(a)    Deductions/adjustments includes Mio ' 13 (2022-23: Mio ' 25) of government grant.

(b)    Capital work-in-progress mainly comprises plant and machinery and building under construction.

(c)    Refer note 38 for disclosure of contractual commitment for the acquisition of property, plant and equipment.

(d)    There is no immovable property which is not held in the name of the Company.

(e)    There has been no revaluation of property, plant and equipment during 2022-23 and 2023-24.

(f)    There are no CWIP projects as on March 31,2024 which are either overdue or which have exceeded their budgeted costs.

(g)    Figures pertaining to the year ended March 31,2023 are disclosed in brackets.

(h)    Robert Bosch GmbH, the Ultimate holding company has provided Bank guarantee for Capital work-in-progress of ' 692 million, for plant & machinery in transit purchased from Bosch group company.

(i)    On transition to IND AS (i.e. April 01,2016), the Company has elected to continue with the carrying value of all Property, plant and equipment measured as per the previous GAAP and use that carrying value as the deemed cost of Property, plant and equipments.

Direct Comparison Approach for underlying land:

The Direct Comparison Approach involves a comparison of the property being valued to similar properties that have actually been sold in arms length transactions or are offered for sale. This approach demonstrates what buyers have historically been willing to pay (and sellers willing to accept) for similar properties in a competitive market and is particularly useful in estimating the value of the land and properties that are typically traded on a unit basis. To ascertain the comparable transactions quotes, valuer would undertake an on ground market research exercise involving interactions with local market players such as real estate brokers, accumulators, etc. The data would be collated with respect to the general transaction activity in the subject regions. Post establishing the prevalent values in the subject micro markets, the value of the subject properties would be ascertained through an adjustment of the comparable collated.

Depreciated Replacement Cost Method for built up structures:

The Depreciated Replacement Cost Method involves assessing the current cost of replacing an asset with its modern equivalent asset less deductions for physical deterioration and all relevant forms of obsolescence and optimization. Depreciation refers to adjustments made to the cost of an equivalent asset to reflect any comparative obsolescence (such as physical deterioration, functional or economic obsolescence) that affects the subject asset over the remaining life of the subject asset at the valuation date with its expected total life (economic life of the property). The physical life is how long the asset, ignoring any potential for refurbishment or reconstruction, could be used before the asset would be completely worn out or beyond economic repair. The economic life is how long it is anticipated that the asset could generate returns or provide a financial benefit.

1)    Housing Development Finance Corporation Limited was merged with HDFC Bank Limited during the year and the shareholders of Housing Development Finance Corporation Limited were given shares of HDFC Bank Limited in the ratio of 42:25.

2)    During the year, as part of its divestment strategy, the Company sold its entire 16.90% stake in Hinduja Renewables One Private Limited at cost which includes sale of 0.70% to Bosch Chassis Systems India Private Limited for ' 1.44 million, 0.90% to Precision Seals Manufacturing Private Limited for ' 1.84 million, and 15.30% to Finolex Industries Limited for ' 31.36 million.

3)    During the year, the Company has acquired 2,300 right shares from Zeliot Connected Services Private Limited at an issue price of ' 100/- (at par) for a consideration of ' 0.02 million.

4)    During the year, the Company has acquired 4,370,000 equity shares constituting 10.87% of AMP Energy C&I Eight Private Limited (a special purpose vehicle) for a consideration of ' 44 million.

(b) Amount of inventories recognized as an expense/(income) on account of write-off is Mio ' 532 [2022-23: Mio ' 591].

(c) Write-down/(reversal of write-down of earlier years) of the inventories to net realizable value amounted to Mio ' 100 [2022-23: Mio ' 92]. These were recognized as an expense/ (reversal of expense) during the year and included in note 19 and note 21 in the Standalone Statement of Profit and Loss.

Terms/rights attached to equity shares:

The Company has only one class of equity shares having par value of '10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. As per the records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents legal ownership of shares.

Nature and purpose of reserves

Capital reserve: Capital reserve represents profit on sale of businesses of earlier years. The reserve is utilized in accordance with the provisions of the Companies Act, 2013.

Securities premium: Securities premium reserve is used to record the premium on issue of shares. The reserve is utilized in accordance with the provisions of the Companies Act, 2013.

