The carrying value of goodwill arose at the time of business purchase of erstwhile APK Automotive and AK Auto Industries by the company which is tested for impairment annually at each balance sheet date in accordance with the Company's procedure for determining the recoverable amounts of the after market business which is considered as a cash generating unit (CGU). The recoverable amount of CGU is based on value in use. The value in use for Goodwill is determined based on discounted cash flow projections. These calculations uses management

assumptions and discounted pre tax cash flow projections based on financial budgets covering a 5 year period. Cash flow projection beyond 5 years time period are extrapolated using the estimated terminal growth rate. Certain key assumptions considered by the management for impairment testing of CGU are stated below:

• Weighted average cost of capital: 31 March 2024: 16.34% (31 March 2023: 16.20%)

• Revenue growth rate: 31 March 2024: 12% (31 March 2023: 13%)

• Terminal growth rate: 31 March 2024: 4% (31 March 2023: 4%)

The management believes that no reasonably possible change in any of the key assumptions used in the value in use calculation would cause the carrying value of the CGU to materially exceed its value in use.

5.1 Refer to note 35 for details of investments in subsidiary and joint venture.

5.2 The Company has additionally invested an amount of ^ 12,00,50,000 (INR Twelve Crores Fifty Thousand) in ASK Fras-le Friction Private Limited, Joint Venture of the Company on 21 December 2022 for subscription of its 1,20,05,000 (One Crore Twenty Lakhs Five Thousand) equity shares of ^ 10/- each on right basis.

5.3 The Company has performed an impairment assessment of its Investment in Joint Venture at the balance sheet date to ascertain the recoverable amount and has not found any indicator of impairment as at 31 March 2024 and 31 March 2023. The recoverable amount is determined based on value in use calculation. These calculations uses management assumptions and discounted pre tax cash flow projections based on financial budgets covering a 5 year period. Cash flow projection beyond 5 years time period are extrapolated using the estimated terminal growth rate. Certain key assumptions considered by the management for impairment testing are stated below:

• Weighted average cost of capital: 31 March 2024: 20.09% (31 March 2023: 19.95%)

• Terminal growth rate: 31 March 2024: 4% (31 March 2023: 4%)

The management believes that no reasonably possible change in any of the key assumptions used in the value in use calculation would cause the carrying value of the Investment to materially exceed its value in use.

Loan given to ASK Fras-le Friction Private Limited (Joint Venture) is receivable in 4 equal yearly installments of 7 266.63 Lakhs commencing from 20 January2024 and carries Interest rate of 9% p.a receivable on quarterly intervals.

The company has sanctioned an unsecured loan to ASK Automobiles Private Limited (subsidiary), for purchase of fixed assets including land, construction of building, purchase of plant and machinery and for meeting working capital requirements, for an amount not exceeding 7 10,000 Lakhs to be disbursed upto March 2024. The interest rate on the loan amount was repo rate 1.90% for loan disbursed during financial year 2021-22 , repo rate 2.30% for the loan disbursed during financial year 2022-23 and repo rate 3.30% for the loan to be disbursed during financial year 202324. As per initial agreement, the loan was repayable in sixty equal monthly installments w.e.f 1 April, 2024, interest accrued upto March 2024 was payable in 4 equal quarterly instalments starting from 7 July 2024 and interest accrued from 1 April 2024 was payable on 7th day after end of each quarter. During the year, the Company has amended the loan agreement and enhanced the sanctioned limit to 7 35,000 Lakhs and amended the terms as: (1) Remaining loan amount can be disbursed in one or more tranches till 31 March 2026. (2) Interest rate from 1 April 2024 will be Repo Rate 2.00% p.a. applicable on all loan disbursed in various phases. (3) The loan will be repayable in sixty equal monthly installments w.e.f 1 April, 2026. (4) Interest accrued upto March 2026 will be payable in 4 equal quarterly instalments starting from 7 July 2026. Interest accrued from 1 April 2026 will be payable on 7th day after end of each quarter.

*This amount includes 7 300 Lakhs (31 March 2023: INR NIL) as security deposits held with National Stock Exchange Limited (NSE) against listing related compliance of Initial Public Offering. This amount to be used for payment of expenses relating to Initial Public Offering. (Refer note 39.3)

#This amount includes INR NIL (31 March 2023: 7162.92 Lakhs) towards Initial public offer related transaction costs, which the Company has recovered from selling shareholders. (Refer note 39.3).

Trade receivables are non-interest bearing and are generally on terms of 30 to 60 days.

