2.14. Provisions, Contingent Liabilities and Contingent Assets
The amount recognized as a provision is the 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, it's carrying amount is the present value of those cash flows (when the effect of the
time value of money is material).
Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated.
The expense relating to a provision is presented in the Standalone Statement of Profit and Loss, net of any reimbursements.
A present obligation that arises from past events, where it is either not probable that an outflow of resources will be required to settle or a
reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also 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 (Refer Note 40).
Claims against the Company, where the possibility of any outflow of resources in settlement is remote, are not disclosed as
contingent liabilities.
Contingent assets are not recognized in financial statements since this may result in the recognition of income that may never be realized.
However, when the realization of income is virtually certain, then the related asset is not a contingent asset and is recognized.
Provisions, contingent liabilities and contingent assets are reviewed at each Balance Sheet date.
2.15. Leases - Company as a Lessee
At inception of a contract, the Company assesses whether a contract is or contains a lease. A contract is or contains a lease if the contract
conveys the right to control the use of an identified assets for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset the Company assesses whether contract involves the use of an identified asset,
the Company has a right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use and
the Company has the right to direct the use of the asset.
At the inception date, right-of-use asset is recognized at cost which includes present value of lease payments adjusted for any payments
made on or before the commencement of lease and initial direct cost, if any. It is subsequently measured at cost less accumulated
depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the lease liability. Right-of-use asset is
depreciated using the straight-line method from the commencement date over the earlier of useful life of the asset or the lease term.
When the Company has purchase option available under lease and cost of right-of-use assets reflects that purchase option will be
exercised, right-of-use asset is depreciated over the useful life of underlying asset. 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.
At the inception date, lease liability is recognized at present value of lease payments that are not made at the commencement of lease.
Lease liability is subsequently measured by adjusting the carrying amount to reflect interest, lease payments and remeasurement, if any.
Lease payments are discounted using the incremental borrowing rate or interest rate implicit in the lease if the rate can be determined.
The Company has elected not to apply the requirements of Ind AS 116 to leases that has a term of 12 months or less and leases for which
the underlying asset is of low value.
2.16.Dividends
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when
declared by the directors. In the case of final dividends, this is when approved by the shareholders at the annual general meeting.
2.17.Segment Information
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The
Chief Operating decision-maker is responsible for allocating resources and assessing the performance of the operating segments and
makes strategic decisions.
2.18. Goods and Services Tax (GST) paid on acquisition of assets or on incurring expenses
Expenses and assets are recognised net of the amount of GST, except when the tax incurred on a purchase of assets or services is not
recoverable from the taxation authority, in which case, the tax paid is recognised as part of the cost of acquisition of the asset or as
part of the expense item, as applicable; when receivables and payables are stated with the amount of tax included. The net amount
of tax recoverable from, or payable to, the taxation authority is included as part of other current/non-current assets/ liabilities in
the balance sheet.
2.19. Events after the reporting period
If the Company receives information after the reporting period, but prior to the date when the financial statements are approved for
issue, about conditions that existed at the end of the reporting period, it will assess whether the information affects the amounts that it
recognises in its standalone financial statements. The Company will adjust the amounts recognised in its standalone financial statements
to reflect any adjusting events after the reporting period and update the disclosures that relate to those conditions considering the new
information. For non-adjusting events after the reporting period, the Company will not change the amounts recognised in its standalone
financial statements but will disclose the nature of the non-adjusting event and an estimate of its financial effect, or a statement that
such an estimate cannot be made, if applicable.
2.20.Share-based payments
The Company operates an equity-settled share-based compensation plan under which the Company receives services from employees
as consideration for equity instruments (options) of the Company. The fair value of the employee services received in exchange for the
grant of the options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the
options granted. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting
conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest.
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity (share-
based payment reserve). When the options are exercised, the Company issues new shares. The proceeds received are credited to share
capital and securities premium. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of
diluted earnings per share.
The Company also recognises the cost of options granted to employees of subsidiary companies as an increase in the cost of investment
in the respective subsidiary, with a corresponding increase in equity (share-based payment reserve).
2.21.Earnings per share
Basic earnings per share is calculated by dividing the net profit or loss attributable to equity holders of the Company by the weighted
average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders of
the Company and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares.
Assets charged as security
The Company does not have any outstanding loans or borrowings and repayment to lenders during the current and previous year.
