(u) Provision, Contingent Liabilities and Contingent Assets
i. Provisions for legal claims, warranties, discounts and
returns are recognised when the Company has a present
legal or constructive obligation as a result of past events,
it is probable that an outflow of resources will be required
to settle the obligation and the amount can be reliably
estimated. Provisions are not recognised for future
operating losses. However, a provision is recognised if the
Company has a contract that is onerous.
ii. Provision for guarantee liability in respect of delivered ships
is made on the basis of actuarial estimates. Such provision
for all other products is made, as applicable, on the basis of
management estimates.
iii. Contingent Assets are not recognised but disclosed in the
Financial Statements when economic inflow is probable.
iv. Contingent Liabilities are not recognised but are disclosed
in the notes.
v. Provisions are measured at the present value of
management's best estimate of the expenditure required
to settle the present obligation at the end of the reporting
period on the basis as detailed below. The discount rate
used to determine the present value is a pre-tax rate that
reflects current market assessments of the time value of
money and the risks specific to the liability. The increase in
the provision due to the passage of time is recognised as
interest expense.
A. In non-tax civil cases
In the case of non-tax civil cases, creation of accounting
provision is considered on a review of status of
each case as on the reporting date and provision, if
required, is made in the accounts on the basis given
below:
a. In the arbitration cases where the Company has
not contested or does not intend to contest the
adverse outcome of arbitral award, the liability
is not treated as contingent and full provision is
considered.
b. Where an adverse award/ decision is given by
the arbitrator or by the trial court and an appeal
is preferred by the Company or intended to be
preferred, provision is made as follows:-
i. After the claim is disposed of by the
Arbitrator - 25% of the amount in dispute.
ii. After the claim is disposed of by Higher
Appeal Court - 50% of the amount in
dispute, until disposal by the final appeal
court. Revision petition, larger bench of
the same court is considered as part of the
relevant appeal process in the said court.
c. Full provision of the disputed claim is considered
in the case of an award/ decision where the
Company does not proceed to contest the
appellate award.
d. No provision is made in case of demands raised
by Government department/ statutory authority/
by Commissioner or Tribunal set up by such
Government department/ statutory authority
if the said demand is contested within the set¬
up of such Government department/ statutory
authority and there is likelihood of deletion of
demand in appeal based on legal opinion/latest
judgement in favour of the Company.
B. In taxation cases
In the matter of taxation cases, the claimed amount
is considered as contingent liability and no provision
is considered if the decision up to Appeal stage goes
against the Company and if the Company contests or
intends to contest such decision before the Appellate
Tribunal or decision of High Court/Supreme Court in
similar cases is against the Company.
Where the decision of Appellate tribunal is against the
Company, full provision of the amount in dispute is
made irrespective of whether the Company contests
such decision at any higher forum.
The preparation of Financial Statements in accordance with Ind - AS
requires use of estimates and assumptions for some items, which
might have an effect on their recognition and measurement in the
Balance Sheet and Statement of Profit and Loss. The actual amount
realised may differ from these estimates. Accounting estimates
could change from period to period. Actual results could differ
from those estimates. Appropriate changes in estimates are made
as the management becomes aware of changes in circumstances
surrounding the estimates. Differences between the actual results and
estimates are recognised in the period in which the results are known/
materialised and, if material, their effects are disclosed in the notes to
the Financial Statements.
Estimates and assumptions are required in particular for:
i. Estimated useful life of Property, Plant and Equipment
(PPE):
Determination of the estimated useful life of PPE and the
assessment as to which components of the cost may be
capitalized. Useful life of PPE is based on the life prescribed in
Schedule II to the Companies Act, 2013. In cases, where the
useful life is different from that prescribed in Schedule II, it is
based on technical advice, taking into account the nature of the
asset, estimated usage and operating conditions of the asset, past
history of replacement and maintenance support. Assumptions
also need to be made, when the Company assesses, whether an
asset may be capitalised and which components of the cost of
the asset may be capitalised.
