1.2.14.Fair Value measurement
1.2.13.Provisions, Contingent Liabilities and Contingent Assets
The Company estimates the provisions that have present obligations as a result of past events and it is probable that outflow of resources will be required to settle the obligations. These provisions are reviewed at the end of each reporting period and are adjusted to reflect the current best estimates.
The Company uses significant judgements to assess contingent liabilities. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made. Contingent assets are neither recognised nor disclosed in the standalone financial statements.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
> In the principal market for the asset or liability, or
> In the absence of a principal market, in the most advantageous market which can be accessed by the Company for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the Standalone Financial Statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:
> Level 1 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
> Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable
> Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable
For assets and liabilities that are recognized in the Standalone Financial Statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Initial recognition and measurement
All financial assets are recognized initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Subsequent measurement
Subsequent measurement is determined with reference to the classification of the respective financial assets. Based on the business model for managing the financial assets and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit and loss.
Debt instruments at amortized cost
Debt instruments such as trade and other receivables, security deposits and loans given are measured at the amortized cost if both the following conditions are met:
> The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and
> Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate (EIR) method. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included in finance income in the profit or loss. The losses arising from impairment are recognized in the profit or loss.
Debt instruments at Fair value through Other Comprehensive Income (FVOCI)
A 'debt instrument' is classified as at the FVTOCI if both of the following criteria are met:
> The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and
> the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognized in the other comprehensive income (OCI).
Debt instruments at Fair value through Profit or Loss (FVTPL)
FVTPL is a residual category for debt instruments excluding investments in subsidiary companies. Any debt instrument, which does not meet the criteria for categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
After initial measurement, any fair value changes including any interest income, foreign exchange gain and
> The rights to receive cash flows from the asset have expired, or
> The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either:
> The Company has transferred substantially all the risks and rewards of the asset, or
> The Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured at FVTOCI) and equity instruments (measured at FVTPL) are recognized in the Statement of Profit and Loss. Gains and losses in respect of debt instruments measured at FVTOCI and that are accumulated in OCI are reclassified to profit or loss on de-recognition. Gains or losses on equity instruments measured at FVTOCI that are recognized and accumulated in OCI are not reclassified to profit or loss on de-recognition.
1.2.16.impairment of financial assets
The Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the following financial assets and credit risk exposure:
a) Financial assets that are debt instruments, and are measured at amortized cost e.g., loans, debt securities, deposits, trade receivables and bank balance.
b) Financial assets measured at fair value through other comprehensive income.
In case of other assets (listed as a) above), the company determines if there has been a significant increase in credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount equal to 12-month ECL is measured and recognized as loss allowance. However if credit risk has increased significantly, an amount equal to lifetime ECL is measured and recognized as loss allowance.
1.2.17.Financial Liabilities
initial recognition and measurement
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Company's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial Liabilities at Fair Value through Profit or Loss (FVTPL)
Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the
criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk is recognized in OCI. These gains/ losses are not subsequently transferred to profit or loss. However, the company may transfer the cumulative gain or loss within equity. All other changes in fair value of such liability are recognized in the statement of profit or loss.
Financial Liabilities at amortized cost
Financial liabilities classified and measured at amortized cost such as loans and borrowings are initially recognized at fair value, net of transaction cost incurred. After initial recognition, financial liabilities are subsequently measured at amortized cost using the Effective interest rate (EIR) method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit and loss.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset, and the net amount is reported in the standalone balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company, or the counterparty.
Borrowings
Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any differences between the proceeds (net of transaction costs) and the redemption amount is recognized in Profit or loss over the period of the borrowing using the effective interest method. Fees paid on the establishment of loan facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facilities will be drawn down. In this case, the fee is deferred until the drawdown occurs.
The borrowings are removed from the Balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or transferred to another party and the consideration paid including any noncash asset transferred or liabilities assumed, is recognized in profit or loss as other gains/(losses).
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability of at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the Standalone Financial Statement for issue, not to demand payment as a consequence of the breach.
1.2.18.Borrowing Cost
Borrowing costs directly attributable to the construction or production of a qualifying asset are capitalized during the period of time that is required for the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs (including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs) that an entity incurs in connection with the borrowing of funds.
