అకౌంట్స్ గమనికలుFlair Writing Industries Ltd

2.12. Provisions, Contingent Liabilities, Contingent
Assets and Commitments

A provision is recognised when the Company has a
present obligation (legal or constructive) as a result of a
past event and it is probable that an outflow of resources
embodying economic benefits will be required to settle the
obligation, in respect of which a reliable estimate can be
made of the amount of the obligation. These are reviewed
at each balance sheet date and adjusted to reflect the
current management estimates.

If the effect of the time value of money is material, provisions
are determined by discounting the risks specific to the
liability using a current pre tax rate, when appropriate. The
unwinding of the discount is recognised as finance cost.

Contingent liabilities are disclosed in respect of possible
obligations that arise from past events, but their existence
is confirmed by the occurrence or non-occurrence of
one or more uncertain future events not wholly within the
control of the Company.

A contingent asset is a possible asset that arises from past
events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity.
Contingent assets are not recognised till the realization
of the income is virtually certain. However, the same are
disclosed in the Financial Statements where an inflow of
economic benefit is probable.

Employee benefits include bonus, compensated
absences, provident fund, employee state insurance
scheme and gratuity fund.

a) Short-term Employee Benefits

Liabilities for wages and salaries, bonus and ex gratia
including non-monetary benefits that are expected
to be settled wholly within twelve months after the
end of the period in which the employees render the
related service are classified as short-term employee
benefits and are recognised as an expense in the
Standalone Statement of Profit and Loss as the
related service is provided.

Certain employees of the Company are entitled
to compensated absences based on statutory
provisions. The Company records an obligation
for compensated absences in the period in which
the employee renders the services that increases
this entitlement.

A liability is recognised for the amount expected
to be paid if the Company has a present legal or
constructive obligation to pay this amount as a result
of past service provided by the employee and the
obligation can be estimated reliably.

b) Post-Employment Benefits

I. Defined contribution plans

A defined contribution plan is a post-employment
benefit plan under which a Company pays
specified contributions to a separate entity and
has no obligation to pay any further amounts.
The Company makes contribution to provident
fund in accordance with Employees Provident
Fund and Miscellaneous Provisions Act, 1952
and Employee State Insurance. Contribution
paid or payable in respect of defined contribution
plan is recognised as an expense in the year in
which services are rendered by the employee.

II. Defined benefit plans

The Company’s gratuity benefit scheme is a
defined benefit plan. The liability is recognised
in the Standalone Balance Sheet in respect
of gratuity is the present value of the defined
benefit/obligation at the balance sheet date
less the fair value of plan assets, together with
adjustments for unrecognized actuarial gains/
losses and past service costs. The defined
benefit/obligation are calculated at balance
sheet date by an independent actuary using the
projected unit credit method.

Re-measurement of the net defined benefit liability,
which comprise actuarial gains and losses, the return
on plan assets (excluding interest) and the effect of the
asset ceiling (if any, excluding interest), are recognised
immediately in other comprehensive income (OCI).

2.14. Financial Instruments

A Financial Instrument is any contract that gives rise to
a financial asset of one entity and a financial liability or
equity instrument of another entity.

Financial Instruments also covers contracts to buy or
sell a non-financial item that can be settled net in cash
or another financial instrument, or by exchanging financial
instruments, as if the contracts were financial instruments,
with the exception of contracts that were entered into
and continue to be held for the purpose of the receipt or
delivery of a non-financial item in accordance with the
entity’s expected purchase, sale or usage requirements.

(i) Financial Assets

a. Initial Recognition and Measurement

All Financial Assets are initially recognized at
Fair Value. Transaction costs that are directly
attributable to the acquisition or issue of
Financial Assets and Financial Liabilities,
which are not at Fair Value Through Profit or
Loss (FVTPL), are adjusted to the Fair Value
on initial recognition. Purchases and Sales of
Financial Assets are recognized using trade
date accounting.

b. Subsequent Measurement

1) Financial Assets at Amortised Cost

A Financial Asset is measured at amortised
cost if it is held within a business model
whose objective is to hold the assets in
order to collect contractual cash flows
and the contractual terms of financial
asset give rise on specified dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding.

2) Financial Assets at Fair value Through
Other Comprehensive Income (FVOCI)

A Financial Asset is measured at FVOCI,
if it is held within a business model whose
objective is achieved by both collecting
contractual cash flows and selling
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
on the principal outstanding.

3) Financial Assets at Fair Value Through
Profit or Loss (FVTPL)

A Financial Asset which is not classified
in any of the above categories is
measured at FVTPL.

c. Loans, Deposits and Receivable

Loans and receivable are non-derivative financial
assets with fixed or determinable payment that
are not quoted in the active market. Such assets
are carried at amortised cost using the effective
interest method, if the time value of money
is insignificant.

d. Investment in Subsidiaries

The Company accounts for its investments in
Subsidiaries at cost less accumulated impairment

losses, if any. Where an indication of impairment
exists, the carrying amount of the investment is

assessed and written down immediately to its
recoverable amount.

e. Investment in Mutual Fund

Mutual Funds are measured at fair value
through profit and loss (FVTPL), with value
changes recognised in Statement of Profit and
Loss. However, profit and Loss on mutual fund
is recognised in the Statement of Profit and loss
at time of redemptions.