The Company has been sanctioned working capital limits from consortium banks through collateral security of equitable / registered
mortgage on first pari-passu charge basis of whole of the movable fixed assets including without limitation movable plant and machinery,
capital work in process, machinery spares, tools and accessories and other movables, present and future, Land bearing plot number L-82
& L-83, Phase II - E admeasuring 23,900 sq. mtrs. of the property situated at Verna Industrial Estate in Goa together with all buildings and
structures, machinery etc. on the said properties and hypothecation on first pari-passu charge over the Company's entire current assets
both present and future.
Notes:
1. During the year ended 31 March 2026, the Board of Directors and Shareholders of the Company approved the Marksans Employees Stock
Option Scheme 2024 ("Scheme") for the employees of the Company and its subsidiary companies comprising of equity shares of the
Company, not exceeding 2,300,000 equity share of face value of H 1/- each. Under the said Scheme, the Company has granted 400,000
equity stock options of face value of H 1/- each on 24 September 2025 to certain eligible employees of the Company and its subsidiary
companies. Consequently, for the options granted to the eligible employees of the subsidiary companies, the Company has recognised
an increase in the cost of investment in subsidiaries.
2. During the year ended 31 March 2026, the Company incorporated two wholly owned subsidiaries, namely Marksans Pharma (Europe)
Limited in Ireland and Marksans (Canada) Inc. in Canada, on 16 January 2026 and 22 January 2026, respectively. As at 31 March 2026, no
capital contribution or other investment has been made by the Company in these subsidiaries and, accordingly, the carrying amount of
investment in these subsidiaries is Nil.
b. Terms/rights attached to equity shares
The Company has only one class of equity shares having a face value of HI/- per share. All the equity shares rank pari passu in all respect.
Every holder of equity shares present at a meeting in person or by proxy is entitled to one vote, and upon a poll each share is entitled to
one vote. The equity share holders are entitled to dividend, if declared by the shareholders in an Annual General Meeting, in proportion
to the number of equity shares held by the shareholders. 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.
c. The Company has not issued bonus shares during the period of five years immediately preceding the reporting date.
d. During FY 2022 - 23, the Board of Directors at its meeting held on 08 July 2022 had approved the proposal to buy back its own fully paid
up Equity Shares of face value H1/- each up to a maximum price of H60 per Equity Share ("Maximum Buyback Price") payable in cash for
an aggregate buy back consideration not exceeding H600 million ("Maximum Offer Size") through the open market route on the stock
exchanges from the equity shareholders / beneficial owners of the Equity Shares of the Company (other than those who are promoters,
members of the promoter group and persons in control of the Company). In FY 2022 - 23, the Company bought back and accounted
buy back of 6,474,276 equity shares which were extinguished on or before 18 January 2023 and completed the aforesaid buyback offer.
Aforesaid buyback offer resulted in a cash outflow of H401.66 million (including transaction costs of H7.22 million and tax on buyback
of H73.30 million). The volume weighted average buyback price was H49.60 per equity share comprising 1.58% of the pre buyback paid
up equity share capital of the Company. The Company funded the buy back from its free reserves, including securities premium, as
explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company had
created "Capital Redemption Reserve" of H6.47 million equal to the nominal value of the shares bought back as an appropriation from
retained earnings. The Company has not bought back equity shares for consideration other than cash during the period of five years
immediately preceding the reporting date.
Note No.34 : Post-Employment Benefits
The following are the employee benefit plans applicable to the employees of the Company:
i Defined Contribution Plan
The Company has a defined contribution plan in the form of Provident Fund and National Pension Scheme. Contributions are made
to provident fund in India for employees at the rate of 12% of basic salary as per regulations. The contributions are made to registered
provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no
further contractual nor any constructive obligation.
The Company's contribution to provident fund H61.89 million (31 March 2025: H55.58 million) has been recognised in profit or loss under
the head employee benefits expense.
The Company's contribution to national pension scheme H2.36 million (31 March 2025: H2.17 million) has been recognised in profit or loss
under the head employee benefits expense.
ii Gratuity (Defined benefit plan)
The Company operates a funded defined benefit gratuity plan for its eligible employees. The gratuity plan is governed by the applicable
provisions of the Code on Social Security, 2020, read with the relevant rules thereunder, which have subsumed the earlier provisions of the
Payment of Gratuity Act, 1972. Under the plan, eligible employees are entitled to gratuity benefits on completion of the requisite period
of continuous service, as applicable, at the time of cessation of employment. The gratuity benefit payable is determined with reference
to the employee's length of service and last drawn salary / wages, in accordance with the statutory provisions and the terms of the plan.
