3.14 Provisions and Contingent Liabilities/
Assets

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
management’s 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).

When some or all of the economic benefits
required to settle a provision are expected to
be recovered from a third party, a receivable is
recognised as an asset if it is virtually certain that
reimbursement will be received and the amount
of the receivable can be measured reliably.

Present obligations arising under onerous
contracts are recognised, measured and
disclosed as provisions in standalone financial
statements. An onerous contract is considered
to exist where the Company has a contract
under which the unavoidable costs of meeting
the obligations under the contract exceed the
economic benefits expected to be received from
the contract.

A disclosure for a contingent liability is made
when there is a possible obligation or a present
obligation that may, but probably will not require
an outflow of resources embodying economic
benefits or the amount of such obligation cannot
be measured reliably. When there is a possible
obligation or a present obligation in respect
of which likelihood of outflow of resources
embodying economic benefits is remote, no
provision or disclosure is made.

A contingent asset is a possible asset that
arises from past events and whose existence
will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future
events not wholly within the control of the
entity. Contingent assets are not recognised
but disclosed only when an inflow of economic
benefits is probable.

3.15 Earnings per Share

Basic earnings per share is calculated by dividing:

• the profit attributable to owners of the
Company;

• by the weighted average number of equity
shares outstanding during the financial
year, adjusted for bonus elements in equity
shares issued during the year and excluding
treasury shares. Diluted earnings per share
adjusts the figures used in the determination
of basic earnings per share to take into
account;

• the after income tax effect of interest and
other financing costs associated with
dilutive potential equity shares; and

• the weighted average number of additional
equity shares that would have been
outstanding assuming the conversion of all
dilutive potential equity shares.

3.16 Inventories

Inventories are valued at the lower of cost and
net realisable value. Costs includes, expenses
incurred in bringing each product to its present
location and condition and are accounted for as
follows:

Raw materials, Consumables Stores

Raw materials, Consumables Stores are valued
at cost after providing for cost of obsolescence/
depletion. Cost is determined on first in, first out
basis.

Finished goods and work in progress

Cost includes cost of direct materials and labour
and a proportion of manufacturing overheads
based on the normal operating capacity but
excluding borrowing costs. Net realisable value is
the estimated selling price in the ordinary course
of business, less estimated costs of completion
and the estimated costs necessary to make the
sale.

Provisions are made to cover slow-moving and
obsolete items based on historical experience
of utilisation on a product category basis, which
involves individual businesses considering their
product lines and market conditions.

3.17 Investments in subsidiaries, associates and
joint ventures

Investments in subsidiaries, associates and joint
ventures are carried at cost less accumulated
impairment losses, if any.

3.18 Cash and cash equivalents

Cash and cash equivalents includes cash on
hand, deposits held at call with banks and other
short-term deposits which are readily convertible
into known amounts of cash, are subject to an
insignificant risk of change in value and have
original maturities of less than three months.

These balances with banks are unrestricted for
withdrawal and usage.

Other bank balances includes balances and
deposits with banks that are restricted for
withdrawal and usage.

3.19 Exceptional Items

When items of income and expense within
statement of profit and loss from ordinary
activities are of such size, nature or incidence
that their disclosure is relevant to explain the
performance of the enterprise for the period, the
nature and amount of such material Items are
disclosed separately as exceptional items.

3.20 Segment Reporting

The Company has identified its reportable
segments based on internal reporting reviewed
by the Chief Operating Decision Maker (CODM).
Accordingly, The Company has classified
its business operations into two reportable
segments: (i) Liquid Storage Tanks, and (ii)
Chemicals. The Liquid Storage Tanks segment
comprises rental income from storage tank,
execution of EPC contracts for tank terminal
development, and ancillary services related to
maintenance and operations like wharfage and
jetty charges. The Chemicals segment involves
the manufacture and sale of industrial and
specialty chemicals.