f. Impairment of Financial Assets

In accordance with Ind-AS 109, The Company
uses “Expected Credit Losses (ECL)” model, for
evaluating impairment of Financial Asset other
than those measured at Fair Value Through
Profit and Loss (FVTPL)

Expected credit losses are measured through a
loss allowance at an amount equal to

• The 12- months expected credit losses
(expected credit losses that result from
those default events on the financial
instruments that are possible within 12
months after the reporting date); or

• Full lifetime expected credit losses
(expected credit losses that result from all
possible default events over the life of the
financial instrument)

The Credit Loss is the difference between all
contractual cash flows that are due to an entity
in accordance with the contract and all the cash

flows that the entity expects to receive (i.e.
all cash shortfalls), discounted at the original
effective interest rate. This is assessed on an
individual or collective basis after considering all
reasonable and supportable evidence including
that which is forward-looking.

Trade Receivables

Customer Credit Risk is managed by the
Company’s established policy, procedures
and control relating to customer credit risk
management. An impairment analysis is
performed at each reporting date on an individual
basis based on historical data. The Company
is receiving payments from customers within
due dates and therefore the Company has no
significant Credit Risk related to these parties.
The Company evaluates the concentration of
risk with respect to trade receivables as low.

For other assets, the company uses 12 month
ECL to provide for impairment loss where
there is significant increase in credit risk. If
there is significant increase in credit risk full
lifetime ECL is used.

Other Financial Assets mainly consists of
Security Deposit, other deposits, Interest
accrued on Fixed Deposits, other receivables
and Advances measured at amortized cost.

Following is the policy for specific
financial assets: -

(ii) Financial Liabilities

a. Initial Recognition and Measurement

All Financial Liabilities are recognized at fair
value and in case of loans, net of directly
attributable cost. Fees of recurring nature are
directly recognized in the Statement of Profit
and Loss as finance cost.

The Company’s Financial Liabilities include
trade and other payables, loans and borrowings
including bank overdrafts and other payables,
financial guarantee contracts and derivative
financial instruments.

b. Subsequent Measurement

Financial Liabilities are carried at amortized
cost using the effective interest method. For
trade and other payables maturing within one
year from the balance sheet date, the carrying
amounts approximate fair value due to the short
maturity of these instruments.

c. De-recognition of Financial Instruments

The company de-recognizes a Financial Asset
when the contractual rights to the cash flows
of the Financial Asset expire or it transfers the
Financial Asset and the transfer qualifies for
de-recognition under Ind AS 109. A Financial
Liability (or part of Financial Liability) is de¬
recognized from the company’s Balance Sheet
when obligation specified in the contract is
discharged or cancelled or expires.

d. 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.

(iii) Derivative Financial Instruments and Hedge
Accounting

The Company uses derivative financial instruments
such as forward currency contracts to hedge its
foreign currency risk. Such derivative financial
instruments are initially recognised at fair value on
the date on which a derivative contract is entered
into and are subsequently re-measured at fair value.
Derivatives are carried as financial assets when the
fair value is positive and as financial liabilities when
the fair value is negative.

Any gains or losses arising from changes in the fair
value of derivatives are taken directly to profit or
loss. Foreign exchange forward contracts are mark-
to-market as at Balance Sheet date and unrealized
net gain or loss is recognized in the statement of
profit and loss.

2.15. Cash and Cash Equivalents

Cash and Cash equivalents include Cash and Cheque in
hand, Bank balances, Demand Deposits with Banks and
other Short-Term highly liquid investments that are readily
convertible to known amounts of cash and which are
subject to an insignificant risk of changes in value where
original maturity is three months or less.

2.16. Cash Flow Statement

Cash flows are reported using the Indirect Method
where by the Profit Before Tax is adjusted for the effect
of the transactions of a non-cash nature, any deferrals
or accruals of past and future operating cash receipts or
payments and items of income or expenses associated
with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the
company are segregated.

2.17. Earnings Per Share
Basic Earnings Per Share

Basic Earnings Per Share is calculated by dividing the net
profit for the year attributable to the equity shareholders of
the Company by the weighted average number of equity
shares outstanding during the year.

Diluted Earnings Per Share

Diluted earnings per share is computed using the net profit
for the year attributable to the shareholders’ and weighted
average number of equity and potential equity shares
outstanding during the year including share options,
convertible preference shares and debentures, except
where the result would be anti-dilutive. Potential equity
shares that are converted during the year are included
in the calculation of diluted earnings per share, from the
beginning of the year or date

of issuance of such potential equity shares, to the
date of conversion.

2.18. Segment Reporting

Operating segments are reported in a manner consistent
with the internal reporting provided to the Chief Operating
Decision Maker (CODM) of the Company. The CODM
is responsible for allocating resources and assessing
performance of the operating segments of the Company.

Government grants are recognized where there is
reasonable assurance that the grant will be received and
all attached conditions will be complied with. Government
grants related to revenue are recognized on a systematic
basis in the Statement of Profit and Loss over the periods
necessary to match them with the related costs which they
are intended to compensate. When the grant relates to an
Asset, it is recognized as Income over the expected useful
life of the Asset. In case a non-monetary asset is given
free of cost, it is recognized at a Fair Value. When Loan(s)
or similar assistance are provided by the Government or
related institutions, with an interest rate below the current
applicable market rate, the effect of this favorable interest
is reduced from interest. The Loan or assistance is initially
recognized and measured at Fair Value and the Government
Grant is measured as the difference between the initial
carrying value of the Loan and the proceeds received.