Refer note 38(B)(I)(a) for details of the Company's credit risk policy and exposure.

Refer note 39 for trade receivables outstanding from related party.

10.3 Trade receivable includes receivable amounting to NIL (31 March 23: ^ 3219.97 lakhs) from a customer, which are subject to sales invoice financing arrangement with HDFC Bank Ltd and the customer, where the obligation to pay may arise due to unforeseen event of default by the Company’s customer. The company, therefore, recognised the trade receivables and corresponding borrowings liability in these standalone financial statements in accordance with the requirements of Ind AS 109 - Financial Instruments.

10.4 During the year, the Company has entered into an arrangement with ICICI Bank Limited to discount its trade receivables on a non recourse basis and accordingly trade receivables amounting to ^ 5,913.59 Lakhs (31 March 2023: INR NIL) have been derocognised in accordance with Ind AS 109 - Financial Instruments.

Includes balance of R 52.21 lakhs (31 March 2023: R 70.30 lakhs) in unspent CSR expenditure account which is not readily available for other purposes (refer note 31.2).

It also includes ^ 854.60 Lakhs (31 March 2023: INR NIL) in escrow account for meeting Intial Public Offering expenses on behalf of selling shareholders. (refer note 39.3).

Cash and cash equivalent includes ^ 854.60 Lakhs (31 March 2023: INR NIL) which would be used for meeting Initial Public Offering expenses on behalf of selling shareholders and ^ 52.21 Lakhs (31 March 2023: ^ 70.30 Lakhs) in unspent CSR expenditure account. These balances are restricted and are not readily available for other purposes. Also, refer note 39.3 and note 31.2 respectively.

There are no repatriation restrictions with regard to cash and cash equivalents as at the end of the current and previous year.

The Company has undrawn borrowing facilities aggregating to ^ 20,700.62 Lakhs (31 March 2023: ^ 6,808.84 Lakhs) for future operating activities. This includes INR NIL (31 March 2023: ^ 1,780.03 Lakhs) towards sales invoice discounting and ^ 4,086.41 Lakhs (31 March 2023: INR NIL) towards factoring arrangement. (refer note 20).

(iv) Terms/rights attached to equity shares

The Company has only one class of equity shares having face value of ^ 2 per share. All the existing equity shares rank pari passu in all respects including but not limited to entitlement for dividend, bonus issue and right issue. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after settling of all liabilities, in proportion to their shareholding.

(vii) During the year ended 31 March 2023, with the approval of the Board of Directors, the Company offered buyback of 37,50,000 (Thirty seven lacs fifty thousand only) fully paid-up equity shares of Face Value of ^ 2/- (Two only) each at a price of ^ 240/- (Two hundred and forty only) per Equity share, on a proportionate basis through the tender offer process. The buyback procedure was completed in September 2022 , which resulted in a total cash outflow of ^ 9,000.00 Lakhs (excluding tax on buy back). In line with the requirement of the Companies Act, 2013, the amount of ^ 9,000.00 Lakhs has been utilised from retained earnings. Consequent to such buyback, the Company extinguished 37,50,000 equity shares, the paid-up equity share capital of the Company was reduced by ^ 75 Lakhs and capital redemption reserve of ^ 75 Lakhs (representing the nominal value of the shares bought back) has been created out of retained earnings.

(ix) The Board of directors, vide circular resolution passed on 24th August, 2023, took note of the following transfer of shares made by Mr. Prashant Rathee and Mr. Aman Rathee, Directors and Shareholders of the Company to the Promoters of the Company, Mr. Kuldip Singh Rathee and Mrs. Vijay Rathee, by way of gift deeds each dated 23 August 2023 (“Gift Deeds”).

(x) The Company has completed an Initial Public Offer (‘IPO’) of 2,95,71,390 Equity shares having face value of INR 2 each, at an issue price of ^ 282 per equity share (including share premium of ^ 280 per equity share), comprising offer for sale of 2,95,71,390 shares by selling shareholders aggregating to ^ 83,391.32 Lakhs. The equity shares of the Company got listed on BSE Limited (‘BSE’) and National Stock Exchange of India Limited (‘NSE’) on 15 November 2023.

Subsequent to year end, The Board of Directors in the meeting dated 18 May 2024 of the Company have considered and recommended a final dividend of ^ 1 per share (face value of ^ 2 per share) for the financial year 2023-24 which is subject to approval of the members at the ensuing annual general meeting.

14.1 Nature and purpose of other equity

- General reserve: This represents appropriation of profit by the Company and is available for distribution of dividend.

