అకౌంట్స్ గమనికలుVilas Transcore Ltd.

Mar 31, 2025

XIII. Contingencies/Provisions:

Provisions requiring a substantialdegree of estimation
in measurement are recognized, if in the opinion of the
Management, there is a probability that a present obligation
as a result of past events will result in an outflow for the
Company in the future. Contingencies, the outcome of
which is not certain, have been disclosed in these notes
as Contingent Liabilities. Contingent Assets are neither
recognized nor disclosed in the financial statements.

XIV. Prior Period and Extra Ordinary items and Changes
in Accounting Policies, having a material bearing on the
financial affairs of the Company are disclosed separately.

XV. Expenditure incurred on the Initial Public Offer is being
entirely expensed off in the year of incurrence and is not
being amortised.

XVI. Earnings Per Share:

(i) Basic Earnings per Share

Basic earnings per share is computed by dividing the profit/
(loss) after tax by the weighted average number of equity
shares outstanding during the year.

(ii) Diluted Earnings per Share

Diluted earnings per share is computed by dividing the
profit/(loss) after tax as adjusted for dividend, interest and
other charges to expense or income (net of any attributable
taxes) relating to the dilutive potential equity shares, by the
weighted average number of equity shares considered for
deriving basic earnings per share and the weighted average
number of equity shares which could have been issued on
the conversion of all dilutive potential equity share.

Facilities from ICICI Bank: The Bank Facilities of '' 62.80
Crores sanctioned by ICICI Bank effectively consist of Cash
Credit of ''15 Crores (with restriction of Drawing Power
upto '' 1 Crores only and LC Sub Limit of '' 14 Crores),
separate LC Limits and Sub Limits of '' 44.98 Crores, LC
Backed Pre Acceptance Bill Discounting of '' 1 Crores and
Derivatives of '' 1.82 Crores which are secured by First Pari
Passu Charge on the Current Assets and Moveable Fixed
Assets of the Company as well as exclusive charge on
certain Fixed Deposits of the Company. The facilities are
further secured the Personal Guarantee of the Managing
Director of the Company. The Applicable Rate of Interest
for Cash Credit Facilities is Repo Rate 6.50% Spread of 4%
effective interest rate is 10.50%. Since the year end balance
in the Cash Credit Account was a debit amount, the same
has been presented under the head of ''Balances lying with
Bank in Current Accounts.

The Company has additionally obtained Letter of Credit
Facilities amounting to '' 47.71 Crores and SBLC for Buyers
Credit, which is a sublimit of the Letter of Credit, from ICICI
Bank. These facilities are backed by Fixed Deposit Receipts
totalling '' 50.09 Crores.

During the year Company availed Overdraft facility of '' 10
crore from the ICICI Bank Limited which inter-alia includes
the facilities of Letter of Credit and SLBC for Buyers credit
as its sub limit. These facilities are secured by Liquid Funds/
Debt Mutual Funds as acceptable to ICICI Bank with LTV of
80% to 95% depending upon the funds as acceptable to
ICICI Bank with additional 10% margin in case of Foreign
Currency limits. Applicable Rate of Interest is 9.10%

Facilities from HDFC Bank: The Company has also availed
Bank Facilities of '' 30 Crores from HDFC Bank Limited
which inter-alia includes the facilities of Cash Credit of '' 2
Crores with LC, Bank Guarantee and Buyer''s Credit as sub¬
limits and LC limits of '' 18 Crores with Buyers Credit (SBLC)
and Bank Guarantee as its sub-limit. Further Company
also availed the facility of Overdraft against Fixed Deposit
of '' 10.00 Crores with Bank Gurantee and Letter of Credit
as its sub-limit. These facilities are secured by way of First
pari-passu charge on entire current assets along with First
pari-passu charge on entire current assets and movable
fixed assets of the Company. Applicable Rate of Interest on
Cash Credit Facility is 9.98% and on Overdraft facility against
Fixed Deposit in average rate of Fixed Deposit 1.50%.

