(a) Basis of Preparation of Standalone Financial Statements

(i) Compliance with Ind AS

The Standalone Financial Statements have been prepared in accordance with the Indian Accounting Standards (Ind
AS) notified under Section 133 of the Companies Act, 2013 (“the Act”) [Companies (Indian Accounting Standards)
Rules, 2015], as amended and other relevant provisions of the Act.

The accounting policies are applied consistently to all the periods presented in these Standalone Financial Statements.

(ii) Historical cost convention

The Standalone Financial Statements have been prepared on a historical cost basis, except for the following:

• Certain financial assets and liabilities (including derivative instruments) measured at fair value (refer accounting
policy regarding financial instruments); and

• Defined benefit plans - plan assets measured at fair value.

• Share-based Payments

(iii) Current versus Non-Current Classification

All assets and liabilities have been classified as current or non - current as per the Company’s normal operating cycle
and other criteria set out in the Schedule III to the Act. Based on the nature of products and the time between the
acquisition of assets for processing and their realization in cash and cash equivalents, the Company has ascertained,
on an average its operating cycle for the purpose of current - non-current classification of assets and liabilities to be
12 months.

(iv) Use of estimates and judgments

The estimates and judgments used in the preparation of the Standalone Financial Statements are continually evaluated
by the Company and are based on historical experience and various other assumptions and factors (including
expectations of future events) that the Company believes to be reasonable under the existing circumstances. Actual
results may differ from these estimates. Differences between actual results and estimates are recognized in the
period in which the results are known/materialized.

The estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimate is revised and future periods are affected.

The said estimates are based on the facts and events, that existed as at the reporting date, or that occurred after that
date but provide additional evidence about conditions existing as at the reporting date.

(b) Segment Reporting

The Company is primarily engaged in Engineering, Procurement and Construction business (EPC). Information
reported to and evaluated regularly by the Chief Operational Decision Maker (CODM) i.e., Chief Operating Officer and
Chief Financial Officer for the purpose of resource allocation and assessing performance focuses on the business as a
whole. The CODM reviews the Company’s performance on the analysis of profit before tax at an overall level. Further,
there are no reportable geographical segments since significant business is within India. Accordingly, there is no
other separate reportable segment as defined by Ind AS 108 “Operating Segments”.

(c) Foreign Currencies

The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and
translated at the spot rate at the end of each reporting period. For financial liabilities that are denominated in a
foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains
and losses are determined based on the amortized cost of the instruments and are recognized in in the Standalone
Statement of Profit and Loss. The fair value of financial liabilities denominated in a foreign currency is determined in
that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are
measured as at FVTPL, the foreign exchange component forms part of the fair value gains or losses and is recognized
in the Standalone Statement of Profit and Loss.

(i) Functional Currency

Items included in the Standalone Financial Statements of the Company are measured using the currency of the
primary economic environment in which the entity operates ('the functional currency’). The Standalone Financial
Statements are presented in Indian rupee (INR), which is the functional currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are
generally recognized in the Standalone Statement of Profit and Loss.

Foreign exchange differences regarded as adjustment to borrowing costs are presented in the Standalone Statement

of Profit and Loss, within finance costs. All other foreign exchange gains and losses are presented in the Standalone
Statement of Profit and Loss on a net basis within other gains / (losses).

Non - monetary items that are measured at fair value in a foreign currency are translated using the exchange rates
at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value
are reported as part of the fair value gain or loss.

(d) Revenue Recognition

The Company derives revenues primarily from turnkey solutions in the areas of Power, Steel, Aluminum, Material
Handling, Mineral Beneficiation, Pyroprocessing, Pneumatic Handling of powdered materials including fly ash
handling and high concentrate disposal, coal washing, Port cranes, Cement, Oil & Gas, civic and industrial water
supply etc. (together called as “turnkey solutions”).

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of
variable considerations) allocated to that performance obligation. The transaction price of goods and services
rendered is net of variable consideration on account of various discounts and schemes offered by the Company as
per the contract.

(i) Sale of Goods and services

For contracts with customers in which the sale of equipment is generally expected to be the only performance
obligation, adoption of Ind AS 115 does not have any material impact on the Company’s revenue and profit or loss.
The Company has concluded that the revenue recognition to occur at a point in time when control of the goods is
transferred to the customer, generally on delivery of the goods as per the terms of the contracts with the customers.

