(s) Provisions and contingent liabilities
Provisions are recognized 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. These are reviewed
at each reporting period and reflect the best current
estimate. Provisions are not recognized for future
operating losses.
Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement
is determined by considering the class of obligations
as a whole. A provision is recognized even if the
likelihood of an outflow with respect to any one item
included in the same class of obligations may be small.
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 Company 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.
(t) Employee benefits
Short-term employee benefits obligations:
All employee benefits payable within twelve months
of service such as salaries, wages, bonus, ex-gratia,
medical benefits etc. are classified as short-term
employee benefits and are recognized in the Statement
of Profit and Loss as an expense and are presented as
current employee benefit obligations in the Balance
sheet at the undiscounted amount on an accrual
basis. Short-term leave encashment is provided at
undiscounted amount during the accounting period
based on service rendered by employees.
Termination benefits are recognized as an expense as
and when incurred.
Defined contribution plans
Contributions to defined contribution schemes such
as contribution to Provident Fund, Super annuation
fund, Employees' State Insurance Corporation,
National Pension Scheme and Labours Welfare
Fund are charged as an expense to the Statement of
Profit and Loss based on the amount of contribution
required to be made as and when services are
rendered by the employees. The above benefits are
classified as Defined Contribution Schemes as the
Company has no further defined obligations beyond
the monthly contributions.
Defined benefit plans
Gratuity: The Company provides for gratuity, a
defined benefit plan (the "Gratuity Plan") covering
eligible employees in accordance with the Payment of
Gratuity Act, 1972. The Gratuity Plan provides a lump
sum payment to vested employees at retirement,
death, incapacitation or termination of employment,
of an amount based on the respective employee's
salary and the tenure of employment. The Company's
liability is actuarially determined (using the Projected
Unit Credit method) by an independent actuary at the
end of each year. Remeasurements i.e. actuarial gains
and losses and the return on plan assets, excluding
amounts included in the net interest expense on the
net defined benefit liability are recognized in other
comprehensive income.
Non-current compensated absences: The liabilities
for earned leave and sick leave are not expected to
be settled wholly within 12 months after the end of
the period in which the employees render the related
service. They are therefore measured as the present
value of expected future payments to be made in
respect of services provided by employees up to the
end of the reporting period using the projected unit
credit method. The benefits are discounted using the
market yields at the end of the reporting period that
have terms approximating to the terms of the related
obligation. Remeasurements as a result of experience
adjustments and changes in actuarial assumptions are
recognized in profit or loss.
The obligations are presented as current liabilities
in the Balance Sheet if the entity does not have an
unconditional right to defer settlement for at least 12
months after the reporting period, regardless of when
the actual settlement is expected to occur.
(u) Contributed equity
Equity shares are classified as equity.
Incremental costs directly attributable to the issue
of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
(v) Dividends
Provision is made for the amount of any dividend
declared, being appropriately authorised and no
longer at the discretion of the entity, on or before the
end of the reporting period but not distributed at the
end of the reporting period.
(w) Earnings per share
Earnings per share (EPS) is calculated by dividing the
net profit or loss for the period attributable to Equity
Shareholders by the weighted average number
of Equity shares outstanding during the period.
Earnings considered in ascertaining the EPS is the net
profit for the period and any attributable tax thereto
for the period (Refer Note 33).
(x) Rounding of amounts
All amounts disclosed in the financial statements
and notes have been rounded off in Crore as per the
requirement of Schedule III, unless otherwise stated.
(y) Exceptional items
When items of income or expense are of such nature,
size and incidence that their disclosure is necessary
to explain the performance of the Company for the
year, the Company makes a disclosure of the nature
and amount of such items separately under the head
"Exceptional items"
(z) Measurement of PBITDA
As permitted by the Guidance Note on Division II-
IND AS Schedule III to the Companies Act, 2013 the
Company has opted to present Profit before interest
(finance cost), tax, depreciation and amortization as
a separate line item on the face of the Statement of
Profit and Loss for the year. The Company measures
PBITDA on the basis of profit / (loss) from continuing
operations and other income. In its measurement,
the Company does not include depreciation and
amortization expense, finance costs and tax expense.
