Notes to Accounts of Zeal Global Services Ltd.

Mar 31, 2025

j. Provisions & Contingencies

A provision is recognized when the company has
a present obligation as a result of 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. Provisions are not discounted
to their present value and are determined based on
the best estimate required to settle the obligation at
the reporting date. These estimates are reviewed at
each reporting date and adjusted to reflect the current
best estimates.

k. 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.

l. Cash and cash equivalents

Cash and cash equivalents for the purposes of cash
flow statement comprise cash at bank and in hand and
short-term investments with an original maturity of
three months or less.

m. Current and non current classification

Company presents assets and liabilities in the balance
sheet based on current/non-current classification.

An asset is treated as current when it is:

• Expected to be realised or intended to sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realised within twelve months
after the reporting period, or

• Cash or cash equivalents unless restricted from
being exchanged or used to settle a liability for at
least twelve months after the reporting period

All other assets are classified as non-current

A liability is treated as current when it is:

• Expected to be settled in normal operating cycle

• Held primarily for the purpose of trading

• Due to be settled within twelve months after the
reporting period, or

• There is no unconditional right to defer the
settlement of the liability for at least twelve
months after the reporting period

All other liabilities are classified as non-current.

Deferred tax assets/liabilities are classified as non¬
current assets/liabilities.

The operating cycle is the time between the acquisition
of assets for processing and their realisation/
settlement in cash and cash equivalents. The
companies have identified twelve months as their
operating cycle for classification of their current
assets and liabilities.

31. EMPLOYEE BENEFITS

The Company participates in defined contribution and benefit schemes, the assets of which are held (where funded) in
separately administered funds.

For defined contribution schemes the amount charged to the statement of profit or loss is the total of contributions
payable in the year.

A. Defined contribution plan

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

During the year, the Company has recognised I NR 5.13 Lacs (Previous year INR 4.71 Lacs) for Employer''s contributions to
the Provident Fund and INR 0.39 Lacs (Previous year INR 0.22 Lacs) for Employee State Insurance Scheme contribution
in the Statement of Profit and Loss. The contribution payable to the plan by the Company is at the rate specified in rules
to the scheme.

B. Defined benefit plan - Gratuity plan

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

Risks associated with Plan Provisions

Risks associated with the plan provisions are actuarial risks. These risks are:- (i) interest risk (discount rate risk), (ii)
mortality risk and (iii) salary risk.

In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined
benefit obligation were carried out as at March 31, 2025 by Charan Gupta Consultants Private Limited. The present value
of defined benefit obligation, and the related current service cost and past service cost, were measured using the projected
unit credit method.

The following tables summarise the components of net benefit expense recognized in the statement of profit and loss and
amounts recognized in the balance sheet for the gratuity plan.

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 and the final rules/interpretation have not yet been
issued. The Company will assess the impact of the Code when it come into effect and will record any related impact in
the period the Code becomes effective. Based on a preliminary assessment, the Company believes the impact of the
change will not be significant.

38. INTEREST IN OTHER ENTITIES

The Company has following subsidiaries and associates held directly and indirectly by the Company which operate and
are incorporated around the world. Following are the details of shareholdings in the subsidiaries:

41. OTHER INFORMATION

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

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

iii. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

iv. The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

v. The Company have not 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.

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

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

iii. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

iv. The Company have not received any fund from any person(s) or entity(ies), including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

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

42. During the year, the company has invested an amount of INR 353.85 lacs in its wholly owned foreign subsidiary, Zeal
Global Services LLC-FZ, incorporated in Meydan Free Zone, Dubai on September 04, 2024.

43. The Company is in the process of migrating to upgraded version of accounting software for maintaining its books of
account that has a feature of recording audit trail (edit log) facility from legacy accounting software. The audit trail
feature in respect of the legacy accounting software is not enabled for direct changes to data for the financial year ended
March 31, 2025.

44. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
Company.