- Capital redemption reserve: This represents a non-distributable reserve created as per provisions of section 55 of the Companies Act, 2013 on redemption of 0% Non convertible redeemable preference shares redeemed during the year ended 31 March 2018 and as per provisions of section 68 of the Companies Act, 2013 on Buy back of equity shares for the years ended 31 March 2023 and 31 March 2022.

- Securities premium: This represents premium received on issue of shares, which can be utilised only in accordance with the provisions of the Companies Act, 2013 for specified purposes.

- Retained earnings: This represents the net profits after all distributions and transfers to other reserves.

17.1 Defined benefit plan and long term employment benefits A General description:

Gratuity (Defined benefit plan):

Gratuity liability is a defined benefit obligation and is provided for on the basis of an actuarial valuation on projected unit credit method made at the end of each year. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Every employee who has completed five years or more of service gets a gratuity on retirement/leaving the organisation at 15 days salary (last drawn salary) for each completed year of service. The scheme is unfunded. Actuarial gains or losses are recognised in other comprehensive income.

Compensated absences (other long term employee benefits):

The employees of the Company are entitled to leaves as per the leave policy of the Company. Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related service are recognised based on actuarial valuation. The expense related to compensated absences are recognised in standalone statement of profit and loss as employee benefits expense.

These assumptions were developed by management with the assistance of independent actuary. Discount factors are determined close to each year-end by reference to market yields of high quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on current actuarial benchmarks and management’s historical experience.

J Sensitivity analysis: Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting year, while holding all other assumptions constant. The results of sensitivity analysis is given below:

The change in defined benefit obligation due to 100 bps increase/decrease in mortality rate, if all other assumptions remain constant is negligible.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

There is no change in the method of valuation for the prior year.

Revenue is mainly derived from three major customers which account for 30.56% (31 March 2023: 34.52%), 15.00% (31 March 2023: 15.57%), 12.37% (31 March 2023: 10.74%) of the Company respectively arising from sale of products and services.

28.1 Defined contribution plan

The Company has certain defined contribution plans. The contributions are made to provident fund in India for employees at the prescribed rates of the basic salary as per Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The contributions are made to recognised provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.

# Excludes ^ 135.82 Lakhs for the year ended 31 March 2024 (31 March 2023: 41.00 Lakhs) charged towards special purpose audit, certification and other services which is part of Initial Public Offering recovered from selling shareholders. (Refer note - 39.3)

31.2 Corporate social responsibility expenditure

In accordance with the provisions of section 135 of the Companies Act 2013, the Board of Directors of the Company had constituted a Corporate Social Responsibility (CSR) Committee. The CSR Committee has been examining and evaluating suitable proposals for deployment of funds towards CSR initiatives. During the current year ended 31 March 2024, Company has contributed following sums towards CSR initiatives.

# This is the amount transferred by Company to the AHSAAS during the year, actual amount spent by the AHSAAS during the year is ^ 79.18 Lakhs (31 March 2023: ^ 6.76 lakhs).

* The Board of the company during the year has approved ^ 100.00 Lakhs (31 March 2023: ^ 60.00 lakhs) for ongoing projects.

As per Section 135(6) of the Companies Act 2013, the Company is required to transfer the unspent amount pertaining to ongoing project to a special account called "Unspent Corporate Social Responsibility Account" within 30 days from end of respective financial year. In this regard, the Company has transferred ^ 100 Lakhs (31 March 2023: ^ 60 Lakhs) to the special account on 26 April 2024. Out of the amounts deposited in the bank account for prior year, Company has transferred to AHSAAS ^ 78.09 Lakhs (31 March 2023: ^ 7.84 lakhs).

33 Earning per share

Earnings per share is calculated by dividing the profit attributable to the equity shareholders by the average number of equity shares and weighted average number of equity shares outstanding. The reconciliation of the number of shares and weighted average number of shares for the purpose of basic and diluted earnings per share to the number of equity shares and weighted average number of ordinary equity shares used in the calculation of basic and diluted earnings per share is as follows:

34 Segment Reporting

The business activity of the Company falls within one operating segment viz. manufacturing of auto components including advanced braking systems, aluminium lightweighting precision solutions and safety control cables primarily for automobile industry and substantial sale of the products is within India. The Board of Directors, which has been identified as being the Chief Operating Decision Maker (CODM), evaluates the Company’s performance, allocate resources based on the analysis of the various performance indicator of the Company as a single unit. Therefore, there is one reportable segment for the Company.

