Provision and Contigent liabilty

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through Statement
of Profit and loss, trade & other financial liabilities, as appropriate.

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

The Company's financial liabilities include trade and other financial liabilities and derivative financial
instruments.

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. This
category also includes derivative financial instruments entered into by the Company that are not designated
as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives,
if any, are also classified as held for trading unless they are designated as effective hedging instruments.

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

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated as
such at the initial date of recognition, and only if the criteria in Ind AS 109 are satisfied. For liabilities designated
as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognised in OCI. These
gains/ loss are not subsequently transferred to Statement of Profit and Loss. However, the Company may
transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised
in the Statement of Profit and Loss. The Company has not designated any financial liability as at fair value
through profit and loss.

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 and Loss.

Reclassification of financial assets

The Company determines classification of financial assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial assets which are equity instruments and financial
liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change
in the business model for managing those assets. Changes to the business model are expected to be
infrequent. The Company's senior Management determines change in the business model as a result of
external or internal changes which are significant to the Company's operations. Such changes are evident to
external parties. A change in the business model occurs when the Company either begins or ceases to
perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies
the reclassification prospectively from the reclassification date which is the first day of the immediately next
reporting period following the change in business model. The Company does not restate any previously
recognised gains, losses (including impairment gains or losses) or interest.

Initial recognition and subsequent measurement

The Company uses derivative financial instruments, such as forward currency contracts, to hedge its foreign
currency risks. Such derivative financial instruments are initially recognised at fair value on the date on
which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are
carried as financial assets when the fair value is positive and as financial liabilities when the fair value is
negative.

Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss,
except for the effective portion of cash flow hedges (if any), which is recognised in OCI and later reclassified
to profit or loss when the hedge item affects profit or loss or treated as basis adjustment if a hedged
forecast transaction subsequently results in the recognition of a non-financial asset or non-financial liability.

r) Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet comprise cash at bank and in 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.

s) Dividend

The Company recognises a liability to make cash distributions to equity holders of the Company when the
distribution is authorised and the distribution is no longer at the discretion of the Company. As per the
corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding
amount is recognised directly in equity.

t) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss attributable to equity holder of the
Company by the weighted average number of equity shares outstanding during the period. The weighted
average number of equity shares outstanding during the period is adjusted for events such as bonus issue,
bonus element in a rights issue, that have changed the number of equity shares outstanding, without a
corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
equity shareholders of the Company and the weighted average number of shares outstanding during the
period are adjusted for the effects of all dilutive potential equity shares.

III. Changes in accounting policies and disclosures
New and amended standards

The Company applied for the first-time certain standards and amendments, which are effective for annual
periods beginning on or after 1 April 2022.The Ministry of Corporate Affairs has notified Companies (Indian
Accounting Standard) Amendment Rules 2022 dated March 23, 2022, to amend the following Ind AS which
are effective from April 01, 2022.

i. Onerous Contracts - Costs of Fulfilling a Contract - Amendments to Ind AS 37

An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the
contract (i.e., the costs that the company cannot avoid because it has the contract) exceed the economic
benefits expected to be received under it.

The amendments specify that when assessing whether a contract is onerous or loss-making, an entity
needs to include costs that relate directly to a contract to provide goods or services including both
incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs directly
related to contract activities (e.g., depreciation of equipment used to fulfil the contract and costs of
contract management and supervision). General and administrative costs do not relate directly to a
contract and are excluded unless they are explicitly chargeable to the counterparty under the contract.
These amendments had no impact on the financial statements of the company as there were no onerous
contracts entered into by the company within the scope of these amendments that arose during the
period. Reference to the Conceptual Framework - Amendments to Ind AS 103

The amendments replaced the reference to the ICAI's "Framework for the Preparation and Presentation
of Financial Statements under Indian Accounting Standards" with the reference to the "Conceptual
Framework for Financial Reporting under Indian Accounting Standard" without significantly changing
its requirements.

The amendments also added an exception to the recognition principle of Ind AS 103 Business
Combinations to avoid the issue of potential 'day 2' gains or losses arising for liabilities and contingent
liabilities that would be within the scope of Ind AS 37 Provisions, Contingent Liabilities and Contingent
Assets or Appendix C, Levies, of Ind AS 37, if incurred separately. The exception requires entities to
apply the criteria in Ind AS 37 or Appendix C, Levies, of Ind AS 37, respectively, instead of the Conceptual
Framework, to determine whether a present obligation exists at the acquisition date.