Additional perquisite of free usage of car is granted to the Managing Director but he is not considered eligible for PF, Bonus,
Gratuity and Leave Encashment.

38. POST EMPLOYMENT BENEFITS

Provident Fund dues amounting to '' 38.47 Lakhs (p.y '' 35.91 Lakhs) paid during the year being defined contributions have
been charged to the Statement of Profit and Loss.

Leave Encashment, though a defined benefit obligation, falls under short-term compensated absences in terms of the
policy of the Company. The value of obligation towards entitlement of employees accumulating earned leave and eligibility
of compensation or encashment of the same is determined on the basis of the expected amount required to be paid as a
result of actual unused entitlement standing to the credit of the employees as at end of the year based on current salary
standards. Accordingly a sum of '' 16.10 Lakhs (P.y. '' 15.23 Lakhs) has been determined as obligation as at the year end and
charged to the Statement of Profit and Loss.

The Company has a defined benefit gratuity plan. Every employee who has completed five or more years of service is eligible
for gratuity @ 15 days salary (last drawn) for every completed year of service with a overall ceiling of '' 20.00 Lakhs The
Company has taken a Group Gratuity cum Life Insurance Policy from the Life Insurance Corporation of India (a qualifying
policy) and makes annual contributions to create a fund to meet this defined benefit gratuity obligation.

39. BORROWING COSTS

No Borrowing Costs were eligible for capitalization during the year.

The Company has used the borrowings from Banks and Financials Institutions for the specific purpose for which it was taken
at the Balance Sheet Date.

40. SEGMENT REPORTING

With respect to Accounting Standard-17, the Management of the Company is of the view that the products offered by the
Company are in the nature of Transformer Laminations, Cores and its related products, having the same risks and returns,
same type and class of customers and regulatory environment. Hence, the business of production of Lamination and its
related products belong to one business segment only.

41. RELATED PARTY TRANSACTIONS

The Company has identified all the related parties having transactions during the year in line with Accounting Standard 18.
Details of the same are as under

Note:

The number of equity shares outstanding at the beginning of the year was 180.00 Lakhs. On 30^th May 2024, the Company
issued an additional 64,80,000 equity shares. As a result, the weighted average number of equity shares for the year ended
31^st March 2025 is 234.33.

44. IMPAIRMENT OF ASSETS

In absence of any indications, external or internal, as to any probable impairment of assets, no provision has been made for
the same during the year under report, in accordance with the requirement of Accounting Standard - 28 on "Impairment
of Assets".

45. INITIAL PUBLIC OFFER (IPO)

The Company completed its Initial Public Offer (IPO) of 64.80 Lakhs Equity Shares of face value of '' 10 each at an issue price
od '' 147/- per share (Including share premium of '' 137/- per share) amounting to '' 9,525.60 Lakhs during the year. The
Equity Shares of the Company were listed on NSE Emerge Platform on 03^rd June 2024.

46. BORROWINGS AGAINST SECURITY OF CURRENT ASSETS

The Company has been sanctioned Fund Based Working Capital Limits wherein usage is restricted to '' 300 Lakhs which
are inter-alia against security of current assets. The Company has filed the Statements of Current Assets on monthly basis.

On comparing the amounts appearing in the Statements filed at the end of each Quarter as against those appearing in the
books there were some differences in the amounts shown as Book Debts.

In case of Book Debts, the differences are not major and
these differences are primarily on account of adjustment of
advances and TDS in the Customers'' account.

In the case of inventories, the major differences in
inventories are due to the exclusion of scrap stock from the
total inventory reported to the bank.

As such, none of the differences had any impact on the
drawing power vis-a-vis the available limits and utilisation at
the end of those quarters.

47. OTHER STATUTORY INFORMATION

(1) The Company does not have any Benami property,
where any proceeding has been initiated or pending
against the Company for holding any Benami property.

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

(3) The Company has not traded or invested in Crypto
currency or Virtual Currency during the year.

(4) 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.

(5) 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 on behalf of the Ultimate Beneficiaries.