2.20 Going Concern

The directors have at the time of approving the financial
statements a reasonable expectation that the Company
has adequate resources to continue in operational
existence for the foreseeable future. Thus, the company
has applied the going concern basis of accounting in
preparing the financial statements.

2.21 Recent accounting pronouncements
Standards issued but not yet effective

Ministry of Corporate Affairs (“MCA”) notifies new
standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued
from time to time. For the year ended March 31, 2026,
MCA has not notified any new standards or amendments
to the existing standards applicable to the Company.

Impact of the initial application of new and amended Ind
ASs that are effective in the current year

The Ministry of Corporate Affairs vide notification dated
September 9, 2024 and September 28, 2024 notified

the Companies (Indian Accounting Standards) Second
Amendment Rules, 2024 and Companies (Indian
Accounting Standards) Third Amendment Rules, 2024,
respectively, which amended/ notified certain accounting
standards (see below), and are effective for annual
reporting periods beginning on or after 1 April 2024:

- Insurance contracts - Ind AS 117; and

- Lease Liability in Sale and Leaseback -
Amendments to Ind AS 116

Ind AS 1, Presentation of Financial Statements,
w.e.f April 1,2025:

The amendment relates to classification of liabilities as
current or non-current and non-current liabilities with
covenants. In the context of classifying a liability as current,
it removes the requirement of existence of a right to defer
settlement for at least 12 months after the reporting date
and instead requires that the said right should exist on
the reporting date and have substance. The amendment
also introduces guidance on classification of liabilities
with covenants.

Ind AS 107, Financial Instruments: Disclosures,
w.e.f. April 1, 2025:

The amendment introduces enhanced disclosure
requirements for supplier finance arrangements (such
as supply-chain finance or reverse factoring). Entities
are required to disclose information that enables users
of financial statements to assess the effects of such
arrangements on the entity’s liabilities, cash flows and
exposure to liquidity risk. The disclosures include the
nature and terms of the arrangements, the carrying
amounts of related financial liabilities, the portion for which
suppliers have already been paid by finance providers, and
a comparison of payment terms under supplier finance
arrangements with those of normal trade payables.

These amendments did not have any material impact on the
amounts recognized in prior periods and are not expected
to significantly affect the current or future periods.

Note:

a) Refer Note 32 for information on Company''s exposure to Interest rate, Foreign Currency and Liquidity risks.

b) Working Capital Loans from Bank are secured by hypothecation of all present and future Stock and Receivables, First exclusive
charge on all present & future movable fixed assets.

c) Negative lien on immovable properties at:

Building at 708/1,708/2,708/3,708/4,708/6, 709/12 & 709 /18 Dabhel, District Daman owned by Flair Writing Industries Ltd.

d) The Unsecured Loan taken from Directors and related parties is subject to interest rate of 7.25% p.a to 8.00% p.a. The same
is repayable upto Financial Year ending March 31, 2030.

e) e) The Company has not defaulted on financial covenants, repayment of loans and interest thereon.

Significant management judgment is required in determining provision for income tax, deferred income tax assets and liabilities
and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable
income and the period over which deferred income tax assets will be recovered.

Given that the Company does not have any intention to dispose investments in subsidiaries in the foreseeable future, deferred tax
asset on indexation benefit in relation to such investments has not been recognised.

(B) Defined benefit plan
Gratuity

The Company has an obligation towards gratuity, an unfunded defined benefit retirement plan covering all/eligible employees.
The plan provides for a lump-sum payment to vested employees at retirement or at death while in employment or on termination
of employment of an amount equivalent to 15 days salary, as applicable, payable for each completed year of service. Vesting
occurs upon completion of five years of service. The Company accounts for the liability for gratuity benefits payable in the future
based on an actuarial valuation done as per Project Unit Credit Method.

The Company is exposed to various risks in providing the above gratuity benefit which are as follows:

Interest Rate risk: The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an
increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the liability (as
shown in financial statements).

Liquidity Risk: This is the risk the Company is not able to meet the short-term gratuity payouts. This may arise due to
non-availability of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.

Salary Escalation Risk: The present value of the defined benefit plan is calculated with the assumption of salary increase rate
of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of increase in
salary used to determine the present value of obligation will have a bearing on the plan’s liability.

Demographic Risk: The Company has used certain mortality and attrition assumptions in valuation of the liability. The Company
is exposed to the risk of actual experience turning out to be worse compared to the assumption.

The estimates of rate of escalation in salary considered in actuarial valuation, take account of inflation, seniority, promotion
and other relevant factors including supply and demand in the employment market. The above information is certified
by the actuary.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable
to the period over which the obligation is to be settled. There has been significant change in expected rate of return on
assets due to change in the market scenario.

The gratuity liabilities of the Company are unfunded and hence there are no assets held to meet the liabilities.

The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements
as described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly; and

Level 3: Inputs based on unobservable market data.