Revenue from the sale of goods is recognised when the goods are delivered and titles have been passed, at which time
all the following conditions are satisfied:

• the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

• the Company retains neither continuing managerial involvement to the degree usually associated with ownership
nor effective control over the goods sold;

• the amount of revenue can be measured reliably;

• it is probable that the economic benefits associated with the transaction will flow to the Company; and

• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from services is recognized in accounting period in which services are rendered. Revenue is recognized
based on the actual service provided till the end of the reporting period as a proportion of the total services be
provided (percentage of completion method).

(ii) Construction Contracts

Revenue from contracts are recognised with reference to the stage of completion method in accordance with Ind
AS - 115. Obligations under the long term construction contracts are satisfied over time given that the customer
simultaneously receives and consumes the benefits provided by the Company. Revenue and costs are recognized by
reference to the stage of completion of the contract activity at the end of the reporting period, measured based on the
proportion of contract costs incurred for work performed to date relative to the estimated total contract costs, except
where this would not be representative of the stage of completion.

The outcome of a construction contract is considered as estimated reliably when (a) all critical approvals necessary
for commencement of the project have been obtained; (b) the stage of completion of the project reaches reasonable
level of development. The stage of completion is determined as a proportion that contract costs incurred for work
performed up to the closing date bear to the estimated total costs of respective project. Profit is recognised when the

outcome of the contract can be estimated reliably. When it is probable that the total cost will exceed the total revenue
from the contract, the expected loss is recognised immediately. For this purpose, total contract costs are ascertained
on the basis of contract costs incurred and cost to completion of contracts which is arrived at by the management
based on current technical data, forecast and estimate of net expenditure to be incurred in future including for
contingencies etc.

When the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the
extent of contract costs incurred that is probably recoverable. Contract costs are recognised as expenses in the period
in which they are incurred.

When contract costs incurred to date plus recognised profit less recognised losses exceed progress billing, the surplus
is shown as amount due from customers for contract work. For contracts where progress billings exceed contract
costs incurred to date plus recognised profits less recognised losses, the surplus is shown as the amounts due to
customers for contract work. Amounts received before the related work is performed are included as a liability
as advances received. Amounts billed for work performed but not yet paid by customer are included under trade
receivables.

(iii) Dividend and Interest Income

Dividend income from investments is recognised when the shareholder's right to receive payment has been
established (provided that it is probable that the economic benefits will flow to the Company and the amount of
income can be measured reliably).

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to
the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by
reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly
discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying
amount on initial recognition.

(iv) Export Benefits

Export incentives are accounted for in the year in which the entitlements are realised.

(v) Government Grants

Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant
will be received and the Company will comply with all attached conditions. Government grants relating to income are
deferred and recognised in the statement of profit and loss over the period necessary to match them with the costs
that they are intended to compensate and presented within other operating revenue.

(e) Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax expense/ (income).

(i) Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as
reported in the Standalone Statement of Profit and Loss because of items of income or expense that are taxable or
deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated
using tax rates that have been enacted or substantively enacted by the end of the reporting period.

(ii) Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the Standalone Financial Statements and the corresponding tax bases used till the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are

generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits
will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and
liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business
combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset
to be utilised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax
liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis,
or to realise the asset and settle the liability simultaneously.

Current and deferred tax are recognised in the Statement of Profit and Loss, except to the extent that it relates to
items recognised in Other Comprehensive Income or directly in Equity. In such cases, the taxes are also recognised in
Other Comprehensive Income or directly in Equity, as the case may be.

(f) Leases

At inception of a contract, the entity shall assess whether the 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 asset for a period of time in exchange for
consideration.

As a Lessee (Assets taken on lease)

The Company recognizes a Right-of-use Asset (“ROU”) and a corresponding lease liability for all lease arrangements
in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases.
The Company recognizes lease liabilities to make lease payments and right-of-use assets representing the right to
use the underlying assets, if applicable. For these short-term and low value leases, the Company recognizes the lease
payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements include options to extend or terminate the lease before the end of the lease term. The
right-of-use assets and lease liabilities include these options when it is reasonably certain that such options would
be exercised.

