1. The Management has determined that the investment property consists of two class of assets - Land and building -based on the nature, characteristics and risks of each property.

2. The fair valuation is based on current prices in the active market for similar properties and has been valued by an independent registered valuer. The main inputs used are quantum, area, location, demand, age of building and trend of fair market rent in the location of the property.

3. The Company has no restriction on the realisability of its investment property and no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance and enhancements.

4. The Company has not earned any rental income from above investment property in current year and previous year.

a) . During the current year, the Company has made Investment in Equity shares of "FPEL Max Volte Solar Pvt. Ltd ("SPV")

(2,79,617 Equity shares of H 40.75 (F.V H 10) each fully paid up.The investment made is through Power Purchase and Share Subscription Agreements dated August 17, 2023, for supply of solar power energy to the Mysuru plant.

b) . During the current year, the Company has acquired 100 shares of the Zoroastrian Co. Op Bank Limited of H25 each fully paid up.

b. Terms/rights attached to equity shares

The Company has only one class of equity shares referred to as equity shares having a par value of H 10/- per share. Each holder of equity shares is entitled to one vote per share. (The Company declares and pays dividends in Indian Rupees. Payment of dividend is also made in foreign currency to shareholders outside India.) The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

As per the Companies Act, 2013, the holders of equity shares will be entitled to receive share in remaining assets of the Company, after distribution of all preferential amounts in the event of liquidation of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

d. Information regarding aggregate number of shares during the immediately preceding five years

The Company has not issued any bonus shares or shares for consideration other than cash and has not bought back any shares during the past five years.

The Company has not allotted any shares pursuant to contract without payment being received in cash.

e. There are no calls unpaid on equity sharesf. No equity shares have been forfeitedDescription of nature and purpose of each reserve

1. Capital Redemption Reserve

This reserve was created on redemption of preference shares in accordance with the provisions of the Companies Act, 2013 and can be utilised only towards issue of fully paid up bonus shares.

2. Securities Premium

The amount received in excess of face value of equity shares is recognised in Securities Premium Reserve. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.

3. General Reserve

The Company has transferred a portion of net profit of the Company before declaring dividend to general reserves pursuant to the earlier provisions of Companies Act 1956. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

4. Retained Earnings

This reserve represents the cumulative profits of the Company and effects of remeasurement of defined benefit obligations. This reserve can be utilised in accordance with the provisions of the Companies Act, 2013.

i) Term Loans :

a) Rupee Term Loan from Bank J Nil lakhs (March 31, 2023: J 1,125 lakhs)

Term loan from Kotak Mahindra Bank is repayable in 16 quarterly instalments over a period of six years including a moratorium of two years commencing from the date of initial draw down. The draw down up to April 2018, of H 2,700 lakhs is at fixed interest rate of 8.35 % p.a whereas the subsequent tranches are based on MCLR rates which averaged to 8.67 % p.a. (Previous year 8.05 % p.a.).The loan has been repaid during the current year .

b) Rupee Term Loan from Bank J 800 lakhs (March 31, 2023: J 1,600 lakhs)

Term loan from HDFC Bank is repayable in 16 quarterly instalments over a period of six years including a moratorium of two year commencing from the date of draw down. The loan carries interest based on One year Marginal Cost of Lending Rate (MCLR) (adjustable annually) plus Nil spread. The present effective rate of interest is 8.80 % p.a. (Previous year 7.25%). The loan is secured by exclusive first charge on plant & machinery and charge on immovable fixed assets comprising of land and building at Vizag.

c) Rupee Term Loan from Bank J 1,414.75 lakhs (March 31, 2023: J Nil)

Term loan from HDFC Bank is repayable in 54 monthly instalments over a period of five years including a moratorium of six months commencing from the date of first draw down. The loan carried interest based on 3 months Treasury bill Rate plus 1.65% spread. The effective rate of interest was 8.64 % p.a. (Previous year nil). The loan is secured by exclusive first charge on plant & machinery and charge on immovable fixed assets comprising of land and building at Vizag.The loan is secured by exclusive charge on the specific moveable plant & machinery funded by the loan and charge on the immovable fixed assets comprising of land and building at Rohtak.

d) Rupee Term Loan from Bank J 900 lakhs

Term loan from The Zoroastrian Cooperative Bank Ltd repayable in 60 monthly instalments over a period of five years commencing after a moratorium of one year from the date of initial disbursement. The loan carried interest @ 8.70% p.a.or such other rates as notified by bank .The effective rate of interest for the year was 8.70 % p.a. The loan is secured by extension first hypothecation charge on the specific plant & machinery acquired through the term loan.

ii) Working Capital Loan under Emergency Credit line Guarantee Scheme from Bank J 704.29 lakhs ( March 31, 2023: J 1,056.41 lakhs)