Valuation Methodology :

All financial instruments are initially recognized and subsequently re-measured at fair value as described below:

a) The fair value of investment in Mutual Fund is measured at cost quoted price or NAV.

b) Fair valuation of Financial Assets and Liabilities with short-term maturities is considered as approximate to respective carrying

amount due to the Short Term maturities of these Instrument.

c) The fair value is determined by using the valuation model/technique with observable inputs and assumptions.

d) The fair value of Forward Foreign Exchange contracts is determined using observable forward exchange rates and yield curves
at the balance sheet date.

e) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.

f) The fair value of the remaining financial instruments is determined using discounted cash flow analysis

Note 32 : Financial Risk Management

Risk Management Framework

The Company’s Financial Risk Management is an integral part of how to plan and execute its business strategies. The Company’s
Financial Risk Management Policy is set and governed by the Managing Director under the overall directions of the Board of
Directors of the Company.

Market Risk is the risk of loss of future earnings, fair values or future cash flows, that may result from a change in the price of a
Financial Instrument. The value of a Financial Instrument may change as a result of changes in the interest rates, foreign currency
exchange rates, equity prices and other market changes, that affect market risk sensitive instruments. Market Risk is attributable to
all the market risk sensitive Financial Instruments including investments and deposits, foreign currency receivables, payables and
loans and borrowings.

The Company’s Board of Directors are responsible for the day to day working of the management and the overall working of the
Company’s Risk Management framework.

i) Credit Risk

Credit Risk is the risk that a customer or counterparty to a Financial Instrument fails to perform or pay the amounts due causing
financial loss to the Company. Credit Risk arises from Company’s outstanding receivables from Customer

The Company’s exposure to Credit Risk is influenced mainly by the individual characteristics of each Customer. Credit Risk is
managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of the Customers,
to whom the Company grants credit in accordance with the terms and conditions and in ordinary course of its business.

The Risk Management Committee has established a Credit Policy under which each new customer is analysed individually for
creditworthiness, before the Company’s standard payment and delivery terms and conditions are offered. Further for domestic
sales, the Company segments its Customers into Super Stockiest/ Distributors and Others, for credit monitoring.

For Trade Receivables, the Company individually monitors the sanctioned credit limits as against the outstanding balances.
Accordingly, the Company makes specific provisions against such Trade Receivables, wherever required and monitors the
same at periodic intervals.

The Company monitors each Loan and advance given and makes any specific provision, as and when required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of Trade
Receivables and Loans and Advances

Trade Receivables

Customer Credit Risk is managed by the Company’s established policy, procedures and control relating to customer credit risk
management. An impairment analysis is performed at each reporting date on an individual basis based on historical data. The
Company is receiving payments from customers within due dates and therefore the Company has no significant Credit Risk
related to these parties. The Company evaluates the concentration of risk with respect to trade receivables as low.

ii) Liquidity Risk

Liquidity Risk arises from the Company’s inability to meet its cash flow commitments on time. Prudent Liquidity Risk
Management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate
amount of committed credit facilities to meet obligations when due and to close out market positions. In addition, processes
and policies related to such risk are overseen by the Senior Management. Management monitors the Company’s net liquidity
position through rolling forecasts on the basis of expected cash flows.

The Company’s approach to managing liquidity is to ensure, 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.

iii) Market Risk- Interest Risk

Interest Rate Risk can be either Fair Value Interest Rate Risk or Cash Flow Interest Rate Risk. Fair Value Interest Rate Risk
is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash
Flow Interest Rate Risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of
fluctuations in the interest rates.

As the Company has no significant interest bearing assets, the income and operating cash flows are substantially independent
of changes in market interest rates.

iv) Market risk- Currency Risk

The Company operates internationally and a portion of the business is transacted in several currencies. Consequently, the
Company is exposed to foreign exchange risk through its sales to overseas markets and purchases from overseas suppliers in
various foreign currencies.

Sensitivity analysis is computed based on the changes in the receivables and payables in foreign currency upon conversion into
functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.

v) Commodity Risk

The Company’s principle raw material(s) are a variety of Plastic Polymers which are primarily derivatives of Crude Oil. Company
sources its raw material requirement from across the globe. Domestic market prices generally remains in sync with the
International market prices.

Volatility in Crude Oil prices, Currency fluctuation of Rupee vis-a-vis other prominent Currencies coupled with demand-supply
scenario in the world market, affect the effective price and availability of Polymers for the Company. Company effectively
manages availability of material as well as price volatility by expanding its source base, having appropriate contracts and
commitments in place and planning its procurement and inventory strategy.The company financial risk management have
developed and enacted a Risk Management strategy regarding Commodity Price Risk and its mitigation.

Note 35 : Capital Management

For the purpose of the Company capital management, Capital includes equity attributable to the equity holders of the Company and
all other equity reserves. The primary objective of the Company capital management is to safeguard its ability to continue as going
concern and to ensure that it maintains an efficient capital structure and maximize shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. The Company is not subject to any externally imposed capital requirements. No changes were made in
the objectives, policies or processes for managing capital during the period/year ended March 31,2025 and March 31,2024. Capital
gearing ratio is net debt divided by total capital plus net debt and Net debt is calculated as loans and borrowings less cash and cash
equivalent. The Company policy is to keep the gearing ratio at optimum level .