ii. Recognition and measurement of defined benefit
obligations:
The obligation arising from the defined benefit plan is
determined on the basis of actuarial assumptions. Key actuarial
assumptions include discount rate, trends in salary escalation and
vested future benefits and life expectancy. The discount rate is
determined with reference to market yields at the end of the
reporting period on the government securities. The period to
maturity of the underlying securities corresponds to the probable
maturity of the post-employment benefit obligations.
iii. Recognition of Deferred Tax Assets:
Deferred tax asset is recognised for all the deductible temporary
differences to the extent it is probable that taxable profit will be
available against which the deductible temporary difference can
be utilised. The management assumes that taxable profits will be
available while recognising deferred tax assets.
iv. Recognition and measurement of other provisions:
The recognition and measurement of other provisions are based
on the assessment of the probability of an outflow of resources,
and on past experience and circumstances known at the balance
sheet date. The actual outflow of resources at a future date may
therefore vary from the figure included in other provisions.
v. Discounting of long-term financial liabilities
All financial liabilities are measured at fair value on initial
recognition. In case of financial liabilities, which are required to
be subsequently measured at amortised cost, interest is accrued
using the effective interest rate method.
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. On 12th
August 2024, Ministry of Corporate Affairs (MCA) announced the
notification of Indian Accounting Standard (Ind AS) 117, Insurance
Contract and on 09th September, 2024, the MCA introduced the
companies (Indian Accounting Standards) Second Amendment Rules,
2024 effective from 01st April 2024. The Impact of the same has been
reviewed by the Company and provided as below:
Ind AS 117 - Insurance Contracts - This standard sets out principles
for accounting for Insurance contracts, which means entities applying
this standard will no longer rely on previous accounting practices
such as Ind AS 115 (Revenue from Contracts with Customers) or Ind
AS 109 (Financial Instruments), unless there is a specific exemption
provided by Ind AS 117. However, The Company being not an issuer
of "Insurance Contracts", the standards stand not applicable for the
Company.
Ind AS 116 - Leases - The Amendment specifically address the
accounting for sale and leaseback transactions under Ind AS 116. A
sale and leaseback transaction is a financial arrangement in which an
entity (the seller-lessee) sells an asset to another entity (the buyer-
lessor) and subsequently rents the same asset back. The Company do
not have such transactions and accordingly, there is no impact on its
financial statements.
* The extension of delivery date of Naval Surface Gun with Ammunition is under consideration of competent authority of the Navy. Since, such
approval is awaited, Liquidated Damages (LD) of ' 480 lakh in respect of performance obligation already completed and revenue in respect
of which has already been recognised is treated as contingent liability. In respect of performance obligation for the balance portion as on
the reporting date, LD has not been considered since corresponding revenue is not recognized.
(a) Contingent liability on account of Sales Tax amount to ' 506.83 lakh (31 March, 2024'506.83 lakh) towards assessment dues and demand
for the years 2007-08. This amount has not been acknowledged as debts and accordingly not provided for in the Accounts as the demand
is under appeal before West bengal Sales Tax Appellate Tribunal.
(b) Contingent liability on account of income tax amounts to ' 1683.57 Lakh (31 March, 2023 : 1633.19 Lakh) towards , Arbitrary increase by
the Income Tax Authority in taxable income based on Form 26AS for AY 2009-10 - ' 1674.96 Lakh, and disallowance of 80G rebate - ' 8.61
Lakh for AY 2017-18. Above disputes have not been acknowledged as debt and accordingly not provided for in the Accounts as all the issues
are under first stage of appeal.
(c) Contingent liability on account of GST amounts to ' 216.70 Lakh (31 March, 2024 : 266.52 Lakh) towards, dispute for FY 2018-19
pertaining to demand of taxes & interest mainly on account of arbitary mismatch of ITC. Above dispute has not been acknowledged as
debt and accordingly not provided for in the Accounts as all the issues are under first stage of appeal. Dispute for FY 2017-18 amounting to
' 266.52 Lakh pertaining to demand of interest for arbitary late payment has been settled in GST Amnesty Scheme u/s 128A and demand
has been vacated, hence the contingent liability of ' 266.52 Lakh is withdrawn.