1.2.19. Taxes on Income Current and Deferred Tax
Current tax is the amount of tax payable determined in accordance with the applicable tax rates and provisions of the Income Tax Act, 1961 and other applicable tax laws.
Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the Balance sheet and the corresponding tax bases used in the computation of taxable profit and are accounted for using the liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences, carry forward tax losses and allowances to the extent that it is probable that future taxable profits will be available against which those deductible temporary differences, carry forward tax losses and allowances can be utilized. Deferred tax assets and liabilities are measured at the applicable tax rates. Deferred tax assets and deferred tax liabilities are off set, and presented as net.
Current and deferred taxes relating to items directly recognized in reserves are recognized in reserves and not in the Statement of Profit and Loss.
Unused tax credit
Minimum Alternate Tax (MAT) paid in accordance with the tax laws, which gives future economic benefits in the form of adjustment to future income tax liability, is considered as an asset if there is convincing evidence that the Company will pay normal income tax. Accordingly, MAT is recognized as a deferred tax asset in the Balance Sheet when it is probable that future economic benefit associated with it will flow to the Company.
1.2.20. Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating
to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.
1.2.21. Cash and Cash equivalents
For the purpose of presentation in statement of cash flows, cash and cash equivalents includes cash on hand, deposit held at call with financial institution, other short term, highly liquid investments with original maturities of 3 months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank Overdrafts are shown within borrowings in current liabilities in Balance sheet.
1.2.22. Cash Flows
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
1.2.23.Segment Reporting
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses,
including revenues and expenses that relate to transactions with any of the Company's other components, and for which discrete financial information is available. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker.
The chief operating decision maker is responsible for allocating resources and assessing performance of the operating segments and has been identified as the Managing Director of the Company.
1.2.24. Dividend
Final dividend on shares is recorded as a liability on the date of approval by the shareholders and Interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors.
1.2.25. Recent Pronouncements:
Ministry of Corporate Affairs (“MCA”) notifies new standards of amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.
(i) Leased Assets
The lease term in respect of assets acquired under finance leases expires within 57-73 years.
(ii) Assets given as security for borrowings
All the items of property, plant and equipment of the Company have been given to lenders as security for various borrowing facilities. (Refer Note 17)
(iii) Impairment
The Company has assessed recoverable amount of its property, plant and equipment by estimating its value in use. Based on the aforementioned assessment it has been concluded that the recoverable amount is higher than the respective carrying amount except the moulded product division wherein based on assessment, the impairment loss of H420.42 lakhs was identified during the year and accordingly, the goodwill recognised of H408.80 Lakhs relating to Moulded products division was fully impaired.
(iv) Revision in useful life of certain assets
During the previous year, the Company had reassessed the useful life of certain items of property, plant and equipments under Moulded Products Division and based on the assessment, the useful life has been reduced from 25 years to 20 years in respect of Plant and Equipments and 8 years to 5 years in respect of Moulds resulting in additional charge of H102.90 lakhs in depreciation.
(v) Other Notes:
a) Property, Plant and Equipment values are carried in the Standalone financial statements on their Historic value (Cost of Acquisition).
b) Title deeds of all immovable properties of land and buildings which are freehold are in the name of the Company.
c) For capital commitments, Refer Note 47
d) The Company has not revalued any of its Property, plant and equipment and intangible assets during the year.
e) The company does not have any Benami property, where any proceeding has been initiated or pending against the company for holding any Benami property
4. Goodwill and other Intangible assets Contd Note 4(A): Impairment of Goodwill
Goodwill is tested for impairment on annual basis and whenever there is an indication that the recoverable amount of a cash generating unit is less then the recoverable amount of cash generating units is determined based on higher of value in use and fair value less cost to sell.
For the purpose of impairment testing, goodwill is allocated to a CGU representing the lowest level within the Company at which goodwill is monitored for internal management purposes, and which is not higher than the Company's operating segment. The Company generally uses discounted cash flow method to determine the recoverable amounts. These discounted cashflows use a 5 year projection based on financial forecasts. Cash flow projections take into account past experience and represent management's best estimate about future developments.
Based on the said assessment, Impairment loss of H420.42 lakhs was identified in the Moulded Products segment during the year. Accordingly, the goodwill recognised of H408.80 relating to Moulded products division was fully impaired.
