(II) The Company does not have any charges or
satisfaction which is yet to be registered with ROC
beyond the statutory period.

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

(IV) the Company has not advanced or loaned or invested
funds to any person(s) or entity(is), including foreign
entities (Intermediaries) with the understanding that
the Intermediary shall: (a) directly or indirectly lend
or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the company
(Ultimate Beneficiaries) or (b) provide any guarantee,
security or the like to or on behalf of the Ultimate
Beneficiaries.

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

(VI) The Company does not have any 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.

VII) The Company is not declared as willful defaulter by
any bank or financial institution (as defined under
the Companies Act, 2013) or consortium thereof or
other lender in accordance with the guidelines on
willful defaulters issued by the Reserve Bank of India.

3.19 Recent accounting pronouncements

Ministry of Corporate Affairs ("MCA") notifies new
standard or amendments to the existing standards under
Companies(Indian Accounting Standards) Rules as issued
from time to time. On March 31, 2023, MCA issued the
Companies (Indian Accounting Standards) Amendment
Rules, 2023, applicable from April 1, 2023, as below:

I. Ind AS 1 - Presentation of Financial Statements

The amendments require companies to disclose the
material accounting policies rather than significant
accounting policies. Accounting policy information,
together with other information, is material when
it can reasonably be expected to influence decisions
of primary users of general-purpose financial
statements

II. Ind AS 12 - Income Taxes

The amendments clarify how companies account
for deferred tax on transactions such as leases and
decommissioning obligations. The amendments
narrowed the scope of the recognition exemption
in paragraphs 15 and 24 of Ind AS 12 so that it
no longer applies to transactions that, on initial
recognition, give rise to equal taxable and deductible
temporary differences

III. Ind AS 8 - Accounting Policies, Changes in
Accounting Estimates and Errors

The amendments will help entities to distinguish
between accounting policies and accounting
estimates. The definition of a change in accounting
estimates has been replaced with a definition of
accounting estimates. Under the new definition,
accounting estimates are "monetary amounts in
financial statements that are subject to measurement
uncertainty". Entities develop accounting estimates
if accounting policies require items in financial
statements to be measured in a way that involves
measurement uncertainty.

Report on Other Legal and Regulatory Requirements

Proviso to Rule 3(1) of the Companies (Accounts) Rules,
2014 for maintaining booksOf account using accounting
software which has a feature of recording audit trail(edit
log) facility is applicable to the Company with effect from
April 1, 2023, andaccordingly, reporting under Rule 11(g)
of Companies (Audit and Auditors) Rules,2014 is not
applicable for the financial year ended March 31,2023.

---

Mar 31, 2018

25. ADDITIONAL INFORMATION DETAILS:

> Corporate Social Responsibility

The requirements of section 135 and Schedule VII of The Companies Act, 2013 as well as the provisions of the Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company.

> Capital Management (Ind AS 1)

The Company''s objectives when managing capital are to (a) maximise shareholder value and provide benefits to other stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.

For the purposes of the Company''s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders.

The Company monitors capital using debt-equity ratio, which is total debt less investments divided by total equity.

Particulars	As at 31st March, 2018		As at 31st March, 2017	As at 1st April, 2016
Total Debt		2,30,000	-	-
Equity	6,62,34,993		6,61,37,982	6,60,53,330
Liquid Investments including bank deposits	-		-	-
Debt to Equity (Net)	0.003		-	-

26. First Time Adoption Of Ind AS (Ind AS 101):

The Company has prepared financial statements for the year ended 31st March, 2018 in accordance with Ind AS for the first time. For the periods upto and including the year ended 31st March, 2017, the Company prepared its financial statements in accordance with the accounting standards notified under section 133 of the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP).

Accordingly, the Company has prepared its financial statements to comply with Ind AS for the year ending 31st March, 2018, together with comparative information as at and for the year ended 31st March, 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the company''s opening Balance Sheet was prepared as at 1st April, 2016 i.e. the transition date to Ind AS for the Company. This note explains the principal adjustment made by the Company in restating its Previous GAAP financial statements, including the Balance Sheet as at 1st April, 2016 and the financial statements as at and for the year ended 31st March 2017.

Exemptions availed:

• Deemed cost for Property, Plant and Equipments and Intangible Assets:

The Company has elected to continue with the carrying value of all of its property, plant and equipment and intangible assets recognised as of April 1, 2016 (the transition date) measured as per the Previous GAAP and use that carrying value as its deemed cost as of the transition date under Ind AS.

27. Notes to the reconciliation of Equity as at 1st April, 2016 and 31st March, 2017 and Total Comprehensive income for the year ended 31st March, 2017

Reclassification of Assets and Liabilities as per Schedule III of Companies Act, 2013.

1. Under IGAAP, Loans as well as Advances were shown together under heading "Loans and Advances". However, as per Schedule III, Loans are classified under Financial Assets.

2. Current and Non-Current Liabilities have been redassified into financial and non-financial Liabilities as per the nature of liabilities.