(d) Contingent liability on account of Custom Duty amounts to ' 401.51 Lakh (Including Interest) towards, demand from Directorate of Revenue
Intelligence, Kakinada Sub-Regional Unit for short payment of custom duty on import drawings. Damand raised by DRI, stating that the
imports i.e., "Batch 1 & 2 drawings for 1000 M3 TSH Dredger (Yard 2121) for use in Export Dredging ship" does not fall under the criteria
of availing benefit of "NIL" custom duty. Couter justifications are being made to DRI. Hence, above demand have not been acknowledge as
debt and accordignly not provided in the Accounts.
(e) The amounts shown under Contingent Liabilities represent the best possible estimates arrived at on the basis of available information.
The uncertainties and timing of the cash flows are dependent on the outcome of the different legal processes which have been invoked
by the Company or the claimants as the case may be and therefore cannot be estimated accurately. The Company does not expect any
reimbursement in respect of above Contingent Liabilities.
In the opinion of the Management, no provision is considered necessary for the disputes mentioned above on the grounds that there are fair
chances of successful outcome of appeals made by Company.
Note 31: Employee benefit obligations
(i) Leave obligations
The leave obligations cover the Company's liability for sick and earned leave.
Based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within
the next 12 months. Accordingly, leave obligation of ' 492.83 Lakh (31 March, 2024'697.71 Lakh) is presented as current and remaining
amount is presented as non current. The leave obligation is an unfunded plan, the Company makes contributions to scheme maintained by
Life Insurance Corporation of India (LIC).
(ii) Post-employment obligations
(a) Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in continuous
service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/ termination is the employees
last drawn basic salary (including dearness allowance) per month computed proportionately for 15 days salary (reckoning 26 days for
a month) multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to
recognised funds in India.
Based on actuarial valuation, a provision is recognised in full for the projected obligation over and above the funds held in scheme.
(b) Post-retirement medical scheme
The Company operates post-retirement medical benefit scheme. The plan is an unfunded plan. Based on actuarial valuation, a provision
is recognised in full for the projected obligation.
Apart from the above, post retirement medical benefits to the superannuated employees are, defined contribution schemes and
premium of ' 1,236.36 Lakh (31 March, 2024: ' 1,332.60 Lakh) paid to an Insurance Company. There are no other obligations to
employees other than the contribution payable to the Insurance Company.
(c) Provident fund
The exempt provident fund set up by the Company is a defined benefit plan under IND AS 19 Employee benefits.
Provident Fund for eligible employees is managed by the Company through a trust in line with the Provident Fund and Miscellaneous
Provision Act, 1952. The plan guarantees interest at the rate notified by the Provident Fund Authorities. The contribution by the
employees and employer @ 12% of basic salary (including Dearness Allowance) together with the interest accumulated thereon are
payable to employees at the time of separation from the Company or retirement whichever is earlier. The benefits vests immediately
on rendering of the services by the employee. The contribution is charged to Statement of Profit and Loss of the year when the
contributions to the respective funds are due in accordance with relevant statute .
Employer's contribution to Provident Fund & Family Pension fund is ' 1,935.36 Lakh for the year 2024-25 (' 2,100.86 Lakh for the year
2023-24).
The minimum interest rate payable by the trust to the beneficiaries every year is notified by the Government. The Company has an
obligation to make good the shortfall ,if any, between the return from the investments of the trust (including investment risk fall) and
the notified interest rate.
The Company has obtained report on the determination and disclosure of interest rate Guarantee, valuation of Assets & Liabilities as
per Ind AS 19 of Employees Benefits relating to Exempt Provident Fund of GRSE for the period ended 31 March, 2025.
