(P) Provisions, Contingent Liabilities and Contingent Assets:
Provisions: Provisions are recognised when there is a present obligation as a result of a past event. It is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount
of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the
Balance sheet date and are not discounted to its present value.
Contingent Liabilities: 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 or a reliable estimate of the amount cannot be made.
Contingent Assets: Contingent Assets are neither recognised nor disclosed in the financial statements.
(Q) Segment reporting:
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker (CODM) of the Company. The CODM is responsible for allocating resources and assessing performance of the operating
segments of the Company.
(R) Cash and cash equivalents:
Cash and cash equivalents for the purposes of cash-flow statement comprise cash at bank and in hand and short-term
investments with original maturity of three months or less.
(S) Earnings Per Share:
The company reports basic and diluted earnings per share (EPS) in accordance with the Indian Accounting Standard specified
under Section 133 of the Companies Act read with Rule 7 of the Companies (Accounts) Rules, 2014. The Basic EPS has
been computed by dividing the income available to equity shareholders by the weighted average number of equity shares
outstanding during the accounting year. The diluted EPS has been computed using the weighted average number of equity
shares and dilutive potential equity shares outstanding during the end of the year.
The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus
element in a rights issue, share split, and reverse share split (consolidation of shares) that have changed the number of equity
shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders
and the weighted average number of shares outstanding during the period are adjusted for the effect of all potentially dilutive
equity shares.
1.4 Key accounting estimates and judgements
The preparation of the Company's financial statements requires the management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
a) Depreciation/amortisation and useful lives of property, plant and equipment/intangible assets
Property, plant and equipment/intangible assets are depreciated/amortised over the estimated useful lives of the assets,
after taking into account their estimated residual value. Management reviews the estimated useful lives and residual
values of the assets annually in order to determine the amount of depreciation/ amortisation to be provided during any
reporting period. The useful lives and residual values are based on the Company's historical experience with similar
assets and take into account anticipated technological changes. The depreciation/ amortisation for future periods is
revised if there are significant changes from previous estimates.
b) Provisions
Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow of
funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability require the application of judgement to existing facts and circumstances,
which can be subject to change. Since the cash outflows can take place many years in the future, the carrying amounts
of provisions and liabilities are reviewed regularly and revised to take account of changing facts and circumstances.
c) Defined benefit obligation
The costs of providing pensions and other post-employment benefits are charged to the Statement of Profit and Loss
in accordance with Ind AS 19 'Employee benefits' over the period during which benefit is derived from the employees'
services. The costs are assessed on the basis of assumptions selected by the management. These assumptions include
salary escalation rate, discount rates, expected rate of return on assets and mortality rates.
The same is disclosed in Note 40, 'Employee benefits'.
d) Income Tax:
The Company's tax jurisdiction is India. Significant judgements are involved in estimating budgeted profits for the purpose
of paying advance tax, determining the provision for income taxes, including amount expected to be paid/recovered for
uncertain tax positions (Refer Note 37).
e) Impairment of financial assets:
The impairment provisions for financial assets are based on assumptions about risk of default and expected cash loss
rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation,
based on Company's past history, existing market conditions as well as forward looking estimates at the end of each
reporting period.
. During the previous financial year, the company has issued and allotted bonus equity shares to the eligible shareholders on
the book closure date (i.e. 12th August, 2024) in the ratio of 3:1, resulting in an increase in Issued Share Capital by capitalising
Reserves of the Company.
Rights, preferences and restrictions attached to shares
1. The Company has only one class of shares referred to as equity shares having a par value of ? 10/-. Each holder of equity
shares is entitled to one vote per share.
2. In the event of liquidation of the Company, the holders of the equity shares of the Company will be entitled to receive the
remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.
General Reserve - General reserve is created from time to time by way of transfer from retained earnings for appropriation
purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other
comprehensive income.
Capital Reserve - Capital reserve includes Special capital incentive and subsidy received from the Government for setting up
or expansion of an industrial undertaking in undeveloped area of State, and is credited to Special capital incentive and profit on
re-issue of forfeited shares.
Securities Premium Reserve - Securities premium reserve represents the premium received on issue of equity shares.
Share Based Payment Reserve - This represents the fair value of the stock options granted by the Company under the GRP
Employee Stock Option Plan 2024 (ESOP 2024) accumulated over the vesting period. The reserve will be utilized on exercise
of the options.