(6) The Company has not given any loans or Advances in
the nature of loans to directors, KMPs and the related
parties (as defined under Companies Act, 2013) either
severally or jointly with any other person.

(7) The Company does not have any such transaction
which is not recorded in the books of accounts and
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).

(8) There is no Scheme of Arrangements approved by the
Competent Authority in terms of sections 230 to 237
of the Companies Act, 2013.

(9) The Company is not declared as wilful defaulter by any
bank or financial Institution or other lender.

(10) The Company does not have any relationship with
struck off companies.

48. There are no immovable properties (other than properties where the Company is a lessee and the lease agreements
are duly executed in favour of the lessee) whose title deeds are not held in the name of the Company.

49. The Company has not revalued its Property, Plant and Equipment during the period.

50. In the opinion of the Board, all assets which are considered good (other than Property Plant and Equipments and Non¬
Current Investments) are expected to realised at least the amount at which they are stated, if realised in the ordinary course
of business. Further in the opinion of the Board, provision for all known liabilities has been adequately made in the accounts
and as per management experience and estimates, no additional provisions are required.

For the year ended 31/03/2025

(Figures in Lakhs)

52. The fi gures in respect of previous year have been re-grouped/recast wherever necessary to confirm to the current
year''s classification.

53. All figures are rounded off to '' Lakhs unless otherwise stated.

For Talati & Talati LLP, For & on behalf of the Board

Chartered Accountants For Vilas Transcore Limited

FRN 110758W/W100377

CA Manish Baxi

Partner Nilesh Patel Vipul Patel

Mem. No.: 045011 Managing Director WTD & CFO

UDIN: 25045011BMNSMK1564 DIN: 00447907 DIN: 09732297

Gandhali Paluskar

Company Secretary
M. No.: A53697

Place: Vadodara Place: Vadodara

Date: 21.05.2025 Date: 21.05.2025

---

Mar 31, 2024

(d) The Company has a single class of equity shares having par value of '' 10/- per equity share. All shares rank pari passu with refrence to all rights relating thereto. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all the preferential amounts, in proportions to their shareholding.

Facilities from ICICI Bank: The Bank Facilities of '' 3780.00 Lacs sanctioned by ICICI Bank effectively consist of Cash Credit of '' 1500.00 Lacs (with restriction of Drawing Power upto '' 100.00 Lacs only and LC Sub Limit of '' 1400.00 Lacs), separate LC Limits and Sub Limits of '' 1998.00 Lacs, LC Backed Pre Acceptance Bill Discounting of '' 100.00 Lacs and Derivatives of '' 182.00 Lacs which are secured by First Pari Passu Charge on the Current Assets and Movable Fixed Assets of the Company as well as exclusive charge on certain Fixed Deposits of the Company. The facilities are further secured by the Personal Guarantee of the Managing Director of the Company. The Applicable Rate of Interest for Cash Credit Facilities is Repo Rate 6.50% Spread of 4% effective interest rate is 10.50%. Since the year end balance in the Cash Credit Account was a debit amount, the same has been presented under the head of ''Balances lying with Bank in Current Accounts.

The Company has additionally obtained Letter of Credit Facilities amounting to '' 5227.00 Lacs and SBLC for Buyers Credit, which is a sublimit of the Letter of Credit, from ICICI Bank. These facilities are backed by Fixed Deposit Receipts totalling '' 5490.00 Lacs.

During the year Company availed Overdraft facility of '' 1000.00 Lacs from the ICICI Bank Limited which inter-alia includes the facilities of Letter of Credit and SLBC for Buyers credit as its sub limit. These facilities are secured by Liquid Funds/Debt Mutual Funds as acceptable to ICICI Bank with LTV of 80% to 95% depending upon the funds as acceptable to ICICI Bank with additional 10% margin in case of Foreign Currency limits. Applicable Rate of Interest is 9.10%.

