estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect the current
best estimates.

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

Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only by
the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable that
an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount cannot
be made. Contingent assets are neither recognized nor
disclosed in the standalone financial statements.

A contingent liability recognized in a business
combination is initially measured at its fair value.
Subsequently, it is measured at the higher of the
amount that would be recognized in accordance with
the requirements for provisions above or the amount
initially recognized less, when appropriate, cumulative
amortization recognized in accordance with the
requirements for revenue recognition.

m) Earnings per Share:

Basic earnings per share (EPS) are calculated by
dividing the net profit / (loss) after tax for the year
attributable to equity shareholders by the weighted
average number of equity shares outstanding
during the year.

Diluted earnings per share is computed by adjusting the
number of shares used for basic EPS with the weighted
average number of shares that could have been issued
on the conversion of all dilutive potential equity shares.

Dilutive potential equity shares are deemed converted
as of the beginning of the year, unless they have been
issued at a later date. The diluted potential equity
shares have been adjusted for the proceeds receivable
had the shares been actually issued at fair value i.e.
average market value of outstanding shares.

The number of shares and potentially dilutive shares
are adjusted for share splits and bonus shares, as
appropriate. In calculating diluted earnings per share,
the effects of anti-dilutive potential equity shares
are ignored. Potential equity shares are anti-dilutive
when their conversion to equity shares would increase
earnings per share or decrease loss per share.

n) Leases

A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a
period of time in exchange for consideration.

As per Ind AS 116 each lease component within the
contract is accounted as a lease separately from non¬
lease components of the contract and the consideration
in the contract is allocated to each lease component
on the basis of the relative stand-alone price of the
lease component and the aggregate stand-alone price
of the non-lease components. A right-of-use asset
representing its right to use the underlying asset for
the lease term at the lease commencement date is
recognized. The cost of the right-of-use asset measured
at inception shall comprise of the amount of the initial
measurement of the lease liability adjusted for any
lease payments made at or before the commencement
date less any lease incentives received, plus any initial
direct costs incurred and an estimate of costs to be
incurred by the lessee in dismantling and removing the
underlying asset or restoring the underlying asset or
site on which it is located. The right-of-use assets is
subsequently measured at cost less any accumulated
depreciation, accumulated impairment losses, if any
and adjusted for any remeasurement of the lease
liability. The right-of-use assets is depreciated using
the straight-line method from the commencement
date over the shorter of lease term or useful life of
right-of-use asset. The estimated useful lives of right-
of-use assets are determined on the same basis as
those of property, plant and equipment. Right-of-use
assets are tested for impairment whenever there is
any indication that their carrying amounts may not be
recoverable. Impairment loss, if any, is recognized in
the statement of profit and loss.

The lease liability is measured at the present value
of the lease payments that are not paid at the
commencement date of the lease. The lease payments
are discounted using the interest rate implicit in the
lease, if that rate can be readily determined. If that
rate cannot be readily determined, the incremental
borrowing rate is used.

Thelease liability is subsequently remeasured by
increasing the carrying amount to reflect interest on
the lease liability, reducing the carrying amount to
reflect the lease payments made and remeasuring the
carrying amount to reflect any reassessment or lease
modifications or to reflect revised in-substance fixed
lease payments. The amount of the re-measurement
of lease liability due to modification is recognized as
an adjustment to the right-of-use asset and statement
of profit and loss depending upon the nature of
modification. Where the carrying amount of the right-
of-use asset is reduced to zero and there is a further
reduction in the measurement of the lease liability, the
Company recognizes any remaining amount of the re¬
measurement in statement of profit and loss.

