2.7 Provisions and contingent liabilities
Provisions are recognized 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.
If the effect of the time value of money is material,
provisions are discounted using a current pre¬
tax rate that reflects, when appropriate, the risks
specific to the liability. When discounting is used,
the increase in the provision due to the passage of
time is recognized as a finance cost.
Contingent liabilities are disclosed when there
is a possible obligation arising from past events,
the existence of which will be confirmed only by
the occurrence or non occurrence of one or more
uncertain future events not wholly within the control
of the Company or a present obligation that arises
from past events where it is either not probable that
an outflow of resources will be required to settle or
a reliable estimate of the amount cannot be made.
Provisions, contingent liabilities and contingent
assets are reviewed at each Balance Sheet date.
Where the unavoidable costs of meeting the
obligations under the contract exceed the economic
benefits expected to be received under such
contract, the present obligation under the contract
is recognised and measured as a provision.
2.8 Commitments
Commitments are future liabilities for contractual
expenditure, classified and disclosed as follows:
a) estimated amount of contracts remaining to be
executed on capital account and not provided
for;
b) uncalled liability on shares and other
investments partly paid;
c) funding related commitment to subsidiary,
associate and joint venture companies; and
d) other non-cancellable commitments, if any, to
the extent they are considered material and
relevant in the opinion of management.
2.9 Financial instruments
A financial instrument is any contract that gives
rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
(a) Financial assets
(i) Initial recognition and measurement
At initial recognition, financial asset is
measured at its fair value plus, in the case of
a financial asset not at fair value through profit
or loss, transaction costs that are directly
attributable to the acquisition of the financial
asset. Transaction costs of financial assets
carried at fair value through profit or loss are
expensed in the Statement of Profit and Loss.
(ii) Subsequent measurement
For purposes of subsequent measurement,
financial assets are classified in following
categories:
a) at amortized cost; or
b) at fair value through other comprehensive
income; or
c) at fair value through profit or loss.
The classification depends on the entity's
business model for managing the financial
assets and the contractual terms of the cash
flows.
Amortized cost: Assets that are held for
collection of contractual cash flows where
those cash flows represent solely payments
of principal and interest are measured at
amortized cost. Interest income from these
financial assets is included in finance income
using the effective interest rate method (EIR).
Fair value through other comprehensive
income (FVOCI): Assets that are held for
collection of contractual cash flows and for
selling the financial assets, where the assets'
cash flows represent solely payments of
principal and interest, are measured at fair
value through other comprehensive income
(FVOCI). Movements in the carrying amount are
taken through OCI, except for the recognition
of impairment gains or losses, interest revenue
and foreign exchange gains and losses which
are recognized in Statement of Profit and Loss.
When the financial asset is derecognized, the
cumulative gain or loss previously recognized
in OCI is reclassified from equity to Statement
of Profit and Loss and recognized in other
gains/ (losses). Interest income from these
financial assets is included in other income
using the effective interest rate method.
Fair value through profit or loss: Assets that
do not meet the criteria for amortized cost or
FVOCI are measured at fair value through profit
or loss. Interest income from these financial
assets is included in other income.
The company has currently excercised
the irrevocable option to present in Other
comprehensive Income, subsequent changes
in the Fair value of Equity Instruments. Such
an election has been made on instrument-by¬
instrument basis. The classification is made on
initial recognition and is irrevocable.
(iii) Impairment of financial assets
In accordance with Ind AS 109, Financial
Instruments, the Company applies expected
credit loss (ECL) model for measurement and
recognition of impairment loss on financial
assets that are measured at amortized cost
and FVOCI.
For recognition of impairment loss on financial
assets and risk exposure, the Company
determines that whether there has been a
significant increase in the credit risk since initial
recognition. If credit risk has not increased
significantly, 12-month ECL is used to provide
for impairment loss. However, if credit risk
has increased significantly, lifetime ECL is
used. If in subsequent years, credit quality of
the instrument improves such that there is no
longer a significant increase in credit risk since
initial recognition, then the entity reverts to
recognizing impairment loss allowance based
on 12 month ECL.