The gratuity plan is funded through a gratuity trust. The plan assets are administered by the Board of Trustees, which is responsible for
the administration of the trust, including oversight of the investment of plan assets and monitoring of the funding position of the plan
in accordance with the trust deed and applicable regulatory requirements.
The Company's defined benefit obligation is actuarially valued by an independent actuary using the projected unit credit method.
The Board of Trustees periodically reviews the funding position of the gratuity plan, including the asset-liability position, investment
performance and funding requirements. The Company makes contributions to the gratuity fund based on the actuarial valuation,
funding requirements and applicable statutory requirements.
n Through its defined benefit plan, the Company is exposed to a number of risks, the most significant of which are detailed below:
1. Changes in bond yields: A decrease in bond yields will increase plan liabilities.
2. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of
the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan
participants will increase the plan's liability.
3. Salary growth risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
plan participants. An increase in the salary of the plan participants will increase the plan's liability.
iii Other long term employee benefits:
Compensated absences: [included as a part of salaries and wages in Note 30 amounts to H7.37 million (31 March 2025: H8.36 million) -
employee benefits expense] all eligible employees can carry forward and avail / encash leave as per Company's policies. The Company
has applied the same actuarial assumptions that were used for the valuation of gratuity liability.
34.1 Employee Stock Option Plan
Pursuant to the Marksans Employees Stock Option Scheme 2024, approved by resolution passed by the members of the Company at the 32nd
Annual General Meeting held on 24 September 2024 and amended at the 33rd Annual General Meeting held on 08 August 2025, the Company
has granted 400,000 stock options of face value of Re. 1/- each on 24 September 2025 to certain eligible employees of the Company and
its subsidiaries.
Under the plan, participants are granted options which vest upon completion of one year from the grant date. Once vested, the options remain
exercisable for a period of one year.
When exercisable, each option is convertible into one equity share. The exercise price of the options is H10/-.
Tabulated below is the summary of options granted under the plan. Since the employee stock options were granted during the current year, the
related disclosures are applicable for the current year only; accordingly, comparative information for the previous year has not been presented.
The fair value at grant date of options granted during the year ended 31 March 2026 was H161.18 per option. The fair value at grant date is
independently determined using the Black-Scholes Model which takes into account the exercise price, the term of the option, the share price
at grant date and expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of
the option.
The model inputs for options granted during the year ended 31 March 2026 included:
Vested options are exercisable for a period of one year after vesting.
Exercise price: H10
Grant Date: 24 September 2025
Note No.34.2
The Code on Social Security, 2020
Effective 21 November 2025, the Government of India consolidated 29 existing labour regulations into four Labour Codes, namely the Code
on Wages, 2019; the Industrial Relations Code, 2020; the Code on Social Security, 2020; and the Occupational Safety, Health and Working
Conditions Code, 2020 (collectively referred to as the "New Labour Codes").
The implementation of the New Labour Codes resulted in an increase in provision for employee benefits on account of recognition of past
service cost. In accordance with the requirements of the New Labour Codes and the applicable accounting standards, the Company assessed
the related impact. Consequently H 26.09 million has been recognised as Employee Benefits Expense in the standalone financial statements
for the year ended 31 March 2026.
Note No.35
Capital management
For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to
the equity holders of the Company. The primary objective of the Company's capital management is to safeguard the Company's ability to
remain as a going concern and maximise the shareholder value. The Company manages its capital structure and makes adjustments in light
of changes in economic conditions, annual operating plans and long-term and other strategic investment plans. In order to maintain or
adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue
new shares. The current capital structure of the Company is equity based with no financing through borrowings except through leasing. The
Company is not subject to any externally imposed capital requirements.
The following methods and assumptions were used to estimate the fair values:
Fair value of cash and bank balances, trade receivables and other financial assets, trade payables, other financial liabilities approximate
their carrying amounts largely due to the short-term maturities of these instruments. Methods and assumptions used to estimate the fair
values are consistent with those used for the previous year.