Note 36 : Segment Reporting

Description of Segment and principal activities

As per Ind AS-108, "Operating Segment" ( specified under the section 133 of the Companies Act 2013 (the Act) read with Companies
(Indian Accounting Standards) Rule 2015 (as amended from time to time) and other relevant provision of the Act ) the Company
chief operating decision maker, i.e. Managing Director (‘CODM’) has identified "Writing Instruments and its Allieds" as the reportable
segments. Since the Company is having only one reportable segment hence disclosure requirement as per Ind AS 108 is not applicable.

Geographical Information

The following table provides an analysis of the Company sales by region in which the customer is located, irrespective of the
origin of the goods.

Note 41 : Additional regulatory information required by Schedule III of Companies Act, 2013

1) The company does not have any benami property, where any proceeding have been initiated or are pending against the Company
for holding any Benami property under the Benami Transaction (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

2) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

i) 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

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

i) 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

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

3) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

4) There is no income surrendered or disclosed as income during each reporting period in the tax assessments under the Income
Tax Act, 1961, that has not been recorded in the books of account.

5) The Company has not traded or invested in crypto currency or virtual currency during each reporting period.

6) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both

during the current or previous year.

7) The Company has not been declared as willful defaulter by any bank or financial institution or government or any
government authority.

8) The Company has no transactions with the companies struck off under Companies Act, 2013.

9) The Company do not have any charge or satisfaction which is yet to be registered with the Registrar of Companies beyond the

statutory period.

10) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements
are duly executed in favour of the lessee), as disclosed in note 1 to the financial statements, are held in the name of the Company.

11) The borrowings obtained by the Company from banks have been applied for the purposes for which it was taken.

Note 42 : Initial Public offer

During the year ended March 31,2024, the Company has completed an Initial Public Offer(“IPO”) by way of fresh issue of 96,05,263
equity shares of face value ? 5 each at an issue price of ? 304 per equity shares aggregating to ? 29,200 lakhs and an Offer for Sale
of 99,01,315 equity Shares of face value ? 5 each for at an issue price of ? 304 per equity share aggregating to ? 30,100 lakhs. The
Equity shares of the Company were listed on National stock Exchange of India Limited (NSE) and BSE Limited (BSE) (hereinafter
collectively referred as “Stock Exchanges”) on December 01,2023.

Note 43 : Significant Events After The Reporting Period

The Board of Directors have recommended distribution of final dividend at the rate of 10% i.e. H0.50 per equity share (for financial
year 2024-25 : H1.00 per equity share) of the face value of H 5 for the financial year 2025-26, Subject to shareholders approval in
ensuing Annual General Meeting (AGM).

Note 44

The figure for the corresponding previous year have been regrouped/reclassified wherever necessary, to make them comparable.

Note 45

The financial statements were approved for issue by the Board of Directors on May 21, 2026.

c) Rights, Preferences and Restrictions attached to Equity Shares

The Company has one class of Equity Shares with face value of H 5/- each. Each Shareholder has a voting right in proportion to his/her Holding of the paid-up Equity share capital of the Company. Where Dividend is proposed by the Board of Directors, it is subject to the approval of the Shareholders in the Annual General Meeting (AGM), and in the case of Dividend, it is ratified by the Shareholders at the Annual General Meeting.

e) Information regarding issue of shares in the last five years

The Company alloted bonus shares in the ratio of 1:1 (i.e. 4,66,94,400 bonus shares of H 5/- each fully paid up) to its existing shareholders in it''s Board Meeting held on March 24, 2023.

c) Negative lien on immovable properties at:

Building at 708/1,708/2,708/3,708/4,708/6, 709/12 & 709 /18 Dabhel, District Daman owned by Flair Writing Industries Ltd.

d) The Unsecured Loan taken from Directors and related parties is subject to interest rate of 8.50% p.a to 9.00% p.a. The same is repayable upto Financial Year ending March 31, 2030.

e) The Company is filling monthly statement for Inventories, Debtors and Creditors for Raw Material with Banks (Citi Bank N.A. & Axis Bank) for working capital facilities. The below is summary of reconcilliation of quarterly statement filed with the banks and books of accounts:

Significant management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income and the period over which deferred income tax assets will be recovered.

Given that the Company does not have any intention to dispose investments in subsidiaries in the foreseeable future, deferred tax asset on indexation benefit in relation to such investments has not been recognised.

(b) Defined benefit plan

Post employment and other long term employee benefits in the form of gratuity are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The Company has an unfunded defined benefit gratuity plan. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member''s length of service and salary at retirement age. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service as per the provision of the Payment of Gratuity Act, 1972.

The following tables summaries the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the Gratuity plan.

The estimates of rate of escalation in salary considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to change in the market scenario.

The gratuity liabilities of the Company are unfunded and hence there are no assets held to meet the liabilities.

The financial instruments are categorized into three levels based on the inputs used to arrive at fair value measurements as described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs based on unobservable market data.