Life time ECLs are the expected credit losses
resulting from all possible default events over
the expected life of a financial instrument.
The 12 month ECL is a portion of the lifetime
ECL which results from default events that are
possible within 12 months after the year end.
ECL is the difference between all contractual
cash flows that are due to the Company in
accordance with the contract and all the cash
flows that the entity expects to receive (i.e. all
shortfalls), discounted at the original EIR. When
estimating the cash flows, an entity is required
to consider all contractual terms of the financial
instrument (including prepayment, extension
etc.) over the expected life of the financial
instrument. However, in rare cases when the
expected life of the financial instrument cannot
be estimated reliably, then the entity is required
to use the remaining contractual term of the
financial instrument.
ECL impairment loss allowance (or reversal)
recognized during the year is recognized as
income/expense in the statement of profit and
loss. In balance sheet, ECL for financial assets
measured at amortized cost is presented as
an allowance, i.e. as an integral part of the
measurement of those assets in the balance
sheet. The allowance reduces the net carrying
amount. Until the asset meets write off criteria,
the Company does not reduce impairment
allowance from the gross carrying amount.
(iv) Derecognition of financial assets
A financial asset is derecognized only when
a) the rights to receive cash flows from the
financial asset is transferred or
b) retains the contractual rights to receive
the cash flows of the financial asset, but
assumes a contractual obligation to pay
the cash flows to one or more recipients.
Where the financial asset is transferred then in
that case financial asset is derecognized only if
substantially all risks and rewards of ownership
of the financial asset is transferred. Where
the entity has not transferred substantially all
risks and rewards of ownership of the financial
asset, the financial asset is not derecognized."
(b) Financial liabilities
(i) Initial recognition and measurement
Financial liabilities are classified, at
initial recognition, as financial liabilities
at fair value through profit or loss and at
amortized cost, as appropriate.
All financial liabilities are recognized
initially at fair value and, in the case of
borrowings and payables, net of directly
attributable transaction costs.
(ii) Subsequent measurement
The measurement of financial liabilities
depends on their classification, as
described below:
Financial liabilities at fair value through
profit or loss
Financial liabilities at fair value through
profit or loss include financial liabilities
held for trading and financial liabilities
designated upon initial recognition
as at fair value through profit or loss.
Separated embedded derivatives are
also classified as held for trading unless
they are designated as effective hedging
instruments. Gains or losses on liabilities
held for trading are recognized in the
Statement of Profit and Loss.
Loans and borrowings
After initial recognition, interest-bearing
loans and borrowings are subsequently
measured at amortized cost using the EIR
method. Gains and losses are recognized
in Statement of Profit and Loss when the
liabilities are derecognized as well as
through the EIR amortization process.
Amortized cost is calculated by taking
into account any discount or premium
on acquisition and fees or costs that
are an integral part of the EIR. The EIR
amortization is included as finance costs
in the Statement of Profit and Loss.
(iii) Derecognition
A financial liability is derecognized
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 derecognition of the original liability
and the recognition of a new liability.
The difference in the respective carrying
amounts is recognized in the Statement
of Profit and Loss as finance costs.
(c) Offsetting financial instruments
Financial assets and liabilities are offset and
the net amount is reported in the balance sheet
where there is a legally enforceable right to
offset the recognized amounts and there is an
intention to settle on a net basis or realize the
asset and settle the liability simultaneously. The
legally enforceable right must not be contingent
on future events and must be enforceable in
the normal course of business and in the event
of default, insolvency or bankruptcy of the
Company or the counterparty.
3 Significant accounting judgments, estimates and
assumptions
The preparation of financial statements requires
management to make judgments, 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 years.