The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment
losses, if any and adjusted for any re-measurement of the lease liability. The right-of-use assets is depreciated using
the straight-line method from the commencement date over the shorter of lease term or useful life of right-of-use
asset.

Lease liability is measured at the present value of the lease payments that are not paid at the commencement date
of the lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily
determined. If that rate cannot be readily determined, the Company uses incremental borrowing rate. The lease
liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability,
reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any
reassessment or lease modifications. The Company recognizes the amount of the re-measurement of lease liability as
an adjustment to the right-of-use asset. Where the carrying amount of the right-of-use asset is reduced to zero and
there is a further reduction in the measurement of the lease liability, the Company recognizes any remaining amount
of the re-measurement in statement of profit and loss.

Variable lease payments not included in the measurement of the lease liabilities are expensed to the statement of
profit and loss in the period in which the events or those payments occur.

As a Lessor

Lease income from operating lease where the Company is a lessor is recognised in income. The respective leased
assets are included in the Standalone Balance Sheet based on their nature.

(g) Impairment of Non-Financial Assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's
recoverable amount. An asset's recoverable amount is the higher of an asset's or cash-generating unit’s (CGU) fair
value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the
asset does not generate cash inflows that are largely independent of those from other assets or groups of assets.

Impairment loss is recognized when the carrying amount of an asset exceeds recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such
transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.

Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased
to the revised estimate of its recoverable amount so that the increased carrying value does not exceed the carrying
value that would have been determined had no impairment loss been recognised for the asset (or cash generating
unit) in years. A reversal of an impairment loss is recognised in the statement of profit and loss immediately.

(h) Cash and Cash Equivalents

For the purpose of presentation in the Standalone Statement of Cash Flows, Cash and Cash Equivalents includes
cash on hand, demand deposits with banks, other short-term deposits, highly liquid investments, if any, with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an
insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current
liabilities in the Standalone Balance Sheet.

(i) Trade Receivables

Trade receivables are recognized initially at the transaction price and subsequently recognized at amortised cost less
provision for impairment.

(j) Inventories

Inventories consist of raw materials and components, stores and spares, loose tools which are valued at cost and
work in progress, and finished goods which are stated at lower of cost or net realizable value. Cost of inventories
comprises cost of purchases. Cost of work in progress and finished goods comprise direct material, direct labor and
an appropriate portion of variable and fixed overhead expenditure. Cost of inventories also includes all other costs
incurred in bringing the inventories to their present location and condition. Costs are assigned to individual items of
inventory on the basis of weighted average method. Cost of purchases in relation to inventory are determined after
deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of business
less the estimated costs of completion and the estimated costs necessary to make the sale. Obsolete, slow moving and
defective stocks are identified at the time of physical verification of stocks and where necessary, provision is made
for such stocks.

(k) Financial Liabilities

Financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

(i) Classification

Financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial liabilities (other than financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value of the financial liabilities, as appropriate, on initial recognition. Transaction
costs directly attributable to the acquisition of financial liabilities at fair value through profit or loss are recognised
immediately in the Standalone Statement of Profit and Loss. Where there is a breach of a material provision of a
long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes
payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed,
after the reporting period and before the approval of the financial statements for issue, not to demand payment as a
consequence of the breach.

(ii) Measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss and
financial liabilities at amortised cost, as required by Ind AS 109. All financial liabilities are recognised initially at
fair value and, in the case of liabilities measured at amortised cost net of directly attributable transaction costs. The
Company’s financial liabilities include trade and other payables, loans and borrowings including financial guarantee
contracts and derivative financial instruments.

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortised
cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently
measured at amortised cost are determined based on the effective interest method. Gains and losses are recognised
in the Standalone Statement of Profit and Loss when the liabilities are derecognised as well as through the EIR
amortisation process.

(iii) De-recognition of financial liabilities:

A financial liability (or a part of financial liability) is de-recognised from Company’s balance sheet when obligation
specified in the contract is discharged or cancelled or expired.

(l) Investments and Other Financial Assets

Financial assets are recognised when an entity becomes a party to the contractual provisions of the instruments.

(i) Classification

The Company classifies its financial assets in the following measurement categories:

• Those to be measured subsequently at fair value through profit or loss, and

• Those measured at amortized cost.