For information about geographical areas and revenue from major customers, refer note 44(A) and 24 respectively.

35.1 As per joint venture agreement, the scope and value of work of each partner has been clearly defined and accepted by the partners. The Company’s share in the joint venture company is duly accounted for in the accounts of the Company in accordance with such division of work and therefore does not require separate disclosure.

(ii) During the year ended 31 March 2024, Surety bond amounting ^ 1,255.30 Lakhs executed by the company in favor of the President of India, under Export Promotion Capital Goods Scheme (EPCG) for importing capital goods at concessional rate of custom duty. The amount of duties and taxes saved during the year were ^ 487.96 Lakhs against which there was an unfulfilled export obligation of ^ 271.03 Lakhs. As at 31 March 2023, there was no unfulfilled export obligation.

37 Contingent liabilities

(i) Corporate guarantees given to banks on account of facilities granted by banks to joint venture and subsidiary company.

The following is a description of claims and assertions where a potential loss is possible, but not probable. The Company believes that none of the contingencies described below would have a material adverse effect on the Company’s financial condition, results of operations or cash flows:

(ii) Others

(a) The Company has received a demand under Goods and Services Tax Act, 2017 of ^ 117.85 Lakhs on 9 August 2023 from Goods and Service Tax (GST) department out of which ^ 3.59 Lakhs is paid under protest. The Company has further deposited ^ 5.47 Lakhs towards disputed tax liability and has filed an appeal against the demand order on 31 October 2023 on which no further communication has been received from the department.

(b) The Company has received an order dated 23 May 2023 from the Assistant Director, Directorate of Enforcement, in connection with an investigation under the Foreign Exchange Management Act, 1999, as amended, directing the Company to submit certain information, including, inter alia, details of the Directors, the Company’s business, the bank accounts of Company, imports and exports made by Company till date and certain information for financial year 2016-2017, such as, all foreign investments made by Company, import/export advance payments for which import and export had not been made by Company and imports/ exports for which payments had not been made/realized by Company, during the aforementioned year. The Company has submitted the required information pursuant to the aforementioned order and no further communication has been recieved from the Directorate of Enforcement in this matter till the adoption of this financial information. The Company believes that this was information seeking by the authorities and is not likely to have any implication on the financial position of the Company.

B Financial risk management

The Company has exposure to the following risks arising from financial instruments:

- Credit risk;

- Liquidity risk;

- Market risk - Foreign exchange;

- Market risk - Interest rate; and

- Commodity price risk

(I) Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The board of directors have authorised senior management to establish the processes, who ensures that executive management controls risks through the mechanism of properly defined framework.

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risks limits and controls, to monitor risks and adherence to limits. Risk management policies are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers, loans. Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks and other bank balances with high credit ratings assigned by domestic credit rating agencies. While cash and cash equivalents are also subject to the impairment requirements of Ind AS 109, the identified impairment loss was immaterial. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables. Trade receivables are unsecured and are derived from revenue earned from customers primarily located in India. The Company does monitor the economic environment in which it operates.

The Company considers the probability of default upon initial recognition of loan and interest accrued therein and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the loan as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking information. Especially the following indicators are incorporated:

• Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the borrower’s ability to meet its obligations

• Actual or expected significant changes in the operating results of the borrower

Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. On account of adoption of Ind AS 109, the Company uses expected credit loss (ECL) model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available external and internal credit risk factors such as Company’s historical experience for customers.

The credit risk for investment carried at amortised cost and other financial assets is considered negligible. However, specific provision is made in case a particular receivable is considered to be non -recoverable.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

(i) Maturities of financial liabilities

The tables below analyses the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: currency risk and interest rate risk. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.

(i) Currency risk

Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial position and cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other currencies from the Company’s operating, investing and financing activities.

Exposure to currency risk

The summary of quantitative data about the Company’s unhedged exposure to currency risk, as expressed in INR :

Sensitivity analysis

A reasonably possible strengthening (weakening) of the Indian Rupee against below currencies at 31 March 2024 would have affected the measurement of financial instruments denominated in functional currency and affected equity and profit or loss by the amounts shown below. This analysis is performed on foreign currency denominated monetary financial assets and financial liabilities outstanding as at the year end. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

(ii) Interest rate risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s main interest rate risk arises from long-term borrowings and short term borrowings with variable rates.