The accounting policies applied to each segment
are consistent with those used in the preparation
of the financial statements. Segment revenues,
expenses, assets, and liabilities are directly
attributable to the respective segments or
allocated on a reasonable basis. Inter-segment
revenues, if any, are eliminated on consolidation
and presented on a net basis. Segment
performance is assessed based on profit before
tax and other key financial indicators.

Segment assets include operating assets such as
fixed assets, trade receivables, and inventories.
Segment liabilities represent those arising
from the operating activities of each business.
Assets and liabilities that cannot be allocated to
specific segments are shown under unallocated
corporate assets and liabilities. Similarly, income
and expenses that relate to the enterprise as
a whole and are not allocable on a reasonable
basis to individual segments are presented
as unallocated corporate income/ expenses.
Inter-segment transfers, if any, are recorded at
prevailing market prices.

(a) In determining the allowances for credit losses of Trade Receivables, the Company has used a practical
expedient by computing the Expected Credit Loss Allowance for Trade Receivables based on a provision matrix.
The provision matrix takes into account historical credit loss experience and is adjusted for forward looking
information. The Expected Credit Loss allowance is based on the ageing of the receivables that are due and the
rates used in the provision matrix.

(b) Since the Company calculates impairment under the simplified approach for Trade Receivables, it is not required
to separately track changes in credit risk of Trade Receivables as the impairment amount represents Lifetime
Expected Credit Loss. Accordingly, based on a harmonious reading of Ind AS 109 and the break-up requirements
under Schedule III, the disclosure for all such Trade Receivables is made as shown above.

(c) Trade receivables does not include any receivables from directors and officers of the company.

Share Warrants

The company issued 60,00,000 share warrants during FY 2021-22. Of these, 28,25,000 equity shares were allotted
in FY 2022-23, and 29,25,000 equity shares were allotted in FY 2023-24. The remaining 2,50,000 warrants were
forfeited.

Capital Reserve

On September 18, 2023, ' 6.44 million, transferred to Capital Reserve being 25% of the Upfront Warrant Subscription
amount forfeited for non-payment of Balance 75% of amount for 2,50,000 warrants by one of non-promoter allottee
within 18 months from allotment of warrants.

Share Premium Account

During FY 2024-25, there was no change in the Share Premium Account. In FY 2023-24, the Company allotted
17,00,000 shares at ' 160 (premium ' 159), 1,80,000 shares at ' 175 (premium ' 174), and 20,00,000 shares at ' 162
(premium ' 161). Additionally, 29,25,000 share warrants were converted into equity shares at ' 103 (premium ' 102).

Nature and purpose of reserve:

Capital reserve: Capital reserve was created on account of capital receipts and forfeiture warrants.

Securities Premium: Securities premium is used to record the premium on issue of shares. The reserve is utilized in
accordance with the provisions of the Companies Act 2013.

Retained Earnings: Retained Earnings are the profits that the Company has earned till date, less any transfer to
General Reserve, dividends or other distributions paid to shareholders. The reserve can be utilised in accordance with
the provision of the Companies Act, 2013.

Other comprehensive income: Other comprehensive income (OCI) represents the re-measurement loss on defined
benefit plan, net of taxes that will not be re-classified to the Statement of Profit & Loss.

(a) The Company had availed an inter-corporate deposit facility of ' 5 million (“ICD Facility”) from Morgan Securities
and Credits Pvt. Ltd (“Morgan”) in the year 2000 for its business expansion and thereafter certain disputes
arose between the parties with respect to repayment of the said ICD Facility. Accordingly, Morgan invoked the
arbitration clause against the Company as per their ICD agreement dated March 7, 2000, and filed arbitration
proceedings before the Ld. Arbitrator claiming repayment of balance outstanding of ' 3.46 million.

An award dated December 9, 2015, was passed by the Sole Ld. Arbitrator appointed by Morgan (“said award”)
whereby the Company and other guarantors were directed to pay Morgan the principal claim of ' 3.46 million
along with interest @ 36% p.a. with monthly rests which totaled to approximately ' 540 million on the said date
of arbitration award with further interest of 12% p.a on the said awarded amount till the date of actual payment.
From the date of award till the date of settlement, the said liability of ' 540 million further increased to ' 1,160
million on account of mounting of the interest on decretal amount.