Valuation Methodology :

All financial instruments are initially recognized and subsequently re-measured at fair value as described below:

a) Fair valuation of Financial Assets and Liabilities with short-term maturities is considered as approximate to respective carrying amount due to the Short Term maturities of these Instrument.

b) The fair value is determined by using the valuation model/technique with observable inputs and assumptions.

c) The fair value of Forward Foreign Exchange contracts is determined using observable forward exchange rates and yield curves at the balance sheet date.

d) The fair value of investment in Mutual Fund is measured at cost quoted price or NAV.

e) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.

f) The fair value of the remaining financial instruments is determined using discounted cash flow analysis

Note 32 : Financial Risk Management

Risk Management Framework

The Company’s Financial Risk Management is an integral part of how to plan and execute its business strategies. The Company’s Financial Risk Management Policy is set and governed by the Managing Director under the overall directions of the Board of Directors of the Company.

Market Risk is the risk of loss of future earnings, fair values or future cash flows, that may result from a change in the price of a Financial Instrument. The value of a Financial Instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes, that affect market risk sensitive instruments. Market Risk is attributable to all the market risk sensitive Financial Instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

The Company’s Board of Directors are responsible for the day to day working of the management and the overall working of the Company’s Risk Management framework.

i) Credit Risk

Credit Risk is the risk that a customer or counterparty to a Financial Instrument fails to perform or pay the amounts due causing financial loss to the Company. Credit Risk arises from Company’s outstanding receivables from Customer

The Company’s exposure to Credit Risk is influenced mainly by the individual characteristics of each Customer. Credit Risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of the Customers, to whom the Company grants credit in accordance with the terms and conditions and in ordinary course of its business.

The Risk Management Committee has established a Credit Policy under which each new customer is analysed individually for creditworthiness, before the Company’s standard payment and delivery terms and conditions are offered. Further for domestic sales, the Company segments its Customers into Super Stockiest/ Distributors and Others, for credit monitoring.

For Trade Receivables, the Company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly, the Company makes specific provisions against such Trade Receivables, wherever required and monitors the same at periodic intervals.

The Company monitors each Loan and advance given and makes any specific provision, as and when required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of Trade Receivables and Loans and Advances

Trade Receivables

Customer Credit Risk is managed by the Company’s established policy, procedures and control relating to customer credit risk management. An impairment analysis is performed at each reporting date on an individual basis based on historical data. The Company is receiving payments from customers within due dates and therefore the Company has no significant Credit Risk related to these parties. The Company evaluates the concentration of risk with respect to trade receivables as low.

ii) Liquidity Risk

Liquidity Risk arises from the Company’s inability to meet its cash flow commitments on time. Prudent Liquidity Risk Management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. In addition, processes and policies related to such risk are overseen by the Senior Management. Management monitors the Company’s net liquidity position through rolling forecasts on the basis of expected cash flows.

The Company’s approach to managing liquidity is to ensure, 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.

iii) Market Risk- Interest Risk

Interest Rate Risk can be either Fair Value Interest Rate Risk or Cash Flow Interest Rate Risk. Fair Value Interest Rate Risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash Flow Interest Rate Risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

As the Company has no significant interest bearing assets, the income and operating cash flows are substantially independent of changes in market interest rates.

iv) Market risk- Currency Risk

The Company operates internationally and a portion of the business is transacted in several currencies. Consequently, the Company is exposed to foreign exchange risk through its sales to overseas markets and purchases from overseas suppliers in various foreign currencies.

For the purpose of the Company capital management, Capital includes equity attributable to the equity holders of the Company and all other equity reserves. The primary objective of the Company capital management is to safeguard its ability to continue as going concern and to ensure that it maintains an efficient capital structure and maximize shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital during the period/year ended March 31,2025 and March 31,2024. Capital gearing ratio is net debt divided by total capital plus net debt and Net debt is calculated as loans and borrowings less cash and cash equivalent. The Company policy is to keep the gearing ratio at optimum level.

Note 36 : Segment Reporting

Description of Segment and principal activities

As per Ind AS-108, "Operating Segment" ( specified under the section 133 of the Companies Act 2013 (the Act) read with Companies (Indian Accounting Standards) Rule 2015 (as amended from time to time) and other relevant provision of the Act ) the Company chief operating decision maker, i.e. Managing Director (‘CODM’) has identified "Writing Instruments and its Allieds" as the reportable segments. Since the Company is having only one reportable segment hence disclosure requirement as per Ind AS 108 is not applicable.

Note 41 : Additional regulatory information required by Schedule III of Companies Act, 2013

1) The Company does not have any Benami property or proceeding is pending against the Company for holding any Benami Property.

2) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

i) 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

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

i) 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

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

3) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

4) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

5) The Company has not traded or invested in crypto currency or virtual currency during the financial year

6) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

7) The Company is not declared as wilful defaulter by any bank or financial institution or government or any government authority.

8) The Company has no transactions with the companies struck off under Companies Act, 2013.

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

10) The title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in note 1 to the financial statements, are held in the name of the Company.

11) The borrowings obtained by the Company from banks have been applied for the purposes for which it was taken.

During the year ended March 31,2024, the Company has completed an Initial Public Offer(“IPO”) by way of fresh issue of 96,05,263 equity shares of face value H 5 each at an issue price of H 304 per equity shares aggregating to H 29,200 lakhs and an Offer for Sale of 99,01,315 equity Shares of face value H 5 each for at an issue price of H 304 per equity share aggregating to H 30,100 lakhs. The Equity shares of the Company were listed on National stock Exchange of India Limited (NSE) and BSE Limited (BSE) (hereinafter collectively referred as “Stock Exchanges”) on December 01, 2023.