45. The Company has regrouped/reclassified certain balances of previous year to conform with current year''s presentation.
As per our report of even date

For Goel Gaurav & Co. For and on behalf of the

Chartered Accountants Board of Directors

ICAI Firm Registration Number: 022467C

per Anuj Kumar Gupta Nipun Anand Vishal Sharma

Partner Whole Time Director & Managing Director

Chief Financial Officer

Membership Number: 086055 DIN : 06788513 DIN : 03595316

Place : New Delhi Place : New Delhi Place : New Delhi

Date: May 30, 2025 Date: May 30, 2025 Date: May 30, 2025

Monal Gupta
Company Secretary

Membership No: ACS 29974
Place : New Delhi
Date: May 30, 2025

---

Mar 31, 2024

Terms/Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, holder of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

Increase in authorised equity share capital:

During the year ended March 31, 2024, the Company has in aggregate increased its authorised Equity Share Capital by INR 1,000.00 lacs divided into 1,00,00,000 equity shares of INR 10/- each vide Shareholders'' approval at Annual General Meeting (AGM) held on September 29, 2023.

f. During the year the Company has completed its Initial Public Offer (IPO) of 35,40,000 equity shares of face value of INR 10 each at and issue price of INR 103 per share. The issue comprised of 100% fresh issue aggregating to INR 3,646.20 lacs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) on August 9, 2023.

Note:-

(a) Vehicle loan is secured by hypothecation of respective vehicle, payable in 21 monthly instalments and carries interest at 7.46% p.a.

(b) The Company has availed Overdraft facilities from various banks. Overdraft facilities are secured through first pari passu charge by way of hypothecation on current assets and immovable property owned by Directors and personal guaranty of the promoters and carry rate of interest ranging from 8.50% to 11.00%. The current outstanding amount of such overdraft facilities is INR 964.15 lacs (March 31, 2023: INR 1,705.84 lacs) against the sanctioned limit of INR 3,250.00 lacs (March 31, 2023: INR 5,336.00 lacs).

(c) Borrowings from related parties are interest free and repayable on demand.

(d) Quarterly returns or statements of current assets filed by the company with banks or financial institutions are in agreement with the books of accounts except to the following on account of variance of entries posted in routine book closure process which is normally concluded post filing of statements with the banks. This does not have any impact on classification of loan or any debt covenants:-

Micro, Small and Medium Enterprises Development Act

Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended March 31, 2024 and for the year ended March 31, 2023 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

a. It includes advance given to related party amounting to INR 165.69 lacs and INR 581.61 lacs for the year ended March 31, 2024 and March 31, 2023 respectively.

b. Loan to related parties carry an interest rate of 10.00% p.a.

c. It includes interest accrued amounting to INR 8.05 Lacs and INR 3.71 Lacs for the year ended March 31, 2024 and March 31, 2023 respectively.

d. It includes interest accrued amounting to INR Nil Lacs and INR 0.20 for the year ended March 31, 2024 and March 31, 2023 respectively.

28 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR) As at
Particulars	March 31, 2024	March 31, 2023
i. Contingent liabilities
- Income tax matters in respect of which appeals are pending
Tax demand on matters in dispute	226.56	226.56
Amount paid under protest against above tax demands	45.32	45.32
ii. Commitments
The company has issued corporate guarantees to bank on behalf of its related parties.	2500.00	''
iii. Undrawn committed borrowing facility
The Company has been sanctioned working capital demand loan facility from various banks aggregating to I NR 3,250.00 lacs (March 31,2023: I NR 5,336.00 lacs). This loan is secured by way of first pari passu charge on current assets (book debts), both present and future of the company. An amount of INR 2,285.85 lacs (March 31, 2023 : INR 3,630.16 lacs) remains undrawn as at the year end.

29. SEGMENT REPORTING

A. Basis for segmentation

The operations of the Company are limited to one segment viz. "Air Cargo Service", which as per AS - 17 "Segment Reporting" is considered the only reportable segment.

B. Geographic Segment

The Company provides all its services only from its offices located in India and does not have any separate identifiable geographic segment.

C. Major Customer

There are no single customers which accounted for 10% or more of the group''s revenue.