Capital redemption reserve: Reduction in nominal value of share capital on account of buy-back of shares is recorded as capital redemption reserve. The reserve is utilized in accordance with the provisions of the Companies Act, 2013. General reserve: The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in General Reserve will not be reclassified subsequently to the Standalone Statement of Profit and Loss.

Retained earnings: The cumulative gain or loss arising from the operations which is retained by the Company is recognized and accumulated under the heading of retained earnings. At the end of the year, the profit after tax is transferred from the Standalone Statement of Profit and Loss to the Retained earnings.

FVOCI - equity instruments: The Company has elected to recognize changes in the fair value of investments in equity securities in other comprehensive income. These changes are accumulated within the other equity and are non-recyclable to the Standalone Statement of Profit and Loss.

Note: The Company has entered into an agreement with banks for the supply chain financing arrangement. As per the arrangement, the suppliers may elect to factor their receivable from the Company and receive the payment due from the bank before the due date. As per the arrangement, the bank agrees to pay amounts which the Company owes to it’s suppliers and the Company agrees to pay the bank at a date later than suppliers are paid.

The nature and function of the liabilities remain the same even after factoring as the Company is neither legally released from its original obligation to the supplier nor the terms of the original liability are amended in a way that is considered a substantial modification. Further, no additional interest has been paid to the bank by the Company on the amounts due to the suppliers. The payable under supply chain financing arrangement amounts to ' 2,065 million as at March 31,2024 (March 31,2023: ' 1,781 million).

(i)    Nature of the provision has not been given on the grounds that it can be expected to prejudice the interests of the Company. Due to the very nature of such provisions, it is not possible to estimate the timing/ uncertainties relating to their outflows.

(ii)    The Company is undergoing major transformation with regard to structural and cyclical changes in automotive market and emerging opportunities in the electro mobility and mobility segment. Owing to this, the Company has carried a provision towards various restructuring and transformational costs.

(iii)    Refer note 40 as regards reversal of provision towards restructuring and transformational costs.

(iv)    Figures in brackets relate to previous year.

Nature of CSR activities

All our CSR projects work towards holistic development of the individual and society as below:

-    To facilitate an enabling environment for underprivileged children to access quality education and health care services.

-    To enhance employability of the underprivileged youth through industry-relevant vocational trainings.

-    To engage in socially relevant local projects at Bosch Limited locations for an impactful intervention.

To optimize impact of its CSR activities, Bosch focuses its support and CSR spends on specific pre-determined causes and areas of interventions. The following CSR thrust areas of Bosch Limited are aimed to resolve specific social and community issues and enable the beneficiaries of these programs to secure a better tomorrow:

-    Vocational training focused on employable skills

-    Health, hygiene and education

-    Neighbourhood projects as per the local needs identified by Bosch plants/ offices.

NOTE - 271 EMPLOYEE RETIREMENT BENEFITS

Disclosure on Retirement Benefits as required in Indian Accounting Standard (Ind AS) 19 on “Employee Benefits” are given below:

(a)    Post Employment Benefit - Defined Contribution Plans

The Company has recognized an amount of ' 334 million (2022-23: ' 313 million) as expense under the defined contribution plans in the Standalone Statement of Profit and Loss.

Each year, the Board of Trustees review the level of funding in the India gratuity plan. Such a review includes the asset-liability matching strategy and investment risk management policy. The Board of Trustees ensure that the annual contributions are sufficiently made such that no plan deficits (based on valuation performed) will arise.

(b)    Post Employment Benefit - Defined Benefit Plans

The Company makes annual contributions to the Bosch Employees’ Gratuity Fund and makes monthly contributions to Bosch Employees (Bangalore) Provident Fund Trust and Bosch Workmen’s (Nashik) Provident Fund Trust, funded defined benefit plans for qualifying employees. The Gratuity Scheme provides for lumpsum payment to vested employees at retirement/ death while in employment or on termination of employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs only upon completion of five years of service, except in case of death or permanent disability. Gratuity is payable to all eligible employees of the Company as per the provisions of the Payment of Gratuity Act, 1972.

The Provident Fund Scheme provides for lumpsum payment/ transfer to the member employees at retirement/ death while in employment or on termination of employment of an amount equivalent to the credit standing in his account maintained by the Trusts. The present value of the defined benefit obligation and the related current service cost are measured using the projected unit credit method with actuarial valuation being carried out at each balance sheet date.