4 Estimates and assumptions
The key assumptions concerning the future and other
key sources of estimation uncertainty at the year end
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
below. The Company based its assumptions and
estimates on parameters available when the financial
statements were prepared. Existing circumstances
and assumptions about future developments, however,
may change due to market changes or circumstances
arising that are beyond the control of the Company. Such
changes are reflected in the assumptions when they
occur.
(a) Taxes
The extent to which deferred tax assets can be
recognized is based on an assessment of the
probability that future taxable income will be
available against which the deductible temporary
differences and tax loss carryforwards can be
utilized. In addition, significant management
judgment is required to determine the amount of
deferred tax assets that can be recognized, based
upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
(b) Construction Contracts
Recognizing construction contract revenue requires
significant judgement in determining actual work
performed and the estimated costs to complete
the work, provision for rectification costs, variation
claims etc"
(c) In assessing the recoverability of the trade
receivables and contracts assets, management's
judgement involves consideration of ageing status,
evaluation of litigations and the likelihood of
collection based on the terms of the contract
5 Standards (including amendments) issued but not yet
effective
Recent Indian Accounting Standards (Ind AS)
Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules
as issued from time to time. For the year ended March
31, 2025, MCA has not notified any new standards or
amendments to the existing standards applicable to the
Company.
Nature and Purpose of Reserves
Securities premium reserve
Securities premium reserve is used to record the premium on issue of shares. The reserve will be utilised in accordance with
provisions of the Act.
General Reserve
The Company created a General Reserve in earlier years pursuant to the provisions of the Companies Act wherein certain
percentage of profits were required to be transferred to General Reserve before declaring dividends. As per the Companies Act
2013, the requirement to transfer profits to General Reserve is not mandatory. General Reserve is a free reserve available to the
Company.
Capital reserve
Capital reserve was created under the previous GAAP out of the profit earned from a specific transaction of capital nature. Capital
reserve is not available for the distribution to the shareholders.
Security
(**) a) Primary - First Pari-Passu charge over the pooled Assets i.e., Movable & Immovable (both Fixed and Current)
Assets of the Company with other Working Capital Lenders.
b) Collateral (EM) - Equitable Mortgage of Land & Building admeasuring 0.96 Acres at Ambattur Industrial Estate, Korattur,
Chennai on Pari-Passu basis
c) Collateral (Pledge)- Pledge of 14,24,89,592 equity shares of SEPC Limited held by Mark AB WelfareTrust on Pari-Passu basis
d) Collateral (CG) - Corporate Guarantee of Mark AB Capital Investment LLC, Dubai & Mark AB Investment India Pvt
Ltd, New Delhi
23.2 During the year ended March 31,2025, the Company has obtained unsecured loan from a related party amounting to Rs.325
Lakhs (March 31,2024 Rs 4,000 lakhs). The terms of repayment is bullet repayment of principal on 31-December-2035. The
loan carries interest rate at 0.10% per annum payable half yearly from March 2024 till December 2035. The said loan has
been recognised at amortised cost and the resultant gain on initial recognition amounting to Rs 213.17 lakhs is credited to
other income in the statement of profit and loss under INDAS 109-Financial Instruments. (Also refer note 34)
23.3 The Company has not been declared a wilful defaulter by any bank or financial institution or any other lender during the
current year.
27.1 a) Primary - First Pari-Passu charge over the pooled Assets i.e., Movable & Immovable (both Fixed and Current) Assets of
the Company with other Working Capital Lenders.
b) Collateral (EM) - Equitable Mortgage of Land & Building admeasuring 0.96 Acres at Ambattur Industrial Estate, Korattur,
Chennai on Pari-Passu basis
c) Collateral (Pledge)- Pledge of 14,24,89,592 equity shares of SEPC Limited held by Mark AB Welfare Trust on Pari-Passu
basis
d) Collateral (CG) - Corporate Guarantee of Mark AB Capital Investment LLC, Dubai & Mark AB Investment India Pvt Ltd,
New Delhi
27.2 The quarterly statements filed by the Company with the banks and financial institutions are in agreement with the books of
accounts.