From FY 2020-21 the Company has changed its Accounting policy regarding classification of Provident Fund contribution from Defined
Contribution plan to Defined benefit plan. This change in Accounting policy was applied and observed that the net assets available
for the benefits are in excess in comparison to the present value of retirement benefits. Hence, there is no impact on accounts of the
Company during the current year.
(iii) Defined Contribution Plan:
Superannuation Pension Fund:
The Pension Scheme is administered by a Trust. The Company has transferred an amount of ' 457.79 Lakh for officers and non-unionised
supervisiors to LIC towards employer's contribution for the year 2024-25 (' 512.70 Lakh for the year 2023-24).
The pension scheme for unionised employees has been introduced w.e.f. 01 January 2012. An amount of ' 509.33 Lakh has been transferred
to LIC for the year 2024-25 (' 583.28 Lakh for the year 2023-24 ) towards employer's contribution for operatives and office assistants.
National pension System has been introduced in GRSE w.e.f December 2024 for those employees who have opted NPS in place of existing
Superannuation Pension Scheme. HDFC is the Pension Fund Manager for the first year. An amount of ' 131.20 Lakh has been transferred
to HDFC towards employers contribution.
Note 31: Employee benefit obligations (Contd.)
(viii) Risk exposure
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below:
Investment risk:
The defined benefit plans (except Provident Fund) are funded with insurance companies of India. The Company does not have any liberty to
manage the funds provided to insurance companies.
The present value of the defined benefit plan liability is calculated using a discount rate determined by reference to the Government of India
bonds. If the return on plan asset is below this rate, it will create a plan deficit.
Interest risk:
A decrease in the interest rate on plan assets will increase the plan liability.
Life expectancy:
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both
during and at the end of the employment. An increase in the life expectancy of the plan participants will increase the plan liability.
Salary growth risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. An increase in the
salary of the plan participants will increase the plan liability.
(ix) Defined benefit liability and employer contributions
Expected contributions to post-employment benefit plans for the year ending 31 March, 2026 are ' 2,217.31 Lakh.
The weighted average duration of the defined benefit obligation (gratuity) is 8 years and Post-retirement medical benefits is 7 years. The
expected maturity analysis of undiscounted gratuity and post-retirement medical benefits are as follows:
(i) Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are (a) recognised
and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the financial statements. To provide
an indication about the reliability of the inputs used in determining fair value, the Company has classified its financial instruments into the
three levels prescribed under the Indian accounting standard.
(A) Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) including deposits with banks and
financial institutions, foreign exchange transactions and other financial instruments.
(i) Trade receivables and contract assets
Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to
customer credit risk management. Trade receivables are non-interest bearing and are generally carrying no credit terms. Outstanding
customer receivables are regularly monitored. Trade receivables are primarily from Navy (owned by Govt. of India), hence the credit
risk is considered low. Further, the Company receives advance against orders which also mitigates the credit risk. For ageing of trade
receivables please refer note 10(a).
(ii) Financial instruments and deposits
Credit risk from balances with banks and financial institutions is managed by the Company in accordance with the Company's policy.
Investment of surplus funds are made in accordance with DPE Guidelines on investment of surplus funds of the Company. The limits
are set to minimise the concentration of risks and to mitigate financial loss through counterparty's potential failure to make payments.
The Company's maximum exposure to credit risk for the components of the Balance Sheet at 31 March, 2025 and 31 March, 2024 is
the carrying amounts as illustrated in Note 6 (b), Note 10 (b) and Note 10 (c ).
Note 34: Financial Risk Management (Contd.)
(B) Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by
delivering cash or another financial asset.
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 underlying business, the Company
maintains sufficient cash and liquid investments available to meet its obligations.
The Company's liquidity management policy involves projecting cash flows and considering the level of liquid assets necessary to meet these,
monitoring balance sheet liquidity ratios against internal and external regulatory requirements, if any.
Maturities of financial liabilities
The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for all
financial liabilities.
The amounts disclosed in the table are the contractual undiscounted and re-scheduled cash flows. Balances due within 12 months equal to
their carrying balances as the impact of discounting is not significant.