31. EMPLOYEE BENEFITS

The Company participates in defined contribution and benefit schemes, the assets of which are held (where funded) in separately administered funds.

For defined contribution schemes the amount charged to the statement of profit or loss is the total of contributions payable in the year.

A. Defined contribution plan

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

During the year, the Company has recognised I NR 4.71 Lacs (Previous year I NR 3.65 Lacs) for Employer''s contributions to the Provident Fund and INR 0.22 Lacs (Previous year INR 0.20 Lacs) for Employee State Insurance Scheme contribution in the Statement of Profit and Loss. The contribution payable to the plan by the Company is at the rate specified in rules to the scheme.

B. Defined benefit plan - Gratuity plan

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

Risks associated with Plan Provisions

Risks associated with the plan provisions are actuarial risks. These risks are:- (i) interest risk (discount rate risk), (ii) mortality risk and (iii) salary risk.

Interest risk (discount rate risk)	A decrease in the bond interest rate (discount rate) will increase the plan liability.
Mortality risk	The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants. For this report we have used Indian Assured Lives Mortality (2012-14) ultimate table. A change in mortality rate will have a bearing on the plan''s liability.
Salary risk	The present value of the defined benefit plan liability is calculated with the assumption of salary increase rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan''s liability.

In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2024 by Charan Gupta Consultants Private Limited. The present value of defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

The following tables summarise the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the gratuity plan.

Reason for change more than 25%:

1. The movement in current year is on account of decrease in borrowings.

2. The movement in current year is on account of increase in sales, and average trade receivables.

3. The movement in current year is on account of increase in purchases, and average trade payables.

4. The movement in current year is on account of increase in sales, and average working capital.

5. The movement in current year is on account of increase in both net profit, and sales

41. OTHER INFORMATION

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

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

iii. The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

iv. The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

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

42. During the year the Company was converted to a Public Limited Company and accordingly was granted a Certificate of Incorporation consequent upon conversion to Public dated April 25, 2023.

43. During the year the Company has completed its Initial Public Offer (IPO) of 35,40,000 equity shares of face value of INR 10 each at and issue price of INR 103 per share. The issue comprised of 100% fresh issue aggregating to INR 3,646.20 lacs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) on August 9, 2023.

44. The Company is in the process of migrating to upgraded version of accounting software for maintaining its books of account that has a feature of recording audit trail (edit log) facility from legacy accounting software. The audit trail feature in respect of the legacy accounting software is not enabled for direct changes to data for the financial year ended March 31, 2024.

45. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

46. The Company has regrouped/reclassified certain balances of previous year to conform with current year s presentation.

---

Mar 31, 2023

e. Increase in authorised equity share capital:

During the year ended March 31,2023, the Company has in aggregate increased its authorised Equity Share Capital by INR 1,800.00 lacs divided into 1,80,00,000 equity shares of INRl0/-each vide Shareholders'' approval at Extraordinary General Meeting (EGM) held on March 06,2023.

f. The company has also alloted 78,15,800 fully paid up equity shares of INR 10/- each on March 16, 2023 pursuant to 1:4 bonus share issue approved by the shareholders in the Extraordinary General Meeting (EGM) held on March 08,2023, by capitalising the amount of INR 781.58 lacs of retained earnings of the company.

(a) Vehicle loan is secured by hypothecation of respective vehicle, payable in 21 monthly instalments and carries interest at 7.46% p.a.

(b) The Company has availed Overdraft facilities from various banks. Overdraft facilities are secured through first pari passu charge by way of hypothecation on current assets and immovable property owned by Directors and personal guaranty of the promoters and carry rate of interest ranging from 8.5% to 11 %. The current outstanding amount of such overdraft facilities is INR 1,705.84 lacs (March 31, 2022: INR 102.13 lacs) against the sanctioned limit of INR 5,336.00 lacs (March 31, 2022: INR 985.00 lacs).

(c) Borrowings from related parties are interest free and repayable on demand.