Critical estimates and judgments:
The preparation of financial statements requires the
use of accounting estimates which, by definition, will
seldom equal the actual results. Management also
needs to exercise judgement in applying the group's
accounting policies.
This note provides an overview of the areas that
involved a higher degree of judgement or complexity,
and of items which are more likely to be materially
adjusted due to estimates and assumptions turning
out to be different than those originally assessed.
Detailed information about each of these estimates
and judgements is included in relevant notes together
with information about the basis of calculation for
each affected line item in the financial statements.
Areas involving critical estimates and judgements are:
Estimated useful life of tangible assets
The Company reviews the useful life of property, plant
and equipment at the end of each reporting period.
This reassessment may result in change in depreciation
and amortization expense in future periods. The policy
has been detailed in note 1 (n).
Estimated defined benefit obligation
The Company's retirement benefit obligations
are subject to number of assumptions including
discount rates, inflation and salary growth.
Significant assumptions are required when setting
these criteria and a change in these assumptions would
have a significant impact on the amount recorded in
the Company's balance sheet and the statement of
profit and loss. The Company sets these assumptions
based on previous experience and third party actuarial
advice. Further details on the Company's retirement
benefit obligations, including key judgements are set
out in note 1 (t) and note 39.
Impairment of financial assets
The impairment provisions for financial assets
disclosed are based on assumptions about risk of
default and expected loss rates. The Company uses
judgment in making these assumptions and selecting
the inputs to the impairment calculation, based on the
Company's past history, existing market conditions as
well as forward looking estimates at the end of each
reporting period. Further details on impairment of
financial assets, including key judgements are set out
in note 1 (k) (iii) and note 35 (i)
Leases
Ind AS 116 Leases requires a lessee to determine the
lease term as the non-cancellable period of a lease
adjusted with any option to extend or terminate the
lease, if the use of such option is reasonably certain.
The Company makes an assessment on the expected
lease term on lease by lease basis and thereby
assesses whether it is reasonably certain that any
options to extend or terminate the contract will be
exercised. In evaluating the lease term, the Company
considers factors such as any significant leasehold
improvements undertaken over the lease term, costs
relating to the termination of lease and the importance
of the underlying lease to the Company's operations
taking into account the location of the underlying
asset and the availability of the suitable alternatives.
The lease term in future periods is reassessed to ensure
that the lease term reflects the current economic
circumstances. The discount rate is generally based on
the incremental borrowing rate specific to the lease
being evaluated or for a portfolio of leases with similar
characteristics. Further details on Leases, including key
judgements are set out in note 1 (f) and note 2 (B)
Provisions and contingent liabilities
A provision is recognized when the Company has a
present obligation as result of a past event and it is
probable that the outflow of resources will be required
to settle the obligation, in respect of which a reliable
estimate can be made. These are reviewed at each
balance sheet date and adjusted to reflect the current
best estimates.
Contingent liabilities may arise in the ordinary course of
business in relation to the claims against the Company.
By their nature, contingencies will be resolved only
when one or more uncertain future events occur or
fail to occur. The assessment of the existence, and
potential quantum, of contingencies inherently
involves the exercise of significant judgements and
use of estimates regarding the outcome of future
events. While ascertaining the possible outcome of
contingencies, the management of the Company
exercises judgements basis evaluation of the judicial
pronouncements and/or legal opinions from an
independent expert. Further details are set out in note
1 (s) and note 37.
Estimates and judgements are continually
evaluated. They are based on historical experience
and other factors, including expectations of future
events that may have a financial impact on the
Company and that are believed to be reasonable
under the circumstances.
