Afcom Holdings Ltd. కంపెనీ అకౌంటింగ్ విధానాలు

2 Material Accounting Policy Information

2.1 Statement of Compliance

These financial statements have been prepared in accordance with Indian Accounting Standards ("Ind AS") notified under
Section 133 of the Companies Act, 2013 ("the Act") read with the Companies (Indian Accounting Standards) Rules, 2015,
as amended, and other relevant provisions of the Act, and guidelines issued by the Securities and Exchange Board of
India (SEBI). The Company has adopted Ind AS in accordance with Ind AS 101 - First-time Adoption of Indian Accounting
Standards. These are the Company''s first financial statements prepared in accordance with Ind AS for the year ended
March 31, 2026, with March 31, 2025 as the comparative period; accordingly, the date of transition to Ind AS is April 1, 2024.
The transition was carried out from the accounting standards notified under the Companies (Accounting Standards)
Rules, 2006 ("previous GAAP").

2.2 Basis of Preparation and Presentation

The financial statements have been prepared on the historical cost basis, except for certain financial instruments that are
measured at fair value at the end of each reporting period, as explained in the accounting policies below. Historical cost is
generally based on the fair value of the consideration given in exchange for goods and services. The financial statements
are presented in Indian Rupees (Rs.) and all values are rounded off to the nearest lakh, except where otherwise stated.
Assets and liabilities have been classified as current and non-current based on the operating cycle of the business as set
out in the policy below.

The financial statements of the Company for the year ended March 31, 2026 were approved for issue in accordance with
the resolution of the Board of Directors on May 28, 2026.

2.3 Use of Estimates, Judgements and Assumptions

"The preparation of the financial statements in conformity with Indian Accounting Standards ("Ind AS") requires
management to make judgments, estimates and assumptions that affect the application of accounting policies and the

reported amounts of assets, liabilities, income and expenses and the related disclosures, including contingent liabilities,
as at the reporting date.

Estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and other
factors considered reasonable under the circumstances. Actual results may differ from these estimates.

Information about significant areas of estimation/uncertainty and judgements in applying accounting policies that have
the most significant effect on the financial statements include, but are not limited to:

• Measurement of useful life and residual values of property, plant and equipment.;

• Judgement required to ascertain lease classification and fair value of aircraft;

• Measurement of defined benefit obligations: key actuarial assumptions;

• Estimation of costs of redelivery and overhaul;

• Judgement is required to ascertain whether it is probable or not that an outflow of resources embodying economic
benefits will be required to settle the taxation disputes and legal claim;

• Fair value measurement of financial instruments;

• Judgement required to determine probability of recognition of deferred tax assets and liabilities.

There are no assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment
within the next financial year."

2.4 Current and Non-Current Classification

The Company presents assets and liabilities in the Balance Sheet based on a current/non-current classification. An asset
is classified as current when it is expected to be realised or consumed in the normal operating cycle, held primarily for
trading, expected to be realised within twelve months after the reporting period, or is cash or a cash equivalent (unless
restricted). A liability is classified as current when it is expected to be settled in the normal operating cycle, held primarily
for trading, due to be settled within twelve months after the reporting period, or there is no unconditional right to defer
settlement for at least twelve months after the reporting period. All other assets and liabilities are classified as non¬
current. Deferred tax assets and liabilities are classified as non-current. Based on the nature of its operations, the
Company has determined its operating cycle as twelve months for the purpose of current/non-current classification.

2.5 Foreign Currency Transactions

The functional and presentation currency of the Company is Indian Rupees (Rs.), being the currency of the primary
economic environment in which the Company operates. The Financial statements are presented in Indian Rupees. All
amounts have been rounded to the nearest Lakhs, unless otherwise stated.

Monetary and non-monetary transactions in foreign currencies are initially recorded in the functional currency of the
Company at the exchange rates on the date of the transactions or at an average rate if the average rate approximates the
actual rate at the date of the transaction.

