q. Provisions, contingent liabilities and contingent assets

Provisions are recognised only when:

(i) the Company has a present obligation (legal or
constructive) as a result of a past event; and

(ii) it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation; and

(iii) a reliable estimate can be made of the amount of
the obligation.

Provision is measured using the cash flows estimated
to settle the present obligation and when the effect of
time value of money is material, the carrying amount of
the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure
required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

(i) a possible obligation arising 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; or

(ii) a present obligation arising from past events where:

a. it is not probable that an outflow of resources
embodying economic benefits will be required
to settle the obligation; or

b. the amount of the obligation cannot be
measured with sufficient reliability.

Contingent assets are disclosed where an inflow of
economic benefits is probable.

A provision for onerous contract is measured at
the present value of lower of the expected cost
of terminating the contract and expected cost of
continuing with the contract, which is determined
based on the incremental costs of fulfilling the
obligation under the contract and an allocation of
other costs directly related to fulfilling the contract.

Provisions, contingent liabilities and contingent
assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the
obligations under the contract exceed the economic
benefits expected to be received under such
contract, the present obligation under the contract is
recognised and measured as a provision.

r. Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash
flows into operating, investing and financing activities.
Cash flow from operating activities is reported using
indirect method, adjusting the profit before tax excluding
exceptional items for the effects of:

(i) changes during the period in inventories and operating
receivables and payables;

(ii) non-cash items such as depreciation, provisions,
unrealised foreign currency gains and losses; and

(iii) all other items for which the cash effects are investing
or financing cash flows.

Cash and cash equivalents (including bank balances)
shown in the Statement of Cash Flows exclude items
which are not available for general use as at the date
of Balance Sheet.

NOTE 3: Earnings per share

Basic earnings per share is computed using the net profit or loss
after tax and weighted average number of shares outstanding
during the year.

Diluted earnings per share is computed using the net profit
or loss after tax and weighted average number of equity and
potential equity shares outstanding during the year, except
where the result would be anti-dilutive.

NOTE 4: Key Estimates and Assumptions

The preparation of financial statements in conformity with
Ind AS requires that the management of the Company makes
estimates and assumptions that affect the reported amounts of
income and expenses of the period, the reported balances of
assets and liabilities and the disclosures relating to contingent
liabilities as of the date of the financial statements. The
estimates and underlying assumptions made by management
are explained under respective policies. Revisions to accounting
estimates include useful lives of property, plant and equipment
& intangible assets, allowance for expected credit loss, future
obligations in respect of retirement benefit plans, expected cost
of completion of contracts, provision for rectification costs, fair
value/recoverable amount measurement, etc. Difference, if any,
between the actual results and estimates is recognised in the
period in which the results are known.

(i) General payment terms include mobilisation advance, monthly progress payments with a credit period ranging from 7 to
120 days and certain retention money to be released at the end of the project as per the relevant contract terms. In certain
contracts, short term advances are received before the performance obligation is satisfied. In some cases, retentions are
substituted with bank guarantees.

ii) Refer note 17 for trade receivables pledged as security

(iii) Ageing Analysis: Trade receivable

b. Terms and Rights attached to each class of shares:

i) The Shareholders of the Company, at the Ordinary General Meeting held on April 14,2023, had approved the sub-division of
one equity share of face value H 10 each into 5 equity shares of face value H 2 each. The record date for the said sub-division
was set at April 14 , 2023

ii) The company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and
share in the company’s residual assets on winding up.

iii) The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to his/its share of the paid-up
equity share capital of the company.

iv) Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable has not been paid.

v) Failure to pay any amount called up on shares may lead to their forfeiture.

vi) On winding up of the company, the holders of equity shares will be entitled to receive the residual assets of the company,
remaining after meeting all liabilities, in proportion to the number of equity shares held.

vii) Employee stock option: Terms attached to stock options granted to employees are described in Note 47 regarding share
based payments.

Nature of Reserve:

1. Securities Premium is credited when shares are issued at premium. It is utilised in accordance with the provisions of the
Act, to issue bonus shares, to provide for premium on redemption of shares or debentures, equity related expenses like
underwriting costs, etc.

2. ESOP reserve is created at the time of shares granted to employees. The balance is transferred to Securities Premium account
towards shares issued under the "JNK Employees Stock Option Plan, 2022.

Note:

a. The term loans, and Working Capital facilities from ICICI Bank Limited, HDFC Bank Limited and Kotak Mahindra Bank
Limited are secured against Inventory, Book Debts, Fixed Assets and Fixed Deposits held in the name of company, as
the case may be.

b. The credit facilities availed by the Company are guaranteed by the Promoters as under:

(i) Kotak Mahindra Bank Ltd. - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak
Bharuka, and Mrs. Priya Bharuka, along with a corporate guarantees from Mascot Capital and Marketing Private
Limited and Mascot Business Solutions Private Limited.