Facilities from HDFC Bank: The Company has also availed Bank Facilities of '' 2000.00 Lacs from HDFC Bank Limited which inter-alia includes the facilities of Cash Credit of '' 200.00 Lacs with LC, Bank Guarantee and Buyer''s Credit as sub-limits and LC limits of '' 1800.00 Lacs with Buyers Credit (SBLC) and Bank Guarantee as its sub-limit. These facilities are secured by way of First pari-passu charge on entire current assets along with First pari-passu charge on entire movable fixed assets of the Company. Applicable Rate of Interest is 9.78%. Since the year end balance in the Cash Credit Account with HDFC Bank was a debit amount, the same has been presented under the head of ''Balances lying with Bank in Current Accounts.

Sundry Creditors are as per books and have not been corroborated by circulation/confirmation of balances.

Disclosures required under Micro, Small and Medium Enterprises Development Act, 2006

Trade Payables includes '' 18.19 Lacs (PY '' 14.02 Lacs) outstanding to Micro and Small Enterprises. The above information has been compiled in respect of parties to the extent they could be identified as Micro and Small Enterprises on the basis of information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on requests made by the Company.

The Company deals with various Micro and Small Enterprises on mutually accepted terms and conditions. Accordingly, no interest is payable if the terms are adhered to by the Company. Consequently, no interest has been paid or is due and no provision for interest payable to such units is required or has been made under Micro, Small and Medium Enterprises Development Act, 2006.

Margin Money Deposits are Fixed deposits kept with banks as collateral against the LC facilities availed by the Company. As such the Margin Money Deposits are usually auto-renewed on maturity since they are a security against banking facilities. However, since their duration is a period of one-year only, they have been presented under Current Assets. Further, the Margin Money Deposits and Fixed Deposits amount shown above includes interest accrued on the principal amount after last annual auto-renewal/maturity.

23. CONTINGENT LIABILITIES AND COMMITMENTS Particulars	31/03/2024	31/03/2023
Contingent Liabilities
Claims against the Company not acknowledged as debt
Direct Tax
Income Tax Demand For AY 13-14 (Against Demand the Company has filed a rectification which will reduce the liability to approx. 40 Lac Rupees)	166.16
Appeal is pending before Commissioner of Income Tax (National Faceless Appeal Centre)	-	-

Particulars	31/03/2024	31/03/2023
Indirect Tax
Goods and Service Tax Demand for the period July-17 to March-18 (Appeal filed before the Addl. Commissioner, Appeals. GST)	7.57
Refund Claim Rejected (Appeal filed before the Hon. CESTAT)	11.44
Guarantees
Other Moneys for which Company is contingently liable (Legal Claims against Debtors Outstanding and not provided for)	18.51	18.51
Total	203.69	18.51
Commitments
Estimated amounts of contracts remaining to be executed on capital account and not provided for	-	-
Uncalled liability on shares or investments partly paid	-	-
Other Commitments	-	-
Total	-	-

24. The Company has used the borrowings from Banks and Financials Institutions for the specific purpose for which it was taken at the Balance Sheet Date.

25. In the opinion of the Board, all assets which are considered good (other than Property Plant and Equipments and NonCurrent Investments) are expected to realised at least the amount at which they are stated, if realised in the ordinary course of business. Further in the opinion of the Board, provision for all known liabilities has been adequately made in the accounts and as per management experience and estimates, no additional provisions are required.

27. ADDITIONAL REGULATORY INFORMATION:

I. There are no immovable properties (other than properties where the Company is a lessee and the lease agreements are duly executed in favour of the lessee) whose title deeds are not held in the name of the Company.

II. The Company has not revalued its Property, Plant and Equipment during the period.

III. The Company has not granted any Loans or Advances in the nature of loans to Promoters, Directors, KMPs and Related Parties either severally or jointly with other persons that are repayable on demand or without specifying any terms or period of repayment.

V. The Company did not have and Intangible Assets under Development as at the end of the year.

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

VII. The Company has never been declared as a Wilful Defaulter by any bank or financial institution or other lender.

VIII. The Company has been sanctioned Fund Based Working Capital Limits wherein usage is restricted to '' 300 Lacs which are inter-alia against security of current assets. The Company has filed the Statements of Current Assets on monthly basis.