Notes:

(i)    The discount rate is based on the prevailing market yield on Government Bonds as at the balance sheet date for the estimated term of obligations.

(ii)    The estimate of future salary increases considered in actuarial valuation takes into account inflation, seniority,

promotion and other relevant factors such as supply and demand in the employment market.

(m) Risk exposures

A large portion of assets consists of government and corporate bonds and small portion of assets consists in mutual

funds and special deposit account in banks. Through its defined plans, the Company is exposed to a number of risks, the

most significant of which are detailed below:

a.    Discount rate risk : The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yield fall, the defined benefit obligation will tend to increase. Most of the plan asset investments is in fixed income government securities with high grades and public sector corporate bonds. A small portion of the funds are invested in equity securities.

b.    Salary inflation risk : Higher than expected increases in salary will increase the defined benefit obligation.

c.    Demographic risk : This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The effect of these decrements on the defined benefit obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the financial analysis the retirement benefit of a shorter career employee typically costs less per year as compared to a long service employee.

d.    Changes in bond yields: The overall expected rate of return on assets is determined based on the market prices prevailing on that day, applicable to the period over which the obligation is to be settled. The change in expected rate of return on asset and discount rate is due to change in market scenarios. Although this will be partially offset by an increase in the value of the plans bond holdings.

The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analysis is based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyzes may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.

** Equity instruments designated at fair value through OCI include investments in equity shares of non-listed companies. The Company holds non-controlling interests (between 2% to 9%) in these companies. These investments were irrevocably designated at fair value through OCI as the Company considers these investments to be strategic in nature.

Note: There have been no transfers between Level 1 and Level 2 during the year ended March 31,2024 and during the year ended March 31,2023.

(ii)    Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

-    the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date

-    the fair value of remaining financial instruments is determined using the discounted cash flow analysis

(iii)    Valuation process

The finance and accounts department of the Company performs the valuation of financial assets and liabilities required for financial reporting purposes, and report to the Executive Director (ED). Discussions on valuation processes and results are held between the ED and valuation team at least once every three months, in line with the Company’s quarterly reporting periods.

The main level 3 inputs are derived and evaluated as follows:

a)    Discount rate for loans to employees are determined using prevailing bank lending rate.

b)    The fair values of financial assets and liabilities are determined using the discounted cash flow analysis.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, tax free bonds and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market (for market, traded bonds, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

The Company’s activities expose it to market risk, liquidity risk and credit risk. In order to minimise any adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts and foreign currency option contracts are entered into by the Company to hedge certain foreign currency exposure. Derivatives are used exclusively for hedging and not as trading or speculative instruments.

(A) Credit Risk

Credit risk arises from cash and cash equivalents, instruments carried at amortized cost and deposits with banks, as well as credit exposures to customers including outstanding receivables.

(i) Credit risk management

Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks which have high credit ratings assigned by external agencies. Investments primarily include investment in debt based mutual funds whose portfolios have instruments with high credit rating and government bonds. The Board of Directors periodically review the investment portfolio of the Company. Credit risk on loans given to fellow subsidiaries is guaranteed by the Ultimate Holding Company. Credit risk with respect to trade receivable is managed by the Company through setting up credit limits for customers and also periodically reviewing the credit worthiness of major customers.

(C) Market risk

(i) Foreign currency risk

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to USD and EUR. Foreign exchange risk arises from future commercial transactions and recognized 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 transaction.

The Company imports and exports goods and services which are predominantly denominated in USD and EUR. This exposes the Company to foreign currency risk. To minimise this risk, the Company hedges using forward contracts and foreign currency option contracts on a net exposure basis.

(B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of internal financing by way of daily cash flow projection to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying businesses, company treasury maintains flexibility in funding by maintaining availability of funds.

Management monitors daily and monthly rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows This is generally carried in accordance with standard guidelines. The Company has liquidity reserves in the form of highly liquid assets like cash and cash equivalents, debt based mutual funds, deposit accounts, etc.

(i)    Financing arrangements: The Company does not have borrowings as at March 31, 2024 and March 31, 2023. The Company has undrawn borrowing facilities of Mio ' 150 Mio as at March 31,2024 (March 31,2023: Mio ' 150)

(ii)    Maturity of Financial liabilities:

The table below summarises the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities for:

a) all non-derivative financial liabilities

NOTE - 311 REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company derives revenues primarily from sale of goods and sale of services.