(ii) HDFC Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli and Mr. Dipak Bharuka.

(iii) ICICI Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka, along with a corporate guarantee from Mascot Capital and Marketing Private Limited.

c. During the year company has availed unsecured short term revolving loan for Working Capital requirements from Baja]
Finance Ltd of H 150 million.

d. Funds raised on short term basis have not been utilised for long term purposes .

e. Borrowed funds were applied for the purpose for which the loans were obtained.

f. Bank returns / stock statements filed by the Company with its bankers or financial institutions are in agreement with
books of account.

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

h. The Company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

D. Terms and Conditions:

a) Transactions entered into with related party are made in ordinary course of business and on terms equivalent to those that
prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and settlement occurs in cash.
For the year ended 31 March 2026, the Company has not recorded any impairment of receivables relating to amounts
owed by related parties (31 March 2025 : H Nil). As at year ended March 31, 2026, the Company has recorded an provision
for impairment of receivables amounting to H 16.97 Million (March 31, 2025: H 21.02) relating to amount owed by related
parties. This assessment is undertaken each financial year through examining the financial position of the related party
and the market in which the related party operates.

b) Cash credit facilities of H Nil as on 31^st March, 2026 (H Nil as on 31^st March, 2025) and Term loan of H 30.06 Million as on
31^st March, 2026 (H 44.06 Million as on 31^st March, 2025) comprises of car loans and GECL Loan which is part of the credit
facilities availed are guaranteed by the Promoters as under:

(i) Kotak Mahindra Bank Ltd. - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak
Bharuka, and Mrs. Priya Bharuka, along with a corporate guarantees from Mascot Capital and Marketing Private
Limited and Mascot Business Solutions Private Limited.

(ii) HDFC Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli and Mr. Dipak Bharuka.

(iii) ICICI Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka, along with a corporate guarantee from Mascot Capital and Marketing Private Limited.

c) The company has guaranteed loan to its subsidiary JNK Chemdist Technologies Private Limited as a Corporate Guarantor
jointly and severally with Mr Tushar Wagh and Dr Sunil Dhole, directors of JNK Chemdist. Refer note 7.

d) Related parties as defined under para 9 of IND AS 24 " Related party Disclosures” have been identified based on
representations made by key managerial personnel and information available with the Company.

The Income Tax demands for AY 2020-21 has been raised on account of late payment of employee contribution to Provident
Fund. The company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to
respective funds before the due date for filing return of income and the same should be allowed. This demand has been paid by
the Company on July 2, 2025.

The Income Tax Demands for AY 2013-14 relate to disallowance of TDS Credit pertaining to income booked in the relevant
Assessment Years but appearing in Form 26AS of the subsequent Assessment Years. The company has submitted online
responses disagreeing with the Demands.

The Income Tax demands for AY 2021-22 have been raised on account of late payment of employee contribution to Provident
Fund.The company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to
respective funds before the due date for filing return of income and the same should be allowed. This demand has been paid by
the Company on July 2, 2025.

Fair value hierarchy:

The Group classifies fair value measurements using a three-level hierarchy that reflects the significance of the inputs used:

Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

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

Level 3 - inputs for the asset or liability that are not based on observable market data.

Investments in mutual funds of INR 140.04 million are measured at fair value through profit or loss and are classified as Level 1, being
valued at the published net asset value per unit at the reporting date.

There were no transfers between Level 1, Level 2 and Level 3 during the year.

NOTE 38 : CAPITAL MANAGEMENT

The primary objective of capital management of the Company is to maximise Shareholder value. The Company monitors capital using
Debt-Equity ratio which is total debt divided by total equity. For the purposes of capital management, the Company considers the
following components of its Balance Sheet to manage capital:

Total equity includes General reserve, Retained earnings, Share capital and Security premium. Total debt includes current debt plus
non-current debt.

Note 39: LEASES

This note provides information for leases where the company is a lessee. The company leases various offices, commerical spaces,
land, buidling. Rental contracts are typically made for fixed periods of 3 years to 30 years. The Company has discounted lease
payments using the incremental borrowing rate as on date of inception for measuring lease liability. Incremental borrowing rate
applied by the Company was 7% to 12% (March 31, 2025: 7% to 12%)

NOTE 40 : FINANCIAL RISK MANAGEMENT
Risk management framework

The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management
framework. The Board oversee the management of these financial risks through its Risk Management Committee as per Company’s
existing policy.