NOTE - 2 (B)
This note provides information for leases where the Company is a lessee.
The Company has leased various offices, warehouses, vehicles, equipment, Storage tanks etc. Rental contracts typically
ranges from 1 year to 5 years but may have extension option. Land lease is depreciated over its balance useful life in range
of 45 to 75 years
b) Rights, preferences and restrictions attached to shares
Equity Shares
The Company has one class of equity share having a par value of ' 10/- per share. Each shareholder is eligible for one
vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
Capital reserve
Capital reserve (' 0.14 Lacs) is on account of profit on re-issue of forfeited Shares in the earlier years.
Securities premium
Securities premium represents the premium on issue of shares. The reserve is available for utilisation in accordance with
the provisions of the Act.
Surplus on capital reduction
Surplus on capital reduction is created as per order no. O/14505/2004 dated June 24, 2004 passed by the Honourable High
Court of Gujarat in Company Petition No. 60 of 2004.
General reserve
General reserve represents amounts appropriated out of retained earnings in accordance with the provisions of the Act.
Notes:
1) External Commercial Borrowing (ECB) loan was availed from INEOS Styrolution Group GmbH at a fixed interest rate of
7.60% which is repayable on August 31, 2026 (revised from 8.90% to 7.60% w.e.f. July 1, 2020). Effective November 17,
2022 INEOS Styrolution Group GmbH ceases to be related party due to change in ownership during the previous year.
2) Sanctioned working capital bank limits of ' 650.00 Crore continued during the FY2025-26. (March 31, 2025-' 650.00
Crore). It is secured by first charge on current assets.
Monthly Stock statements are submitted by company to banks and are in agreement with books of accounts.
The Company had utilized ' 445.61 Crore (March 31, 2025-' 241.90 Crore) towards non-fund-based facility.
3) Current borrowing includes ECB Loan interest accrued but not due amounting to ' 0.19 Crore as at March 31, 2026
(March 31, 2025-' 0.19 Crore).
2 Corporate Social Responsibility
a As per Section 135 of the Companies Act, 2013, the Company was required to spend ' 5.34 Crore (March 31, 2025:
' 6.21 Crore) towards corporate social responsibility activities in FY2025-26. The Company has spent ' 2.68 Crore
during the current financial year (FY2024-25 : ' 0.99 Crore). The Company has spent/disbursed following amounts
which does not include any payment towards construction/ acquision of asset during the year:
NOTE - 34 : FAIR VALUE MEASUREMENTS
A. Accounting classification and fair values
This section mentions the classification of financial instruments and 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 accounting standard. An explanation of each level follows
underneath the table.
B. Measurement of fair values
i) Valuation techniques and significant unobservable inputs
The carrying amounts of financial assets and liabilities other than those valued at Level 1 and Level 2 are
considered to be the same as their fair values due to the current and short term nature of such balances and no
material differences in the values. Difference between fair value of non-current borrowings carried at amortised
cost and the carrying value is not considered to be material to the financial statement.
ii) Levels 1, 2 and 3
Level 1 : This includes listed equity instruments that have a 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.
Level 2: The fair value of financial instruments that are not traded in an active market (for example 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.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in Level 3."
iii) Valuation technique used to determine fair value
Specific valuation techniques used to value financial instruments include:
• the use of quoted market prices or dealer quotes for similar instruments.
• the fair value of forward foreign exchange contracts are determined using forward exchange rates at the
Balance Sheet date.
All of the resulting fair value estimates are included in level 1 and 2.
NOTE - 35 : FINANCIAL RISK MANAGEMENT
Risk management framework
Financial Risk Evaluation and Management is an ongoing process within the Organisation. The Company has a robust risk
management framework to identify, monitor and minimize risks. As a process, the risk associated with each area are identified
and prioritized based on severity, likelihood and effectiveness. Process owners are identified for each risk and metrics are
developed for monitoring and reviewing the risk mitigation controls. Risk evaluation and assessments are reviewed by the
Chief Financial Officer (CFO) and Managing Director on a quarterly basis. This is constantly monitored by the Board.