(C) Market risk
Foreign currency risk
The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates.
The Company is exposed to foreign currency risk since it imports components from foreign vendors. Also, the Company exports some of it's
ships to foreign buyers and is exposed to foreign exchange risk arising from foreign currency transactions. 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
(i.e. '). The outflow on account of imports and payments in foreign currency is mostly reimbursable from the buyers. The risk in case of
export is measured through a forecast of highly probable foreign currency cash flows.
Foreign currency risk exposure
The Company's exposure to foreign currency risk at the end of the reporting period expressed in INR (foreign currency amount multiplied by
closing rate), are as follows:
Note 39: Russian (USSR) deferred State Credit
An inter-governmental agreement between Russian Federation and Government of India was reached for restructuring of Russian deferred state
credit in Ruble in connection with procurement.
As per the said agreement, the outstanding debt in Ruble as on 01.04.1992 was converted to Indian Rupees at the difference in Rupee-Ruble
exchange rate between 01.04.1990 and 01.04.1992 and such amount of exchange rate difference was rescheduled by Government of India
under a deferred Rupee payment arrangement payable over 45 years till 2037. These rescheduled payments are also reimbursable by Indian Navy.
Such amount is accordingly held as Foreign Suppliers Deferred Credit as at 31 March, 2025 and aggregated to ' 903.84 Lakh (Undiscounted
amount being ' 1,591.81 Lakh) [31 March, 2024: ' 911.93 Lakh (Undiscounted amount being ' 1,668.94 Lakh)].
Note 40:
(a) The Company follows a general practice of undertaking physical verification of all the fixed assets in a phased manner in a block of three
years. In the current year, such physical verification has been done in the GRSE's Rajabagan Dockyard (RBD) Unit, 61 Park Unit, GRSE Bhavan,
Corporate Planning, Corporate Communication & Business Development Dept. and Commercial Shipbuilding dept. Discrepancies found have
been appropriately dealt in the Accounts.
(b) The 62 acres of land for setting up the Diesel Engine Plant at Ranchi was obtained free of cost from Heavy Engineering Corporation Ltd.,
Ranchi (HEC) in 1966 as a part of industrialization drive at the behest of MoD, Govt. of India and Govt. of Bihar. GRSE is in uninterrupted
possession of the land since then and has created permanent structures thereon (title deed is with HEC, Ranchi). Various assets of the Diesel
Engine Plant, Ranchi having book value of Rs. 1,509.65 Lakh (original value ' 3,756.92 Lakh) as on 31 March, 2025 have been installed
/ placed on the said premises. Ignoring the right of GRSE in the said land, the then Govt. of Bihar executed a Deed of Conveyance in
favour of HEC in February, 1996. Later, HEC vide a letter of 07 August, 1999 raised a claim for a 30-year lease effective from 01.04.1996
of ' 1,488 Lakh as onetime premium and a sum of ' 148.8 Lakh p.a. being 10% of the said premium as annual lease rent which GRSE
repudiated. During April, 2013, HEC unilaterally referred the disputes to PMA, DPE, Govt. of India for arbitration and subsequently inter alia
prayed before PMA for directing GRSE to enter into lease agreement for totally baseless, frivolous and absurd lease rent and premium with
interest for further period and to declare GRSE as "unauthorized occupant" etc. GRSE raised preliminary objection regarding maintainability
and sustainability of the alleged reference of HEC and rejection of claim as the same are not sustainable on facts as well as in law. The
matter was under adjudication before Smt. Zoya Hadke, Sole Arbitrator, PMA who after hearing both the parties at length, vide Order dated
30.6.2015 held that in absence of any agreement between the parties, the Arbitral Forum lacks jurisdiction to settle the dispute and rejected
the reference of HEC. Accordingly, the arbitration matter stood disposed off. No appeal filed by HEC.