The Company has exposure to the following risks arising from financial instruments: -

A. Credit risk

i. Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet
its contractual obligations. The Company is exposed to credit risk from its operating activities (primarily trade receivables),
deposits with banks and other financial instruments. Credit risk arises from the possibility that counter party may not be
able to settle their obligations as agreed upon. Details of the same have been discussed below.

ii. Exposure to Risk

a. Trade Receivables

The Company extends credit to customers in the normal course of business. The Company considers factors
such as financial conditions / market practices, credit track record in the market, analysis of historical bad debts
and past dealings for extension of credit to customers. Individual credit limits are set accordingly. The Company
monitors the payment track record of the customers and ageing of receivables. Outstanding customer receivables
are regularly monitored. The Company considers the concentration of risk with respect to trade receivables including
retention money as low.

c. Other Financial Instruments

The Company considers factors such as track record, size of the institution, market reputation, financial strength/
rating and service standards to select the banks with which balances and deposits are maintained. Generally, the
balances are maintained with the institutions from which the Company has also availed borrowings.

B. Liquidity Risk

i. Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a
reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings,
trade payables and other financial liabilities. The Company’s approach to managing liquidity is to ensure, as far as possible,
that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions,
without incurring losses or risking damage to the Company’s reputation. The Company manages liquidity risk by maintaining
adequate reserves, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of the
financial assets and liabilities. It maintains adequate sources of financing including loans, debt and other borrowings.

C. Market Risk -

i. Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency
exchange rates, interest rates, credit, liquidity and other market changes.

ii. Exposure to Risk

a. Interest Rate Risk

Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of change in interest rates. The
following table demonstrates the sensitivity of floating rate financial instruments to a reasonably possible change
in interest rates. The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield
curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated
based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of
the average debt outstanding during the period.

The following table details the Company’s sensitivity to a 1% increase and decrease in the Rupee against the relevant
foreign currencies. 1% is the sensitivity rate used when reporting foreign currency risk internally to key management
personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates.
This is mainly attributable to the net exposure outstanding on receivables or payables in the Company at the end of
the reporting period. The sensitivity analysis includes only outstanding foreign currency denominated monetary items
and adjusts their translation at the period end for a 1% change in foreign currency rate.

C. Other Price Risk

The Company’s investments are susceptible to market price risk arising from uncertainties about future values of the
investments. These securities are quoted. The Company manages the price risk through diversification and by placing
limits on individual and total equity / mutual fund instruments. Company is not exposed to significant price risks.

Contract assets primarily relate to the Company’s rights to consideration for work completed at the reporting date from contracts.
The Contract assets are transferred to Trade receivables on completion of milestones.

The contract liabilities relate to customer advances where performance obligations are yet to be fulfilled as per the contracts.
The fulfilment of the performance obligations will extinguish these liabilities and revenue will be recognised, with no impact on
the Company’s cash positions on specific projects.

v) Remaining performance obligations

The following table includes revenue expected to be recognised in the future related to performance obligations that are
unsatisfied (or partially unsatisfied) at the reporting date.

The Company applies practical expedient included in para 121 of Ind AS 115 and does not disclose information about its
remaining performance obligations for contracts that have an original expected duration of one year or less.

NOTE 43 : DISCLOSURE ON SEGMENT REPORTING AS PER IND AS 108

The company is engaged in Fired Heaters products. Considering the nature of company’s business and operations as well as reviews
of operating results by the Chief Operating Decision Makers, the company has identified Fired Heaters and related products as only
reportable segment in accordance with the requirements of Ind AS 108 operating segment. Segment related disclosure is made in the
Consolidated Financial Statements for the year ended March 31, 2026.

NOTE 44 : EMPLOYEE BENEFIT OBLIGATION

I. Defined Contribution Plan:

Amount of H 20.41 million (March 2025: H 15.09 million) is recognised as expenses and included in Note No.28 ''Employee
benefit expense’.

II. Define Benefit Plan:

The company has following post employment benefits which are in the nature of defined benefit plans:

Gratuity

In accordance with the Payment of Gratuity Act, 1972, the Company is required to provide post-employment benefit to its
employees in the form of gratuity. The Company has maintained a fund managed partly by a public sector insurer viz; Life
Insurance Corporation of India (LIC) and partly managed by a private sector insurer viz; ICICI to meet its gratuity obligations. In
accordance with the Standard, the disclosures relating to the Company’s gratuity plan are provided below:

i) Weighted average duration of the plan (based on discounted cash flows using mortality, withdrawal rate and interest rate) is
7 years (March 31,2025: 13 years).

j) The company expects to contribute J 16.82 million to gratuity fund in the next year (March 31, 2025: J 23.41 million)

k) Risk Exposure:

1. Investment risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference
to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will
create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities,
and other debt instruments.

2. Interest risk:

A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring
higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the
duration of asset.

3. Longevity risk:

Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any
longevity risk.

4. Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such,
an increase in the salary of the members more than assumed level will increase the plan’s liability.