The Company has exposure to the following risks arising from financial instruments:
i) Credit risk
ii) Liquidity risk
iii) Market risk
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact
on the financial statements.
i) Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument leading to a financial
loss. The Company is exposed to credit risk from its operating activities, primarily trade receivables and from its
financing activities, including deposits with banks and other financial instruments.
The carrying amount of financial assets represents the maximum credit exposure, being the total of the carrying
amount of balances with banks, short term deposits with banks, trade receivables and other financial assets excluding
equity investments.
Trade receivables
Trade receivables of the Company are typically unsecured and derived from sales made to a large number of independent
customers. Customer credit risk is managed by the Company based on established policies, procedures and control
relating to customer credit risk management. Before accepting any new customer, the Company has appropriate
level of control procedures to assess the potential customer's credit quality. The credit-worthiness of its customers
are reviewed based on their financial position, past experience and other relevant factors. Outstanding customer
receivables are reviewed periodically. The credit period provided by the Company to its customers generally ranges
from 0-60 days.
The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision
matrix takes into account available external and internal credit risk factors, the Company's historical experience for
customers and forward looking information. Based on the industry practices and the business environment in which
the entity operates, management considers that the trade receivables are credit impaired if the payments are more
than 180 days past due.
Other financial assets
The Company has mainly cash and cash equivalents, investment in mutual funds, deposits with banks (PSU and high
rated private banks) and government authorities, and security deposits for utilities with government bodies and
reputed corporate entities, and for leasehold premises. These are periodically confirmed by respective parties.
ii) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are settled by delivering cash or another financial asset. The Company's cash flow management
system ensures, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both
normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are
gross and undiscounted, and include estimated interest payments.
iii) Market risk
Market risk is mainly driven by changes in economic and political environment across globe, fluctuation in foreign
exchange rates and interest rates movement, which affect the Company's income or the value of its holdings of
financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign
currency receivables, payables and current borrowings. The objective of market risk management is to avoid excessive
exposure in foreign currency revenues and costs.
1. Currency risk
The functional currency of the Company is Indian Rupee. The Company is exposed to currency risk on account of
payables and receivables in foreign currency. Since there is no material export sales, this is not perceived to be a
major risk. Raw materials are mostly imported. The company has a policy to mitigate this risk by taking derivative
contracts to protect against any adverse exchange rate fluctuation. This policy is reviewed on a periodic basis.
Company does not use derivative financial instruments for trading or speculative purposes.
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 variable interest bearing liabilities because of fluctuations in
the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing
liabilities will fluctuate because of fluctuations in the interest rates. The Company does not have variable
interest rate borrowing.
The Company's fixed rate borrowings were carried at amortised cost. They are therefore not subject to
interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will
fluctuate because of a change in market interest rates.
NOTE - 36 : CAPITAL MANAGEMENT
The primary objective of the Company's capital management is to maximise shareholder's value. The Group manages its
capital structure with a view that it will be able to continue as going concern while maximising the return to stakeholders
through the optimization of the debt and equity balance.
For the purposes of the Company's capital management, the Company considers the following components of its balance
sheet to be managed as capital:
Total equity as shown in the Balance Sheet includes Share capital, General reserve, Retained earnings, Securities premium
and Capital reserve. Total debt includes current debt plus non-current debt (including current maturities of long term debt
and lease liabilities).
The above matters are under adjudication and the Company expects the judgment will be in its favor and has therefore,
not recognised the provision in relation to these claims. Future cash outflow in respect of above will be determined only on
receipt of judgement/decision. The potential undiscounted amount of total payments that the Company could be required
to make if there was an adverse decision related to above matters as of the date reporting period ends are disclosed above.