Note 43 : Significant Events After The Reporting Period

The Board of Directors has recommended distribution of Dividend at rate of 20 % i.e. H 1.00 per equity share of the face value of H 5 for the financial year 2024-25, Subject to shareholders approval in ensuing Annual General Meeting (AGM).

Note 44

The figure for the corresponding previous year have been regrouped/reclassified wherever necessary, to make them comparable.

Note 45

The financial statements were approved by the Board of Directors in their meeting held on May 22, 2025.

c) Rights, Preferences and Restrictions attached to Equity Shares

The Company has one class of Equity Shares with face value of '' 5/- each. Each Shareholder has a voting right in proportion to his/her Holding of the paid-up Equity share capital of the Company. Where Dividend is proposed by the Board of Directors, it is subject to the approval of the Shareholders in the Annual General Meeting (AGM), and in the case of Dividend, it is ratified by the Shareholders at the Annual General Meeting.

e) Information regarding issue of shares in the last five years

i) The Company has allotted 27,00,000 Equity Shares of '' 10/- each fully paid up were issued to the Equity share holders of the merged Companies, without payment being received in cash on May 26, 2018. Further the Company alloted bonus shares in the ratio of 7:1 (i.e. 2,04,28,800 bonus shares of '' 10/- each fully paid up) to its existing shareholders on August 16, 2018 by capitalisation of profits transferred from securities premium amounting to '' 204.29 million.

ii) The Company alloted bonus shares in the ratio of 1:1 (i.e. 4,66,94,400 bonus shares of '' 5/- each fully paid up) to its existing shareholders in it’s Board Meeting held on March 24, 2023.

a) Refer Note 32 for information on Company’s exposure to Interest rate, Foreign Currency and Liquidity risks.

b) Working Capital Loans from Bank are secured by hypothecation of all present and future Stock and Receivables, First exclusive charge on all present & future movable fixed assets.

c) Negative lien on immovable properties at:

Building at 708/1,708/2,708/3,708/4,708/6 & 709/12 &709 /18 Dabhel, District Daman owned by Flair Writing Industries Limited.

d) The Unsecured Loan taken from Directors and related parties is subject to interest @ 7.00% p.a. The same is repayable upto Financial Year ending March 31,2030.

e) The Company is fillng monthly statement for Inventories, Debtors and Creditors for Raw Material with Banks (Citi Bank N.A. & Axis Bank) for working capital facilities. The below is summary of reconciliation of quarterly statement filed with the banks and books of accounts:

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

Significant management judgment is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income and the period over which deferred income tax assets will be recovered.

Given that the Company does not have any intention to dispose investments in subsidiaries in the foreseeable future, deferred tax asset on indexation benefit in relation to such investments has not been recognised.

(b) Defined benefit plan

Post employment and other long term employee benefits in the form of gratuity are considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected unit credit method as at the Balance Sheet date. The Company has a unfunded defined benefit gratuity plan. The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of service and salary at retirement age. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service as per the provision of the Payment of Gratuity Act, 1972.

The following tables summaries the components of net benefit expense recognised in the Statement of Profit and Loss and the funded status and amounts recognised in the balance sheet for the Gratuity plan.

The estimates of rate of escalation in salary considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled. There has been significant change in expected rate of return on assets due to change in the market scenario.

The gratuity liabilities of the Company are unfunded and hence there are no assets held to meet the liabilities.

The following payments are expected contributions to the defined benefit plan in future years

The financial instruments are categorised into three levels based on the inputs used to arrive at fair value measurements as described below:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2: Inputs other than the quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs based on unobservable market data.

Valuation Methodology :

All financial instruments are initially recognised and subsequently re-measured at fair value as described below:

a) Fair valuation of Financial Assets and Liabilities with short-term maturities is considered as approximate to respective carrying amount due to the Short Term maturities of these Instrument.

b) The fair value is determined by using the valuation model/technique with observable inputs and assumptions.

c) The fair value of Forward Foreign Exchange contracts is determined using observable forward exchange rates and yield curves at the balance sheet date.

d) The fair value of investment in Mutual Fund is measured at cost quoted price or NAV.

e) All foreign currency denominated assets and liabilities are translated using exchange rate at reporting date.

f) The fair value of the remaining financial instruments is determined using discounted cash flow analysis.

32 | FINANCIAL RISK MANAGEMENT Risk Management Framework

The Company’s Financial Risk Management is an integral part of how to plan and execute its business strategies. The Company’s Financial Risk Management Policy is set and governed by the Managing Director under the overall directions of the Board of Directors of the Company.

Market Risk is the risk of loss of future earnings, fair values or future cash flows, that may result from a change in the price of a Financial Instrument. The value of a Financial Instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes, that affect market risk sensitive instruments. Market Risk is attributable to all the market risk sensitive Financial Instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

The Company’s Board of Directors are responsible for the day to day working of the management and the overall working of the Company’s Risk Management framework.

i) Credit Risk

Credit Risk is the risk that a customer or counterparty to a Financial Instrument fails to perform or pay the amounts due causing financial loss to the Company. Credit Risk arises from Company’s outstanding receivables from Customer.