III. New labour code

Effective 21 November 2025, the Government of India has consolidated multiple existing labour legislations into a unified
framework comprising of four labour codes collectively referred as the ''New Labour Codes’. The Company has assessed and
disclosed the incremental impact of the New Labour Codes of Rs. 9.22 million on standalone financial results under Employee
Benefit Expenses for the year ended March 31, 2026. It is primarily arising due to change in definition of wages and recognition
of past service costs. The Government is in the process of notifying related rules to the New Labour Codes and impact of these
will be evaluated and accounted for in accordance with applicable accounting standards in the period in which they are notified.

NOTE 47 : ESOP

Terms:

During the Financial year ended March 31, 2022, the Management of the Company has approved the "JNK EMPLOYEES STOCK
OPTION PLAN, 2022. According to the said plan, the selected employees have been granted 11,05,000 (post sub division of FV of H10
to H2 ) ESOPs. The salient features of this Plan are as follows:

IV. Weighted average share price at the date of exercise for stock options exercised during the year was H 319.55 (March 31, 2025
H 350.22) per share.

V. (a) In respect of stock options granted pursuant to the Company''s stock options scheme, the fair value of the options is treated

as discount and accounted as employee compensation over the vesting period.

V. (b) Expense on Employee stock options scheme debited to the statement of profit and loss account during FY 2026 is nil
(previous year H 7.00 million) (Note-28)

NOTE 48 : Utilisation of IPO funds

During the year ended 31^st March 2025, the Company has completed its Initial Public Offer (IPO) of 1,56,49,967 equity shares of face
value INR 2 each at an issue price of H 415 per share. The issue comprised of 72,28,915 equity shares for fresh issue and 84,21,052
equity shares for offer for sale. Pursuant to IPO, the equity shares of the Company were listed on National Stock Exchange of India
Limited (NSE) and BSE Limited (BSE) on 30^th April, 2024.

NOTE 49: STATUTORY INFORMATION / COMPLIANCE

(i) The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956.

(ii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any
other relevant provisions of the Income Tax Act, 1961.)

(iii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the year ended March 31, 2026 and
preceding financial year ended March 31, 2025.

(iv) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder.

(v) The company is not declared as wilful defaulter by any bank or financial institution or other lender.

(vi) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the

Companies (Restriction on number of Layers) Rules, 2017.

(vii) The Company has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.

(viii) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities

(Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (ultimate beneficiaries) or

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

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

(x) The Company has not revalued its property, plant and equipment (including right-of-use assets) or its intangible assets during
the year ended 31 March 2026 or the year ended 31 March 2025.

(xi) The Company does not own any freehold immovable property as at 31 March 2026 and 31 March 2025. All immovable properties
used by the Company, including leasehold land and land taken on lease and recognised as right-of-use assets, are held under lease
and the lease agreements in respect thereof are duly executed in favour of the Company. Accordingly, there are no immovable
properties whose title deeds are not held in the name of the Company.

Note 50: Dividend

During the year under audit, the Company declared and paid a final dividend of 15% i.e. H0.30 per share on the 5,56,20,915 fully paid
equity shares of face value of H2/- each aggregating to H1,66,86,275 for the financial year ended on March 31, 2025. The Board has
recommended a final dividend of 15% i.e. H0.30 per share on the 5,59,53,915 equity shares of face value of H2/- each for the financial
year ended on March 31, 2026 subject to approval of the Members at the forthcoming Annual General Meeting. The total amount of
Dividend, to be disbursed for the financial year 2025-26, is H1,67,86,175/-, subject to applicable TDS. Further, the Dividend amount will
be paid out of the profits of the Company.

NOTE 51: PRIOR PERIOD COMPARATIVE

Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with current year’s classifications /
disclosures.

Signatures to Notes 1 to 51

As per Our Audit Report Of Even Date

T. Provisions, contingent liabilities and contingent
assets

Provisions are recognised only when:

(i) the Company has a present obligation (legal or
constructive) as a result of a past event; and

(ii) it is probable that an outflow of resources embodying
economic benefits will be required to settle the
obligation; and

(iii) a reliable estimate can be made of the amount of
the obligation.

Provision is measured using the cash flows estimated
to settle the present obligation and when the effect of
time value of money is material, the carrying amount of
the provision is the present value of those cash flows.
Reimbursement expected in respect of expenditure
required to settle a provision is recognised only when it is
virtually certain that the reimbursement will be received.

Contingent liability is disclosed in case of:

(i) a possible obligation arising 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; or

(ii) a present obligation arising from past events where:

a. i t is not probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation; or

b. the amount of the obligation cannot be measured
with sufficient reliability.

Contingent assets are disclosed where an inflow of
economic benefits is probable.

Provisions, contingent liabilities and contingent
assets are reviewed at each Balance Sheet date.