Company as a lessee:

The Company has elected not to apply the requirements
of Ind AS 116 Leases on short- term leases of all
assets that have a lease term of 12 months or less and
leasesfor which the underlying asset is of low value.
The lease payments associated withthese leases are
recognized as an expense on a straight-line basis over
the lease term.

o) Borrowing Costs

General and specific borrowing costs that are
directly attributable to the acquisition, construction
or production of a qualifying asset are capitalized
during the period of time that is required to complete
and prepare the asset for its intended use or sale.
Qualifying assets are assets that necessarily take
a substantial period of time to get ready for their
intended use or sale. Investment income earned on the
temporary investment of specific borrowings pending
their expenditure on qualifying assets is deducted
from the borrowing costs eligible for capitalization.
Other borrowing costs are expensed in the period in
which they are incurred.

p) Government Grants

Grants from the government are recognized at their
fair value where there is a reasonable assurance that
the grant will be received and the Company will comply
with all attached conditions. Government grants
relating to income are deferred and recognized in the
profit or loss over the period necessary to match them
with the costs that they are intended to compensate
and presented within other income. Government
grants relating to the purchase of property, plant and
equipment are included in non-current liabilities as
deferred income and are credited to profit or loss on

a straight-line basis over the expected lives of the
related assets and presented within other income.

During the year in accordance with IND AS 20, the
subsidy has been accounted for as income in the
period to which it pertains, despite the actual receipt
being deferred to a subsequent financial year. The
recognition is based on reasonable assurance that
the grant conditions have been met and the amount
will be received.

q) Provisions

Provisions for claims including litigations are recognized
when the Company has a present obligation as a result
of past events, in the year when it is established by
way of orders of court or government notifications
etc. that it is probable that an outflow of resources will
be required to settle the obligations and the amount
can be reasonably estimated. The provision including
any subsequent adjustments are accounted for in the
same expenditure line item to which the claim pertains.

r) Employee Stock Options (ESOP'S)

The Company has implemented an Employee Stock
Option Plan (ESOP) to attract, retain, and motivate
employees by offering them an opportunity to
participate in the equity ownership of the Company.
Under the ESOP scheme, eligible employees are
granted options that vest over a defined period,
subject to continued employment and other conditions
as specified in the plan.

In accordance with the requirements of Ind AS 102 -
Share-based Payment, the Company measures the
fair value of the options granted on the date of grant
and recognizes it as an employee compensation
expense over the vesting period. This expense is
allocated over the respective vesting period, and the
amount recognized during the year reflects the portion
attributable to the current year.

s) Instruments Classified as Equity in Nature

The Company classifies certain financial instruments
as equity in nature in accordance with the principles
laid down under Ind AS 32 - Financial Instruments:
Presentation, where such instruments do not contain
any contractual obligation to deliver cash or another
financial asset and are mandatorily convertible into
a fixed number of equity shares. These instruments
are presented under "Other Equity" in the financial
statements. The Company has issued financial
instruments during the year which, in accordance with
the principles laid down under Ind AS 32 - Financial

Instruments: Presentation, have been classified as
equity instruments. These instruments are non¬
redeemable, mandatorily convertible, and do not
involve any contractual obligation to deliver cash or
other financial assets, thereby meeting the conditions
for classification as equity.

• Compulsorily Convertible Debentures (CCDs)-
The Company accounts for Compulsorily
Convertible Debentures (CCDs) as equity
instruments where the terms of the issue specify
mandatory conversion into a fixed number of
equity shares after a specified period, with no
option for redemption in cash. Even though the
CCDs carry a fixed rate of interest, the interest
does not result in a contractual obligation for
cash payment. Accordingly, the proceeds from
such CCDs are classified under "Other Equity -
Instruments entirely equity in nature." Interest
accrued on these instruments is recognized in the
Statement of Profit and Loss as a finance cost,
with a corresponding credit to Other Equity.

• Compulsorily Convertible Warrants (CCWs)-
The Company issues Compulsorily Convertible
Warrants (CCWs) which entitle the holder to
subscribe to a fixed number of equity shares upon
conversion, with no repayment or redemption
feature. As the conversion is mandatory and
there is no obligation to deliver cash or another
financial asset, these instruments are classified
as equity. The amount received on issuance of
such CCWs is accounted for under "Other Equity -
Instruments entirely equity in nature," in line with
the requirements of Ind AS 32.

t) Use of estimates

The preparation of these financial statements in
conformity with the recognition and measurement
principles of Ind AS requires the management of
the Company to make estimates and assumptions
that affect the reported balances of asset and
liabilities, disclosures relating to contingent liabilities
as at the date of the financial statements and the
reported amounts of income and expense for the
period presented.

Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates
are recognized in the period in which estimates are
revised if the revision affects only that period or in the
period of the revision and future periods if the revision
affects both current and future periods.

The following are the key assumptions concerning the
future, and other sources of estimation uncertainty
at the end of the reporting period that may have a
significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities in future are:

i) Useful lives and residual value of property, plant
and equipment:

Useful life and residual value are determined by
the management based on a technical evaluation
considering nature of asset, past experience,
estimated usage of the asset, vendor's advice etc
and same is reviewed at each financial year end.

ii) Deferred tax assets:

The Company reviews the carrying amount of
deferred tax assets including MAT credit at the
end of each reporting period and reduces to the
extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part
of the asset to be recovered.

iii) Revenue:

The Company's contracts with customers could
include promises to transfer multiple products and
services to a customer. The Company assesses
the products / services promised in a contract and
identify distinct performance obligations in the
contract. Identification of distinct performance
obligation involves judgment to determine the
deliverables and the ability of the customer to
benefit independently from such deliverables.

• Judgment is also required to determine the
transaction price for the contract and to
ascribe the transaction price to each distinct
performance obligation. The transaction price
could be either a fixed amount of customer
consideration or variable consideration with
elements such as volume discounts, service
level credits, performance bonuses, price
concessions and incentives. The transaction
price is also adjusted for the effects of the
time value of money if the contract includes
a significant financing component. Any
consideration payable to the customer is
adjusted to the transaction price, unless
it is a payment for a distinct product or
service from the customer. The estimated
amount of variable consideration is adjusted
in the transaction price only to the extent
that it is highly probable that a significant
reversal in the amount of cumulative revenue

recognized will not occur and is reassessed
at the end of each reporting period. The
Company allocates the elements of variable
considerations to all the performance
obligations of the contract unless there is
observable evidence that they pertain to one
or more distinct performance obligations.

• The Company exercises judgment in
determining whether the performance
obligation is satisfied at a point in time
or over a period of time. The Company
considers indicators such as how customer
consumes benefits as services are rendered
or who controls the asset as it is being
created or existence of enforceable right
to payment for performance to date and
alternate use of such product or service,
transfer of significant risks and rewards to
the customer, acceptance of delivery by
the customer, etc.

• Revenue for fixed-price contract is
recognized using percentage-ofcompletion
method. The Company uses judgment to
estimate the future cost-to-completion
of the contracts which is used to
determine the degree of completion of the
performance obligation..

7. Additional Regulatory Information

Additional Regulatory Information pursuant to Clause
6L of General Instructions for preparation of Balance
Sheet as given in Part I of Division II of Schedule III to
the Companies Act, 2013, are given hereunder to the
extent relevant and other than those given elsewhere
in any other notes to the Financial Statements.

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

b. The Company has not been declared as a willful
defaulter by any lender who has powers to
declare a company as a willful defaulter at any
time during the financial year or after the end of
reporting period but before the date when the
financial statements are approved.

c. The Company does not have any transactions
with struck-off companies.

NOTE 48 (Contd..)

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

e. The Company has complied with the number of
layers prescribed under clause (87) of section 2
of the Companies Act 2013 read with Companies
(Restrictions on number of Layers) Rules, 2017.

f. The company has 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;

- 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.

g. The Company has not received any funds 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;

- 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 to or on
behalf of the Ultimate Beneficiaries.

h. The Company does not have any transactions
which is not recorded in the books of accounts
but 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 has not traded or invested in
Crypto currency or Virtual Currency during
the financial year.

8. As per the proviso to rule 3(1) of the Companies
(Accounts) Rules, 2014 for maintaining books of
account using accounting software which has a feature
of recording audit trail ( Edit Log) facility is complied
by the company.

9. The figures of the previous years have been regrouped
/ rearranged wherever necessary.