• Those to be measured subsequently at fair value through other comprehensive income, and

The classification depends on the entity’s business model for managing the financial assets and the contractual
cash flow characteristics of the financial asset.

For assets measured at fair value, gains and losses will be recorded in the Standalone Statement of Profit and
Loss. For investments in debt instruments, this will depend on the business model in which the investment is
held.

(ii) Measurement

At initial recognition, the Company measures a financial asset 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 Standalone Statement of Profit and Loss. However, trade receivables that do not contain a
significant financing component are measured at transaction price. Further, in respect of retention amount
receivable from customers the management generally has intention to provide bank guarantee to get an
instant release of retention amount from customers. Therefore, the retention amounts are generally carried
at amortized cost less provision for impairment.

Investments in Subsidiaries and Joint Ventures are recognized at cost as per Ind AS 27 “Separate Financial
Instruments” less impairment provision, if any, as per Ind AS 36 “Impairment of Financial Assets”. Where
an indication of impairment exists, the carrying amount of the investment is assessed and written down
immediately to its recoverable amount. On disposal of investments in subsidiaries, joint venture and
Associates the difference between net disposal proceeds and the carrying amounts are recognised in the
statement of profit and loss.

(a) Debt instruments measured at 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.

(b) Equity instruments at Fair value through Profit or loss (FVTPL) - The Company subsequently measures
all equity investments other than in subsidiaries and joint venture at fair value through profit or loss.
Dividends from such investments are recognized in profit or loss as other income when the Company’s
right to receive payments is established. Changes in the fair value of equity instruments at fair value
through profit or loss are recognized in other gain/ (losses) in the Standalone Statement of Profit and
Loss. The Company has not selected the irrevocable option of classifying investments to be carried at
Fair Value through Other Comprehensive Income (FVOCI).

(iii) Impairment of Financial Assets

The Company recognises loss allowances using the expected credit loss (ECL) model for the financial
assets which are not valued through profit or loss. Loss allowance for all financial assets is measured at
an amount equal to lifetime ECL. The Company provides for expected credit loss allowance by taking into
consideration historical trend, industry practices and the business environment in which the company
operates. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance
at the reporting date to the amount that is required to be recognised as an impairment gain or loss in the
Standalone Statement of Profit and Loss.

For trade receivables and due from customers, the Company applies the simplified approach permitted
by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognized from initial
recognition of the receivables.

(iv) Derecognition of Financial Assets

A financial asset is derecognized only when the contractual rights to receive the cash flows from the financial
asset expires or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109.

(m) Derivatives that are not designated as hedges

Derivatives are initially recognsied at fair value on the date a derivative contract is entered into and are subsequently
re-measured to their fair value at the end of each reporting period. Such contracts are accounted for at fair value
through profit or loss and are included in other gains / losses. Derivatives are carried as financial assets when the
fair value is positive and as financial liabilities when the fair value is negative.

(n) Offsetting of Financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the Standalone 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.

(o) Property, Plant and Equipment

The cost of an item of Property, Plant and Equipment is recognized as an asset if, and only if:

i. it is probable that future economic benefits associated with the item will flow to the entity; and

ii. the cost of an item can be measured reliably.

All items of Property, Plant and Equipment are stated at historical cost less depreciation and impairment, if any.
Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Company
and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a
separate asset is derecognized when replaced. All other repairs and maintenance are charged to the Standalone
Statement of Profit and Loss during the reporting period in which they are incurred.

The present value of the expected cost for the decommissioning of an asset after its use is included in the cost of
the respective asset if the recognition criteria for provisions are met.

Spare parts are capitalized when they meet the definition of PPE, i.e., when the company intends to use these
during more than a period of 12 months.

Property, plant and equipment which are not ready for their intended use as on the balance sheet date are
disclosed as “Capital work-in-progress”. Capital work in progress is stated at cost, net of accumulated
impairment loss, if any. Such items are classified to the appropriate category of property, plant and equipment
when completed and ready for their intended use.

(i) Depreciation methods, estimated useful lives and residual value

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values,
over their estimated useful lives.

The useful lives have been determined based on technical evaluation done by the management’s expert
which in a case is different than those specified by Schedule II to the Act, in order to reflect the actual usage
of the assets as given below. The residual values are not more than 5% of the original cost of the asset.
The assets’ residual values and useful lives are reviewed and adjusted if appropriate, at the end of each
reporting period.