The Company challenged the said award before Delhi High Court vide OMP (Comm.) No. 307/2016 which was
pending adjudication before the Hon’ble High Court of Delhi. In relation to the above matter, both the parties
filed various petitions which were pending before the Hon’ble High Court of Delhi and the Company also filed
FIR with EOW, Mumbai and FIR with Police Station Andheri, Mumbai against Morgan for selling of the pledged
securities at a very low prices.

After prolonged litigation of 24 years, the Company and Morgan mutually agreed to resolve all their pending
disputes relating to the aforesaid transaction and has settled the matter vide execution of the Settlement
Agreement dated January 16, 2025, which was recorded by order dated January 17, 2025 in OMP (COMM)
307/2016 and IA 12642/2019, 6309/2021, 6310/2021, 12355/2021, 12989/2021 of Hon’ble Delhi High Court.
In accordance with the terms of the Settlement Agreement, the Company paid full and final one-time sum of
' 438.63 million to Morgan Securities and Credits Private Limited being the decretal debt which is not subjected
to deduction of TDS as per the said order and both the parties have settled and withdraw all legal proceedings,
including civil proceedings, criminal cases filed against each other before various courts/ statutory authorities/
enforcement agencies. This settlement concluded a long outstanding legal dispute and removed significant
operational constraints previously imposed on the Company, enabling it to focus on core business activities
and pursue accelerated growth opportunities. Importantly, the Company maintained a strong liquidity position,
ensuring no material impact on its financial stability while securing a clear path forward for strategic initiatives.

(b) A GST liability of ' 5.15 million, identified during the GST Audit for FY 2019 to FY 2023 in respect of the Chemical
Division, has been debited and presented as an exceptional item in the Statement of Profit and Loss for the year.

(a) Dispute with Morgan Securities and Credits Private Limited is settled as mentioned in Note No. 38 (a).

(b) The State Trading Corporation (STC) had claimed the amount aggregating to ' 242.64 million in relation to
certain transactions pertaining to period 2004-2008 which was disputed and not acknowledged as debt by the
company and shown as “Contingent Liability” in the financial statements. This was also treated as contingent
liability in the scheme of revival, approved under the provisions of the erstwhile Sick Industrial Companies
(Special Provisions) Act, 1985 by Hon’ble Delhi High Court vide its order dated December 04, 2015.

Subsequently, STC had filed an application u/s 9 of the Insolvency & Bankruptcy Code, 2016 with NCLT, Mumbai
Bench, which was disposed of by the order passed by Adjudicating Authority in Feb 2020 and ordered the
company to pay ' 21.89 million to STC in consonance with the revival scheme. The company paid the amount
as per the said order of Adjudicating Authority in full and final settlement of all alleged but disputed claims of
STC. Even though STC upon receiving the full amount of ' 21.89 million as per NCLT order, has belatedly filed an
appeal against the above referred NCLT order, before NCLAT Delhi Bench, the said appeal was dismissed by the
NCLAT vide its order dated April 20, 2023. This Order has been under challenge in a Civil Appeal filed by STC,
before Hon’ble Supreme Court in Civil appellate Jurisdiction, pending hearing in the matter. Since the dues of
STC have been fully paid as per NCLT order hence STC’s claim before Hon’ble Supreme Court will not survive as
per legal opinion.