Terms of repayment and security:
(a) Term Loans from Banks
The loans are repayable within 6 number of quarterly installments and the interest is payable at 1 Year MCLR 2.15% and 6 Month MCLR 2.25%.
The said loans are secured by
i. First pari-passu charge by given of all Immovable Properties and property, plant and equipment both present and future of the company [including equitable mortgage of land & building]
ii. Second pari passu charge on entire current assets (present and future) of the company with second charge over entire property, plant and equipment [present and future] of the company ceded to working capital bankers/ lenders (including Letters of Credit and Letters of Guarantees).
iii. Personal guarantee of Promoter Directors of the company
iv. Corporate guarantee of Yash Agro Products Limited and Satori Global Limited.
(b) Loans from Non Banking Finance Company
The loans are repayable within 20 & 15 structured quartely installments and the interest is payable at 10.50% per annum & 9.75% per annum respectively
The said loans are secured by:
i. First pari-passu charge by given of all Immovable Properties and property, plant and equipment both present and future of the company [including equitable mortgage of land & building]
ii. Second pari passu charge on entire current assets (present and future) of the company with second charge over entire property, plant and equipment [present and future] of the company ceded to working capital bankers/ lenders (including Letters of Credit and Letters of Guarantees).
iii. Personal guarantee of Promoter Directors of the company
iv . The company shall be registering the due charges against this loan as provided for and required by the statutory / regulatory authorities.
d) Terms and conditions of transactions with related parties
Transactions relating to dividend were on the same terms and conditions that applied to other shareholders. The transactions with related parties are made in the ordinary course of business. No provisions are held against receivables from related parties.Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.
e) Other Notes
No amount has been written off/back or provision made for loss allowance during the year in respect of related parties except as disclosed above.
39. Financial Instruments (i) Capital Management
The Company's capital management is intended to create value for shareholders by facilitating the meeting of long-term and short-term goals of the Company. The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity and other long-term/short-term borrowings. The Company's policy is aimed at combination of short-term and long-term borrowings. The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company. Total borrowings includes all long and short-term borrowings as disclosed in notes 17 to the financial statements.
The capital structure of the company consists of debt, which includes the borrowings including temporary overdrawn balance, cash and cash equivalents including short term bank deposits, equity comprising issued capital and reserves . The gearing ratio for the year is as under:
39. Financial Instruments Contd
(iii) Financial risk management objectives:
The Company's principal financial liabilities comprise of loan from banks and financial institutions, and trade payables. The main purpose of these financial liabilities is to raise finance for the Company's operations. The Company has various financial assets such as trade receivables, cash and short term deposits, which arise directly from its operations.
The main risks arising from Company's financial instruments are foreign currency risk, credit risk, market risk, interest rate risk and liquidity risk. The Board of Directors review and agree policies for managing each of these risks.
(a) Credit risk:
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 trade and other receivables, cash and cash equivalents and other bank balances. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.
Trade and Other receivables
Customer credit is managed by each business unit subject to the Company's established policies, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and the agreed divisional payment terms are : (i) Paper & Pulp - Domestic Sale 20 days, Export Sale 30-90 days. (ii) Moulded - 30 days. Credit limits are established for all customers based on internal rating criteria. Outstanding customer receivables are regularly monitored.
The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends.
At 31st March, 2024, the Company's top three customers accounted for H1082.53 lakhs of the trade and other receivables carrying amount (P.Y. : H1150.27 lakhs). Expected credit loss assessment for customers:
The following table provides information about the exposure to credit risk and ECLs for trade receivables :
Other financial assets
The Company maintains exposure in cash and cash equivalents and term deposits with banks.
The Company held cash and cash equivalents of H5354.13 lakhs at 31st March, 2024 (P.Y.: H77.97 lakhs). Cash and cash equivalents are held with reputable and creditworthy banks.
Individual risk limits are set for each counter-party based on financial position, credit rating and past experience. Credit limits and concentration of exposures are actively monitored by the Management of the Company.
Other than trade and other receivables, the Company has no other financial assets that are past due but not impaired.
(b) Market risk:
Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and price risk.