Foreign currency monetary assets and liabilities outstanding as at the reporting date are translated at the exchange
rates prevailing on the reporting date. Exchange differences arising on settlement or realisation of foreign currency
transactions and on translation of foreign currency monetary assets and liabilities at the reporting date are recognised in
the Statement of Profit and Loss. Non-monetary items are translated at the rates of exchange prevailing on the date of
initial recognition (in case they are measured at historical cost) or on the date when the fair value is determined (in case
they are measured at fair value) - the resulting foreign exchange difference on subsequent re-statement / settlement
recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in the Other
Comprehensive Income (OCI) or directly in equity.

2.6 Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value
of the consideration received or receivable, net of discounts. Revenue is recorded provided the recovery of consideration
is probable and determinable

Cargo revenue: Cargo revenue is recognised when service is rendered i.e. goods are transported, net of airport levies and
applicable taxes.

Other Income : Income from a financial asset is recognised when it is probable that the economic benefits will flow
to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by
reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts
estimated future cash receipts through the expected life of the financial asset of that asset''s net carrying amount on
initial recognition.

2.7 Leases

Identification of a lease: At inception of a contract, the Company assesses whether the contract is, or contains, a lease.
A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in
exchange for consideration, evaluated by reference to whether (i) the contract involves the use of an identified asset, (ii)
the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period
of use, and (iii) the Company has the right to direct the use of the asset. Leases of property, plant and equipment that
do not transfer substantially all the risks and rewards incidental to ownership to the Company are classified as operating
leases.

The Company as a lessee: The Company''s leasing arrangements primarily comprise (a) Leases for Airctafts & engines, and
(b) office and administrative premises for the head office and regional offices. The Company applies a single recognition
and measurement approach for all leases, except short-term leases (term of twelve months or less with no purchase
option) and leases of low-value assets, for which lease payments are recognised as an operating expense on a straight¬
line basis over the lease term.

Right-of-use (ROU) assets: ROU assets are recognised at the commencement date at cost, comprising the initial
measurement of the lease liability, initial direct costs, lease payments made at or before commencement (net of
incentives received), and an estimate of restoration costs viz, Provision for redelivery costs. ROU assets are subsequently
measured at cost less accumulated depreciation and impairment losses, and are depreciated on a straight-line basis
over the shorter of the lease term and the useful life of the underlying asset. Where ownership transfers at the end of the
lease term or a purchase option is reasonably certain to be exercised, depreciation is over the useful life of the asset. ROU
assets are tested for impairment under Ind AS 36 whenever indicators of impairment exist.

Lease term: At the commencement date, the Company determines the lease term which represents the non-cancellable
period for which the Company has the right to use the underlying asset, together with the periods covered by an option
to extend the lease if the Company is reasonably certain to exercise that option at the commencement date and the
periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option at the
commencement date.

Lease liabilities: At the commencement date, the Company recognises a lease liability measured at the present value
of the lease payments to be made over the lease term, discounted using the interest rate implicit in the lease or, where
that rate cannot be readily determined, the Company''s incremental borrowing rate. Lease payments included in the
measurement comprise fixed payments (including in-substance fixed payments) less any lease incentives receivable,
variable payments depending on an index or rate, amounts expected to be payable under residual value guarantees, and
the exercise price of a purchase option or termination penalties where reasonably certain. The liability is subsequently
increased by interest and reduced by lease payments, and remeasured on any reassessment or lease modification.

Short-term and low-value leases: The Company has elected to apply the recognition exemption under Ind AS 116 for short¬
term leases and leases of low-value assets, recognising the related lease payments as an expense on a straight-line basis
over the lease term.

Presentation: ROU assets are presented as a separate line item on the face of the Balance Sheet, distinct from owned
property, plant and equipment, and lease liabilities are presented within ‘Financial Liabilities'', bifurcated into current and
non-current. In the Statement of Profit and Loss, depreciation of ROU assets is included in ‘Depreciation and amortisation
expense'', interest on lease liabilities in ‘Finance costs'', and short-term, low-value and variable lease payments in ‘Other
expenses''. In the Statement of Cash Flows, principal and interest portions of lease payments are presented within
financing activities, while short-term, low-value and variable lease payments are within operating activities.