27.3 The Company has utilised the funds as per the terms of the Borrowings. Also, the Company has not used funds raised on
short term basis for long term purpose.
27.4 Rate of Interest- The interest rate is charged @ 9.00% p.a. w.e.f 1st October 2020
28.1 The average credit period ranges from 30 days to 90 days, depending on the nature of the item or work. The work orders
include element of retention, which would be payable on completion of a milestone, completion of the contract or after a
specified period from completion of the work. The terms also would include back to back arrangement wherein, certain
amounts are payable on realisation of corresponding amounts by the company from the customer. No interest is payable
for delay in payments, unless otherwise specifically agreed in the order or as required by a legislation, like Micro, Small
and Medium Enterprises Development Act ("MSMED Act"). The company has a well defined process for ensuring regular
payments to the vendors.
28.2 Based on the information available with the Company, there are no outstanding dues and payments made to any supplier
of goods and services beyond the specified period under Micro, Small and Medium Enterprises Development Act, 2006
[MSMED Act]. There is no interest payable or paid to any suppliers under the said Act.
40.1 Exceptional items for the year ended March 31, 2025 of Rs 1,389.25 lakhs, represents loss on extinguishment of financial
liability upon conversion of Compulsorily convertible debentures (CCDs) into equity.On 28.06.2022 consequent to the approval
of Resolution Plan under RBI Circular dt.07-06-2019 on Prudential Framework for Resolution of Stressed Assets, CCDs were
issued upon conversion of partial debt. The CCDs were converted into equity shares based on the option excercised by the
CCD holders and approved by the Board of Directors on 28.11.2024. These equity shares are issued at price of Rs 26.73 per
share which is determined based on the minimum price of equity shares being higher of:
a) the volume weighted average price of the related equity shares quoted on the recognised stock exchange during the
ninety trading days preceding the relevant date; and
b) the volume weighted average prices of the related equity shares quoted on a recognised stock exchange during the ten
trading days preceding the relevant date.
Approval from stock exchanges are awaited for listing and trading of the said equity shares.
(D) The Company has business losses which are allowed to be carried forward and set off against available future taxable profits
under the Income Tax Act, 1961, in respect of which the Company has created Deferred Tax Assets ("DTA"). The Company
has recognised DTA on the carry forward unabsorbed business losses only to the extent of Rs.88,343.94 lakhs (March 31,
2023: Rs.1,11,216.10 lakhs) out of the total carry forward unabsorbed business losses of Rs.1,04,486.51 lakhs that was
available as at March 31, 2024 (March 31, 2023- Rs.1,37,510.14 lakhs). The DTA amount recognised by the Company on
these carry forward unabsorbed business losses amounts to Rs. 30,870.91 lakhs as at March 31, 2024 (March 31, 2023 -
Rs. 33,289.92 lakhs). Considering the potential order book as on date, the expected reduction in finance cost in the light of
implementation of resolution plan with its lenders, the current projects in the pipeline and a positive future outlook for the
Company, the management of the Company is confident of generating sufficient taxable profits in the future and adjust them
against these unabsorbed business losses, and accordingly, the entire DTA can be utilised before the expiry of the period for
which this benefit is available.
The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk.
The Company's risk management is coordinated by the Board of Directors and focuses on securing long term and short term
cash flows. The Company does not engage in trading of financial assets for speculative purposes.
(A) 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 three types of risk: interest rate risk, currency risk and other price risk, such as equity
price risk and commodity risk. Financial instruments affected by market risk include borrowings and financial instruments.
(i) 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's outstanding debt in local currency is on fixed rate basis and hence not
subject to interest rate risk.
(ii) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates
primarily to the Company's operating activities (when revenue or expense is denominated in a different currency from
the Company's functional currency).