39. Financial Instruments Contd
Interest rate sensitivity analysis:
As at 31st March, 2024 and 2023, financial liability of H7356.55 Lakhs and H9436.65 Lakhs, respectively, were subject to variable interest rates. Increase/ decrease of 25 basis points in interest rates at the balance sheet date would result in decrease/increase in profit/(loss) before tax of H18.39 lakhs and H23.59 lakhs for the year ended 31st March, 2024 and 2023, respectively.
The risk estimates provided assume a parallel shift of 25 basis points interest rate. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.
This analysis assumes that all other variables, in particular foreign currency rates, remain constant.
(Note: The impact is indicated on the profit/(loss) before tax basis).
(III) Liquidity risk :
The Company follows a conservative policy of ensuring sufficient liquidity at all times through a strategy of profitable growth, efficient liquidity at all times through a strategy of profitable growth, efficient working capital management as well as prudent capital expenditure. The Company has a cash credit facility with banks to support any temporary funding requirements.
The Company believes that current cash and cash equivalents, tied up borrowing lines and cash flow that is generated from operations is sufficient to meet requirements. Accordingly, liquidity risk is perceived to be low.
Liquidity table:
The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual maturities.
The following table shows the maturity analysis of the Company's financial liabilities based on contractually agreed undiscounted cash flows along with its carrying value as at the Balance Sheet date.
43. Disclosure in termsofInd AS102ontheShare-based PaymentArrangement Contd
and Sweat Equity) Regulations, 2021 ('SBEB Regulations').The Plan covers eligible employees (except promoters or those belonging to the promoters' group, independent directors and directors who either by himself or through his relatives or through any body-corporate, directly or indirectly holds more than 10%of the outstanding Shares of the Company). Under the Scheme, the Nomination and Remuneration Committee of directors of the Company, administers the Scheme and grants stock options to eligible directors or employees of the Company.The Committee determines the employees eligible for receiving the options and the number of options to be granted subject to overall limit of 20,00,000 (Twenty Lakhs Only) equity shares of the Company.
(i) Tranch-I : Pursuant to above, during FY 2022-23, the Company has granted 14,16,600 options at an exercise price of INR 82.21 per option, to the employees of the Company. Under the terms of the plan, these options are vested on a graded vesting basis over a maximum period of 1 year from the date of grant and are to be exercised either in part(s) or full, within a maximum period of 3.5 years from the date of last vesting. During the year the Company has allotted 10,89,600 equity shares at H82.21 per equity share upon exercise of share options vested in terms of TSOP -2021 plan. The remaining options would have to be exercised by the concerned eligible team of the Company, before the end date i.e., 31st December, 2026 from the date of respective vesting.
(ii) Tranch-II : Pursuant to above, during FY 2023-24, the Company has granted 1,25,400 options at an exercise price of INR 118.13 per option, to the employees of the Company. Under the terms of the plan, these options are vested on a graded vesting basis over a maximum period of 1 year from the date of grant and are to be exercised either in part(s) or full, within a maximum period of 2.5 years from the date of last vesting.The said options would have to be exercised by the concerned eligible team of the Company, before the end date i.e., 31st December, 2026 from the date of respective vesting.
50. Other disclosures as per amended Schedule III-
(i) The Company do not have any transactions with Companies stuck off.
(ii) The Company have not traded or invested in Crypto currency or Virtual currency during the financial year.
(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.
(iv) The company has no 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.
(v) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237of the Companies Act, 2013
(vi) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.
(vii) The company have 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.
50. Other disclosures as per amended Schedule III- Contd
(viii) The company have 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
(ix) The Company has complied with the requirements of clause 87 of section 2 of the Companies Act 2013 read with Compliance (Restriction on number of layers) Rules, 2017.
As per our attached report of even date For and on behalf of the Board
For C N K & Associates LLP Jagdeep Hira Gautam Ghosh
Chartered Accountants Managing Director Executive Director
Firm Registration No.: 101961W/W-100036 DIN: 07639849 DIN: 10371300
Place: Ayodhya Place: Ayodhya
Date: 30.05.2024 Date: 30.05.2024
Himanshu Kishnadwala Neetika Suryawanshi Sachin Kumar Srivastava
Partner Chief Financial Officer Company Secretary
Membership No.: 037391
Place: Mumbai Place: Ayodhya Place: Ayodhya
Date: 30.05.2024 Date: 30.05.2024 Date: 30.05.2024
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