(c) On April 1, 2024, the Company discovered the opening of an unauthorized bank account in the name of GBL
Chemical Limited, at State Bank of India (SBI), Backbay Reclamation Branch, Mumbai, with account number
41010899634 (“the fraudulent account”). This account was associated with unauthorized transactions/borrowings
in the name of GBL Chemical Limited, wholly owned subsidiary Company and wherein the Company, was
also falsely listed as a co-borrower/guarantor along with GBL Chemical Limited. The preliminary investigation
suggested that Mr. Manish Chaturvedi, in collaboration with Mr. Ramakant Pilani, who was the incharge of
chemical business orchestrated and facilitated these fraudulent transactions by forging the signatures of Mr.
Ramesh Pilani and Mr. Rishi Pilani on the account opening documents, lending documents and other related
documents. Mr. Ramakant Pilani, who was CEO of the company and Director of GBL Chemical Limited offered
his resignation w.e.f April 02, 2024 and the Board accepted his resignation immediately. The company initiated
all available legal course of actions against the involved persons viz police Complaints, filing of civil and criminal
suits, filing of Complaints with Regulatory authorities RBI, CIBIL and SBI vigilance Cell etc, to safeguard the
interests of company and its subsidiary company including informing to Stock Exchanges and stakeholders as
required.

An FIR (No. 103/2024) is registered on May 02, 2024, against Mr. Ramakant Pilani, Mr. Manish Chaturvedi and
others at Cuff Parade Police Station, Mumbai following the police complaint filed by Ganesh Benzoplast Limited
and GBL Chemical for opening of fraudulent account with SBI in name of GBL Chemical Ltd and also against
Lok Sewak Leasing & Investment Private Limited (“Loksewak”) and others. The Cuffe Parade Police Station
after completing its investigation registered a chargesheet before the Judicial Magistrate of First Class against
all involved accused persons including bank officer of SBI with conclusion that fraudulent bank account was
opened by using forged documents and unauthorized Board Resolution of Companies and mentioned that the
said bogus bank account was utilized for receipt of funds from Lok Sewak and other NBFCs, and the amounts
were subsequently diverted to entities under the direct control/ownership of the accused persons.

In relation to these fraudulent and authorized transactions, the Company has also filed a police complaint against
Progfin Private Limited, one of NBFC and the Vanrai Police Station, Goregaon has taken cognizance of the
involvement of Progfin and its employees and has registered a First Information Report (FIR) dated August 13,
2024, against: (i) Mr. Ramkanat Shankarmal Pilani; (ii) Mr. Manish Chaturvedi; and (iii) Mr. Yogesh Parab. Further, as
part of the investigation, there are several discrepancies, including but not limited to, non-compliances and other
practices undertaken by Progfin, in disbursing the alleged loans to the fraudulent account opened with SBI in
the name of GBL Chemical which were of questionable nature. Accordingly, and as a good governance practice,

GBL Chemical has also filed a complaint with the RBI on September 09, 2024. All of these matters are subjudice
and are currently under investigation by relevant regulatory authorities and law enforcement agencies.

Lok Sewak Leasing & Investment Private Limited (“Loksewak”) and Progfin Private Limited (“Progfin”), alleged
lenders have also filed the petition against the Company and its wholly owned subsidiary company, under Section
7 of the Insolvency and Bankruptcy Code, 2016 (“NCLT Petitions”). Hon’ble National Company Law Tribunal
(“NCLT”) has dismissed the Section 7 application filed by Loksewak under the Insolvency and Bankruptcy
Code, 2016 against GBL Chemical Limited and petition filed by Progfin was yet to be admitted. Further, Ganesh
Benzoplast Ltd and GBL Chemical Ltd had also filed the commercial suit against the Loksewak & Progfin.

Further, two of the parties 63Ideas Infolabs Private Limited (“63 Ideas”) and Smartpaddle Technology Private
Limited (BIZONGO) who were the alleged trade creditors and was part of these unauthorized and fraudulent
transactions, approached the company and (i) agreed to withdraw all notices, demands, allegations and legal
proceedings (civil or criminal) against the Company, GBL Chemical (and all group companies) and their respective
officers, directors, employees (collectively referred to as “GBL Group”) in relation to the said Fraudulent
Transactions; (ii) agreed to not make any claims (monetary or otherwise) against the GBL Group in relation to such
Fraudulent Transactions; and (iii) confirmed that GBL Group does not have any liability whatsoever on account of
Fraudulent Transactions as the same are contended to be forged, fabricated, executed without any authority by
Mr. Ramakant Pilani for the Fraudulent Transactions and accordingly the purported documents are declared to
be completely null, void and not binding in any manner whatsoever upon the GBL Group.

