(xi) Provisions, Contingent liabilities and Contingent assets
Provisions are recognized only when the Company has a present obligation (legal or constructive) 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 a reliable estimate can be made of the amount of the obligation. Provision is measured using the cash flows estimated to settle the present obligation and when the effect of time value of money is material, the carrying amount of the provision is the present value of those cash flows. Reimbursement expected in respect of expenditure required to settle a provision is recognized only when it is virtually certain that the reimbursement will be received.
Contingent liability is disclosed in case of, a present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation; and a present obligation arising from past events, when no reliable estimate is possible.
Contingent assets are disclosed where an inflow of economic benefits is probable.
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 recognized and measured as a provision.
(xii) Revenue recognition:
The Company has adopted Ind-AS 115 "Revenue from Contracts with Customers” effective from April 01, 2018.
Revenue from the sale of goods is recognized when the Company transfers control of the product. Control of the product transfers upon shipment of the product to the customer or when the product is made available to the customer, provided transfer of title to the customer occurs and the Company has not retained any significant risks of ownership or future obligations with respect to the product shipped. Amounts disclosed as revenue are net off returns, trade allowances, rebates and indirect taxes.
Other income:
Interest income from a financial asset is recognized 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.
Dividend income is accounted in the period in which the right to receive the same is established.
Government grants, which are revenue in nature and are towards compensation for the qualifying costs, incurred by the Company, are recognized as other income in the Statement of Profit and Loss in the period in which such costs are incurred. Government grant receivable in the form of duty credit script is recognized as Other income in the Statement of Profit and Loss in the period in which the application is made to the government authorities and to the extent there is no uncertainty towards its receipt.
Other items of income are accounted as and when the right to receive such income arises and it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably.
(xiii) Foreign Currency Transactions:
The functional currency and presentation currency of the company is Indian Rupee.
Transactions in currencies other than the Company’s functional currency are recorded on initial recognition using the exchange rate at the transaction date. At each Balance Sheet date, foreign currency monetary items are reported at the closing spot rate. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in foreign currency are not retranslated.
Exchange differences that arise on settlement of monetary items or on reporting of monetary items at each Balance Sheet date at the closing spot rate are recognized in the Statement of Profit and Loss in the period in which they arise except for:
(a) exchange gains or losses on foreign currency borrowings taken which are related to the acquisition or construction of qualifying assets are adjusted in the carrying cost of such assets.
(b) exchange differences on derivatives transactions entered into in order to hedge foreign currency risks associated with underlying assets/liabilities which are classified as cash flow hedges. The effective portion of changes in the fair value of the derivative is recognised in the cash flow hedging reserve being part of Other Comprehensive Income. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in the Statement of Profit and Loss.
(xiv) Exceptional items:
An item of income or expense which by its size, type or incidence requires disclosure in order to improve an understanding of the performance of the Company is treated as an exceptional item and disclosed as such in the financial statements.
(xv) Taxes on income:
The tax expenses for the period comprises of current tax and deferred income tax. Tax is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised in the Other Comprehensive Income. In which case, the tax is also recognised in Other Comprehensive Income.
Current Tax:
Tax on income for the current period is determined on the basis of taxable income and tax credits computed in accordance with the provisions of the Income Tax Act, 1961 and based on the expected outcome of assessments/appeals.
Deferred Tax:
Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the Company’s financial statements and the corresponding tax bases used in computation of taxable profit and quantified using the tax rates and laws enacted or substantively enacted as at the Balance Sheet date.
Deferred tax assets are generally recognized for all taxable temporary differences to the extent it is probable that taxable profits will be available against which those deductible temporary differences can be utilized.
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 asset to be recovered.
Deferred tax assets relating to unabsorbed depreciation/business losses/losses under the head "capital gains” are recognized and carried forward to the extent of available taxable temporary differences or where there is convincing other evidence that sufficient future taxable income will be available against which such deferred tax assets can be realized.
