c) Provisions, contingent liabilities and
contingent assets

Provisions are recognised when present obligations
as a result of a past event will probably lead to an
outflow of economic resources and amounts can be
estimated reliably. Timing or amount of the outflow
may still be uncertain. A present obligation arises
when there is a presence of a legal or constructive
commitment that has resulted from past events, for
example, legal disputes or onerous contracts.
Provisions are not recognised for future operating
losses.

Provisions are measured at the estimated
expenditure required to settle the present obligation,

based on the most reliable evidence available at the
reporting date, including the risks and uncertainties
associated with the present obligation. Provisions are
discounted to their present values, where the time
value of money is material.

Any reimbursement that the Company can be
virtually certain to collect from a third party with
respect to the obligation is recognised as a separate
asset. However, this asset may not exceed the amount
of the related provision.

All provisions are reviewed at each reporting date
and adjusted to reflect the current best estimate.

In those cases where the outflow of economic
resources as a result of present obligations is
considered improbable or remote, no liability is
recognised.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed
only by future events not wholly within the
control of the Company or

• Present obligations arising from past events
where it is not probable that an outflow of
resources will be required to settle the obligation
or a reliable estimate of the amount of the
obligation cannot be made.

Contingent assets are not recognised. However, when
inflow of economic benefits is probable, related asset
is disclosed.

d} Earnings per share

Basic earnings per equity share is computed by
dividing net profit after tax by the weighted average
number of equity shares outstanding during the year.
Diluted earnings per equity share is computed by
dividing adjusted net profit after tax by the aggregate
of weighted average number of equity shares and
dilutive potential equity shares during the year.

e) Cash and cash equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand, cheques on 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.

For the purpose of the statement of cash flows, cash
and cash equivalents consist of cash and short-term
deposits, as defined above.

f) Fair value measurement

In determining the fair value of its financial
instruments, the Company uses a variety of methods
and assumptions that are based on market conditions
and risks existing at each reporting date. The
methods used to determine fair value include
discounted cash flow analysis, available quoted
market prices and dealer quotes. All methods of
assessing fair value result in general approximation
of value, and such value may never actually be
realized. For financial assets and liabilities maturing
within one year from the Balance Sheet date and
which are not carried at fair value, the carrying
amounts approximate fair value due to the short
maturity of these instruments.

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date, regardless of whether that price
is directly observable or estimated using another
valuation technique. In estimating the fair value of an
asset or a liability, the Company takes into account
the characteristics of the asset or liability, if market
participants would take those characteristics into
account when pricing the asset or liability at the
measurement date.

In addition, for financial reporting purposes, fair
value measurements are categorized into Level 1, 2
or 3 based on the degree to which the inputs to the
fair value measurements are observable and the
significance of the inputs to the fair value
measurement in its entirety, which are described as
follows:

Level 1 inputs are quoted prices /net asset value
[unadjusted) in active markets for identical assets or
liabilities that the company can access at the
measurement date;

Level 2 inputs are inputs, other than quoted prices
included within Level 1, that are observable for the
asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset
or liability.

g) Financial instruments

Initial recognition and measurement

Financial assets and financial liabilities are
recognized when the Company becomes a party to
the contractual provisions of the financial

instrument. Financial instrument are measured
initially at fair value adjusted for transaction costs,
except for those carried at fair value through profit or
loss which are measured initially at fair value.

Subsequent measurement

Financial assets carried at amortised cost

A financial asset is measured at the amortised cost, if
both the following conditions are met:

• The asset is held within a business model whose
objective is to hold assets for collecting
contractual cash flows, and

• Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI] on the
principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EiRJ method.

Impairment of financial assets

in accordance with Ind AS 109, the Company applies
expected credit loss (ECL) model for measurement
and recognition of impairment loss for financial
assets. ECL is the weighted-average of difference
between all contractual cash flows that are due to the
Company in accordance with the contract and all the
cash flows that the Company expects to receive,
discounted at the original effective interest rate, with
the respective risks of default occurring as the
weights. When estimating the cash flows, the
Company is required to consider:

• All contractual terms of the financial assets
(including prepayment and extension] over the
expected life of the assets.

• Cash flows from the sale of collateral held or
other credit enhancements that are integral to
the contractual terms.

De-recognition of financial assets: A financial asset
is primarily de-recognised when the contractual
rights to receive cash flows from the asset have
expired or the Company has transferred its rights to
receive cash flows from the asset.

Non-derivative financial liabilities

Subsequent to initial recognition, all non-derivative
financial liabilities are measured at amortised cost
using the effective interest method.

