i. Under Ind AS financial assets and liabilities are measured at fair value at the inception and subsequently at amortised cost or at fair value based on their classification. Under I-GAAP the financial assets and liabilities were measured at cost net of allowance.

ii. IndAS 116

Right-of-use assets

Under previous GAAP, there is no such provision for creation of Right-of-use assets. As per the provision of Ind As 116, Company has to create Right-of-use assets. At date of transition, the Company have lease agreement where Company is lessee. Thus as per the requirement of Ind As 116, the Company has recognised Right-of-use assets and corresponding has recognised lease liability. Therefore Right-of-use assets amounting INR 421.33 as at April 01, 2021 (INR 15,639.24 as at March 31, 2022) has recognised. Right-of-use assets amounting INR 0.47 as at April 01,2021 has recognised on account of Security Deposit given.

Right-of-use assets amounting INR 31.82 as at April 01,2021 (INR 30.19 as at March 31,2022) has recognised on account of reclassification of leasehold land from Property plant and equipment.

Under previous GAAP, there is no such provision for creation of net investment on sublease. As per the provision of Ind As 116, Company has to create Net investments on sublease in the nature of finance lease. Thus as per the requirement of Ind As 116, the Company has recognise Net investments on sublease as at April 01, 2021 amounting INR 967.62 by derecognition of Right-of-use assets amounting INR 782.97 and corresponding adjustment in retained earnings by INR 184.65. There is net decrease in Net investments on sublease by INR 27.21 due to recognition of unearned finance income and reversal of net investment on sublease on account of receipt of rent payments.

As per Ind AS 116, Deferred lease income w.r.t sublease in the nature of finance lease, recognised under previous GAAP has been derecognised by corresponding adjustment in retained earnings by INR 192.93 as at April 01, 2021 (INR 208.89 as at March 31, 2022)

Correspondingly, depreciation amounting to INR 1167.59 has been charged to profit and loss statement for the period ended on March 31,2022)

Lease liability

Under previous GAAP lease is recognised on straight lines basis .As per the provision of Ind AS corresponding to Right-of-use assets, lease liability of INR 1,204.30 as at April 01,2021 (INR 17,181.13 as at March 31,2022) has been recognised. Correspondingly, interest on lease liability of INR 785.28 has been booked and payment of leases rental amounting INR 1,163.17 has been paid for the year ended on March 31, 2022.

Difference on date on transition between Rights of use assets and lease liability has been transferred to retained earnings.

iii. Security deposit

Under Indian GAAP, interest-free security deposit (that are payable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS, all financial liabilities are required to be recognised at fair value. Accordingly the Company has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the security deposit has been recognised as deferred income. Consequently, the amount of security deposit as on March 31, 2022 has been decreased by INR (April 01, 2021: INR 31.18) with a corresponding increase in deferred income. The income for the year ended March 31,2022 and retained earnings as on April 01, 2021 has been increased by INR 3.05 and INR Nil, respectively due to unwinding of deferred income. Unwinding of deferred income in statement profit or loss is partially off-set by the notional interest expense of INR 1.86 during the year ended March 31, 2022 and in retained earnings by INR Nil as on April 01, 2021 with corresponding increase in security deposit.

Under Indian GAAP, as on March 31, 2022 the Company has classified 77.50 (April 01,2021: INR Nil ) as short term security deposit. Under Ind AS, as on March 31, 2022 short-term security deposits includes deposits which were measured at amortised cost due it long-term nature in the previous years. However, in current year the same has been classified as short-term as they will be settled within 12 months from the end of March 31, 2022.

iv. Lease equalisation reserve

Lease equalization reserve has been decreased with a corresponding adjustment in retained earnings as of April 01,2021 by INR 344.39 (INR 411.90 as at March 31,2022) pursuant to adoption of Ind AS. The income for the year ended March 31,2022 has been increased by INR 67.51 due to reversal of lease equalisation reserve.

Deferred tax

v. Under Previous GAAP, deferred taxes were accounted basis the income statement approach which required creation of deferred tax asset/liability on temporary differences between taxable income and accounting income. Under Ind AS, deferred taxes are accounted basis the balance sheet approach which requires creation of deferred tax asset/liability on temporary differences between the carrying amount of an asset/liability in the Balance Sheet and its corresponding tax base. Application of Ind AS has also resulted in recognition of deferred taxes on new temporary differences arising due to adjustments made on transition to Ind AS.

Defined benefit liabilities

vi. Both under Indian GAAP and Ind AS, the Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to Statement of Profit and Loss. Under Ind AS, re-measurements comprising of actuarial gains and losses are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. Thus the employee benefit cost for the year ended March 31, 2022 is reduced by INR 3.06 and re-measurement gains/ losses on defined benefit plans of the corresponding amount has been recognised in the OCI, net of taxes.

vii. The previous year IGAAP figures have been reclassified/ regrouped to make them comparable with Ind AS presentation.