Please refer Note 40 D for detailed disclosure on Share based payments.
1 Borrowings are measured at amortised Cost
Nature of security and terms of repayment for borrowings:
2 Rupee loan from HDFC Bank Ltd of Nil (Net of processing charges) (31-Mar-2025: ? 210.68 lakhs) for Working
Capital.
Second pari passu charge by way of hypothecation of entire current assets, both present and future at par with other
banks. Second pari passu charge on entire property, plant and equipment located at Ankleshwar & Panoli plant of the
company at par with other banks.
Loan is repaid on 27-Mar-2026.
3 Rupee loan from HDFC Bank Ltd of ? 352.51 lakhs (Net of processing charges) (31-Mar-2025: ? 703.85 lakhs) for
Capex.
First exclusive charge by way of hypothecation of plant & machinery which are funded through this loan and by way of
extension of equitable mortgage on office at 510, Kohinoor City, Kurla (West), Mumbai.
Repayable in 54 equal monthly instalments beginning from 02-Oct-2022 along with interest @ 8.04% p.a. (FY 24-25 :
9.27% p.a.)
4 Rupee loan from HDFC Bank Ltd of ? 247.41 lakhs (Net of processing charges) (31-Mar-2025: ? 370.63 lakhs) for
Working Capital.
Second pari passu charge by way of hypothecation of entire current assets, both present and future at par with other
banks. Second pari passu charge on entire property, plant and equipment located at Ankleshwar & Panoli plant of the
company at par with other banks.
Repayable in 48 equal monthly instalments beginning from 01-Apr-2024 along with interest @ 9.00% p.a. (FY 24-25 :
9.00% p.a.)
5 Foreign currency loan from Kotak Mahindra Bank Ltd of ? 805.76 lakhs (Net of processing charges) (31-Mar-2025:
? 911.35 lakhs) for Capex.
First pari passu hypothecation charge to be shared with Citi Bank & HDFC Bank on all existing and future receivables/
current assets/moveable fixed assets at par with other banks. Exclusive charge of Kotak Mahindra Bank Ltd on Movable
Fixed Assets funded through Kotak Mahindra Bank Ltd Term Loan. First pari passu charge on land & building located at
Ankleshwar & Panoli plant of the company at par with other banks.
Repayable in 60 equal monthly instalments beginning from 25-Mar-2024 along with interest @ 5.19% p.a. (FY 24-25 :
5.19% p.a.)
6 Foreign currency loan from Proparco of ? 7,727.34 lakhs (Net of processing charges) (31-Mar-2025: ? 1,933.89
lakhs) for Capex.
First and exclusive charge created of hypothecation created on plant and machinery located at D-16, Chincholi Industrial
Area, Mohol, Solapur and by way of Indenture of mortgage on the commercial office premises located at 601 & 602
Presidential Plaza, Ghatkopar (West), Mumbai and 509B, Kohinoor City, Kurla (West), Mumbai
Repayable in 11 equal half yearly instalments beginning from 15-Jun-2027 along with interest @ 5.55% p.a. (FY 24-25 :
5.91% p.a.)
7 Deferred Payment Liability
a Vehicle loan of ? Nil (31-Mar-2025: ? 8.17 lakhs) is secured by vehicles under hypothecation with Bank. Loan is
repayable in 39 monthly instalments from Dec-2022 along with interest @ 7.90% p.a. Loan is repaid on 7-Feb-2026.
b Vehicle loan of ? 14.17 lakhs (31-Mar-2025: ? 18.35 lakhs) is secured by vehicles under hypothecation with Bank.
Loan is repayable in 60 monthly instalments from Feb-2024 along with interest @ 9.20% p.a.
c Vehicle loan of ? 80.27 lakhs (31-Mar-2025: ? 87.96) is secured by vehicles under hypothecation with NBFC. Loan
is repayable in 60 monthly instalments from Feb-2024 along with interest @ 10.25% p.a.
1 Working Capital Loan from HDFC Bank Ltd of ? 5,518.85 lakhs (31-Mar-2025: ? 5,224.93 lakhs)
First pari passu charge by way of hypothecation of entire current assets, both present and future at par with other banks.
