అకౌంట్స్ గమనికలుWorth Peripherals Ltd.

Mar 31, 2025

xiii. Provisions, Contingent Liabilities and Contingent Assets

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated.
Provisions are not recognized for future operating losses.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non¬
occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is not recognized
because it is not probable that an outflow of resources will be required to settle the obligation, or the amount of the obligation cannot be
measured with sufficient reliability. The Company does not recognize a contingent liability but discloses its existence in the financial
statements

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 Company. Contingent assets are not recognized,
but its existence is disclosed in the financial statements

xiv. Leases

A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration.

As per the requirements of Ind AS 116 the company evaluates whether an arrangement qualifies to be a lease. In identifying a lease the
company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease, together with both periods covered by an option to
extent the lease if the company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if
the Company is reasonably certain not to exercise that option. The Company revises the lease term if there is a change in the non¬
cancellable period of a lease.

Company as a lessee

The Company accounts for each lease component within the contract as a lease separately from non-lease components of the contract
and allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease
component and the aggregate stand-alone price of the non-lease components.

Right of Use Assets

The Company recognises right-of-use asset representing its right to use the underlying asset for the lease term at the lease commencement
date. The cost of the right-of-use asset measured at inception shall comprise of the amount of the initial measurement of the lease liability
adjusted for any lease payments made at or before the commencement date less any lease incentives received, plus any initial direct costs
incurred and an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset or restoring the underlying
asset or site on which it is located.

The right-of-use assets is subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any and
adjusted for any remeasurement of the lease liability. The right-of-use assets is depreciated using the straight-line method from the
commencement date over the lease term. Right-of-use assets are tested for impairment whenever there is any indication that their
carrying amounts may not be recoverable and impairment loss, if any, is recognised in the statement of profit or loss.

Lease hold land are amortised over period of lease and considered as Right of Use assets as per Ind AS 116 and classified accordingly.

Lease Liability

The Company measures the lease liability at the present value of the lease payments that are not paid at the commencement date of the
lease. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be readily determined. If that rate
cannot be readily determined, the Company uses incremental borrowing rate. For leases with reasonably similar characteristics, the
Company, on a lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the incremental borrowing
rate for the portfolio as a whole.

The lease liability is subsequently re-measured by increasing the carrying amount to reflect interest on the lease liability, reducing the
carrying amount to reflect the lease payments made and re-measuring the carrying amount to reflect any reassessment or lease modifications.
The company recognises the amount of the re-measurement of lease liability due to modification as an adjustment to the right-of-use
asset and statement of profit or loss depending upon the nature of modification. Where the carrying amount of the right-of-use asset is
reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognises any remaining amount
of the re-measurement in statement of profit or loss.

The Company has elected not to apply the requirements of Ind AS 116 Leases to short-term leases of all assets that have a lease term
of 12 months or less and leases for which the underlying asset is of low value. The lease payments associated with these leases are
recognized as an expense on a straight-line basis over the lease term.

Operating leases

The Company has also used the practical expedient provided by the standard when applying Ind AS 116 to leases previously classified
as operating leases under Ind AS 17 and therefore, has not reassessed whether a contract, is or contains a lease, at the date of initial
application, relied on its assessment of whether leases are onerous, applying Ind AS 37 immediately before the date of initial application
as an alternative to performing an impairment review, excluded initial direct costs from measuring the right-of-use asset at the date of
initial application and used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.
The Company has used a single discount rate to a portfolio of leases with similar characteristics.

a. Financial assets

Classification

The Company classifies financial assets in the following measurement categories:

a) Those measured at amortised cost and

b) Those measured subsequently at fair value through other comprehensive income or fair value through profit or loss on the basis of its
business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Initial recognition and measurement

All financial assets are recognised initially at fair value. Transaction costs that are attributable to the acquisition of the financial asset are
adjusted to fair value in case of financial assets not recorded at fair value through profit or loss. Purchases or sales of financial assets that
require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are
recognised on the trade date, i.e., the date that the company commits to purchase or sell the asset.

Measured at amortised cost

A financial asset is measured at the amortised cost if both the following conditions are met:

a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the

principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR)
method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included in finance income in the statement of profit or loss. The losses arising from impairment
are recognised in the statement of profit or loss. This category generally applies to trade and other receivables.

Measured at fair value through other comprehensive income (FVOCI)

A financial asset ismeasured at FVOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The asset’s contractual cash flows represent SPPI.

Financial assets included within the FVOCI category are measured initially as well as at each reporting date at fair value. Fair value
movements are recognized in the other comprehensive income (OCI). However, the company recognizes interest income, impairment
losses & reversals and foreign exchange gain or loss in the profit or loss. On derecognition of the asset, cumulative gain or loss previously
recognised in OCI is reclassified from the equity to profit or loss. Interest earned whilst holding FVOCI debt instrument is reported as
interest income using the EIR method.