As per records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

(c) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of INR 10 per share. Each shareholder is entitled to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in ensuing Annual General Meeting, except in the case where interim dividend isdistributed. However, the Company has not distributed any dividend during the current year and previous year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(d) No class of shares have been allotted as fully paid up pursuant to contract without payment being received in cash, allotted as fully paid up by way of bonus shares or bought back by the Company during the period.

(e) The Company issued 1,477,271 equity shares of INR 10 each at a premium of INR 34 each, total amounting INR 650 Lakhs under preferential allotment dated August 29, 2020. The amount has been raised and utilised for working capital purposes.

40 EARNINGS PER SHARE

Basic earnings per share 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. The Company does not have any outstanding potential equity shares.

43 DISCLOSURE PURSUANT TO INDIAN ACCOUNTING STANDARD (IND AS) 108 "OPERATING SEGMENTS"

a. Basis of identifying operating segments:

Operating segments are identified as those components of the Company (a) that engage in business activities to earn revenues and incur expenses (including transactions with any of the Company's other components; (b) whose operating results are regularly reviewed by the Chief Operating Decision Maker (CODM) to make decisions about resource allocation and performance assessment; and (c) for which discrete financial information is available.

Primary segment

The Company has acquired the logistics business segment of PCG Logistics Private Limited, on April 30, 2022 for a consideration of INR 327.80 Lakhs which has been recognised in the books as intangibles assets. This acquisition has resulted in the expansion of the Company's operations and the acquisition of new retail customers. The Company is primarily engaged in the business of logistics which constitutes a single business segment and accordingly disclosure requirements of Ind AS 108 'Operating Segments' are not required to be given. As defined in Ind AS 108, the Chief Operating Decision Maker (CODM), i.e. the Board of Directors, evaluates the performance of the Company and allocates resources based on the analysis of the various performance indicators or the Company as a single unit.

45 FINANCIAL INSTRUMENTSI. Capital Management Policy: -

a) The Company's capital management objectives are: -

- to ensure the Company's ability to continue as a going concern.

- to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.

b) For the purpose of Company's capital management, capital includes issued share capital, equity and all other equity reserves. The Company monitors capital on the basis of the carrying amount of equity as presented on the face of the statement of financial position. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets.

1. The above capital management disclosures are based on the information provided internally to key management personnel.

II. A. Fair Values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Fair value of financial assets and liabilities measured at amortised cost.

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values.

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

46 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company's activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company continues to focus on a system-based approach to business risk management. The Company's financial risk management process seeks to enable the early identification, evaluation and effective management of key risks facing the business. Backed by strong internal control systems, the current Risk Management Framework rests on policies and procedures issued by appropriate authorities; process of regular internal reviews/audits to set appropriate risk limits and controls; monitoring of such risks and compliance confirmation for the same.

a. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: interest rate risk, foreign currency risk and price risk. The Company has in place appropriate risk management policies to limit the impact of these risks on its financial performance. The Company ensures optimisation of cash through fund planning and robust cash management practices.

(i) Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Financial assets and liabilities of the Company are either non-interest bearing or fixed interest bearing instruments, the Company's net exposure to interest risk on such instruments is negligible.

(ii) Price risk

The Company has invested its funds in equity instruments of the associate. The Company is not exposed to price risk.

(iii) Foreign currency risk

The Indian Rupee is the Company's most significant currency. As a consequence, the Company's results are presented in Indian Rupee and exposures are managed against Indian Rupee accordingly. Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue or expense is denominated in a foreign currency). The Company does not have any exposure in foreign current as at reporting date, therefore, the Company is not exposed to foreign currency risk.

Details On Derivatives Instruments And Unhedged Foreign Currency Exposures

The year-end foreign currency exposures that have not been hedged by a derivative instrument is Nil.

b. Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing activities, including deposits with banks. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.

i. Financial assets for which loss allowance is measured using life time expected credit losses

The Company provides loss allowance on trade receivables using life time expected credit loss and as per simplified approach.

ii. Financial assets for which loss allowance is measured using 12 month expected credit losses

All of the Company investments and loans at amortised cost are considered to have low credit risk, and the loss allowance recognised during the period was therefore limited to 12 months expected losses. Management considers instruments to be low credit risk when they have a low risk of default and the issuer has a strong capacity to meet its contractual cash flow obligations in the near term at its own.

(i) Trade receivables

Customer credit risk is managed basis established policies of company, procedures and controls relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The Company does not hold collateral as security.

The Company maintains exposure to Investments, cash equivalents, other bank balances, loans, trade receivables and other financial assets. The Company has set counter-parties limits based on multiple factors including financial positions, credit ratings, etc.