The Company recognizes revenue under the core principle to depict the transfer of control to the Company’s customers in an amount reflecting the consideration the Company expects to be entitled.

Product revenues consist of sales to original equipment manufacturers (OEMs). The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. In situations where sales are to a distributor, the Company has concluded that its contract is with the distributor as the Company holds contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations.

Revenue from sales to distributors is recognized upon the transfer of control to the distributor. Discounts and sales incentives that are payable to distributors are netted-off with revenue.

In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied). Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership been transferred to the customer.

NOTE - 321 SEGMENT INFORMATION

(a) Description of segments and principal activities

The Company has it’s presence across automotive technology, industrial technology, consumer goods and energy and building technology. The Company has bifurcated it’s operations into ‘Automotive Products’, ‘Consumer Goods’ and ‘Others’ segment. The Company’s operations in the automotive business consists of diesel systems, gasoline systems and automotive aftermarket products and services and are aggregated into one reportable segment as ‘Automotive Products’ in accordance with the aggregation criteria. Aggregation is done due to the similarities of the products and services provided to the customers, similar production processes and similarities in the regulatory environment. The Company’s ‘Consumer Goods’ segment predominantly consists of trading activities in power tools and consumables. The Company also operates in other businesses consisting of Industrial technology, building technology products and services which do not meet the threshold criteria for reporting as separate segments. Therefore, the reportable segment consists of “Automotive Products", “Consumer Goods" and “Others". The Company’s Management team is the Chief Operating Decision Maker (CODM) and it monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the financial statements.

Revenue by geographical areas is stated on the basis of origin and there are no non-current assets located outside India. The accounting principles and policies adopted in the preparation of the standalone financial statements are also consistently applied to record income/ expenditure and assets/ liabilities in individual segments.

NOTE - 331 LEASES

Information on leases as per Ind AS 116 on “Leases":

The Company has entered into various lease contracts for building premises used in its operations, which have lease term ranging from 2 years to 4 years. There are several lease contracts that include extension and termination options. The Company applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customisation to the leased asset).

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

(e) Rental expense recorded for short-term leases and for leases without fixed contractual commitment was Mio ' 755 for the year ended March 31,2024 (2022-23: Mio ' 325).

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of Equity shares outstanding during the year.

Diluted EPS are amounts calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares outstanding during the year plus the weighted average number of equity shares outstanding during the year that would be issued on conversion of all the dilutive potential equity shares into Equity shares.

Notes:

1.    Refer note 4(b)(h) and note 7 (c) as regards guarantees provided by Robert Bosch GmbH with respect to plant & machinery in transit and loans given to fellow subsidiaries respectively.

2.    The Company has undertaken to provide necessary financial support to its wholly owned subsidiaries ‘Robert Bosch India Manufacturing & Technology Private Limited’ and ‘MICO Trading Private Limited’ to enable them to operate and meet all their current and future obligations at least for the next 12 months.

3.    During the year, the Company has renewed loans aggregating to ' 7,893 million (March 31,2023: ' 8,428 million) to fellow subsidiaries and ' 25 million to subsidiaries (March 31,2023: ' 23 million) not included above.

4.    Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognized as a liability as at the year end.

NOTE - 361 RELATED PARTY TRANSACTIONS

Regulation 23(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR”), requires a Company to obtain prior approval of material related party transaction as defined in the SEBI LODR from its shareholders. During the year ended March 31, 2023, the Company had entered into related party transactions with Bosch Automotive Electronics India Private Limited, a fellow subsidiary, aggregating to ' 11,999 million (refer Note 35: Related Party Transactions) which requires prior approval of the shareholders as per SEBI LODR. However, such prior approval was not obtained in respect of these related party transactions.

During the current year 2023-24, the Company has obtained post facto approval from its shareholders at the AGM held on August 01,2023 for ratification of such related party transactions. The Company made a suo moto settlement application to settle the non-compliances of the aforesaid SEBI Regulations under the SEBI (Settlement Proceedings) Regulations, 2018. The Company resolved the matter by making a settlement payment of ' 1,160,000 as ordered by the SEBI, and a settlement order was issued on March 28, 2024.