Transaction or event which is recognized outside Profit or Loss, either in Other Comprehensive Income or in equity, is recorded along with the tax as applicable.
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax liabilities are offset when there is a legally enforceable right to set off assets against liabilities representing current tax and where the deferred tax assets and the deferred tax asset and the deferred tax liabilities relate to taxes on income levied by the same governing taxation laws.
(xvi) Cash and bank balances:
Cash and bank balances also include fixed deposits, margin money deposits, earmarked balances with banks and other bank balances which have restrictions on repatriation. Short term and liquid investments being subject to more than insignificant risk of change in value, are not included as part of cash and bank balances.
(xvii) Cash flow statement:
Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transaction of non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or
expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated.
In the cash flow statement, cash and cash equivalents includes cash on hand, demand deposits with banks, other short-term highly liquid investments 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 balance sheet.
(xviii) Borrowing costs:
Borrowing costs, general or specific, that are directly attributable to the acquisition or construction of qualifying assets is capitalized as part of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to the Statement of Profit and Loss. The Company determines the amount of borrowing costs eligible for capitalization as the actual borrowing costs incurred on that borrowing during the year less any interest income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets, to the extent that an entity borrows funds specifically for the purpose of obtaining a qualifying asset. In case if the Company borrows generally and uses the funds for obtaining a qualifying asset, borrowing costs eligible for capitalization are determined by applying a capitalizations rate to the expenditures on that asset.
Borrowing cost includes exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the finance cost.
(xix) Securities premium:
Securities premium include, the difference between the face value of the equity shares and the consideration received in respect of shares issued. The issue expenses of securities which qualify as equity instruments are written off against securities premium.
(xx) Non-current assets held for sale:
Non-current assets and disposal groups are classified as held for sale if their carrying amount is intended to be recovered principally through a sale (rather than through continuing use) when the asset (or disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sale of such asset (or disposal group) and the sale is highly probable and is expected to qualify for recognition as a completed sale within one year from the date of classification.
Non-current assets and disposal groups classified as held for sale are measured at lower of their carrying amount and fair value less costs to sell.
(xxi) Operating cycle for current and noncurrent classification:
The Company presents assets and liabilities in the balance sheet based on current/non-current classification.
An asset is classified as current when it satisfies any of the following criteria:
• It is expected to be realized or intended to be sold or consumed in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is expected to be realized within 12 months after the date of reporting period; or
• Cash and cash equivalents unless restricted from being exchanged or used to settle a liability for at least 12 months after reporting period.
Current assets include the current portion of noncurrent financial assets. All other assets are classified as non-current.
A liability is current when it satisfies any of the following criteria:
• It is expected to be realized or intended to be sold or consumed in normal operating cycle;
• It is held primarily for the purpose of trading;
• It is expected to be realized within 12 months after the date of reporting period; or
• There is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period.
• Current liabilities include the current portion of long-term financial liabilities.
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
(xxii) Earnings Per Share:
Basic earnings per share is calculated by dividing the net profit after tax by the weighted average number of equity shares outstanding during the year adjusted for bonus element in equity share. Diluted earnings per share adjusts the figures used in determination of basic earnings per share to take
into account the conversion of all dilutive potential equity shares. Dilutive potential equity shares are deemed converted as at the beginning of the period unless issued at a later date.
(xxiii) Key sources of estimation:
The preparation of the financial statements in conformity with Ind AS requires the management of the Company makes estimates and assumptions that affect the reported amounts of income and expenses of the period, the reported balances of assets and liabilities and the disclosures relating to contingent liabilities as of the date of the financial statements. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates include useful lives of property, plant and equipment & intangible assets, allowance for expected credit loss, future obligations in respect of retirement benefit plans, fair value measurement etc. Difference, if any, between the actual results and estimates is recognized in the period in which the results are known.
(i) Segment reporting:
Revenue and Geographical Segments are identified based on the stratification of the risk and returns. The Company operates only in the one revenue segment. i.e. Manufacturing of industrial chemicals.