First pari passu charge on entire property, plant and equipment located at Ankleshwar & Panoli plant of the company at
par with other banks.
2 Working Capital Loan from Citi Bank N.A. of ? 3,014.18 lakhs (31-Mar-2025: ? 3,006.06 lakhs)
First pari passu charge in favour of Citi Bank N.A. by way of hypothecation of entire Fixed assets both movable and
immovable, both present & future of the company located at Manufacturing unit at Ankleshwar & Panoli Plant, Gujarat at
par with other banks.
3 Working Capital Loan from Kotak Mahindra Bank Ltd. of ? 2,225.33 lakhs (31-Mar-2025: ? 1,183.55 lakhs)
First pari passu charge by way of hypothecation of entire current assets, both present and future at par with other banks.
First pari passu charge on entire property, plant and equipment located at Ankleshwar & Panoli plant of the company at
par with other banks.
4 For explanation on the company's Interest risk and foreign currency risk refer Note 50
5 The company has borrowings from bank and financial institution on the basis of security of current asset and in following
instances.
There were differences in quarterly statements of current asset filed by the company with the bank. The summary of
reconciliation is as follows:
Details of Micro and Small Enterprises as defined under Micro, Small and Medium Enterprises Development Act,2006 ("MSMED
Act").
To comply with the requirement of The Micro, Small and Medium Enterprises Development Act, 2006, the Company requested
its suppliers to confirm it whether they are covered as Micro, Small or Medium enterprise as is defined in the said Act. Based
on the communication received from such suppliers confirming their coverage as such enterprise, the company has recognized
them for the necessary treatment as provided under the Act, from the date of receipt of such confirmations and are disclosed in
note below.
The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes
viz the Code on Wages, 2019, the Code on Social Security, 2020, the Industrial Relations Code, 2020, and the Occupational
Safety, Health and Working Conditions Code, 2020 (collectively referred to as the ""Labour Codes""). The Codes have been
made effective from 21st November, 2025. The new Labour Codes have resulted in one time increase in provision for employee
benefit of the company. The incremental impact of these changes amounts to ? 140.41 lakhs, based on the information
available and consistent with the guidance provided by the Institute of Chartered Accountants of India, has been recognised
and presented as Exceptional Items in the standalone financial results of the Company for the year ended 31st March, 2026.
The Company will continue to monitor the developments pertaining to the labour codes and will evaluate the impact, if any, on
the measurement of the employee benefit liabilities.
37 INCOME TAX:
A The note below details the major components of income tax expenses for the year ended 31-March-26 and 31-March-25.
The note further describes the significant estimates made in relation to company's income tax position and also explains
how the income tax expense is impacted by non-assessable and non-deductible items.
40 EMPLOYEE BENEFITS :
As per Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined are given below :
The Company has various schemes for long term benefits such as provident fund, superannuation, gratuity and leave encashment.
The Company's defined contribution plans are Employees' Provident fund and Pension Scheme (under the provision of the
Employees' Provident Fund and Miscellaneous Provisions Act, 1952) since the company has no further obligation beyond
making the contributions.
B Defined Benefit Plans
Disclosure Statement as Per Indian Accounting Standard 19
Para 139 (a) Characteristics of defined benefit plan
The Company has a defined benefit gratuity plan in India (funded). The company's defined benefit gratuity plan is a final
salary plan for employees, which requires contributions to be made to a separately administered fund. The fund is managed
by a trust which is governed by the Board of Trustees. The Board of Trustees are responsible for the administration of the
plan assets and for the definition of the investment strategy.
Para 139 (b) Risks associated with defined benefit plan
Gratuity is a defined benefit plan and company is exposed to the Following Risks:
Interest rate risk: A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability
requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending
on the duration of asset.
Salary Risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of
members. As such, an increase in the salary of the members more than assumed level will increase the plan's liability.
Investment Risk: The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on Government bonds. If the return on plan
asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of
investments in government securities, and other debt instruments.
Asset Liability Matching Risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in
lines of Rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.
Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does
not have any longevity risk.
Concentration Risk: Plan is having a concentration risk as all the assets are invested with the insurance company
and a default will wipe out all the assets. Although probability of this is very less as insurance companies have to follow
regulatory guidelines.
Para 139 (c) Characteristics of defined benefit plans
During the year, there were no plan amendments, curtailments and settlements.