(B) Credit risk
The credit risk to the company arises from two sources:
a) Customers, who default on their contractual obligations, thus resulting in financial loss to the Company
Company evaluates the credentials of a customer at a very early stage of the bid. Company has adopted a policy of
3 tier verification before participating for any bid. The first step of such verification includes verification of customer
credentials. The company, as part of verification of the customer credentials, ensures the compliance with the following
criterion
(i) Customer's financial health by examining the audited financial statements
(ii) Whether the Customer has achieved the financial closure for the work for which the company is bidding
(iii) Where the customer is Public Sector Undertaking, sanction and availability of adequate financial resources for the
proposed work.
Company makes provision on it's financial assets, on every reporting period, as per Expected Credit Loss Method. The
provision is made separately for each financial assets of each business line. The percentage at which the provision is
made, is determined on the basis of historical experience of such provisions, modified to the current and prospective
business and customer profile.
Trade receivables consist of large number of customers, spread across diverse industries and geographical areas.
Majority of the customers of the company comprise of Public Sector Undertakings, with whom the company does not
perceive any credit risk. As regards the customers from private sector, company carries out financial evaluation on
regular basis and provides for any amount perceived as non realisable, in the books of accounts.
b) Non certification by the customers, either in part or in full, the works billed as per the contract, being non claimable cost
as per the terms of the contract with the customer
Non certification of works billed The Company has contract claims from customers including costs on account of
account of delays / changes in scope / design by them etc. which are at various stages of discussions / negotiations
or under arbitrations. The realisability of these claims are estimated based on contractual terms, historical experience
with similar claims as well as legal opinion obtained from internal and external experts, wherever necessary. Changes
in facts of the case or the legal framework may impact realisability of these claims
The Company provides for doubtful receivables/advances and expected credit loss based on 12 months and lifetime
expected credit loss basis for following financial assets:
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. The primary objective of the Company's capital management is to maximize
the shareholder value and to ensure the Company's ability to continue as a going concern.
The Company has not distributed any dividend to its shareholders. The Company monitors Net Debt to Capital ratio i.e. total
debt in proportion to its overall financing structure, i.e. equity and debt. Total debt comprises of term loans and cash credits.
The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and
the risk characteristics of the underlying assets.
# Represents total revenue from operations
58 There are no transactions with vendors under the Micro, Small and Medium Enterprises Development Act, 2006, this has
been determined on the basis of information available with the Company.
59 "The Company (SEPC) and Twarit Consultancy Services Private Limited (TCPL) were the Respondents in respect of an
International Arbitration before The Singapore International Arbitration Centre (SIAC) filed by GPE (INDIA) Ltd, GPE JVILtd,
Gaja Trustee Company Private Ltd (the Claimants) in connection with the investments made by the claimants in an associate
company of the Company. SIAC vide its award dated January 07, 2021 awarded damages jointly and severally on the
Respondents to the tune of Rs.19,854.10 lakhs and a sum of SGD 372,754.79 towards Arbitration expenses. These are to be
paid along with simple interest @ 7.25% pa from July 21,2017 until the date of payment.
The Respondents preferred an appeal before the High Court of Republic of Singapore against the award of SIAC and the
same is held in favour of the claimants. Recognition and Enforcement petition was filed by the claimants before Madras High
Court which recognised the foreign award subject to obtaining of prior approval from the RBI. Aggrieved by this the claimants
have moved the Supreme Court for certain directions. Supreme Court directed the respondents to pay Rs 12,500 lakhs with
interest @7.25 % pa from 07.01.2021 till the date of payment. The respondent has preferred an interim application on this
order which was disposed off on 29.04.2025 by ordering payment of Rs 12,000 lakhs within two working days and interest
@ 7.25 % pa from 07.01.2021 within three weeks to remit to the Registrar Supreme Court. Accordingly M/s TCPL remitted Rs
12,000 lakhs on 01.05.2025 and sought time for remittance of interest. Supreme Court vide Order dated 21.05.2025 directed
TCPL to remit Rs 1,000 lakhs within two working days and the balance Rs 2,950 lakhs with accrued interest on or before