(ii) Commitments:
Commitments are future liabilities for contractual expenditure. Commitments include the value of the contracts for the acquisition of the assets net of advances.
(iii) Recognition of Deferred Tax Assets and Liabilities:
Deferred tax assets and liabilities are recognised for deductible temporary differences and unused tax losses for which there is probability of utilization against the future taxable profit. The Company uses judgement to determine the amount of deferred tax that can be recognised, based upon the likely timing and the level of future taxable profits and business developments.
(3) STANDARDS ISSUED BUT NOT EFFECTIVE
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, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
Note B:
The Company has made contribution in the Equity Shares of following companies for acquiring membership in those companies for operation purposes. Hence, investment in such companies are valued at cost.
Globe Enviro Care Ltd. - 2,66,191 (Previous year -2,66,191) shares - Face value of ' 10/- each
Narmada Clean Tech Ltd. 1,34,100 (Previous year -1,34,100) shares - Face value of ' 10/- each
Note B1
The Company has provided non-current security deposit ' 746.14 Million (PY 646.14 Million) to Related Party to secure its long term supply chain. (Refer Note 32 II). The above amount represents the discounted value of such non-current security deposits.
Note B2
In order to initiate the business operations of ARIL Fluorospeciality Private Limited, a wholly owned
subsidiary (WOS), the company has provided funds by way of grant of loan of ' 357.89 Million for a period of 10 years in one or more tranche. The loan amount shall be utilised by WOS for the procurement of land and capex to start its principle business activities. The interest rate on such loan is 9% per annum as equivalent to interest rate of State Bank of India (SBI). The moratorium period for repayment of principal and interest amount of the loan is of 3 Years and the repayment of loan shall commence from February-2027 on step-up basis. (Refer Note 32 II)
Note B3
In order to extend the financial assistance to Anupam Japan GK, a wholly-owned subsidiary (WOS) operational expenses of ' 0.06 Million were incurred by the Company on behlaf of the said WOS (Refer Note 32 II).
Note B4
In order to extend the financial assistance to Anupam Europe AG, wholly owned subsidiary (WOS) operational expenses of ' 0.28 Million were incurred by the Company on behlaf of the said WOS (Refer Note 32 II).
Note D:
The amount of fixed deposit with Banks includes Lien over fixed deposit of ' 43.53 Million (Previous year: 53.02 Million)
Note D1:
During the Previous Financial Year, the Company has issued 68,96,097 shares of ' 10/- each under Qualified Institutions Placement (QIP) ( Issued at price of ' 725/- per Equity Share) . Out of total proceeds of
Qualified Institutions Placement (QIP) of ' 4999.90 Million, ' 4,037.30 Million (Previous Year - ' 777.90 Million) has been utilised for Capex projects & general corporate purpose and ' 313 Million (Previous Year -' 313 Million) for Issue related expenses up to March 31, 2024 as per object of QIP as per Placement Documents filed with Securities and Exchange Board of India (SEBI) on October 03, 2022 and balance proceeds of ' 649.60 million (Previous Year - ' 3,909 Mil lion) a relying in Fixed Depositsand Current Accounts with Banks.
During the Current Financial Year, the Company has raised money by issue of 19,04,540 equity shares on a preferential basis amounting to ' 1,800.00 Million (Issued at a price of ' 945.11 per Equity Share) and by issue of 39,14,886 convertible warrants amounting to ' 3,700 Million (out of which the company has received 25% of the issue price of warrants during the year amounting to ' 925.00 Million). Out of the total proceeds of ' 2,725.00 Million so received during the year, ' 2,546.88 million have been utilized for the repayment of Loans and balance proceeds of ' 178.12 Million were lying with Bank.