2.8 Employee Benefits

(a) Short-term employee benefits: Salaries, wages, short-term compensated absences, bonus, ex-gratia and
performance-linked rewards expected to be settled wholly within twelve months of the employees rendering the
related service are classified as short-term employee benefits and are recognised as an expense in the period in
which the service is rendered.

(b) Defined contribution plans: The Company''s contributions to provident fund and employees'' state insurance are
defined contribution plans. Contributions are charged to the Statement of Profit and Loss in the period to which they
relate, as and when the related service is rendered. The Company has no further obligation beyond its contribution.

(c) Defined benefit plans: The Company provides gratuity to employees who have rendered continuous service of five
years, payable on retirement or termination and computed on the basis of the employee''s last-drawn basic salary.
The gratuity plan is unfunded; the Company has not set up any plan assets or fund (such as an insurer-managed
trust) to meet this obligation. The liability recognised in the Balance Sheet is the present value of the defined benefit
obligation at the reporting date, determined by an independent actuary using the projected unit credit method and
discounted by reference to market yields on government bonds. Net interest on the net defined benefit liability is
included in employee benefit expenses in the Statement of Profit and Loss. Remeasurement gains and losses arising
from experience adjustments and changes in actuarial assumptions are recognised in Other Comprehensive Income
in the period in which they arise and are not reclassified to profit or loss. Past service cost is recognised in profit or
loss in the period of a plan amendment or curtailment.

2.9 Fair Value Measurement

Where the fair value of a financial asset or financial liability cannot be measured based on quoted prices in active markets,
it is measured using valuation techniques, including the discounted cash flow (DCF) model. Inputs to these techniques are
taken from observable markets where possible; where this is not feasible, a degree of judgement is applied in estimating
fair values, having regard to inputs such as liquidity risk, credit risk and volatility. All assets and liabilities measured at fair
value are categorised within the fair value hierarchy (Levels 1, 2 and 3) based on the lowest-level input that is significant to
the fair value measurement as a whole.

2.10 Income Taxes

Income tax expense represents the sum of current tax and deferred tax. Current and deferred tax are recognised in the
Statement of Profit and Loss, except to the extent that they relate to items recognised in Other Comprehensive Income
or directly in equity, in which case the tax is also recognised in OCI or equity respectively.

Current tax: Current tax assets and liabilities are measured at the amount expected to be recovered from, or paid to, the
taxation authorities, using the tax rates and tax laws that are enacted or substantively enacted at the reporting date.

Deferred tax: Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit, measured at the
tax rates that are enacted or substantively enacted at the reporting date and are expected to apply when the asset is
realised or the liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses/credits to the extent
that it is probable that future taxable profits will be available against which they can be utilised. The carrying amount
of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available. Deferred tax assets and liabilities are offset where there is a legally enforceable
right of set-off and they relate to income taxes levied by the same taxation authority.

2.11 Property, Plant and Equipment

Property, Plant and Equipment is recognized when it is probable that future economic benefits associated with the item will
flowtotheCompanyandthecostcanbemeasuredreliably.Itemsofproperty,plantandequipmentaremeasuredatcost,which
includes capitalised eligible borrowing costs, less accumulated depreciation and accumulated impairment losses, if any.
Cost of an item of property, plant and equipment comprises its purchase price, including import duties and non-refundable
purchase taxes, after deducting trade discounts and rebates, any directly attributable cost of bringing the item to its
working condition for its intended use and estimated costs of dismantling and removing the item and restoring the site
on which it is located.Subsequent costs are included in the asset''s carrying amount, or recognised as a separate asset,
only when it is probable that future economic benefits will flow to the Company and the cost can be measured reliably.
Freehold land is not depreciated.