Para 147 (a)
A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is done as guided
by rule 103 of Income Tax Rules, 1962.
The sensitivity analysis presented above may not be representative of the actual change in the benefit obligation as it
is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be
correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the benefit obligation has been calculated
using the projected unit credit method at the end of the reporting period, which is the same method as applied in
calculating the projected benefit obligation as recognised in the balance sheet.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
D SHARE BASED PAYMENT
a) Plan Details
The GRP Employee Stock Option Plan 2024 (GRP ESOP 2024) is an equity-settled share-based payment
transaction. According to the shareholders resolution, the Company has reserved the issuance of 160,000 (Previous
Year 40,000) equity shares of ? 10/- each for offering to eligible employees of the Company and its subsidiary under
the GRP Employee Stock Option Plan 2024 (GRP ESOP 2024). As of 31st March, 2026, the Company has granted
26,870 (As of 31st March, 2025 : 27,000) equity shares at a price of ? 3,208/- per option to eligible employees. The
options will vest over a period of 4 years from the date of grant based on specified criteria.
Details of Employee Stock Option granted from 1 April, 2024 to 31 March, 2026 but not vested as on 31 March,
2026:
c) Fair Value on the grant date
The fair value of the Employee Stock Option (ESOPs) granted has been estimated using the Black-Scholes model
of pricing. The Black-Scholes model requires the consideration of certain variables such as share price, exercise
price, volatility, risk-free rate, expected dividend yield, and expected option life, for the calculation of fair value of the
option.
evaluates the Company's performance and allocates resources based on an analysis of various performance indicators of
business segment/s in which the company operates, 'Reclaim Rubber' has been identified as reportable segment and smaller
business segments not separately reportable have been grouped under the heading 'Others'.
The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following
additional policies for segment reporting.
a) Revenue and Expenses have been identified to a segment on the basis of relationship to operating activities of the
segment. Revenue and Expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable
basis have been disclosed as “Unallocable”.
b) Segment Assets and Segment Liabilities represent Assets and Liabilities in respective segments. Investments, tax related
assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as
“Unallocable”.
1 The reportable Segments are further described below:
- Reclaim Rubber segment includes production and marketing of Reclaim rubber products
- Others segment includes Windmill, Solar energy, Custom Die Forms, Engineering Plastics, Polymer Composite
Products, Crumb rubber, Recovered Steel, Tyre Pyrolysis Oil and recovered Carbon Black (Pyrova Energy).
2 There are no transactions with a single external customer which amounts to 10% or more of the Company's revenue.
(ii) Financial Instrument measured at Amortised Cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements
are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts
would be significantly different from the values that would eventually be received or settled.
50 FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES
The Company's financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company's financial
assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and
other receivables.
The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors ('Board') oversee the management
of these financial risks. The Risk Management Policy of the Company formulated and approved by the Board, states the
Company's approach to address uncertainties in its endeavour to achieve its stated and implicit objectives. It prescribes
the roles and responsibilities of the Company's management, the structure for managing risks and the framework for risk
management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects
on the Company's financial performance.
The following disclosures summarize the Company's exposure to financial risks and information regarding use of derivatives
employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of
reasonably possible changes in market rates on the financial results, cash flows and financial position of the Company.
1) Market Risk:
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of interest rate risk and currency risk. Financial instruments affected by market risk
includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.
a) Interest Rate Risk
Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because
of changes in market interest rates. In order to optimize the Company's position with regards to interest income and
interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate
risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.
Interest Rate Exposure
b) Foreign Currency Risk
The company's business objective includes safe-guarding its earnings against foreign exchange rate fluctuation.
The company has adopted a structured risk management policy to hedge all these risks within an acceptable risk
limit and an approved hedge accounting framework which allows for Fair Value and Cash Flow hedges. Hedging
instruments include forward/options instruments to achieve this objective.
(i) Exposure in foreign currency - Hedged
The Company enters into forward exchange contracts to hedge against its foreign currency exposures
c) Other Price Risks:
Other price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market
traded price. Other price risk arises from financial assets such as investments in equity instruments of subsidiaries.
The Company has invested in unquoted Equity Instruments and hence its exposure to change in market value is
minimal.