Note F
The amount represents receivable for the insurance claim related to the fire broke out at one of the manufacturing plants of the Company located at Sachin, Gujarat during the Previous Financial Year. The Company had lodged claims with the insurance Company amounting to ' 168.11 million on a replacement cost basis. The said claim was made based on the assessment of the physical damage to the Company's Assets. Consequently, the Company has based on an impairment test and on the basis of its primary assessment of inventory (work in progress) and damaged Property, plant and equipment recorded an amount of ' 60.86 million (Previous Year - 58.48 million). Assessment of losses due to fire was under process by Insurance companies at the end of current financial year.
Nature and purpose of reserves:
Securities Premium
Securities Premium reserve is created due to premium on issue of shares. These reserve are utilized in accordance with provision of the Companies Act, 2013.
General Reserve
Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid up capital of the Company for that year, then the total dividend distribution is less than the total distributable reserve for that year.
Consequent to introduction of Companies Act, 2013, the requirement of mandatory transfer of a specified percentage of the net profit to general reserves has been withdrawn and the Company can optionally transfer any amount from the Surplus of profit or loss to the General Reserve.
Share Based Payment Reserve
The Company, vide resolution passed by the shareholders on 4th December, 2020, has reserved issuance of 13,12,795 number of Equity Shares to its eligible employees and its subsidiary
companies under the Anupam - Employee Stock Option Plan, 2020 ('ESOP-2020'). The Nomination and Remuneration Committee/Compensation Committee ("Committee") has granted 13,12,760 number of Options and 1,07,075 number of Options at a price of ' 225/- per option under Grant
1 and Grant 2 on 10th December, 2020 and 20th January, 2022, respectively. The Options, which remain unvested or unexercised and have lapsed due to resignations/non-acceptance of the granted Options by the employees, have been pooled back in the Employees Stock Options Pool and are available for re-grant. Out of 56,080 number of Options available in the pool, the Committee has granted 6,260 number of Options at a price of ' 225/- per Option under Grant 3 on 9th January, 2023 and during the Current Financial Year, 1,846 number of Equity Shares has been exercised from the same. The Options would vest over a period of 1/2/3 years from the date of grant based on specified criteria. (Refer Note 31.1).
During Current Financial Year 3,69,440 (Previous year - 3,90,832) and 97,360 (Previous year - Nil) actual number of Equity Shares were exercised tilll expiry of the period from Grant 1 and Grant
2 respectively and therefore ' 93.48 Million
(Previous year - ' 8.74 Million) representing
the fair value of option which was credited to Share Based Payment Reserve under (SOCE) is transferred to Securities Premium from Share Based Payment Reserve
*Processing fees related to the Term loan from banks were netted off as prepaid finance charges in Previous year (' 28.79 Million). During the Current Financial Year, Majority of the Term Loans so availed were repaid and hence the balance amount lying as the Deffered Interest expenses were transferred to the qualifying assets for which said term loan were availed.
Note 16A:
As per Ind AS 109 "Financial Instruments" and Ind AS 113 "Fair Value Measurements", term loans taken from banks are financial instruments and accordingly the processing fee paid on bank loans is to be valued at fair valuation and recognised as "Term loan deferred processing fee" which is amortised as "Deferred interest expense" over the period of term loan using effective interest rate for each bank loan taken during earlier year(s). During the Current Financial Year, such Deferred interest expenses are transferred to the respective qualifying assets.
30. CONTINGENT LIABILITIES AND COMMITMENTS
Contingent Liabilities
During the Current Financial Year, the company has given corporate guarantee to Axis Bank Limited for the loan facility of INR 750 Million (Previous year INR NIL) availed by Tangent Science Private Limited.
Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of Capital Advances) as on March 31,2024 is ' 1085.4 Million (Previous year ' 1374.02 Million).
31. EMPLOYEE BENEFITS
Employee Gratuity fund scheme is for the purpose of the Defined Benefits. The Company is making annual
contributions for gratuities to funds administered by trustees and managed by insurer (LIC) for amounts notified by the insurer. The present value of obligation under such defined benefit plan is determined based on actuarial valuation carried out by an independent actuary.