Depreciation, useful lives and residual values: Depreciable amount is the cost of an asset (or other amount substituted for
cost) less its estimated residual value. The Company is following Straight Line Method (SLM) of depreciation on property,
plant and equipment, as management believes the SLM more appropriately reflects the pattern in which the future
economic benefits of the assets are expected to be consumed; Depreciation on additions / (disposals) is provided on a
pro-rata basis i.e. from / (upto) the date on which asset is ready for use / (disposed of)Depreciation is provided over the
estimated useful lives, which are consistent with Schedule II to the Companies Act, 2013, as follows:

The residual values, useful lives and method of depreciation are reviewed at each financial year-end and adjusted
prospectively, if appropriate. An item of property, plant and equipment and any significant part is derecognised on disposal
or when no future economic benefits are expected; gains or losses on derecognition are recognised in the Statement of
Profit and Loss.

2.12 Capital Work-in-Progress

Projects under which tangible assets are not yet ready for their intended use are carried as capital work-in-progress at
cost, comprising direct cost, related incidental expenses and attributable borrowing costs. Depreciation is not provided
on capital work-in-progress until construction or installation is complete and the asset is ready for its intended use.

2.13 Intangible Assets

Intangible assets that the Company controls and from which it expects future economic benefits are generally recognised
upon acquisition at cost, comprising the purchase price and directly attributable costs incurred to prepare the assets for
their intended use. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and
accumulated impairment losses, if any. Intangible assets comprising computer software are amortised on a straight¬
line basis over their estimated useful lives. The amortisation period and method are reviewed at each financial year-end
and adjusted prospectively, if appropriate. Intangible assets are derecognised upon disposal or when no future economic
benefits are expected from their use or disposal. However, as at the reporting date, the Company does not have any
intangible assets. Accordingly, no intangible assets have been recognised in the financial statements.

2.14 Impairment of Non-Financial Assets

At each reporting date, the Company assesses whether there is any indication that its property, plant and equipment,
right-of-use assets and intangible assets may be impaired. If any such indication exists, the recoverable amount of the

asset is estimated in order to determine the extent of the impairment loss, if any. Recoverable amount is the higher of
an asset''s fair value less costs of disposal and its value in use. Value in use is determined by discounting the estimated
future cash flows to their present value using a pre-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset. Where the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount and the
impairment loss is recognised immediately in the Statement of Profit and Loss. An impairment loss recognised in prior
periods (other than for goodwill) is reversed if, and only if, there has been a change in the estimates used to determine
the recoverable amount, limited to the carrying amount that would have been determined had no impairment loss been
recognised.

2.15 Financial Instruments

Initial recognition and measurement: Financial assets and financial liabilities are recognised when the Company becomes
a party to the contractual provisions of the instrument. They are initially measured at fair value plus, in the case of financial
assets and liabilities not measured at fair value through profit or loss (FVTPL), transaction costs directly attributable to
their acquisition or issue. Trade receivables that do not contain a significant financing component are measured at their
transaction price.

Classification and subsequent measurement of financial assets: Based on the Company''s business model for managing
the asset and the contractual cash flow characteristics, financial assets are subsequently measured at: (i) amortised cost
- assets held to collect contractual cash flows that are solely payments of principal and interest (e.g. trade receivables,
loans, deposits, bank balances), measured using the effective interest method; (ii) fair value through other comprehensive
income (FVOCI) - where the asset is held both to collect contractual cash flows and to sell; and (iii) fair value through
profit or loss (FVTPL) - all other financial assets, including investments in instruments for which the FVOCI election is not
made.

Impairment of financial assets (Expected Credit Loss): The Company applies the expected credit loss (ECL) model for
measuring impairment of financial assets carried at amortised cost and contract assets. For trade receivables and contract
assets, the Company applies the simplified approach and recognises a loss allowance based on lifetime expected credit
losses at each reporting date, using a provision matrix based on historical credit-loss experience adjusted for forward¬
looking information.

Financial liabilities: Financial liabilities are classified as measured at amortised cost or FVTPL. Borrowings, trade and other
payables and other financial liabilities are subsequently measured at amortised cost using the effective interest method.
A financial liability is derecognised when the obligation is discharged, cancelled or expires.