During the reporting period ending 31 March 2026 and 31 March 2025, there were no transfers between Level 1 and Level 2 fair
value measurements.
Fair value hierarchy :
The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or
unobservable and consists of following:
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices.
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 and rely as little as possible on entity specific estimates. If all significant inputs required to
fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the
case for unlisted equity securities included in level 3.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair
value hierarchy.
# Investment in mutual funds: The fair values represent net asset value as stated by the issuers of these mutual fund units in the published statements. Net asset values
represent the price at which the issuer will issue further units in the mutual fund and the price at which issuers will redeem such units from the investors.
@ The fair values of the foreign exchange forward contract has been determined using valuation techniques with adequate observable inputs. This model incorporates
various inputs including the credit quality of counter parties and foreign exchange forward rates.
B. Financial risk management framework
The Company's activities expose it to variety of financial risks namely market risk, credit risk and liquidity risk. The Company has various
financial assets such as deposits, trade and other receivables and cash and bank balances directly related to their business operations.
The Company's principal financial liabilities comprise of trade and other payables.
The Company's senior management's focus is to foresee the unpredictability and minimize potential adverse effects on the Company's
financial performance. The Company's overall risk management procedures to minimise the potential adverse effects of financial market
on the Company's performance are as follows :
(i) Credit risk analysis
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables.
The Company has significant concentration of credit risk with respect to the sale of goods as the Company sells majority of the
productions to the group companies. Management closely monitors the credit quality and collectability of receivables. Since
majority of the Company's sales are to the group companies, there is no credit risk attached to the Company's receivables.
Outstanding customer receivables other than group companies are regularly monitored and any shipments to new overseas
customers are generally covered by letters of credit or other forms of credit insurance. The management continuously monitors the
credit exposure towards the customers and makes provision against those balances considered doubtful of recovery. The Company
establishes an allowances for credit losses and impairment that represents its estimates of expected credit loss (ECL)."
Cash and cash equivalents and other bank balances
The Company held cash and cash equivalents and other bank balances of H4,467.65 million at 31 March 2026 (31 March 2025:
H2,686.91 million). The cash and cash equivalents are held with bank and financial institution counterparties with good credit ratings.
Trade and other receivables
As of the year ended 31 March 2026 and (31 March 2025), trade receivables from one and (two) customers, respectively, exceeded
10% of the Company's total trade receivables.
The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the
Company, and incorporates this information into its credit risk controls. The Company's policy is to deal only with creditworthy
counterparties.
The Company's management considers that all the above financial assets that are not impaired at each of the reporting dates and
are of good credit quality, including those that are past due.
Summary of the Company's exposure to credit risk by age of the outstanding from various customers is in Note 11.
Further, management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full,
based on historical payment behaviour and extensive analysis of customer credit risk.
(ii) Liquidity risk analysis
Liquidity risk is the risk that Company will not be able to meet its financial obligations as they fall due. Liquidity risk arises because
of the possibility that the Company could be required to pay its liabilities earlier than expected or encounters difficulty in raising
funds to meet commitments associated with financial liabilities as they fall due. The Company's approach to managing liquidity
is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The Company manages
liquidity risk by maintaining sufficient cash and bank balance and availability of funding through adequate amount of committed
credit facilities.
(iii) Market risk analysis
The Company's activities are exposed to variety of financial risks. These risks include market risk (including foreign exchange risk
and interest rate risks).
(a) Foreign Currency risk
The Company's foreign currency risk arises from its foreign operations, investments in foreign subsidiaries and foreign currency
transactions. The fluctuation in foreign currency exchange rates may have potential impact on the income statement and
equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency
other than the functional currency of the Company.
Since a major part of the Company's revenue is in foreign currency and major part of the costs are in Indian Rupees, any
movement in currency rates would have impact on the Company's performance. Consequently, the overall objective of the
foreign currency risk management is to minimize the short term currency impact on its revenue and cash-flow in order to
improve the predictability of the financial performance.
The major foreign currency exposures for the Company are denominated in USD, GBP, AED & EURO. Additionally, there
are transactions which are entered into in other currencies and are not significant in relation to the total volume of the
foreign currency exposures. The Company hedges its trade receivables based on historical trends, budgets and monthly
sales estimates. The foreign exchange forward contracts are denominated in the same currency as the highly probable
forecast sales.