Where the unavoidable costs of meeting the
obligations under the contract exceed the
economic benefits expected to be received under
such contract, the present obligation under the
contract is recognised and measured as a provision.

U. Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash flows
into operating, investing and financing activities. Cash flow
from operating activities is reported using indirect method,
adjusting the profit before tax excluding exceptional items for
the effects of:

(i) changes during the period in inventories and operating
receivables and payables;

(ii) non-cash items such as depreciation, provisions,
unrealised foreign currency gains and losses; and

(iii) all other items for which the cash effects are investing or
financing cash flows.

Cash and cash equivalents (including bank balances) shown
in the Statement of Cash Flows exclude items which are not
available for general use as at the date of Balance Sheet.

V. Earnings per share

Basic earnings per share is computed using the net profit or loss
after tax and weighted average number of shares outstanding
during the year.

Diluted earnings per share is computed using the net profit
or loss after tax and weighted average number of equity and
potential equity shares outstanding during the year, except
where the result would be anti-dilutive.

W. Key sources of estimation

The preparation of financial statements in conformity with
Ind AS requires that the management of the Company makes
estimates and assumptions that affect the reported amounts of
income and expenses of the period, the reported balances of
assets and liabilities and the disclosures relating to contingent
liabilities as of the date of the financial statements. The
estimates and underlying assumptions made by management
are explained under respective policies. Revisions to
accounting estimates include useful lives of property, plant
and equipment & intangible assets, allowance for expected
credit loss, future obligations in respect of retirement benefit
plans, expected cost of completion of contracts, provision
for rectification costs, fair value/recoverable amount
measurement, etc. Difference, if any, between the actual
results and estimates is recognised in the period in which the
results are known.

Note:

16a. Working Capital Loan from SBI is secured against Inventory, Book Debts, Plant and Machinery, Land and Fixed Deposits held in the
name of company

b. The credit facilities availed by the Company are guaranteed by the Promoters as under:

(i) State Bank of India - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka, along with a corporate guarantees from Mascot Capital and Marketing Private Limited and Mascot Business
Solutions Private Limited.

(ii) HDFC Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and Mrs. Priya Bharuka.

(iii) ICICI Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and Mrs. Priya
Bharuka, along with a corporate guarantee from Mascot Capital and Marketing Private Limited.

c. Working Capital Loan from HDFC Bank is secured against post dated cheque of ?50 Millions for FY 2023-24.

d. Funds raised on short term basis have not been utilised for long term purposes .

e. Borrowed funds were applied for the purpose for which the loans were obtained.

f. Bank returns / stock statements filed by the Company with its bankers or financial institutions are in agreement with books of account.

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

h. The Company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

E. Terms and Conditions:

a) Transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions.

b) Cash credit facilities of ?Nil as on March 31, 2025 (^437.99 million as on March 31, 2024) and Term loan of ^44.06 million as on
31^st March, 2025 (^39.52 million as on March 31, 2024) comprises of car loans and GECL Loan which is part of the credit facilities
availed are guaranteed by the Promoters as under:

(i) State Bank of India - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka, together with corporate guarantees from Mascot Capital and Marketing Private Limited and Mascot
Business Solutions Private Limited.

(ii) HDFC Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and
Mrs. Priya Bharuka.

(iii) ICICI Bank - Secured by personal guarantees of Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, and Mrs. Priya
Bharuka, along with a corporate guarantee from Mascot Capital and Marketing Private Limited.

The Income Tax demands for AY 2020-21 has been raised on account of late payment of employee contribution to Provident Fund.The
company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to respective funds
before the due date for filing return of income and the same should be allowed.

The Income Tax Demands for AY 2013-14 relate to disallowance of TDS Credit pertaining to income booked in the relevant Assessment
Years but appearing in Form 26AS of the subsequent Assessment Years. The company has submitted online responses disagreeing with
the Demands.

The Income Tax demands for AY 2021-22 have been raised on account of late payment of employee contribution to Provident Fund.The
company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to respective funds
before the due date for filing return of income and the same should be allowed.

NOTE 37 : CAPITAL MANAGEMENT

The primary objective of capital management of the Company is to maximise Shareholder value. The Company monitors capital using
Debt-Equity ratio which is total debt divided by total equity. For the purposes of capital management, the Company considers the following
components of its Balance Sheet to manage capital:

Total equity includes General reserve, Retained earnings, Share capital and Security premium. Total debt includes current debt plus non¬
current debt.

NOTE 38 : FINANCIAL RISK MANAGEMENT
Risk management framework

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management
framework. The Board oversee the management of these financial risks through its Risk Management Committee as per Company''s
existing policy.