Derecognition and offsetting: A financial asset is derecognised when the contractual rights to the cash flows expire or
are transferred along with substantially all the risks and rewards of ownership. Financial assets and financial liabilities are
offset and the net amount presented in the Balance Sheet only when the Company has a legally enforceable right to set
off and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.16 Inventories

Inventories primarily comprise stores and spares and loose tools, other than those which meet the criteria for recognition
as property, plant and equipment. Inventories are valued at the lower of cost and net realisable value (‘NRV''). The cost
of inventories comprises all costs of purchase, after deducting non-refundable rebates and discounts, and other costs
incurred in bringing the inventories to their present location and condition. Cost is assigned to individual items of inventory
on the weighted average cost basis. NRV represents the estimated selling price in the ordinary course of business less
the estimated costs of completion and the estimated costs necessary to make the sale. Stores, spares and loose tools
are written down to NRV where the NRV is lower than their carrying cost. The comparison of cost and NRV is made on an
item-by-item basis at each reporting date.

II Significant Accounting Policies

1 Basis of Preparation:

The Financial Statements have been prepared in accordance with Indian Generally Accepted Accounting
Principles (IGAAP) under historical cost convention on the accrual basis. GAAP comprises mandatory
accounting standards prescribed by the Companies (Accounting Standards) Rules, 2021.

2 Revenue Recognition:

Revenue is measured at the fair value of consideration received or receivable and represents amounts
receivable for goods and services provided in the normal course of business, net of discounts and other
sales-related taxes. Revenue is recognised once the performance obligation has been met. This is deemed
to be when the goods and services have been collected by, or delivered to, the customer in accordance with
the agreed delivery terms.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured in accordance with AS-9, Revenue Recognition. Sales are
recognized on accrual basis, and only after transfer of services to the customer.

Interest Income : Revenue is recognized on the time proportion basis after taking into account the amount
outstanding and the rate applicable.

Other Income : Other items of income and expenditure are recognized on accrual basis and as a going
concern basis, and the accounting policies are consistent with the generally accepted accounting policies.

3 Property Plant and Equipment Including Intangible Assets:

Property Plant and Equipments are stated at cost, less accumulated depreciation. Cost includes cost of
acquisition including material cost, freight, installation cost, duties and taxes, and other incidental expenses,
incurred up to the installation stage, related to such acquisition. Property Plant and Equipments purchased
in India in foreign currency are recorded in Rupees, converted at the exchange rate prevailed on the date
of purchase. Intangible assets that are acquired by the Company are measured initially at cost. After initial
recognition, an intangible asset is carried at its cost less any accumulated amortisation and any accumulated
impairment loss.

Capital work-in-progress comprises property, plant, and equipment that are in the process of being made
ready for their intended use as of the balance sheet date. It includes special tools, materials, and ground
handling equipment acquired for operations under the dry lease model. As the dry lease operations
commenced during the year, the relevant assets have been transferred from Capital Work-in-Progress to
Plant and Machinery.

Capital work-in-progress represents property, plant and equipment that are not yet ready for their intended
use as at the balance sheet date. The Capital WIP includes special tools,materials and ground handling
equipments purchased for Dry lease mode of operation which is yet to commence. The operation of Dry
Lease commenced during the year. Hence the same been added to Plant & Machinery.

4 Depreciation & Amortisation:

The Company has applied the estimated useful lives as specified in Schedule II of the Companies Act 2013 and
calculated the depreciation as per the Straight Line Method (SLM). Where a significant component (in terms
of cost) of an asset has an economic useful life shorter than that of its corresponding assets, the component
is depreciated over its shorter life. Depreciation on new assets acquired during the year is provided on pro
rata basis from the date of such additions. Depreciation on asset sold, discarded or demolished during the
year is being provided upto the date in which such assets are sold, discarded or demolished. Depreciation
in respect of property / plant and equipment costing less than '' 5000/- is provided at 100%.

Intangible assets are amortised on a straight-line basis over the estimated useful life as specified in Schedule
II of the Companies Act 2013. The amortisation expense on intangible assets with finite lives is recognised in
the statement of profit and loss. In respect of the assets sold during the year, amortisation is provided from
the beginning of the year till the date of its disposal.