Financial Asset at fair value through profit or loss (FVTPL)

FVTPL is a residual category for financial asset. Any financial asset, which does not meet the criteria for categorization as at amortized
cost or as FVOCI, is classified as at FVTPL.

In addition, the group company may elect to classify a financial asset, which otherwise meets amortized cost or FVOCI criteria, as at
FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred
to as ‘accounting mismatch’).

Financial assets included within the FVTPL category are measured at fair value with all changes recognized in the profit or loss.
Derecognition

A financial asset (or, where applicable, a part of a financial asset or part of a company of similar financial assets) is primarily
derecognised (i.e. removed from the company’s balance sheet) when:

a) The rights to receive cash flows from the asset have expired, or

b) The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) the company has transferred substantially
all the risks and rewards of the asset, or (b) the company has neither transferred nor retained substantially all the risks and rewards of
the asset, but has transferred control of the asset.

c) When the company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it
evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained
substantially all of the risks and rewards of the asset, nor transferred control of the asset, the company continues to recognise the
transferred asset to the extent of the company’s continuing involvement. In that case, the company also recognises an associated liability.
The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the company has
retained.

d) Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying
amount of the asset and the maximum amount of consideration that the company could be required to repay.

Impairment of financial assets

In accordance with Ind-AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment
loss on the following financial assets and credit risk exposure:

a) Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities, deposits, and bank balance.

b) Trade receivables.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on:

a) Trade receivables which do not contain a significant financing component.

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment
loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

b) For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a
significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-month ECL is used to
provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period, credit
quality of the instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity
reverts to recognising impairment loss allowance based on 12-month ECL.

b. Financial liabilities

Classification

The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value
through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value.

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or amortised costs.

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.

The company’s financial liabilities include trade and other payables, loans and borrowings, financial guarantee contracts and derivative
financial instruments.

Financial Liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the
purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the group that are
not designated as hedging instruments in hedge relationships as defined by Ind-AS 109. Separated embedded derivatives are also
classified as held for trading unless they are designated as effective hedging instruments.

Gains or losses on liabilities held for trading are recognised in the profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition,
and only if the criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in
own credit risk are recognized in OCI. These gains/loss are not subsequently transferred to P&L. However, the company may transfer
the cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains
and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of
the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.

This category generally applies to interest-bearing loans and borrowings.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.

Derivative financial instruments

The company uses derivative financial instruments, such as forward currency contracts, interest rate swaps and forward commodity
contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. 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.

Offsetting

Financial assets and financial liabilities are offset and the net amount is presented in the balance sheet when,and when the company has
a legally enforceable right to set off the amount and it intends either to settle then an a net basis or to realize the asset and settle the
liability simultaneously.

Measurement of fair values

The Company’s accounting policies and disclosures require the measurement of fair values, for financial instruments.

The Company has an established control framework with respect to the measurement of fair values. The management regularly reviews
significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used
to measure fair values, then the management assesses the evidence obtained from the third parties to support the conclusion that such
valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which such valuations should be classified.

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. Fair values are
categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value
measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the
entire measurement.

The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change
has occurred.

xv. Government Grants

Government Grants and subsidies from Government are recognised when there is reasonable certainty that the grant/subsidy will be
received and all attaching conditions will be complied with.

When the government grant relates to income, it is recognised in the Statement of Profit or Loss on a systematic basis over the period in
which the Company recognizes as expenses the related costs for which the grant is intended to compensate.

For grants related to asset the grant is deducted in calculating the carrying amount of the asset. The grant is recognised in profit or loss
over the life of a depreciable asset as a reduced depreciation expense.

xvi. Recent pronouncements

Ind AS 117 - Insurance Contracts

The Ministry of Corporate Affairs (MCA) has notified Ind AS 117 - Insurance Contracts, which is applicable to the Company for
annual periods beginning on or after April 1, 2024. Ind AS 117 replaces Ind AS 104 and establishes principles for the recognition,
measurement, presentation, and disclosure of insurance contracts. There are no such contracts.

The amendments had no impact on the Company’s standalone financial statements.

Ind AS 116 - Leases (Sale and Leaseback Transactions)

Amendments to Ind AS 116 relating to accounting for variable lease payments in a sale and leaseback transaction are effective from April
1,2024. The amendment clarifies that the seller-lessee shall recognize any gain or loss on the sale portion immediately and account for
the leaseback liability in line with lease accounting requirements. The Company does not expect a material impact as there are currently
no such sale and leaseback transactions.