The Company has exposure to the following risks arising from financial instruments: -

A. Credit risk

i. Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet its
contractual obligations. The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits
with banks and other financial instruments. Credit risk arises from the possibility that counter party may not be able to settle
their obligations as agreed upon. Details of the same have been discussed below.

ii. Exposure to Risk

a. Trade Receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as
financial conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings
for extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment
track record of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The
Company considers the concentration of risk with respect to trade receivables including retention money as low.

c. Other Financial Instruments

The Company considers factors such as track record, size of the institution, market reputation, financial strength/rating
and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are
maintained with the institutions from which the Company has also availed borrowings.

B. Liquidity Risk

i. Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable
price. For the Company, liquidity risk arises from obligations on account of financial liabilities - borrowings, trade payables and
other financial liabilities. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring losses or risking
damage to the Company''s reputation. The Company manages liquidity risk by maintaining adequate reserves, by continuously
monitoring forecast and actual cash flows and matching the maturity profiles of the financial assets and liabilities. It maintains
adequate sources of financing including loans, debt and other borrowings.

NOTE 41 : DISCLOSURE ON SEGMENT REPORTING AS PER IND AS 108

The Company is in the business of manufacturing the process fired heaters, reformers and cracking furnaces (together, the "Heating
Equipment") that are required in process industries such as for Oil and Gas refineries, Petrochemical and Fertilizer industries Considering the
nature of company''s business and operations as well as reviews of operating results by the Chief Operating Decision Makers, the company
has identified Heating Equipment as only responsibile segment in accordance with the requirements of Ind AS 108 operating segment.

The Board of Directors of the Company has identified Chief Executive Officer as the chief operating decision maker of the Company.
Management has determined the operating segments as mentioned above based on the reports reviewed by the CEO.

NOTE 42 : DISCLOSURE ASSOCIATED WITH GRATUITY

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

1. Investment risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market
yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit.
Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

2. Interest risk:

A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision.
A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

3. Longevity risk:

Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

4. Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase
in the salary of the members more than assumed level will increase the plan''s liability.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at
March 31, 2025.

IV. Weighted average share price at the date of exercise for stock options exercised during the year is ?350.22 per
share.

V. (a) In respect of stock options granted pursuant to the Company''s stock options scheme, the fair value of the options is treated as

discount and accounted as employee compensation over the vesting period.

V. (b) Expense on Employee stock options scheme debited to the statement of profit and loss account during 2024-25 is ?7.00 million
(previous year ? 120.40 million) (Note-27)

NOTE 46 : CODE ON SOCIAL SECURITY

The Code on Social Security, 2020 (''Code'') has been notified in the Official Gazette in September 2020 which could impact the contribution

by the Company towards certain employment benefits. The effective date from which the changes and rules would become applicable

is yet to be notified. Impact of the changes will be assessed and accounted in the relevant period of notification of relevant provisions.

NOTE 47 : STATUTORY INFORMATION / COMPLIANCE

(i) The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560
of Companies Act, 1956.

(ii) Estimated amount of contracts remaining to be executed on capital account and not provided for is ^21.78 million (Previous Year
16.50).

(iii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other
relevant provisions of the Income Tax Act, 1961.)

(iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the year ended 31^st March, 2025 and preceding
financial year ended 31^st March, 2024.

(v) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami
Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder.

(vi) The company is not declared as wilful defaulter by any bank or financial institution or other lender.

(vii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies
(Restriction on number of Layers) Rules, 2017.

(viii) The Company has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (ultimate beneficiaries) or

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

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding
party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

NOTE 48: PRIOR PERIOD COMPARATIVE

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with current year''s classifications / disclosures.

Signatures to Notes 1 to 48

As per Our Audit Report of even date

For P G BHAGWAT LLP For and on behalf of the Board of Directors of

Chartered Accountants JNK India Limited

Firm Registration No.:101118W / W100682 (Formerly known as JNK India Private Limited)

CA Shriniwas Shreeram Gadgil Arvind Kamath Goutam Rampelli Dipak Bharuka

Partner Chairperson & Wholetime Director Wholetime Director & Chief

Membership No: 120570 Wholetime Director DIN :0726272 Executive Officer

DIN : 00656181 DIN: 09187979

Pravin Sathe Ashish Soni

Chief Financial Officer Company Secretary and

Compliance Officer
M. No.: A26538

Place: Mumbai Place: Thane

Date: May 29, 2025 Date: May 29, 2025

b. Terms and Rights attached to each class of shares:

i) The Shareholders of the Company, at the Ordinary General Meeting held on April 14, 2023, had approved the subdivision of one equity share of face value 10 each into 5 equity share of face value 2 each. The record date for the said sub-division was set at April 14, 2023.

ii) The company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the company''s residual assets on winding up.

iii) The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to his/its share of the paid-up equity share capital of the company.

iv) Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable has not been paid.

v) Failure to pay any amount called up on shares may lead to their forfeiture.

vi) On winding up of the company, the holders of equity shares will be entitled to receive the residual assets of the company, remaining after meeting all liabilities, in proportion to the number of equity shares held.