Management believes that useful lives of these assets reflect the periods over which these assets are
expected to be used.

An asset’s carrying amount is written down immediately to its recoverable amount if, and only if, the
recoverable amount of an asset is less than its carrying amount and an impairment loss shall be recognized
immediately in the Standalone Statement of Profit and Loss. Gains and losses on disposals are determined
by comparing proceeds with carrying amount. These are included in the Standalone Statement of Profit
and Loss within other gains/ losses.

(p) Investment Properties

Property that is held for long term rental yields or for capital appreciation or both, and is not occupied by the
Company, is classified as investment property. Investment property is measured initially at its cost, including related
transaction costs and where applicable borrowing costs.

Subsequent expenditure is capitalized to the asset's carrying amount only when it is probable that future economic
benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably.
All other repairs and maintenance cost are charged to Statement of Profit and Loss during the reporting period in
which they are incurred. When part of an investment property is replaced, the carrying amount of the replaced cost
is derecognized.

Investment properties are depreciated using straight line method over the estimated useful lives.

On transition to Ind AS, the group has elected to continue with the carrying value of its investment properties
measured at the previous GAAP and use that carrying value as the deemed cost of investment properties.

(q) Intangible Assets

Intangible Assets are stated at cost of acquisition net of accumulated amortisation and accumulated impairment, if
any.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is
greater than its estimated recoverable amount.

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in
the Statement of Profit and Loss.

On transition to Ind AS, the Company has elected to continue with the carrying value of its intangible assets measured
at the previous GAAP and use that carrying value as the deemed cost of intangible assets.”

(i) Computer Software

Costs incurred on computer software resulting in future economic benefits are capitalized as Intangible Assets.

Intangible Assets acquired are measured on initial recognition at cost. The cost of intangible assets acquired in a
business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are
carried at cost less any accumulated amortisation and accumulated impairment losses.

Costs associated with maintaining software programs are recognised as an expense as incurred. Cost of purchased
software are recorded as intangible assets and amortised from the point at which the asset is available for use.

(ii) Research and Development

Expenditure on Research and Development that does not meet the criteria laid out in the standard are recognized
as expenses as and when incurred. Development costs previously recognized as an expense are not recognized as an
asset in subsequent period.

Development costs are recognised as intangible assets when the following criteria are met:

1. it is technically feasible to complete the intangible asset so that it will be available for use,

2. management intends to complete the intangible asset and use or sell it,

3. there is an ability to use or sell the intangible asset,

4. it can be demonstrated how the intangible asset will generate probable future economic benefits,

5. adequate technical, financial and other resources to complete the development and to use or sell the intangible
asset are available, and

6. the expenditure attributable to the intangible asset during its development can be reliably measured.

Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is
available for use.

(iii) Amortisation methods and periods

Computer software is amortized on a straight-line basis over a period of three years.

Gains and losses on disposals are determined by comparing proceeds with carrying amounts. These are included in
the Standalone Statement of Profit and Loss within other gains/ losses.

(r) Trade and Other Payables

These amounts represent liabilities for goods and services provided to the Company prior to the end of financial year
which are unpaid. The amounts are unsecured. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months after the reporting period. They are recognized initially at their fair value and
subsequently measured at amortised cost using the effective interest method.

(s) Borrowings

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption
amount is recognized in profit and loss over the period of borrowings using the effective interest method.

Preference Shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on
these Preference Shares are recognized in the Standalone Statement of Profit and Loss as finance costs.

Borrowings are derecognised from the Standalone Balance Sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred
or liabilities assumed, is recognized in the Standalone Statement of Profit and Loss as other gains/ losses.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of
the liability for at least 12 months after the reporting period.

(t) Borrowing Costs

Borrowing costs include interest, other costs incurred in connection with borrowing and exchange differences
arising from foreign currency borrowings to the extent that they are regarded as an adjustment to the interest cost.

Borrowing Costs that are directly attributable to the acquisition, construction or production of a qualifying asset
form part of the cost of that asset. A qualifying asset is an asset that necessarily takes substantial period of time to
get ready for its intended use or sale.

Other borrowing costs are expensed to the Standalone Statement of Profit and Loss in the period in which they are
incurred.