2) Credit Risk:
Credit risk refers to a risk that a counterparty will default on its contractual obligation resulting in a financial loss to the
Company. Credit risk primarily arises from financial asset such as trade receivables and Derivative financial instruments
and other balances with banks, loans and other receivables. The Company exposure to credit risk is disclosed in note 8,
9, 10, 11 and 12. The Company has adopted a policy of only dealing with counterparties that have sufficient credit rating.
The Company's exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of
transaction is reasonably spread amongst the counterparties.
The Company enters into futures based on market price and anticipated production requirements. These futures have
been designated as cash flow hedges and the unrealised gain / (loss) or fair value is recorded in other comprehensive
income (OCI).
Credit risk arising from investment in derivative financial instrument and other balances with bank is limited and there is
no collateral held against these because the counterparties are banks and recognised financial institution with high credit
ratings assigned by international credit rating agencies.
The average credit period on sale of products and services is maximum of 60-90 days. Credit risk arising from trade
receivables is managed in accordance with Company's established policy, procedures, and controls relating to customer
credit risk management. Credit quality of Customer is assessed and accordingly individual credit limit is defined. The
concentration of credit risk is limited due to the fact that customer base is large.
3) Liquidity Risk:
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with
financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability
to sell a financial asset quickly at close to its fair value.
The Company has an established liquidity risk management framework for managing its short term, medium term and
long term funding and liquidity management requirements. The Company's exposure to liquidity risk arises primarily from
mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining
adequate funds in cash and cash equivalents. The Company also has adequate credit facilities agreed with banks to
ensure that there is sufficient cash to meet all its normal operating commitments in a timely and cost-effective manner.
The table below analysis non-derivative financial liabilities of the Company into relevant maturity groupings based on
the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the
contractual undiscounted cash flows.
4) Hedge Accounting:
The company's business objective includes safe-guarding its foreign currency earnings against movements in foreign
exchange and interest rates. Company has adopted a structured risk management policy to hedge all these risks within
an acceptable risk limit and an approved hedge accounting framework which allows for Fair Value and Cash Flow hedges.
Hedging instruments consists of forwards to achieve this objective. The table below shows the position of hedging
instruments and hedged items as of the balance sheet date.
Disclosure of effects of hedge accounting
51 CAPITAL MANAGEMENT
For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable
to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its
ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.
Notes:
1) Debt Equity Ratio has increased due to a increase in Long term borrowings.
2) Return on Equity Ratio has reduced due to a significant decrease in Profit after Tax compared to previous year.
3) Net Profit Ratio has reduced due to a significant decrease in Profit after Tax compared to previous year.
4) Return on Capital Employed decreased due to Lower earnings before interest and tax (EBIT), and Increase in capital employed
during the year.
5) Return on Investment is dependent on market conditions.
53 OTHER STATUTORY INFORMATION
(i) The Company does not have any Capital-work-in progress or intangible assets under development, whose completion is
overdue or has exceeded its cost compared to its original plan.
(ii) 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:
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.
(iii) 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:
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.
(iv) The Company have not any such transaction which is not recorded in the books of account that has been surrendered or
disclosed as income during the year in the tax assessments under the Income-tax Act, 1961.
54 The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of
the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies,
which uses accounting software for maintaining its books of accounts, shall use only such accounting software which has a
feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of accounts
along with the date when such changes were made and ensuring that the audit trail cannot be disabled.
The Company uses the accounting software SAP for maintaining books of account. During the year ended 31 March 2026,
the Company had not enabled the feature of recording audit trail (edit log) at the database level for the said accounting
software SAP to log any direct data changes on account of recommendation in the accounting software administration guide
which states that enabling the same all the time consume storage space on the disk and can impact database performance
significantly. Audit trail (edit log) is enabled at the application level.
55 The figures for the corresponding previous year have been regrouped / reclassified wherever necessary, to make them
comparable.
56 APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved for issue by the board of directors on 15th May, 2026.
57 EVENTS AFTER THE REPORTING PERIOD
The Board of Directors have recommended dividend of ? 3.50 (35%) per fully paid up equity share of ? 10/- each, aggregating
? 186.67 lakhs (subject to deduction of tax at applicable rates), for the financial year 2025-26, which is based on relevant
share capital as on 31st March, 2026. The same is subject to the approval of the shareholders at their ensuing Annual General
Meeting.
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