GRSE has also filed a Civil Suit (TS 117 of 2014) in March, 2014 before a competent Civil Court at Ranchi, HEC and the Govt. of Jharkhand
being the defendants, with prayer for declaration by the Court that GRSE has acquired irrevocable licence coupled with interest in the subject
land by setting up Diesel Engine Plant permanently thereon free of cost in accordance with the law of the land and for permanent injunction
restraining HEC from interfering with the possession of land by GRSE and running industry thereon. Hearing of the case is in progress.
HEC has filed an Application under the Public Premises (Eviction of Unauthorised Occupants) Act, 1971 before the Estate Officer appointed
under the said Act by HEC, for eviction of GRSE alleging as 'unauthorised occupant' from the said land occupied by DEP Unit of GRSE. [Case
no. P.P. ACT/REV/201801 dated 28.4.2018]
GRSE has filed a Writ Petition [being WP ( C ) No. 3359 of 2018] before the Hon'ble Jharkhand High Court praying for 'declaration' that
summary proceeding before the Estate Officer under the Public Premises (Eviction of Unauthorised Occupants) Act is not maintainable
involving intricate and complicated questions of law pertaining to title, right, interest and possession to the land and moreover, competent
civil court at Ranchi is already adjudicating the matter on the self-same cause of action. The High Court on 14.08.2018 directed HEC to file
Opposition and not to evict GRSE from the said land. Meanwhile, upon approach by HEC, process to find out various possibilities to arrive at
amicable settlement has been initiated.
In view of the above an amount of ' 5,803.20 Lakh (Previous year ' 5,654.40 Lakh) without interest has been considered as contingent
liability not acknowledged as debt.
Note 41:
Letters seeking confirmation of balances in the accounts as at 31 December, 2024 of sundry creditors were sent to vendors. On the basis of replies
received from certain vendors, adjustments wherever necessary have been made in the Accounts.
Note 42:
(a) The Company has sent letters seeking confirmations of balances in respect of its Debtors Though no response has been received from the
debtors, in the opinion of the Company, the balances have realisable values equal to the amount as stated in the books in the ordinary course
of business, unless otherwise stated.
b) The amounts received from customers are mainly received in respect of ship division, customers being Indian Navy and Indian Coast Guards.
In respect of other divisions, advance from customers are received mainly from Government Departments.
With introduction of Indian Accounting Standard (Ind AS 116) effective from 01.04.2019, the Company has adopted the same using retrospective
transition method.
The actual lease rentals paid which were hitherto recognised as expense are now accounted as reduction in lease liability.
During the year, Rent and transport charges under other expenses, for the rent paid for lease hold land of ' 55.20 Lakh (FY 2023-24: ' 60.19 Lakh)
and vehicle of ' 127.28 Lakh (FY 2023-24: ' 110.21 Lakh) has been adjusted with corresponding lease liability. Finance cost includes unwinding
of Interest on lease rent paid of ' 79.84 Lakh (FY 2023-24: ' 85.41 Lakh) and depreciation & amortisation expenses include amortisation of RoU
Assets of ' 123.70 Lakh (FY 2023-24: ' 116.93 Lakh).
No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by
the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries") with the understanding, whether recorded
in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).
The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or
indirectly lend or invest in other persons or entities identified by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries
Note 52:
Figures for the previous year have been regrouped/rearranged wherever necessary to correspond to those of the current year. Amounts and other
disclosures for the preceding year are included as an integral part of the current year financial statement and are to be read in relation to the
amounts and other disclosures relating to the current year.
Note 53:
The financial statements are authorised for issue by the Board of Directors on 13th May, 2025.
In terms of our report of even date For and on behalf of the Board of
For Guha Nandi & Co. Cmde. P R Hari, IN (Retd.),
Chartered Accountants Chairman & Managing Director
Firm's Registration No - 302039E DIN - 08591411
Sd/-
(CA Dipak Kumar Shee) R.K Dash
Partner Director (Finance) & CFO
Membership No. 061728 DIN - 0851 1344
Place of Signature: Kolkata S. Mahapatra
Date: 13th day of May, 2025 Company Secretary
ACS 10992
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