Lok Sewak Leasing & Investment Private Limited and Capital Trade links Limited also filed a police complaint with
offices of Economic Offences Wing (EOW) New Delhi against the Company and its directors and key managerial
personnel (KMPs), in relation to certain loans and borrowings allegedly undertaken by GBL Chemical in the
unauthorized bank account opened in its name with the State Bank of India and registered a FIR.

Further, upon investigations by EOW for the fraudulent transactions undertaken by Mr. Ramakant Pilani and others
in the name of GBL Chemical Limited the EOW has completed the arrests of the following offenders (“Accused
Persons”) Mr. Ramakant Shankarmal Pilani ex-CEO of the Company and ex-director of GBL Chemical Limited,
Mr. Ajit Kumar Jena and Mr. Gopal Chaturvedi person unknown/unrelated to GBL Chemical Limited and GBL and
issued Press Releases and the investigations of the EOW confirms that Mr. Ramakant Pilani misused his position
in the Company and GBL Chemical Limited by creating false, fabricated and forged documents for opening of
SBI bank account, availing loans from third-parties and undertaking several unauthorised transactions.

GBL Chemical Limited had appointed a Forensic agency, Helik advisory, which has provided its expert finding
report that the signatures of Mr. Rishi Pilani and Mr. Ramesh Pilani are forged on all the documents submitted
for the fraudulent account opening with SBI and all unauthorized transactions/borrowings. GBL Chemical
Limited has also appointed M/s KPMG Assurance and Consulting Services LLP, India (“KPMG”) to conduct a
thorough investigation to, (i) identify the individuals and entity/(ies) who appear to be the beneficiaries of monies
and remitter of the funds in the said fraudulent bank account(s) opened in the name of GBL Chemical; and to
establish any potential nexus between the said beneficiaries and the remitter of the funds and to trace the flow
of funds from fraudulent bank account(s). KPMG has successfully concluded its investigation and submitted an
Expert Fact-Finding Report to GBL Chemical (“Fact-Finding Report”) and has confirmed that there is no potential
involvement of GBL Chemical, GBL and/or its current directors, management or representatives in the overall
fraud and GBL Chemical is not a beneficiary of funds received in the fraudulent bank account opened with SBI.

Thus, these fraudulent transactions were conducted without valid authorization and without the express consent
of the Company’s Board or shareholders with forged and fabricated documents by accused persons, and further
expert legal opinion suggests that neither the Company nor its wholly owned subsidiary company, should be
required to fulfil any obligations arising from these fraudulent transactions. Consequently, no financial liability
should fall on the Company and GBL Chemical Limited. However, the Company has disclosed the approximate
amount of these unauthorized borrowings, totaling ' 450 million, under contingent liabilities.

NOTE 46 : FINANCIAL INSTRUMENTS
Capital Risk management

The Company being in a capital intensive industry, its objective is to maintain a strong credit rating, healthy capital
ratios and establish a capital structure that would maximize the return to stakeholders through optimum mix of debt
and equity.

The Company’s capital requirement is mainly to fund its capacity expansion and repayment of principal and interest
on its borrowings. The principal source of funding of the Company has been, and is expected to continue to be,
cash generated from its operations supplemented by funding from bank borrowings and the equity capital by way of
preferential allotment. The Company is not subject to any externally imposed capital requirements.

The Company regularly considers other financing and refinancing opportunities to diversify its debt profile, reduce
interest cost and elongate the maturity of its debt portfolio, and closely monitors its judicious allocation amongst
competing capital expansion projects, to capture market opportunities at minimum risk.

Detail of Net debt of the company which includes, interest bearing loans and borrowings less cash and cash
equivalents, bank balances other than cash and cash equivalents and current investments.

i. Equity includes all capital and reserves of the Company that are managed as capital.

ii. Debt is defined as long and short term borrowings, as described in note 24.

iii. The company has chosen not to declare a dividend for FY 2024-25, opting instead to reinvest profits to bolster
future growth initiatives.