The Company's maximum exposure to credit risk as at March 31 2023, March 31 2022 and April 1 2021 is the carrying value of each class of financial assets.c. Liquidity Risk

Liquidity risk is the risk that the Company will encounter in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The approach of the Company to manage liquidity is to ensure , as far as possible, that these will have sufficient liquidity to meet their respective liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risk damage to their reputation.

d. Capital management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to ensure that it maintains an efficient capital structure and healthy capital ratios in order to support its business and maximise shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company's policy is to keep optimum gearing ratio. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents (including other bank balances).

I n order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

47 DISCLOSURES PURSUANT TO INDIAN ACCOUNTING STANDARD (IND AS) 19 "EMPLOYEE BENEFITS"

a) Defined contribution plans:

The Company makes Provident Fund, Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the schemes, the Company incorporated in India is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised INR 72.21 Lakhs year ended March 31,2023 and INR 70.36 Lakhs year ended March 31,2022 for Provident Fund contributions and INR 16.53 Lakhs year ended March 31, 2023 and INR 16.08 Lakhs year ended March 31, 2022 for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

b) Defined benefit plans:

The present value obligation is determined based on actuarial valuation using the projected unit credit method to assess the Plan's liabilities, including those related to death-in-service and incapacity benefits. Under the PUC method a "projected accrued benefit" is calculated at the beginning of the year and again at the end of the year for each benefit that will accrue for all active members of the Plan. The "projected accrued benefit" is based on the Plan's accrual formula and upon service as of the beginning or end of the year, but using a member's final compensation, projected to the age at which the employee is assumed to leave active service. The plan liability is the actuarial present value of the "projected accrued benefits" as of the beginning of the year for active members.

Recognition of re-measurement items

Re-measurements arising from defined benefit plans comprise actuarial gains and losses on benefit obligations, the return on plan assets in excess of what has been estimated and the effect of asset ceiling, if any, in case of over funded plans. The Company recognises these items of re-measurements immediately in other comprehensive income and all the other expenses related to defined benefit plans in employee benefit expenses in profit and loss account.

48 LEASES

First time adoption of Ind AS 116- Leases

Effective April 1,2021 the Company adopted Ind AS 116 "Leases" and applied the standard to all lease contracts existing on April 1,2021 using the modified retrospective method. Right-of-use of assets (ROU) are measured at cost comprising the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date and any initial direct costs less any lease incentives received. Lease liabilities were recognised based on the present value of the remaining lease payments, discounted using the incremental borrowing rate at the date of initial application.

The weighted average incremental borrowing rate applied to lease liabilities as at April 1, 2021 is 10%.

As Lessee

(i) The Company has entered into various lease agreements for warehousing and logistics. Such lease contracts include monthly fixed payments for rentals. The lease contracts are generally cancellable at the option of lessee during the lease tenure after the completion of non-cancellable period. There are no significant restrictions imposed under the lease contracts. The following table presents the reconciliation of changes in the carrying value of Right-of-use assets (ROU) and lease liability for the year ended March 31, 2023 and March 31,2022.

i) A contract asset is the right to consideration in exchange for services transferred to the customer. If the Company performs by transferring services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional.

57 ADDITIONAL REGULATORY INFORMATION IN SCHEDULE III:

(a) All the title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreement are duly executed in favour of the lessee) are in the name of the Company.

(b) The Company does not have any investment property, hence the question of disclosure and valuation by a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017 does not arise.

(c) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the year.

(d) The Company has not given any loans or advances to specified persons during the year.

(e) Benami property: There are no proceedings being initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(f) The Company had borrowed secured loan from financial institutions and banks against current assets.

(g) Wilful defaulter: the Company has not been declared as wilful defaulter by any bank or financial institution or other lender.

(h) The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

(i) There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period.

(j) The Company does not have subsidiary company hence question of Compliance under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017 with number of layers of companies does not arise.

(k) There are no scheme of arrangements as on March 31,2023.

(l) The Comnpany has not raised any short term borrowings during the year.

(m) Additional information to be disclosed by way of notes to statement of profit and loss:

- The Company does not have any undisclosed income 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).

- The Company has not traded or invested in crypto currency or virtual currency during the year.

(n) Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities (intermediaries) with the understanding that the intermediary shall:

- 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

- provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(ii) The Company has not received any fund from any person or entity, including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

- 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

- provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

58 DISCLOSURE AS REQUIRED BY SCHEDULE V OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATION, 2015A. Loans and advances in the nature of loans

Associate: Nil Joint Venture: Nil

B. Investment by the loanee: Nil

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

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

61 Previous year figures have been regrouped/ reclassified to confirm presentation as per Ind AS and as required by Schedule III of the Act.

The accompanying notes are an Integral part of the financial statements.