Note: a. Working Capital Loan from SBI is secured against Inventory, Book Debts, Plant and Machinery, Land and Fixed Deposits held in the name of company

b. All the above credit facilities are guaranteed by Mr. Arvind Kamath, Mr. Goutam Rampelli, Mr. Dipak Bharuka, Mrs Priya Bharuka, Mascot Capital & Marketing Pvt Ltd and Mascot Business Solution Pvt Ltd.

c. Working Capital Loan from HDFC Bank is secured against post dated cheque of INR 100 Millions.

d. Funds raised on short term basis have not been utilised for long term purposes .

e. Borrowed funds were applied for the purpose for which the loans were obtained.

f. Bank returns / stock statements filed by the Company with its bankers or financial institutions are in agreement with books of account.

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

h. The Company do not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

Share Split and Bonus Issue:

The basic and diluted earning per share for the current period and previous periods presented have been calculated / restated after considering the share split and bonus issue and appropriate adjustments to outstanding options granted to employees under the ESOP scheme (Refer note 14).

E. Terms and Conditions:

a) Transactions with related parties are made on terms equivalent to those that prevail in arm''s length transactions.

b) All the credit facilities of INR 437.99 Million as on March 31, 2024 (INR 301.41 Million as on March 31, 2023) and are guaranteed by Mr Arvind Kamath, Mr Goutam Rampelli, Mr. Dipak Bharuka, Mrs. Priya Bharuka, Mascot Capital & Marketing Pvt Ltd and Mascot Business Solution Pvt Ltd. Term loan of INR 39.52 Million as on March 31, 2024 (INR 36.22 Million as on March 31, 2023 ) comprises of car loans and GECL Loan which is part of the credit facilities availed.

The Income Tax demands for AY 2020-21 has been raised on account of late payment of employee contribution to Provident Fund.The company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to respective funds before the due date for filing return of income and the same should be allowed.

The Income Tax Demands for AY 2013-14 relate to disallowance of TDS Credit pertaining to income booked in the relevant Assessment Years but appearing in Form 26AS of the subsequent Assessment Years. The company has submitted online responses disagreeing with the Demands.

The Income Tax demands for AY 2021-22 have been raised on account of late payment of employee contribution to Provident Fund.The company has submitted online responses disagreeing with the Demand stating that the contribution has been paid to respective funds before the due date for filing return of income and the same should be allowed.

The CST Demand of Rs. 1,05,31,814 for FY 2011-12 was due to disallowance of Sales u/s 6(2) of the CST Act, 1956. The said demand is settled for Rs. 21,16,094 as per Maharashtra Sales Tax Amnesty Scheme.

Fair value of financial assets and financial liabilities measured at amortised cost.

The carrying amounts of trade receivables, loans, advances, cash and other bank balances are considered to be the same as their fair values due to their short term nature. The carrying amounts of long term loans given with fixed rate of interest are considered at fair value.

The carrying amount of trade and other payables are considered to be the same as their fair values due to their short term nature.The carrying amounts of borrowings with floating rate of interest are considered to be close to fair value.

NOTE 36 : CAPITAL MANAGEMENT

The primary objective of capital management of the Company is to maximise Shareholder value. The Company monitors capital using Debt-Equity ratio which is total debt divided by total equity. For the purposes of capital management, the Company considers the following components of its Balance Sheet to manage capital:

Total equity includes General reserve, Retained earnings, Share capital and Security premium.

Total debt includes current debt plus non-current debt.

NOTE 37 : FINANCIAL RISK MANAGEMENT

Risk management framework

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The Board oversee the management of these financial risks through its Risk Management Committee as per Company''s existing policy.

The Company has exposure to the following risks arising from financial instruments: -

A. Credit risk

i. Credit risk is the risk of financial loss to the Company if a customer or counter party to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks and other financial instruments. Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed upon. Details of the same have been discussed below.

ii. Exposure to Risk

a. Trade Receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as financial conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings for extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment track record of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The Company considers the concentration of risk with respect to trade receivables including retention money as low.

c. Other Financial Instruments

The Company considers factors such as track record, size of the institution, market reputation, financial strength/ rating and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are maintained with the institutions from which the Company has also availed borrowings.

B. Liquidity Risk

i. Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. For the Company, liquidity risk arises from obligations on account of financial liabilities -borrowings, trade payables and other financial liabilities. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring losses or risking damage to the Company''s reputation. The Company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of the financial assets and liabilities. It maintains adequate sources of financing including loans, debt and other borrowings.