In 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. Breaches in meeting the financial covenants would permit the bank to immediately call
loans and borrowings. There have been no breaches in the financial covenants of any interest- bearing loans and
borrowing in the current period.

During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.

The carrying amounts of current trade receivables, current financial assets, cash and bank balances, loans,
trade payables, current borrowings, current financial liabilities and current lease liabilities are considered to
be approximately equal to their fair value.

iii. Assets and liabilities which are measured at FVTPL or FVTOCI

Fair value of the Company’s financial assets and financial liabilities are measured on a recurring basis at the
end of each reporting period.

b) Financial risk management

The Company has a Risk Management Committee established by its Board of Directors for overseeing the Risk
Management Framework and developing and monitoring the Company’s risk management policies.

The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk.
The Company’s Risk Management Committee focuses to minimize potential adverse effects of all the risk on its
financial performance.

The risk management policies are established to ensure timely identification and evaluation of risks, setting
acceptable risk thresholds, identifying and mapping controls against these risks, monitor the risks and their limits,
improve risk awareness and transparency. Risk management systems are reviewed regularly to reflect changes
in the market conditions and the Company’s activities to provide reliable information to the Management and the
Board to evaluate the adequacy of the risk management framework in relation to the risk faced by the Company.

The risk management policies aims to mitigate the following risks arising from the financial instruments:

- Market risk;

- Credit risk; and

- Liquidity risk.

c) 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 the market prices. The value of a financial instruments may change as result of change in interest
rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all
market risk sensitive financial instruments including payable, deposits, loans & borrowings.

The Company management evaluates and exercise control over process of market risk management. The Board
recommends risk management objective and policies which includes management of cash resources, borrowing
strategies and ensuring compliance with market risk limits and policies.

d) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company is exposed to interest rate risk because funds are borrowed at
both fixed and floating interest rates. Interest rate risk is measured by using the cash flow sensitivity for changes
in variable interest rate. The borrowings of the Company are principally denominated in rupees with a mix of
fixed and floating rates of interest. The risk is managed by the Company by maintaining an appropriate mix
between fixed and floating rate borrowings.

(e) Credit risk management:

Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to
the Company. Credit risk encompasses both, the direct risk of default and the risk of deterioration of credit worthiness
as well as concentration risks. The Company has adopted a policy of only dealing with credit worthy counter parties
and obtaining sufficient collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.
Company’s credit risk arises principally from the trade receivables, loans, cash & cash equivalents.

Trade receivables

Trade receivables are typically unsecured and are derived from revenue earned from customers. Customer
credit risk is managed centrally by the Company and subject to established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive
credit rating score card and individual credit limits defined in accordance with the assessment.

Trade receivables consist of a large number of customers spread across diverse industries and geographical
areas with no significant concentration of credit risk. The outstanding trade receivables are regularly monitored
and appropriate action is taken for collection of overdue receivables. Receivables are deemed to be past due or
impaired with reference to the Company’s normal terms and conditions of business. These terms and conditions
are determined on a case to case basis with reference to the customer’s credit quality and prevailing market
conditions. The Company based on past experiences does not expect any material loss on its receivables and
hence no provision is deemed necessary on account of expected credit loss (‘ECL’). The credit quality of the
Company’s customers is monitored on an ongoing basis and assessed for impairment where indicators of such
impairment exist. The Company uses simplified approach (i.e. lifetime expected credit loss model) for impairment
of trade receivables. The solvency of the debtor and their ability to repay the receivable is considered in assessing
receivables for impairment. Where receivables have been impaired, the Company actively seeks to recover the
amounts in question and enforce compliance with credit terms.

Concentration risk

As at March 31, 2025, two customers (one customer as at March 31, 2024) exceed 10% of the Company’s total
trade receivables.