(d) Quarterly returns or statements of current assets filed by the company with banks or financial institutions are in agreement with the books of accounts except to the following on account of variance of entries posted in routine book closure process which is normally concluded post filing of statements with the banks. This does not have any impact on classification of loan or any debt covenants:-

Micro, Small and Medium Enterprises Development Act

Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended March 31, 2023 and for the year ended March 31,2022 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

(i) The principal amount and the interest due thereon remaining unpaid to any supplier covered under

(iv) The amount of interest accrued and remaining unpaid at the end of each accounting year

(v) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise for the purpose of disallowance as a deductible expenditure under section 23 of the MSMED Act, 2006

Due to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management. This has been relied upon by the auditor.

(iii) Undrawn committed borrowing facility

The Company has been sanctioned working capital demand loan facility from various banks aggregating to INR 5,336.00 lacs (March 31,2022: INR 985.00 lacs). This loan is secured by way of first pari passu charge on current assets (book debts), both present and future of the company. An amount of INR 3,630.16 lacs (March 31,2022: INR 882.87 lacs) remains undrawn as at the year end.

29 Segment Reporting

A. Basis for segmentation

The operations of the Company are limited to one segment viz. "Air Cargo Service", which as per AS -17 "Segment Reporting" is considered the only reportable segment.

B. Geographic Segment

The Company provides all its services only from its offices located in India and does not have any separate identifiable geographic segment.

C. Major Customer

There are no single customers which accounted for 10% or more of the Company''s revenue.

30 Related Party Disclosures

In accordance with the requirements of Accounting Standard (AS) - 18 ''Related Party Disclosures’ the names of the related party where control exists/able to exercise significant influence along with the aggregate transactions / year end balances with them.

31 Employee Benefits

The Company participates in defined contribution and benefit schemes, the assets of which are held (where funded) in separately administered funds.

For defined contribution schemes the amount charged to the statement of profit or loss is the total of contributions payable in the year.

A. Defined contribution plan

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

During the year, the Company has recognised I NR 3.65 Lacs (Previous year INR 3.22 Lacs) for Employer''s contributions to the Provident Fund and INR 0.20 Lacs (Previous year INR 0.31 Lacs) for Employee State Insurance Scheme contribution in the Statement of Profit and Loss. The contribution payable to the plan by the Company is at the rate specified in rules to the scheme.

B. Defined benefit plan - Gratuity plan

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

Risks associated with Plan Provisions

Risks associated with the plan provisions are actuarial risks. These risks are:- (i) interest risk (discount rate risk), (ii) mortality risk and (iii) salary risk.

Interest risk (discount rate risk) A decrease in the bond interest rate (discount rate) will increase the plan liability.

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan Mortality risk participants. For this report we have used Indian Assured Lives Mortality (2012-14) ultimate table.

A change in mortality rate will have a bearing on the plan''s liability.

The present value of the defined benefit plan liability is calculated with the assumption of salary increase rate of plan participants in Salary risk future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in salary used to determine

the present value of obligation will have a bearing on the plan''s liability.

In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were earned out as at March 31,2023 by Charan Gupta Consultants Private Limited. The present value of defined benefit obligation, and the related current service cost and past service cost were measured using the projected unit credit method.

The following tables summarise the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the gratuity plan.

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 and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it come into effect and will record any related impact in the period the Code becomes effective. Based on a preliminary assessment, the Company believes the impact of the change will not be significant.

41 Other Information

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

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

(iii) The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

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

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

(iv) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

(v) The Company have not 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

Subsequent to the year ended March 31, 2023, the Company was converted to a Public Limited Company and accordingly was granted a Certificate of Incorporation consequent upon conversion to Public dated April 25,2023.

Subsequent to the year ended March 31,2023, the Company has completed its Initial Public Offer (IPO) of 35,40,000 equity shares of face value of I NR 10 each at and issue price of INR 103 per

43 share. The issue comprised of 100% fresh issue aggregating to INR 3,646.20 lacs. Pursuant to the IPO, the equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) on August 9,2023.

44 There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

45 The Company has regrouped/reclassified certain balances of previous year to conform with current year''s presentation.