C. Market Risk -

i. Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes.

ii. Exposure to Risk

a. Interest Rate Risk

Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of change in interest rates. The following table demonstrates the sensitivity of floating rate financial instruments to a reasonably possible change in interest rates. The risk estimates provided assume a parallel shift of 100 basis points interest rate across all yield curves. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

b. Foreign Currency Risk

The Company has entered into contracts wherein the revenue is receivable in foreign currency. These are not hedged.

The following table details the Company''s sensitivity to a 1% increase and decrease in the Rupee against the relevant foreign currencies. 1% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management''s assessment of the reasonably possible change in foreign exchange rates. This is mainly attributable to the net exposure outstanding on receivables or payables in the Company at the end of the reporting period. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 1% change in foreign currency rate.

c. Other Price Risk

The Company''s investments are susceptible to market price risk arising from uncertainties about future values of the investments. These securities are unquoted. The Company manages the price risk through diversification and by placing limits on individual and total equity / mutual fund instruments. Company is not exposed to significant price risks.

Contract assets primarily relate to the Company''s rights to consideration for work completed at the reporting date from contracts. The Contract assets are transferred to Trade receivables on completion of milestones.

The contract liabilities relate to customer advances where performance obligations are yet to be fulfilled as per the contracts. The fulfilment of the performance obligations will extinguish these liabilities and revenue will be recognised, with no impact on the Company''s cash positions on specific projects.

NOTE 40 : DISCLOSURE ON SEGMENT REPORTING AS PER IND AS 108

The company is engaged in Fired Heaters products. Considering the nature of company''s business and operations as well as reviews of operating results by the Chief Operating Decision Makers, the company has identified Fired Heaters and related products as only responsibile segment in accordance with the requirements of Ind AS 108 operating segment.

The Board of Directors of the Company has identified Chief Executive Officer as the chief operating decision maker of the Company. Management has determined the operating segments as mentioned above based on the reports reviewed by the CEO.

Since company operates in a single segment (business activity) of Fired Heaters and related products, disclosure regarding operating segments is not given.

NOTE 41 : DISCLOSURE ASSOCIATED WITH GRATUITY

Gratuity is a defined benefit plan and company is exposed to the Following Risks:

1. Investment risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

2. Interest risk:

A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

3. Longevity risk:

Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

4. Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan''s liability.

The following table sets out the status of the gratuity plan and the amounts recognised in the Company''s financial statements as at March 31, 2024.

NOTE 44 : ESOP

During the Financial year ended March 31, 2022, the Management of the Company has approved the "JNK EMPLOYEES STOCK OPTION PLAN, 2022. According to the said plan, the selected employees have been granted 2,21,000 ESOPs. The salient features of this Plan are as follows:

IV. Weighted average share price at the date of exercise for stock options exercised during the year is INR 129 per share.

V. (a) In respect of stock options granted pursuant to the Company''s stock options scheme, the fair value of the options is

treated as discount and accounted as employee compensation over the vesting period.

(b) Expense on Employee stock options scheme debited to the statement of profit and loss account during 2023-24 is INR 120.40 Million (previous year INR 50.72 Million) (Note-27)

NOTE 46 : CODE ON SOCIAL SECURITY

The Code on Social Security, 2020 (''Code'') has been notified in the Official Gazette in September 2020 which could impact the contribution by the Company towards certain employment benefits. The effective date from which the changes and rules would become applicable is yet to be notified. Impact of the changes will be assessed and accounted in the relevant period of notification of relevant provisions.

NOTE 47 : APPROVAL OF FINANCIAL STATEMENTS

The financial statements are approved for issue by the Audit Committee at their meeting held on May 30, 2024 and the Board of Directors at their meetings held on May 30, 2024

NOTE 48 : STATUTORY INFORMATION / COMPLIANCE

(i) The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

(ii) Estimated amount of contracts remaining to be executed on capital account and not provided for is INR 16.50 Million (Previous Period and Year Nil).

(iii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.)

(iv) The Company has not traded or invested in Crypto Currency or Virtual Currency during the year ended March 31, 2024 and preceding financial year ended March 31, 2023.

(v) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act,1988 (45 of 1988) and rules made thereunder.

(vi) The company is not declared as wilful defaulter by any bank or financial institution or other lender.

(vii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

(viii) The Company has not entered with any Scheme(s) of arrangement in terms of sections 230 to 237 of the Companies Act, 2013.

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (ultimate beneficiaries) or

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

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

NOTE 49: PRIOR PERIOD COMPARATIVE

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with current year''s classifications / disclosures.

Pursuant to amendment in Schedule III to the Companies Act, 2013, effective from April 1, 2021, the Company has modified the classification of certain items. Comparative amounts in the notes to the financial statements were accordingly reclassified for consistency.