NOTE - 391 OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The Company provides incentives to selected customers under the terms of the agreements. The amounts payable by the

Company are offset against receivables from the customers and only the net amounts are settled. The amounts offset as at

March 31,2024 is Mio ' 973 (March 31,2023: Mio ' 769) which is disclosed under note 7(b).

NOTE - 40 EXCEPTIONAL ITEMS

1)    Pursuant to the approval of the Board of Directors of the Company on May 26, 2023, the Company entered in to a Business Transfer Agreement dated June 09, 2023 with Bosch Mobility Platform and Solutions India Private Limited (formerly known as ‘Automobility Services and Solutions Private Limited’) (“the Purchaser”) for transfer of its “Project House Mobility Solutions” Business (Specified Business) for a consideration of ' 7,809 million. The transfer of business was completed on July 01,2023 and accordingly, the Company recognized a total gain on sale of the said Specified Business in the financial results amounting to ' 7,850 million and the same has been disclosed as “exceptional item” in the current year.

The Company believes that the Specified Business does not get qualified as a separate major line of Business under “IND AS 105 -Non Current Assets held for Sale and Discontinued Operations” and accordingly has not considered the same as a “discontinued operation” for the purpose of these standalone financial results.

2)    The Company had created a provision as ‘exceptional item’ in 2019-20 and 2020-21 towards various restructuring and transformational costs on account of major transformation with regard to structural and cyclical changes in automotive market and emerging opportunities in the electro mobility and mobility segment. Such costs included costs on termination of employees arising out of such restructuring and transformations.

During the current year, pursuant to its reassessment of electro mobility and mobility segment in India and regulatory changes applicable for certain emission norms in India, the Company has reversed the provision amounting to ' 588 million and the same has been disclosed as “exceptional item”.

⁽¹⁾    Debt includes current and non current portion of lease liabilities

⁽²⁾    Earnings for debt service includes net profit after taxes and non-cash operating expenses like depreciation, profit/ loss on sale of property, plant and equipment, etc.

⁽³⁾    Debt service includes interest & lease payments

⁽⁴⁾    Net credit sales means gross credit sales after deducting sales return

⁽⁵⁾    Net credit purchases means gross credit purchases after deducting purchase return. Gross credit purchases includes other expenses

⁽⁶⁾    Net sales means total sales after deducting sales return

⁽⁷⁾    Working capital is calculated by deducting current liabilities from current assets

⁽⁸⁾    Capital employed includes tangible net worth, total debt and deferred tax liability

⁽⁹⁾    The Company has used XIRR formula to calculate return on its investments

NOTE - 421 OTHER STATUTORY INFORMATION

(i)    The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii)    The Company does not have any transactions with companies struck off.

(iii)    The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(iv)    The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v)    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 of the Company (Ultimate Beneficiaries) or

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

(vi)    The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a)    directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

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

(vii) 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 year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

NOTE - 431 SUBSEQUENT EVENTS

The Company evaluated all events or transactions that occurred after March 31,2024 up through May 24, 2024, the date the standalone financial statements were approved for issue by the Board of Directors. Based on this evaluation, the Company is not aware of any events or transactions that would require recognition or disclosure in the standalone financial statements.

NOTE - 441 AUDIT TRAIL

The Company has used accounting software (viz. SAP) 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 software. Further, there are no instances of audit trail feature being disabled at any time during the year.

NOTE - 45 PHYSICAL SERVER OF BOOKS OF ACCOUNTS

As per the MCA notification dated August 05, 2022, the Central Government has notified the Companies (Accounts) Fourth Amendment Rules, 2022. As per the amended rules, the Companies are required to maintain back-up of the books of account and other relevant books and papers in electronic mode that should be accessible in India at all times. Also, the Companies are required to maintain such back-up of accounts on servers which are physically located in India, on a daily basis. The books of account along with other relevant records and papers of the Company are currently maintained in electronic mode. These are readily accessible in India at all times and a back-up is maintained on servers located outside India, on a daily basis. In order to comply with the requirements of the above notification, the Company has since started to take back up of the books of accounts on a server located in India from April 2024 onwards, on a daily basis.

NOTE - 46 ROUNDING OFF

The standalone financial statements are presented in Mio '. All items below ' 5 Lakhs has been rounded down to ‘0’ to the nearest million (mio ').