31.07.2025. M/s Twarit has remitted Rs 1,000 lakhs on 23.05.2025.
The Company has entered into an Inter-se arrangement dated September 29, 2015 with TCPL and Shri Housing Pvt Ltd by
which, Company will be fully indemnified, in case of any liability arising out of any Suits, Proceedings, Disputes, Damages
payable by the Company on any defaults arising out of the above. The management is confident that there will be no liability
which would devolve on the Company from the proceedings as the Company is fully indemnified by virtue of the said Inter-se
arrangement.
60 Mokul Shriram EPC JV (JV Company) where SEPC Limited is a JV partner, have won the complaint against Export Credit
Guarantee Corporation of India Limited (ECGC) before the National Consumer Disputes Redressal Commission,(NCDRC)
New Delhi, in connection with the project executed in Basra, Iraq. NCDRC, vide their order dated January 27, 2021, allowed
the claims and directed ECGC to pay a sum of Rs. 26,501 lakhs along with simple interest @ 10% pa. with effect from
September 19, 2016 till the date of realisation to the JV Company within a period of three months from the date of order,
failing which ECGC will be liable to pay compensation in the form of simple interest @ 12% pa. ECGC had filed an appeal
against the order of NCDRC New Delhi, before Supreme Court, and the case is pending for disposal.
61 The Company has made net profit during the year ended March 31,2025 amounting to Rs 2,514.57 lakhs and as of that date
has accumulated losses aggregating Rs. 2,10,867.57 Lakhs. Considering the positive developments of implementation of
resolution plan approved in the previous year, completion of Rights issue, additional funding by Investor for working capital
together with plans to meet financial obligations in future out of the cash flows from execution of the pipeline of orders in
hand, business plans, sanctioned non-fund based facilities etc, these financial statements are prepared on a going concern
basis.
62 ine code on social security zuzu (me code) relating to employee benefits, auring tne employment ana post-employment,
has received Presidential assent on September 28, 2020. The Code has been published in the Gazette of India. Further, the
Ministry of Labour and Employment has released draft rules for the Code on November 13, 2020. However, the effective date
from which the changes are applicable is yet to De notified and rules for quantifying the financial impact are also not yet
issued.
The Company will assess the impact of the Code and will give appropriate impact in the financial statements in the period in
which, the Code becomes effective and the related rules to determine the financial impact are published.
63 Relationship with Struck off Companies under section 248 of the Companies Act, 2013 or section 560 of Companies Act,
1956,
The Company does not have transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956, during the year.
64 Utilisation of Borrowed funds and Securities Premium:
(i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever Dy 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
ii) The Company has 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
66 Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017.
67 Undisclosed income
The Company does not have any undisclosed income which is not recorded in the books of account that has been surrendered
or disclosed as income during the year (previous 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.)
68 Details of Crypto Currency or Virtual Currency
The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
69 Registration of charges or satisfaction with Registrar of Companies (ROC)
The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
70 The Board, duly taking into account all the relevant disclosures made has approved these financial statements in its meeting
held on May 29, 2025.
71 The figures for the previous year have been reclassified/ regrouped wherever necessary for better understanding and
comparability.
As per our report of even date For and on behalf of the Board of Directors of
For MSKA & Associates SEPC Limited
Chartered Accountants CIN - L74210TN2000PLC045167
Firm Registration No. 105047W
T.V.Ganesh N K Suryanarayanan R Ravichandran
Partner Managing Director & CEO Director
Membership No: 203370 DIN: 01714066 DIN: 01920603
T.Sriraman R S Chandrasekharan
Company Secretary Chief Financial Officer
Membership No:A68102
Place: Chennai Place: Chennai
Date: May 29, 2025 Date: May 29, 2025
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