5 Impairment of Assets:

The Management periodically assesses using, external and internal sources, whether there is an indication
that an asset may be impaired. An impairment loss is recognised wherever the carrying value of an asset
exceeds its recoverable amount. The recoverable amount is higher of the asset''s net selling price and value
in use, which means the present value of future cash flows expected to arise from the continuing use of
the asset and its eventual disposal. Reversal of impairment loss is recognised immediately as income in the
profit and loss account.

6 Use of Estimates:

The preparation of the financial statements in conformity with Generally Accepted Accounting Principles
requires the Management to make estimates and assumptions that affect the reported balances of assets
and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial
statements and the reported amounts of income and expenses during the year. Examples of such estimates
include provisions for doubtful debts, income taxes, post - sales customer support and the useful lives of
Property Plant and Equipments and intangible assets.

7 Inventories:

Inventory of consumables/spares and loose tools are valued at lower of cost and net realisable value.
The cost is calculated at purchase price and expenditure directly attributable to the acquisition of such
inventories for bringing them to their present location.

8 Trade Recivables

Trade receivables are recognised when the Company has an unconditional right to receive consideration
in the ordinary course of business. These are stated at their carrying value, net of allowances for doubtful
debts, if any.

9 Foreign Currency Transactions:

Domestic Operation:

I . Initial Recognition :

A foreign currency transactions are recorded, on initial recognition in the reporting currency, by
applying to the foreign currency amount the exchange rate between the reporting currency and the
foreign currency at the date of the transaction.

II . Measurement :

Foreign currency monetary items are reported using the closing rate.

Non-monetary items which are carried in terms of historical cost denominated in a foreign currency
are reported using the exchange rate at the date of the transaction

Non-monetary items which are carried at fair value or other similar valuation denominated in a foreign
currency are reported using the exchange rates that existed when the values were determined.

III . Treatment of Foreign Exchange :

Items included in the financial statements of the Company are measured using the currency of the
primary economic environment in which the entity operates (''the functional currency'').The financial
statements are presented in Indian Rupee (INR), which is the Company''s functional and presentation
currency. Foreign currency transactions are translated into functional currency using the exchange
rates at the date of the transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation of monetary assets and liabilities denominated in foreign
currencies at year end exchange rates are generally recognised in statement of profit and loss.

IV. Presentation Currency:

The financial statements are presented in Indian Rupees (INR), which is the Company''s functional and
presentation currency.

10 Employee Benefits:

A. Short - Term Employee Benefits:

Short-term employee benefits such as salaries, wages, bonus, ex-gratia, and leave encashment are
recognized as an expense in the Profit and Loss Account in the period in which the employee renders
the related service.

Leave Encashment:

The leave encashment liability upon retirement would not arise as the accumulated leave is reimbursed
every year and accounted at actual.

B. Post-Employment Benefits:

Defined Benefit Plan:

Gratuity liability is a defined benefit obligation and is unfunded. The Company accounts for liability for
future gratuity benefits based on the actuarial valuation using Projected Unit Credit Method carried
out as at the end of each financial year.

Defined Contribution Plan:

Provident Fund: Eligible employees receive benefit from provident fund covered under the Provident
Fund Act. Both the employee and the company make monthly contributions. The employer contribution
is charged off to Profit & Loss Account as an expense.

11 Taxes on Income:

Income Tax expense is accounted for in accordance with AS-22 Accounting for Taxes on Income for both
Current Tax and Deferred Tax stated below:

A. Current Tax:

Provision for current tax is made in accordance with the provisions of the Income Tax Act, 1961.

B. Deferred Tax:

Deferred tax is recognised, subject to the consideration of prudence, as the tax effect of timing
difference between the taxable income and accounting income computed for the current accounting
year using the tax rates and tax laws that have been enacted or substantially enacted by the balance
sheet date.

Deferred tax assets are recognised and carried forward to the extent that there is a reasonable certainty,
except arising from unabsorbed depreciation and carried forward losses, that sufficient future taxable
income will be available against which such deferred tax assets can be realised.