The amendments also add a new paragraph to IFRS 3 to clarify that contingent assets do not qualify for
recognition at the acquisition date.

In accordance with the transitional provisions, the company applies the amendments prospectively,

i.e., to business combinations occurring after the beginning of the annual reporting period in which it
first applies the amendments (the date of initial application).

These amendments had no impact on the standalone financial statements of the company as there
were no contingent assets, liabilities, or contingent liabilities within the scope of these amendments
that arose during the year.

ii. Property, Plant and Equipment: Proceeds before Intended Use - Amendments to Ind AS 16

The amendments modified paragraph 17(e) of Ind AS 16 to clarify that excess of net sale proceeds of
items produced over the cost of testing, if any, shall not be recognised in the profit or loss but deducted
from the directly attributable costs considered as part of cost of an item of property, plant, and
equipment.

The amendments are effective for annual reporting periods beginning on or after 1 April 2022. These
amendments had no impact on the standalone financial statements of the company as there were no
sales of such items produced by property, plant and equipment made available for use on or after the
beginning of the earliest period presented.

iii. Ind AS 101 First-time Adoption of Indian Accounting Standards - Subsidiary as a first-time adopter

The amendment permits a subsidiary that elects to apply the exemption in paragraph D16(a) of Ind AS
101 to measure cumulative translation differences for all foreign operations in its financial statements
using the amounts reported by the parent, based on the parent's date of transition to Ind AS, if no
adjustments were made for consolidation procedures and for the effects of the business combination
in which the parent acquired the subsidiary. This amendment is also available to an associate or joint
venture that uses exemption in paragraph D16(a) of Ind AS 101.

The amendments are effective for annual reporting periods beginning on or after 1 April 2022 but do
not apply to the company as it is not a first-time adopter.

iv. Ind AS 109 Financial Instruments - Fees in the '10 per cent' test for derecognition of financial
liabilities

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or
modified financial liability are substantially different from the terms of the original financial liability.
These fees include only those paid or received between the borrower and the lender, including fees
paid or received by either the borrower or lender on the other's behalf.

In accordance with the transitional provisions, the company applies the amendment to financial liabilities
that are modified or exchanged on or after the beginning of the annual reporting period in which the
entity first applies the amendment (the date of initial application). These amendments had no impact
on the standalone financial statements of the company as there were no modifications of the company's
financial instruments during the year.

v. Ind AS 41 Agriculture - Taxation in fair value measurements

The amendment removes the requirement in paragraph 22 of Ind AS 41 that entities exclude cash
flows for taxation when measuring the fair value of assets within the scope of Ind AS 41.

The amendments are effective for annual reporting periods beginning on or after 1 April 2022. The
amendments had no impact on the standalone financial statements of the company as it did not have
assets in scope of IAS 41 as at the reporting date.

Standards notified but not yet effective

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules,
2023 dated 31 March 2023 to amend the following Ind AS which are effective from 01 April 2023.

i. Definition of Accounting Estimates - Amendments to Ind AS 8

The amendments clarify the distinction between changes in accounting estimates and changes in
accounting policies and the correction of errors. It has also been clarified how entities use measurement
techniques and inputs to develop accounting estimates.

The amendments are effective for annual reporting periods beginning on or after 1 April 2023 and
apply to changes in accounting policies and changes in accounting estimates that occur on or after the
start of that period.

The amendments are not expected to have a material impact on the Company's standalone financial
statements.

ii. Disclosure of Accounting Policies - Amendments to Ind AS 1

The amendments aim to help entities provide accounting policy disclosures that are more useful by
replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement
to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of
materiality in making decisions about accounting policy disclosures.

The amendments to Ind AS 1 are applicable for annual periods beginning on or after 1 April 2023.
Consequential amendments have been made in Ind AS 107.

The Company is currently revisiting their accounting policy information disclosures to ensure consistency
with the amended requirements.

iii. Deferred Tax related to Assets and Liabilities arising from a Single Transaction - Amendments to
Ind AS 12

The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no
longer applies to transactions that give rise to equal taxable and deductible temporary differences.

The amendments should be applied to transactions that occur on or after the beginning of the earliest
comparative period presented. In addition, at the beginning of the earliest comparative period presented,
a deferred tax asset (provided that sufficient taxable profit is available) and a deferred tax liability
should also be recognised for all deductible and taxable temporary differences associated with leases
and decommissioning obligations. Consequential amendments have been made in Ind AS 101. The
amendments to Ind AS 12 are applicable for annual periods beginning on or after 1 April 2023.

The Company is currently assessing the impact of the amendments.