Income tax
The Company has ongoing disputes with income tax authorities relating to various previous years. These disputes mainly
includes disallowance of expenses, transfer pricing adjustments and withholding tax matters. The matters are pending
with various forums.
Excise duty and Service Tax Matter
The Company has ongoing disputes with respect to admissibility of input tax credit claimed by the Company for various
previous years and the matters are pending with various forums.
NOTE - 39 : EMPLOYEE BENEFIT OBLIGATIONS
I Defined Contribution plan
The defined contribution plans operated by the Company are as below :
Provident Fund
Contributions are made to employees provident fund organization in India for employees at the rate of 12% of basic
salary as per regulations. The contributions are made to registered provident fund administered by the Government.
The obligation of the Company is limited to the amount contributed and it has no further contractual or any
constructive obligation.
Superannuation Fund
Contributions are made to Life Insurance Corporation of India for eligible employees at the rate of 15% of basic salary
as per superannuation scheme of the Company.
NPSFund
Contributions to the NPS Trust are made for eligible employees who have opted for the Company's NPS scheme, up
to 14% of their basic salary.
Employee's State Insurance
Contributions are made to ESI Corporation for all eligible employees at rate of 4.0% of ESI wage as per the definition
under the ESI Act.
The contributions recognised as an expense in the statement of profit and loss during the year on account of the
above defined contribution plans amounted to ' 4.81 Cr (March 31, 2025 : ' 4.28 Crore).
II Defined benefit plan
(i) Funded
Gratuity
The employee's gratuity fund schemes managed by Trusts are defined benefit plan. The present value of
obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises
each period of service to build up the final obligation. The obligation for leave encashment is recognised in the
same manner as for gratuity.
The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority,
promotion and other relevant factors including supply and demand in the employment market.
The expected rate of return on plan assets is determined considering several applicable factors, mainly the
composition of plan assets held, assessed risks and historical results of return on plan assets.
Sensitivity analysis
Reasonable possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below.
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which
are detailed below:
i) Asset volatility
The plan liabilities are calculated using a discount rate set with reference to bond yields; if plan assets
underperform this yield, this will create a deficit. The plan assets are managed by LIC and are subject to
market risk. Any shortfall is contributed to the fund by the Company. The Company intends to maintain the
above investment in the continuing years.
ii) Changes in bond yields
A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in
the value of the plans' bond holdings.
The Company actively monitors how the duration and the expected yield of the investments are matching
the expected cash outflows arising from the employee benefit obligations. The Company has not changed
the processes used to manage its risks from previous periods. Investments are well diversified, such that the
failure of any single investment would not have a material impact on the overall level of assets.
Expected contributions to post-employment benefit plans for the year ending March 31, 2026 are ' : 1.31
Crore (March 31, 2025: 1.45 Crore)
The weighted average duration of the defined benefit obligation is 5.7 years (2024-25: 5.23 years).
The expected maturity analysis of gratuity is as follows:
(ii) Unfunded
Compensated absences
The Compensated absences covers the liability for sick and earned leave. The Actuarial liability for compensated
absences as at year ending March 31, 2026 is ' 5.22 Crore including 0.50 Crores due to change in wage defination
as per new Labour code 2025 (March 31, 2025: ' 4.70 Crore). Current year charge is included in Employee benefit
expense (Refer Note 30).
(iii) New Labour Codes 2025 Impact
On November 21, 2025, the Government of India notified new Labour Codes. The incremental impact on the
standalone financial result consist of gratuity liability amounting to ' 2.28 Crores and compensation towards
leave encashment ' 0.50 Crore arising primarily due to change in "wage" definition. The same has been disclosed
as an Exceptional Item in the Audited Standalone Financial Results.
The Company continues to monitor the finalisation of central/state Rules and clarification from the Goverment
related to provision of the new Labour Codes.