On comparing the amounts appearing in the Statements filed at the end of each Quarter as against those appearing in the books there were some differences in the amounts shown as Book Debts.

The quarterly statements are submitted based on unaudited data as at each quarter end. As against the same, the amounts appearing in the above table as per books are the final audited numbers. Hence, some discrepancies may arise.

In case of Book Debts, the differences are not major and these differences are primarily on account of adjustment of advances and TDS in the Customers'' account,.

In the case of inventory, the differences are due to the classification of inventories. When submitting the statement to the bank, some WIP items were incorrectly included in Finished Goods and vice versa, causing discrepancies. These were rectified during the audit.

As such, none of the differences had any impact on the drawing power vis-a-vis the available limits and utilisation at the end of those quarters.

IX. The Company has not entered into any transactions with Struck-off Companies.

X. There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period or otherwise.

XI. The Company has not made any downstream investments in any other Companies

XII. There was no Scheme of Arrangements during the year

XIII. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

XIV. 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 directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the funding party (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

42. POST EMPLOYMENT BENEFITS

Provident Fund dues amounting to '' 35.91 Lacs (p.y '' 27.93 Lacs)paid during the year being defined contributions have been charged to the Statement of Profit and Loss.

Leave Encashment, though a defined benefit obligation, falls under short-term compensated absences in terms of the policy of the Company. The value of obligation towards entitlement of employees accumulating earned leave and eligibility of compensation or encashment of the same is determined on the basis of the expected amount required to be paid as a result of actual unused entitlement standing to the credit of the employees as at end of the year based on current salary standards. Accordingly a sum of '' 15.23 Lacs (P.y. '' 16.34 Lacs) has been determined as obligation as at the year end and charged to the Statement of Profit and Loss.

The Company has a defined benefit gratuity plan. Every employee who has completed five or more years of service is eligible for gratuity @ 15 days salary (last drawn) for every completed year of service with a overall ceiling of '' 20.00 Lacs. The Company has taken a Group Gratuity cum Life Insurance Policy from the Life Insurance Corporation of India (a qualifying policy) and makes annual contributions to create a fund to meet this defined benefit gratuity obligation.

44. BORROWING COSTS

No Borrowing Costs were eligible for capitalization during the year.

45. SEGMENT REPORTING

With respect to Accounting Standard-17, the Management of the Company is of the view that the products offered by the Company are in the nature of Transformer Laminations, Cores and its related products, having the same risks and returns, same type and class of customers and regulatory environment. Hence, the business of production of Lamination and its related products belong to one business segment only.

The EPS for year ended, March 31, 2023 has been adjusted on account of bonus issue made during the year ended March 31,2024, as required by AS 20 Earnings per share.

50. IMPAIRMENT OF ASSETS

In absence of any indications, external or internal, as to any probable impairment of assets, no provision has been made for the same during the year under report, in accordance with the requirement of Accounting Standard - 28 on "Impairment of Assets".

51. CRYPTO CURRENCY/VIRTUAL CURRENCY

The Company has not traded or invested in Crypto Currency or Virtual Currency during the Financial Year.

52. NO UNDISCLOSED INCOME

There are no transactions which are not recorded in books and have been surrendered or disclosed as income during the year in Income Tax Assessments.

53. INITIAL PUBLIC OFFER (IPO)

The Company filed a Draft Red Herring Prospectus on 31^st January, 2024 for its proposed Initial Public Offer (IPO) on the MSME Platform of NSE. The approval of the same was received from NSE in May, 2024 and subsequently the Company completed its Initial Public Offer (IPO) of 100% fresh issue of 64,80,000 equity shares of Face Value of '' 10 each at issued at a price of '' 147 per share aggregating to '' 9525.60 lacs. The IPO was fully subscribed and the Equity Shares of the Company were listed on NSE Emerge Platform on 3^rd June, 2024.

54. The fi gures in respect of previous year have been re-grouped/recast wherever necessary to confirm to the current year''s classification.

55. All figures are rounded off to '' lacs unless otherwise stated.