Cash and cash equivalents

Credit risks from balances with banks and financial institutions are managed in accordance with the Company
policy. The Company attempts to limit the credit risk by only dealing with reputable banks and financial institutions
having high credit- ratings assigned by credit-rating agencies and hence the risk is reduced.

Liquidity risk management

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time,
or at a reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable
securities and the availability of funding through an adequate amount of committed credit facilities to meet
obligations when due. The Company maintains flexibility in funding by maintaining availability under committed
credit lines. The Management monitors rolling forecasts of the Company’s Liquidity position and cash and cash
equivalents on the basis of the expected cash flows. The Company assessed the concentration of risk with
respect to its debt and concluded it to be low.

The following tables detail the Company’s remaining contractual maturity for its non-derivative financial liabilities
with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of
financial liabilities based on the earliest date on which the Company can be required to pay. The table includes
both interest and principal cash flows.

Collateral

The Company has pledged part of its trade receivables, short term investments and cash and cash equivalents
in order to fulfill certain collateral requirements for the banking facilities extended to the Company. There is
obligation to return the securities to the Company once these banking facilities are surrendered.

NOTE : 48 EMPLOYEE BENEFIT OBLIGATIONS

(A) Defined contribution plan

The Company contributes towards retirement benefit plans for all qualifying employees. Under these plans, the
Company is required to contribute a specified percentage of payroll costs.

Company’s contribution to provident fund recognised in statement of profit and loss of ' 3.04 million (March 31,
2024'2.73 million)

(B) Defined benefit plans

The level of benefits provided depends on the member’s length of service and salary at retirement age.

The gratuity plan is covered by The Payment of Gratuity Act, 1972. Under the gratuity plan, all employees are
entitled to Gratuity Benefits on exit from service due to retirement, resignation or death at the rate of 15 days’
salary for each year of service with payment ceiling of ' 2 million. The vesting period for gratuity as payable
under The Payment of Gratuity Act, 1972 is 5 years.

Under the Compensated absences plan, leave encashment is payable to all eligible employees on separation
from the Company due to death, retirement, superannuation or resignation. At the rate of daily salary, as per
current accumulation of leave days.

The above defined benefit plans typically expose the Company to actuarial risks such as: investment risk, interest
rate risk, longevity risk and salary risk.

(b) Compensated Absences

The long/short term employee benefit covers the Company’s liability for sick and earned leave. The amount of
the provision is ' 3.85 million (as at March 31, 2024'5.53 million).

Under the compensated absences plan, leave encashment is payable to certain eligible employees on separation
from the company due to death, retirement, or resignation. Employees are entitled to encash leave while serving
the company at the rate of daily salary, as per current accumulation of leave days.

The company also has leave policy for certain employees to compulsorily utilised the pending leave balance as
on June 30, for every year.

NOTE 52: OTHER STATUTORY INFORMATION

(1) No proceedings have been initiated on or are pending against the Company for holding benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(2) The Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority.

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

(4) 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.

(5) The Company has compiled 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.

(6) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income.

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

(8) The borrowings obtained by the Company from banks and financial institutions have been applied for the
purposes for which such loans were taken.

(9) 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:

(i) 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

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

(10) 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:

(i) 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

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

(11) The Company has not traded or invested in crypto currency or virtual currency during the current or previous
year.

NOTE 53: Previous period figures have been regrouped / recast / reclassified wherever necessary to confirm with current
year.

NOTE 54: The Company has approved its financial statements in its board meeting dated May 14, 2025.

The accompanying Notes are an integral part of the Standalone Financial Statements.

For Mittal & Associates For and on behalf of the Board of Directors

Chartered Accountants
Firm’s Regn. No.: 106456W

Rishi Pilani Shyam Nihate

Chairman & Managing Director Executive Director - Terminal Operations
Hemant Bohra (DIN: 00901627) (DIN: 08301025)

Partner

Membership No. : 165667
UDIN: 25165667BMMLAC9790

Ramesh Pilani Ekta Dhanda

Mumbai, May 14, 2025 Chief Financial Officer Company Secretary & Compliance Officer