The Company’s exposure to Credit Risk is influenced mainly by the individual characteristics of each Customer. Credit Risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of the Customers, to whom the Company grants credit in accordance with the terms and conditions and in ordinary course of its business.

The Risk Management Committee has established a Credit Policy under which each new customer is analysed individually for creditworthiness, before the Company’s standard payment and delivery terms and conditions are offered. Further for domestic sales, the Company segments its Customers into Super Stockiest/ Distributors and Others, for credit monitoring. For Trade Receivables, the Company individually monitors the sanctioned credit limits as against the outstanding balances. Accordingly, the Company makes specific provisions against such Trade Receivables, wherever required and monitors the same at periodic intervals.

The Company monitors each Loan and advance given and makes any specific provision, as and when required.

The Company establishes an allowance for impairment that represents its estimate of expected losses in respect of Trade Receivables and Loans and Advances.

Sensitivity analysis is computed based on the changes in the receivables and payables in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.

v) Commodity Risk

The Company’s principle raw material(s) are a variety of Plastic Polymers which are primarily derivatives of Crude Oil. Company sources its raw material requirement from across the globe. Domestic market prices generally remains in sync with the International market prices.

Volatility in Crude Oil prices, Currency fluctuation of Rupee vis-a-vis other prominent Currencies coupled with demand-supply scenario in the world market, affect the effective price and availability of Polymers for the Company. Company effectively manages availability of material as well as price volatility by expanding its source base, having appropriate contracts and commitments in place and planning its procurement and inventory strategy. The Company financial risk management have developed and enacted a Risk Management strategy regarding Commodity Price Risk and its mitigation.

36 | SEGMENT REPORTING Description of Segment and principal activities

As per Ind AS-108, "Operating Segment" (specified under the section 133 of the Companies Act 2013 (the Act) read with Companies (Indian Accounting Standards) Rule 2015 (as amended from time to time) and other relevant provision of the Act) the Company chief operating decision maker, i.e. Managing Director (''CODM'') has identified "Writing Instruments and its Allieds" as the reportable segments. Since the Company is having only one reportable segment hence disclosure requirement as per Ind AS 108 is not applicable.

35 | CAPITAL MANAGEMENT

For the purpose of the Company capital management, Capital includes equity attributable to the equity holders of the Company and all other equity reserves. The primary objective of the Company capital management is to safeguard its ability to continue as going concern and to ensure that it maintains an efficient capital structure and maximise shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing capital during the period/year ended March 31,2024 and March 31,2023. Capital gearing ratio is net debt divided by total capital plus net debt and Net debt is calculated as loans and borrowings less cash and cash equivalent. The Company policy is to keep the gearing ratio at optimum level.

The following table summarises the capital:

Information about major customers

No single customer has accounted for more than 10% of the Company revenue for the year ended March 31,2024 and March 31,2023.

37 | CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE(CSR)

As per Section 135 of the Companies Act 2013, the Company has formed a Corporate Social Responsibility (CSR) Committee. The CSR Committee approved CSR Policy where certain focus areas out of list of activities covered in Schedule VII of the Companies Act 2013, have been identified to incur CSR expenditure.

41 | ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III OF COMPANIES ACT, 2013

1) The Company does not have any Benami property or proceeding is pending against the Company for holding any Benami Property.

2) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

i) 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

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

i) 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

ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

3) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

4) There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

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

6) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or

both during the current or previous year.

7) The Company is not declared as wilful defaulter by any bank or financial institution or government or any government authority.

8) The Company has no transactions with the companies struck off under Companies Act, 2013.

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

10) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in note 1 to the financial statements, are held in the name of the Company.

11) The borrowings obtained by the Company from banks have been applied for the purposes for which it was taken.

42 | INITIAL PUBLIC OFFER

The Company has issued 24,01,315 Equity Shares of face value '' 5 each at an issue price of '' 304 per equity share to Volrado Venture Partners Fund III - Beta pursuant to the Pre Initial public offer (Pre-IPO) placement aggregating to '' 730 million on November 10, 2023. Subsequently The Company has completed an Initial Public Offer("IPO") by way of fresh issue of 96,05,263 equity shares of face value '' 5 each at an issue price of '' 304 per equity shares aggregating to '' 2,920 million and an Offer for Sale of 99,01,315 equity Shares of face value '' 5 each for at an issue price of '' 304 per equity share aggregating to '' 3,010 million. The Equity shares of the Company were listed on National stock Exchange of India Limited (NSE) and BSE Limited (BSE) (hereinafter collectively referred as "Stock Exchanges") on December 01,2023.

Out of net proceeds which were unutilised as at March 31,2024''1484.40 million were temporarily invested in deposit with banks.

43 No significant adjusting event occurred between the balance sheet date and date of the approval of these financial statements by the Board of Directors of the Company requiring adjustment or disclosure.

44 The figure for the corresponding previous year have been regrouped/reclassified wherever necessary, to make them comparable.

45 The financial statements were approved for issue by the Board of Directors on May 27, 2024 and are subject to approval of shareholders in their annual general meeting.