Reconciliation of Equity:

Particulars	As at 31st March 2017			As at 1st April 2016
Assets	IGAAP	/-	Ind AS	IGAAP	/-	Ind AS
Non-current assets
a) PropertyPlant & Equipments	1,65,926	-	1,65,926	2,48,841	-	2,48,841
b) Intangible Assets	96,448	-	96,448	1,28,600	-	1,28,600
c) Financial Assets
i) Loans	6,48,25,314	-	6,48,25,314	4,52,84,403	-	4,52,84,403
d) Deferred Tax Assets				67,202	-	67,202
Current Assets
a) Inventories				2,68,218		2,68,218
b) Financial Assets
i) Trade Receivables				1,87,22,300	-	1,87,22,300
ii) Cash and Cash Equivalents	6,84,451	-	6,84,451	5,27,720	-	5,27,720
c) Cuurent Tax Assets	2,48,893	-	2,48,893	2,06,500	-	2,06,500
d) Other Current Assets	4,75,656		4,75,656	7,85,740	-	7,85,740

Reconciliation of Total Comprehensive Income for the year ended 31st March, 2017

Particulars	As at 31st March 2017
Revenue	IGAAP	Effect of Transition to Ind AS	Ind AS
Revenue from Operations	3,17,329	-	3,17,329
Other Income	37,88,831	-	37,88,831
Total Income:	41,06,160	-	41,06,160
Expenses
Changes in inventories	2,68,218	-	2,68,218
Employee benefits expense	19,31,173	-	19,31,173
Depreciation and Amortisation Expense	1,15,077	-	1,15,077
Other Expense	16,47,593	-	16,47,593
Total Expenses:	39,62,061	-	39,62,061
Profit Before Tax	1,44,099	-	1,44,099
Tax Expenses:
i) Current Tax	29,000	-	29,000
ii) Short/Excess provision for tax of previous years	(7,818)		(7,818)
iii) Deferred Tax	62,702	-	62,702
iv) Total Tax Expense	83,884	-	83,884
Profit for the year	60,215	-	60,215
Other Comprehensive Income	-	-	-
Total Comprehensive Income for the year	60,215		60,215

Reconciliation of Statement of Cash Flow for the year ended 31st March, 2017

Particulars	As at 31st March 2017
	IGAAP	Effect of Transition to Ind AS	Ind AS
i) Net Cash From Operating Activities	(25,50,837)	-	(25,50,837)
ii) Net Cash From Investing Activities	(96,335)	-	(96,335)
iii) Net Cash From Financing Activities	27,88,831	-	27,88,831
Net Increase/ (Decrease) in Cash and Cash Equivalents	1,41,659	-	1,41,659
Opening Cash & Cash Equivalent	542792	-	542792
Closing Cash & Cash Equivalent	6,84,450	-	6,84,450

28. Previous year''s figures have been regrouped/ redassified to conform to current year''s presentation.

As per our Report of even date

For G.P. Kapadia & Co.	For and on behalf of Board of Directors
Chartered Accountants
FRN : 104768W	Sd/-	Sd/-
	Nitin M Pradhan	Prabhakar Patil
	Managing Director	Director
	DIN: 01595576	DIN: 01627690
Sd/-
Dharmesh Sachade
Partner	Sd/-	Sd/-
Mem No.: 139349	Shivkumar Vaishy	Mohammed Iqbal Ali Dholakia
	Company Secretary	CFO
Mumbai, 29th May, 2018	Mumbai, 29th May, 2018

---

Mar 31, 2015

Not available

---

Mar 31, 2014

1. Corporate Information

Manvijay Development Company is Public Company domiciled in India. The Company was incorporated with name "Manvijay Development Company Limited" and the Certificate of Incorporation was granted by the Registrar of Companies, West Bengal on 20th October, 1982. The Company is a Real Estate Development Company & will be providing finance for infrastructure projects as joint venture/partners & operational aspect of infrastructure activities. The company is listed at The Calcutta Stock Exchange Limited and U. P. Stock Exchange Limited.

2. Segment Information:

Present year''s activities cannot be related to any segment. Hence, reporting on revenue, profit or capital employed any segments as required by Accounting Standard -17, in opinion of the management is not applicable to the Company.

---

Mar 31, 2012

1. Key Management Personnel (as on 31.03.2012)

Mr. Girdhar Gopa! Daimia, Director . Mr. Manish Daimia , Director . Mr. Vijay Daimia , Director

2. Name of the Companies/Ferm/in which Directors/Key Management Personnel have significant influence with whom transaction have happened during the year,

Batekli Tea Co.Ltd.

3. Deferred Tax (AS 22)

Deferred Tax Assets / Liabilities have not been recognized since there is no virtual certainty of future taxable income available to realize such assets.

4. Expenditure / Income in Foreign Currency: Rs. NIL (Previous Year Rs. NIL)

5. Figures of the previous year have been regrouped and / or rearranged wherever necessary. .