De-recognition of financial liabilities: A financial
liability is de-recognized 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 de-recognition 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 or loss.

h) Standards issued but not yet effective

Ministry of Corporate Affairs ("MCA"] notifies new
standard or amendments to the existing standards
under Companies (Indian Accounting Standards]
Rules as issued from time to time. During the year
ended March 31,2024, MCA has not notified any new
standards or amendments to the existing standards
applicable to the Company.

Note 14 : Financial risk management objectives and policies

The Company is exposed to liquidity risk. The Company's management oversees the management of
this risk. The management reviews and agrees policies for managing each of this risks, which are
summarised below.

Note 14A : Liquidity Risk

The table below summarises the maturity profile of the Company’s financial liabilities based on
contractual undiscounted payments.

Note 14B : Interest rate risk

The Company does not have exposure to the risk of changes in market interest rates as the Company's
borrowings are at fixed interest rates.

Note 15 : 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 maximise the 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. 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. No changes were made in the objectives, policies or processes
for managing capital during the years ended March 31,2024 and March 31, 2023.

Note 17 : Additional regulatory information required by Schedule III of Companies Act, 2013

(i) Details of Benami Property held

There are no proceedings which have been initiated or pending against the Company for holding any benami property under the Prohibition of
Benami Properties Transactions Act, 1988 and rules made thereunder,

(ii) Borrowing secured against current assets

The Company has no borrowings from banks and financial institutions on the basis of security of current assets.

(iii) Wilful defaulter

The Company has not been declared wiiful defaulter by any bank or financial institution or government or any government authority.

(iv) Relationship with struck off companies

The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956 during the year and in
previous year.

(v) Compliance with number of layers of companies

The Company has no subsidiary, therefore clause (87) of section 2 of the Companies Act, 2013 read with Companies (Restriction on number of
Layers) Rules, 2017 is not applicable on the Company.

(vi) Compliance with approved scheme(s) of arrangements

The Board of Directors of the Company at their meeting held on May 24, 2022, approved the Scheme of Arrangement between the Company and
Oriental Carbon & Chemicals Limited, The Hon'ble National Company Law Tribunal, Ahmedabad Bench (’’Hon'ble Tribunal") vide its order dated
10 April 2024 has sanctioned the Scheme (‘'NCLT Order") while suo motu amending the Appointed Date to be the date of pronouncement of the
NCLT Order i.e. 10 April 2024. However, as per the Scheme the Appointed Date is the Effective Date. The Certified copy of the Order was
received on April 17, 2024.

After due consideration of overall impact of the aforesaid NCLT Order, both the Companies have filed an appeal against the NCLT order before
National Company Law Appellate Tribunal (NCLAT) to fix the appointed date as per the original scheme. The Hon'ble NCLAT has admitted our
application and allowed an Interim stay petition on the operation of NCLT Order.

(vii) Undisclosed income ,

The Company does not have any transactions 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). Also, there are nil previously unrecorded income and related assets.

(viii) Details of crypto currency or virtual currency

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

(ix) Valuation of property, plant and equipment (including right-of-use assets) or intangible assets or both and investment property

The Company is not having any property, plant and equipment (including right-of-use assets) or intangible assets or both and investment property
during the current or previous year.

(x) Title deeds of immovable properties not held in name of the company

The Company is not have any immovable properties during current and previous year.

(xi) Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies,

(xii) Corporate Social Responsibility (CSR)

The provisions of section 135 of the Companies Act, 2013 towards Corporate Social Responsibility is not applicable to the Company.

(xiii) Utilisation of borrowings availed from banks and financial institutions

(i) No funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or
share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ( Intermediaries )
during the year, with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 on behalf of the Ultimate Beneficiaries.

(ii) No funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including
foreign entity (“Funding Parties’’) during the year, with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, 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.

Note 18 : Others

A, The Company was incorporated on April 25, 2022 and first financial statements have been prepared for April 25, 2022 to March 31,2023. Hence
the figures are not comparable with current year figures.

B. Previous period figures and opening balances have been considered as per accounts audited by previous year auditor. Previous period figures
have been regrouped / rearranged wherever necessary to conform current year's figure.

As per our report of even date attached.

For Singhi & Co. For and on behalf of the Board of Directors of

Chartered Accountants OCCL Limited

Firm’s Registration No.: 302049E

Bimal Kumar Sipani ' /NOIDA y V ArvindGoenka AkshatGoenka __yc/J

Partner lj*( DELftl )*] Director Director 'Ac

Membership No.: 088926 v DIN: 00135653 DIN: 07131982

Place : Noida (Delhi -NCR) Place : Noida (Delhi- NCR)

Date : May 15, 2024 " Date : May 15, 2024