Working capital loan from HDFC Bank under Emergency Credit Line Guarantee Scheme (ECLGS) announced by the Government of India is repayable over 5 years in 48 monthly instalments (including moratorium of one year). The loan carries interest based on External Benchmark Lending Rate (EBLR) (adjustable every 3 months or at such intervals as permissible under RBI guidelines) plus 2.75% spread. The present effective rate of interest is 8.90% p.a.(Previous year 9.00 % p.a.) The facility is covered by 100% guarantee from National Credit Guarantee Trustee Company Ltd (Ministry of Finance, Government of India) and an extension of second ranking charge over existing primary and collateral securities including mortgages created in favour of the bank.

iii) Other Borrowings - Secured

Working capital facilities including cash credit from banks are secured on first charge basis by way of hypothecation of inventories and book debts of specific units and collaterally secured by hypothecation of specific plant and machinery and equitable mortgage on land and building of specific units. The borrowings carries interest in the range of 8.0% to 9.25% p.a. ( Previous year 6.75% to 8.70 % p.a.).

iv) Other Borrowings - Unsecured

(a) Corporate card is unsecured facility provided by the banks repayable within 45 days for a convenience fee 0.78 % and 51 days for a convenience fee 0.95% (previous year 0.95%) respectively. The facility is used for making vendor and tax payments.

v) There is no default in repayment of principal and interest as on balance sheet date.

vi) For carrying amount of assets offered as collateral against the above borrowings (Refer Note 41).

vii) The Company has utilised the loan from banks for specific purposes for which they have been obtained as at the balance sheet date.

viii) The quarterly returns / statements of net current assets filed by the Company are in agreement with the books of account and there are no material discrepancies.

ix) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(a) The tax rate used for above reconciliation is the corporate tax rate of 25.17% (Previous Year 25.17 %) payable by corporate entities in India on taxable profits under Indian tax law.

(b) Significant management judgement is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income in which the relevant entity operates and the period over which deferred income tax assets will be recovered.

ii) Corporate Social Responsibility expenses

The Company has spent H 67.28 lakhs during the financial year (March 31,2023 H 41.65 lakhs(net of H 1.04 lakhs spent excess in March 31,2022) as per the provisions of section 135 of the Companies Act 2013, towards Corporate Social Responsibility (CSR) activities.

a) Gross Amount required to be spent by the Company during the financial year H 67.27 lakhs (March 31,2023 H 42.69 lakhs).

b) Details of amount spent during the year

(a) During the previous financial year, the Company had received Orders from the Land Acquisition, Rehabilitation & Resettlement Authority, D & N. H., Silvassa under the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 ('the Act'), for H 485.98 Lakhs as compensation for the compulsory acquisition of Land under the Act, which included interest of H 31.10 Lakhs. The Company had received a sum of H 168.75 Lakhs as on the balance sheet date and the balance H 317.23 Lakhs is disclosed as 'Compensation receivable on Land acquisition' under Note 6 'Other Financial Assets' to the financial statements, which has been received in current financial year.

The Exceptional item of H 380.61 Lakhs represents the excess of the compensation amount (net of interest) over the related carrying cost of Asset held for Sale.

Note 31B : Financial Risk Management Objectives and Policies

The Company's overall policy with respect to managing risks associated with financial instruments is to minimise potential adverse effects on financial performance of the Company. The policies of managing specific risks are summarised below:

a Foreign Currency Risk Management

The Company undertakes transactions denominated in foreign currencies; consequently exposures to exchange rate fluctuations arise. exchange rate fluctuations are managed within approved policy parameters.

Foreign Currency Sensitivity Analysis

The Company is mainly exposed to changes in USD and JPY. The below table demonstrates the sensitivity to a 10 % increase or decrease in the USD and JPY against INR with all other variants held constant. The sensitivity analysis is prepared under net un-hedged exposure of the Company as at the reporting date.

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The credit risk arising from trade receivables is managed in accordance to the Company's established policy and control relating to customer credit risk management. The credit quality of the customer is assessed based on the credit worthiness and past experience.

c Interest Rate Risk Management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates. The management is responsible for the monitoring of the Company's interest rate position. Various variables are considered by the management in structuring the Company's borrowings to achieve a reasonable, competitive, cost of funding.

Fair Value Sensitivity Analysis for fixed rate instruments

The Company does not account for any fixed rate financial assets and liabilities at fair value to profit or loss. Therefore, a change in interest rates at the reporting date would not affect Profit or Loss.

Cash flow sensitivity Analysis for variable rate instruments

A reasonable possible change of 100 BPS in interest rates would result in variation in interest expenses for the Company by the amounts indicated in the table below. This calculation also assumes that the changes occur at the balance sheet

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value. The Company's exposure to liquidity risk arises primarily from mis-matches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents. The Company also has adequate credit facilities arranged with banks to ensure there is sufficient cash to meet all its normal operating commitments on a timely and cost effective manner. The following are the remaining contractual maturities of financial liabilities at the reporting dates :

Note 31C : Capital Management

For the purpose of the Company's capital management, capital includes issued capital and all other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value.