Interest rate risk exposure

The Company’s interest rate risk arises majorly from the term loans from banks carrying floating rate of interest. The exposure of the Company’s borrowing to interest rate changes as reported to the management at the end of the reporting period are as follows:

(d) Commodity price risk

Fluctuation in commodity price in market affects directly or indirectly the price of raw material and components used by the Company. The Company sells its products mainly to Original Equipment Manufacturers for whom it is manufacturing auto components. The Company does regular negotiation / adjustment of prices on the basis of changes in commodity prices.

(II) Capital management

For the purpose of the Company’s capital management, capital includes issued equity share capital, securities premium reserve and all other equity reserves attributable to the equity holders of the Company. The primary objective of the management of the Company’s capital structure is to maintain an efficient mix of debt and equity in order to achieve a low cost of capital, while taking into account the desirability of retaining financial flexibility to pursue business opportunities and adequate access to liquidity to mitigate the effect of unforeseen events on cash flows.

The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust the capital structure, the Company may return capital to shareholders, raise new debt or issue new shares.

The Company monitors capital on the basis of the debt to capital ratio, which is calculated as adjusted net interest-bearing debts divided by total capital.

The Company’s adjusted net debt has decreased by R 9,183.46 lakhs due to repayment of borrowings against increase in shareholder’s equity by R 17,481.93 lakhs

*For the purpose of capital management, the Company have not included R 854.60 Lakhs (31 March 2023: INR NIL) lying in escrow account for meeting Initial Public Offering expenses on behalf of selling shareholders and R 52.21 Lakhs (31 March 2023: R 70.30 Lakhs) in unspent CSR expenditure account. These balances are restricted and are not readily available for other purposes.

39.3 Since the Initial Public Offer was an Offer For Sale, so the Company withheld ^ 4,961.67 Lakhs out of total proceeds of offer from sale by the selling shareholders for payment of Inital Public Offer related expenses incurred by the Company. The total amount outstanding as on date 31 March 2024 is ^ 1,154.61 Lakhs consisting of ^ 854.61 Lakhs in Escrow A/c and ^ 300.00 Lakhs as security deposits with National Stock Exchange Limited (NSE). Against this ^ 1,154.61 lakhs, ^ 7.95 lakhs is recoverable by the Company and balance 1,146.66 lakhs is to be paid to various service providers for which invoices are awaited. In case demand/invoicing received is more than ^ 1,146.66 lakhs, the balance will be recovered from selling shareholders.

39.4 The Company has given a letter of continued financial support to its Subsidiary Company (ASK Automobiles Private Limited) for the year ended 31 March 2024.

Remarks for variance (in case of variance more than 25%)

*During the current year, debt has been decreased by ^ 9,571.60 Lakhs against increase in average shareholders' equity by ^ 17,481.93 Lakhs.

^$During the current year, there is an increase in earnings available for debt service by ^ 4,076.15 lakhs and decrease in repayments of long term debt and interest by ^ 287.00 lakhs.

(b) The Company has not invested or traded in crypto currency & virtual currency.

(c) 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:

(i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries); or

(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

(d) 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:

(i) 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

(ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(e) The borrowings obtained by the company from banks and financial institutions have been applied for the purposes for which such loans were taken.

(f) The Company has not been declared willful defaulter by any bank or financial Institution or other lender.

(g) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the period 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.

(h) There has not been any proceedings initiated or pending against the Company for holding any benami property under the Benami transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

(i) Relationship with struck off companies

The Company has no transaction/ balance with companies struck off under section 248 of the Act to the best of the knowledge of the Company’s management.

(j) The Company does not have any charges or satisfactions, which is yet to be registered with Registrar of companies, beyond the statutory year prescribed under the Companies Act, 2013 and the rules made thereunder.

(k) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in note 3 to the financial statements, are held in the name of the company except the one disclosed in note 3.4.

(l) 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.

(m) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

46 Certain amounts (currency value or percentages) shown in various tables and paragraphs included in these standalone financial statements have been rounded off or truncated as deemed appropriate by the management of the Company.

47 Previous year figure regrouped / reclassified wherever necessary to confirm to current period's classification pursuant to amendment in Schedule III of the Act.

48 No significant subsequent events have occurred post the balance sheet date 31 March 2024 which may require an adjustment to the standalone financial statements.

49 The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company is using an accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting software, except that audit trail feature was not enabled at the database level for accounting software to log any direct data changes, used for maintenance of all accounting records by the Company. Presently, the Company don’t have access to the database and we have raised the request to support partner for enabling the audit trail in system.

50 Authorisation of financial statements

The standalone financial statements for the year ended 31 March 2024 were approved by the board of directors on 18 May 2024.