(b) 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. Since the Company does not have any interest bearing borrowings, the exposure to risk of changes
in market interest rates is minimal.
(c) Other price risk
The Company's equity exposure in Subsidiaries, are carried at cost or deemed cost and these are subject to impairment
testing as per the policy followed in this respect.
The Company's current investments which are fair valued through profit and loss and are not material. Accordingly, other
price risk of the financial instrument to which the Company is exposed is not expected to be material.
Exposure to interest rate risk
Since the Company does not have any interest bearing financial liabilities, a change in interest rates at the reporting date
would not have any significant impact on the financial statements of the Company. The Company's investments are primarily
in fixed rate interest bearing investments. Hence, the Company is not significantly exposed to interest rate risk.
Outstanding balances at the year end are unsecured and interest free and settlement occurs in cash. The Company has not recorded any
impairment for receivables. This assessment is undertaken each financial year through examining the financial position of the related
parties and the market in which related parties operate.
Note No.39 : Segment information
A. Operating Segments
The Company operates in one reportable business segment namely 'Pharmaceuticals' as per Ind AS 108 on 'Operating Segments'
B. Geographical Information
Analysis of revenues by geography:
The following table shows the distribution of the Company's revenues (excluding other operating income) by country, based on the
location of the customers:
C. Information about major customers
During the year ended 31 March 2026, revenues from transactions with customers that amounted to 10% or more of the Company's total
revenues included two customers (31 March 2025: two customers). The total revenues from these significant customers amounted to
H10,671.22 million for the year ended 31 March 2026 (31 March 2025: H9,022.54 million).
Note No.40 : Contingent liabilities, contingent assets and commitments
Contingent liabilities
The Company neither had any contingent liabilities as on 31 March 2026 nor on 31 March 2025.
Contingent assets
The Company neither had any contingent assets as on 31 March 2026 nor on 31 March 2025.
1 Current ratio increased due to increase in cash generated from operations.
2 The Debt Service Coverage Ratio has improved significantly due to increase in profit after tax, the improvement reflects enhanced
profitability during the year, resulting in a stronger internal accrual base available to service the Company's lease-related obligations.
3 The Return on Equity improvement is primarily driven by increase in net profit after tax. The enhanced Return on Equity reflects better
returns generated for shareholders through improved operational performance and effective capital utilization during the year.
4 The net profit ratio increased primarily due to a higher profit after tax during the year.
5 The return on capital employed increased primarily due to an increase in profit before tax during the year.
6 The return on investment increased primarily due to an increase in profit before tax during the year.
Note No.45 : Other statutory information
a. Details of benami property held
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.
b. Borrowing secured against current assets
The Company has been sanctioned working capital limits in excess of H50 million in aggregate from consortium of banks on the basis of
security of current assets. Quarterly returns filed with such Bank are in agreement with the books of account.
c. Wilful defaulter
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.
d. Relationship with struck off companies
The Company has no transactions with the companies struck off under Companies Act, 2013 or Companies Act, 1956.
e. Registration of charges or satisfaction with registrar of companies (ROC)
There are no charges or satisfaction which are yet to be registered with the registrar of companies beyond the statutory period.
f. Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under the Companies Act, 2013.
g. Compliance with approved schemes of arrangements
The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
h. Utilisation of borrowed funds and share premium
1. The Company has not advanced or loaned or invested funds to any other persons or entities, including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) 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
(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
2. The Company has not received any fund from any persons or entities, including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
(a) 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
(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.
i. Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax
Act, 1961, that has not been recorded in the books of account.
j. 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.
k. Valuation of PP&E and intangible asset
The Company has not revalued its property, plant and equipment (including right of use assets) or intangible assets for both during the
current or previous year.
l. Title deeds of immovable properties
Title deeds of all immovable properties are held in the name of the Company.
m. The Company has used an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log)
facility, except that audit trail feature wasnot enabled atthedatabase level in respect ofan accounting software to log anydirectdatachanges.
Further, to the extent enabled, audit trail feature has operated throughout the year for all relevant transactions recorded in the
accounting software. Also, there were no instances of audit trail feature being tampered with. Additionally, the audit trail of prior year
has been preserved by the Company as per the statutory requirements for record retention to the extent it was enabled and recorded in
respective years.
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