The Company has paid premium under Staff Gratuity EGGS Scheme with the LIC. Accordingly, all the required disclosures are provided in the financial statements to the extent details available from actuarial valuation report and LIC gratuity valuation report respectively.
These plans typically expose the Group to actuarial risks such as: Investment risk, interest rate risk, longevity risk and salary risk.
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 year 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.
Interest risk
A fall in the discount rate which is linked to the Government Security 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.
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.
The inf lows/(outf lows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity.
B. Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Company. An analysis of financial assets shows that no asset was impaired or requiring consideration in determining impairment.
The amount of maximum exposure to credit risk as at March 31, 2024 without taking account of any collateral or other credit enhancements is as stated in table below:
C. Market risk
With the entity having varied geographical spread of revenue, and with the price being determined, primarily by demand and supply, the entity is not exposed to any market risk that require sensitivity analysis akin to any specific market such that profit or loss or equity of the entity would get affected by changes in the relevant risk variable.
Currency risk
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company’s functional currency. The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise the volatility of the cash flows of highly probable forecast transactions by hedging the foreign exchange inflows on regular basis.
Currency risks related to the principal amounts of the Company’s foreign currency receivable/payables have not been hedged using forward contracts.
In respect of other monetary assets and liabilities denominated in foreign currencies, the Company’s policy is to ensure that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary to address short-term imbalances.
Fair value sensitivity analysis for fixed-rate instruments
The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Hedge Accounting
The Company’s business objective includes safeguarding its earnings against foreign exchange fluctuations. 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 hedges and Cash Flow hedges. Hedging instruments include forwards contracts to achieve this objective. The table below shows the position of hedging instruments and hedged items as on the balance sheet date.
Cash flow hedge
The objective of hedge accounting is to represent, in the Company's financial statements, the effect of the Company's use of financial instruments to mange exposures arising from particular risks that could affect profit or loss. The Company's exposure to foreign currency risk as at March 31, 2024 is stated below.
During the year ended March 31, 2024, the Company has designated specific foreign exchange
cross currency forward contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in cash flow hedge reserve as at March 31, 2024 are expected to occur and reclassified to Statement of Profit and Loss within thirty six months.
The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.
If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in the Statement of Profit and Loss at the time of the hedge relationship rebalancing.
38. OTHER STATUTORY INFORMATION:
(i) There is no balance outstanding on account of any transaction with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956.
(ii) 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 by or on behalf the Company (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the Ultimate beneficiaries.
(iii) 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 will:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf the Funding Party (Ultimate Beneficiaries) or
(b) Provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iv) The Company has not entered into any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income-tax Act 1961.
39. Figures for the previous year have been regrouped/reclassified to conform to the figures of the current year.
40. AUDIT TRAIL
The accounting software used by the Company, to maintain its Books of account have a feature of recording audit trail (edit log) facility and the same has been operated throughout the year for all transactions recorded in the software. Further, there were no instances of audit trail features being tampered with in respect of the said software. The audit trail has been preserved by the Company as per the statutory requirements for record retention
41. APPROVAL OF FINANCIAL STATEMENT
The Financial Statements were approved for issue by the Board of Directors on 18th May, 2024
The Board of Directors have recommended a Final Dividend of ' 0.75/- @7.5% per Equity Share of Face Value ' 10/- each for the Financial Year 2023-24 in the Board Meeting dated May 18, 2024 subject to the approval of shareholders in the forthcoming Annual General Meeting.
For and on behalf of the Board, As per our report of even date
Anand Desai Mona Desai For Rajendra & Co.
Managing Director Whole-Time Director Chartered Accountants
(DIN: 00038442) (DIN: 00038429) Firm Reg. No. 108355W
Gopal Agrawal Amit Khurana Ashish Gupta Akshay R. Shah
Chief Executive Officer Chief Financial Company Secretary & Partner
Officer Compliance Officer Mem. No. 103316
Date: 18th May, 2024 Date: 18th May, 2024
Place: Surat Place: Mumbai
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