As at March 31, 2024 the Company had equity shares, and borrowings. Consequent to such capital structure, there are no externally imposed capital requirements. In order to maintain and achieve optimal capital structure the Company redeploys the earnings into the business based on its long term financial plans. For net debt to equity ratio (refer note - 32).

Proposed Dividend

The Board of Directors at its meeting held on May 16, 2024 have recommended payment of dividend of H 1.00 (10%) per equity share of H 10 each for the financial year ended March 31, 2024, the same amounts to H 171.76 lakhs (Previous year : H 171.76 lakhs). The above is subject to the approval by the shareholders at the ensuing Annual General Meeting of the Company and hence is not recognised as a liability.

Note 35 : Additional regulatory information required by Schedule III to the Companies Act, 2013

i) The Company does not hold any benami property as defind under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder, 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 under Companies Act, 2013 or Companies Act, 1956.

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

iv) The Company has not traded or invested in crypto currency or virtual currency during the current or previous financial year.

v) The Company has not entered into any such transaction which is not recorded in the books of account 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

vi) There are no unspent amounts in respect of ongoing projects, that are required to be transferred to a special account in compliance of provision of sub section (6) of section 135 of Companies Act

vii) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act

viii) The Company has not entered into any scheme of arrangement which has an accounting impact in current or previous financial year.

ix) 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.

x) 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.

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the Management. This has been relied upon by the auditors.

Note 37 : Foreign Currency Exposure

The Company enters into forward exchange contracts to hedge against its foreign currency exposures relating to the underlying transactions and firm commitments. The Company does not enter into any derivative instruments for trading or speculative purposes.

The Company has not entered into any forward exchange contract during the current year and during the previous years.

Note 38 : Employee benefits (1) Post employment benefits:

a Defined Contribution plan

Provident Fund and Employee State Insurance Scheme

Defined contribution plans are Provident Fund Scheme and Employee State Insurance Scheme. The Company contributes to the Government administered provident funds on behalf of its employees.

b Defined Benefit plan Gratuity scheme

The Company operates a defined benefit gratuity plan for employees. The liability for the Defined Benefit Plan is provided on the basis of a valuation, using the Projected Unit Credit Method, as at the Balance Sheet date, carried out by an independent actuary. The Company has a Gratuity trust. However, the Company funds its gratuity payouts to the trust from its cash flows. Accordingly, the Company creates adequate provision in its books every year based on actuarial valuation. These benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and investment risk.

c Amounts recognised as expense

i Defined Contribution Plan

Employer's Contribution to Provident Fund including contribution to Family Pension Fund amounting to H 204.90 lakhs (March 31, 2023: H 190.42 lakhs) has been included under Contribution to Provident and Other Funds in Note 26 'Employee Benefit Expenses'.

ii Defined Benefit Plan

Gratuity cost amounting to H 63.90 Lakhs (March 31,2023 : H 59.24 lakhs) has been included in Note 26 'Employee Benefit Expenses'.

(2) Long Term Employee Benefits:

The liability towards compensated absences (annual leave) as at March 31, 2024, based on actuarial valuation carried out by using the Projected Unit Credit Method amounting to H 71.23 lakhs (March 31,2023 : H 61.97 lakhs ) has been recognised in the Statement of Profit and Loss.

Note 42 : Segment Reporting

The Company's Chief Operating Decision Maker, examines the Company's performance on an entity level. The Company has identified only one reportable segment i.e.' Rigid Plastic Containers' in accordance with requirements of Ind AS 108 - Operating Segments. Accordingly, no separate segment information has been provided.

Note 43 :Information on related party transactions as required by Indian Accounting Standard (IndAS - 24) for the year ended March 31, 2024. (Contd..)

All Related Party Transactions entered during the current and previous year were in ordinary course of the business and on arm's length basis.

Note 44 : Event Occuring after the Reporting date

Subsequent to March 31,2024, the company has formed a 100% subsidiary Hitech Global INC having its registered office in the state of Delaware, with initial capital of USD 100,000 (equivalent to H 84.60 lakhs)

Note 45 : Approval of Audited financial statements

The financial statements are approved for issue by the Board of Directors in their meeting held on May 16, 2024.

Note 46 : Regrouping/Reclassification of previous period figures

Expected credit loss on certain financial assets aggregating to H 150.84 Lakhs has been reclassified to Other Income which was earlier disclosed under Other Expenses, to conform with the recognition, presentation and disclosure principles as specified in Ind AS and schedule III of Companies Act, 2013. This reclassification has no impact on the net profit before tax for the year ended and total equity as at 31^st March, 2023.