*On behalf of WOS Styrenix Polymers (Thailand) Co. Ltd., the Company had given corporate guarantee of THB 875,000,000 (' 220 Cr) to HSBC
Bank in previous fiscal year as a collateral for acquisition loan taken to acquire Styrenix Performance Materials (Thailand) Limited. Based on final
purchase consideration, the Coporate Guarantee is amended to THB 772,320,982 (' 222.3 Cr) in current fiscal year. Styrenix Polymers (Thailand)
Co. Ltd. got reversed merged with Styrenix Performance Materials (Thailand) Ltd. effective June 26, 2025 and the coporate Guarantee has been
amended accordingly.
*Corporate Guarantee of THB 577,000,000 (Approx ' 166.09 Cr) is given by Styrenix Performance Materials Ltd, India to HSBC Bank, Thailand as a
collateral towards working capital facilities given by HSBC Bank to Styrenix Performance Materials (Thailand) Limited.
Commission on Corporate Guarantee charged to Styrenix Polymers (Thailand) Co. Ltd. is upto June 25, 2025. Post reverse merger of the company
w.e.f. June 26, 2025, commisison on corporate guarantee charged to Styrenix Performance Materials (Thailand) Limited.
Note to Related Party transaction:
1 All transactions entered into with related parties as defined under the Companies Act, 2013 and regulation 23 of the
Listing Obligation and Disclosure Requirement Regulations 2015, during the financial year were in the ordinary course
of business and at contractually agreed transaction prices.
2 Transactions relating to dividends were on the same terms and conditions that applied to other shareholders.
3 All outstanding balances are unsecured and are repayable in cash.
4 There are no allowances on account for impaired receivables in relation to any outstanding balances, and no expense
have been recognised in respect of impaired receivables due from related parties.
NOTE - 41 : MOVEMENT IN PROVISIONS
Provision for contingencies represents estimates made mainly for probable claims arising out of litigations / disputes, etc.
This includes positions taken on matters under dispute involving judgements and assumptions to determine the possible
outcome. The probability and the timing of the outflow with regard to these matters depend on the ultimate settlement /
conclusion with the relevant authorities.
Movements in provision for contingencies during the financial year, is set out below:
(3) Due to increase in average trade payable, Average trade payable is the average of opening and closing balance of
trade payable balances
(4) Return on Investments depends on fair market valuation of quoted investments.
(5) Lease liabilities have increased and corresponding interest cost has risen as compared to FY 2024-25. Hence, decrease
in debt coverage ratio & increase in Debt Equity ratio.
NOTE-43 : REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES (ROC)
The Company had repaid certain loans which were taken against pledge of movable properties on due dates as per the
agreed terms in past. The Company had also filed manual forms for satisfaction of these charges as per requirement with
ROC-Ahmedabad. However, the satisfaction of the charges has not been updated by MCA while digitizing the manual
records. The Company has sent request letters to the respective lending institutions and is awaiting their feedback.
NOTE-44 : DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES
There are no transactions done during the year with struck off companies.
NOTE-45 : UNDISCLOSED INCOME
There is no income surrendered or disclosed as income during the current or preceding 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), that has
not been recorded in the books of account.
NOTE-46 : DETAILS OF BENAMI PROPERTY HELD
No proceedings have been initiated or are pending against the Company for holding any benami property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the Rules made thereunder
NOTE-47 : DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY
The Company has not traded or invested in crypto currency or virtual currency during the financial year.
NOTE-48
(1) 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, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(2) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding
Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
NOTE-49
The Company is not declared as willful defaulter by any bank or financial institution (as defined under the Companies
Act, 2013) or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the
Reservce Bank of India.
NOTE-50
Previous year figures have been regrouped to make them comparable with the current year figures wherever considered
necessary. As the figures are in crore, rounding-off calculation to be ignored.
NOTE - 51 : EVENTS OCCURRING AFTER THE REPORTING PERIOD
There are no events that occurred after the Balance Sheet date that require adjustment or disclosure in the Standalone
Financial Statements.
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