The amendments had no impact on the Company’s standalone financial statements.

Note 34 Additional Regulatory Information

1 The Company is not having any Immovable Property in the name of the company. Hence, no Title deeds were held in the name of the
company.

2 There are no investment in properties.

3 The Company has not revalued its Property, Plant and Equipment during the year.

4 The Company is not having any intangible assets during the year.

5 The Company has no capital work-in-progress pending as at the end of the year.

6 The Company has not granted loans and advances to promoters, directores, KMP’s and their relatives either jointly or severally with any

other person

7 No proceedings have been initiated or pending against Company for holding any Benami Property under Prohibitions of Benami Transactions
Act, 1988 (Earlier titled as Benami transactions (Prohibitions) Act, 1988.

8 The statement of current assets filed by Company with banks for borrowings are in agreement with the books of accounts.

9 The Company is not declared a wilfull defaulter by any Bank or Financial Institution or any other lender.

10 The Company has no transaction with Companies which are struck off under section 248 of the Companies Act, 2013 or under section 530
of Companies Act, 1956.

11 No charges of satisfication are pending for registration with the Registrar of Companies (ROC).

12 The Company has two subsidiaries. The Company is in compliance with the number of layers as prescribed under clause (87) of section 2

of the Companies Act, 2013 read with the Companies (Restriction on Number of Layers) Rules, 2017.

13 During the year no scheme of Arrangement has been formulated by the Company/pending with competent authority.

14 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds)
by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether
recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate
Beneficiaries).

15 The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether,
directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

16 The Company does not have any transactions that are not recorded in the books of accounts but have been surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961.

17 Details of crypto currency or virtual currency

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

Note 40 Financial Instruments - Fair Values and Risk Management

Financial risk management

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

(i) Market risk

(a) Currency risk;

(b) Interest rate risk;

(ii) Credit risk ; and

(iii) Liquidity risk ;

Risk management framework

The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s
primary risk management focus is to minimize potential adverse effects of risks on its financial performance. The Company’s risk
management assessment policies and processes are established to identify and analyses the risks faced by the Company, to set
appropriate risk limits and controls, and to monitor such risks and compliance with the same. These policies and processes are
reviewed by management regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors and
the Audit Committee are responsible for overseeing these policies and processes.

Note 40 (i) Market risk

Market risk is the risk of changes in the market prices on account of foreign exchange rates, interest rates which shall affect the
Company’s income or the value of its holdings of its financial instruments. The objective of market risk management is to manage and
control market risk exposure within acceptable parameters, while optimising the returns.

Note 40 (i)(a) Currency risk

The fluctuation in foreign currency exchange rates may have impact on the profit and loss account, where any transaction has more
than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity.
Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from
fluctuations in exchang rates in those countries. The risks primarily relate to fluctuations in U.S. dollar SEK and Euro against the
respective functional currrencies.

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations and arises principally from the Company’s receivables from customer. The Company establishes an allowance
for doubtful debts and impairment that represents its estimate on expected loss model .

A. Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of
the customer, including the default risk of the industry has an influence on credit risk assessment. Credit risk is managed through credit
approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants
credit terms in the normal course of business.

Expected credit loss assessment

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine expected credit losses. Historical
trends of impairment of trade receivables do not reflect any significant credit losses. Impaired amounts are based on lifetime expected losses based
on the best estimate of the management. Further, management believes that the unimpaired amounts that are past due by more than 180 days are still
collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. The impairment loss related to several
customers that have defaulted on their payments to the Company and are not expected to be able to pay their outstanding balances, mainly due to
economic circumstances.

B. Cash and cash equivalents

The Company holds cash and cash equivalents with credit worthy banks and financial institutions of ^219.84 lakhs as at March 31,2025 97.15

Lakhs as at 31 st March 2024). The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and
is considered to be good.

C. Investments

The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does
not have any significant concentration of exposures to specific industry sectors or specific country risks.

Financial Instruments - Fair Values and Risk Management
Note 40(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its
liquidity risk by ensuring, 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 unacceptable losses or risk to the Company’s reputation. The Company has obtained fund based
lines from banks. The Company also constantly monitors various funding options available in the debt and capital markets with a view to
maintaining financial flexibility.

Exposure to liquidity risk

The table below analyses the Company’s financial liabilities into relevant maturities groupings based on their contractual maturities for: all
non derivative financial liabilities.

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.

The company monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt is defined as total
liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Equity comprises of
Equity share capital and other equity.

The Company’s policy is to keep the ratio at optimum level.

Note 43 Approval of financial statements

The financial statements are approved for issue by the Board of Directors in their meeting held on 21st May, 2025.

Note 44 Previous year’s figures are regrouped or re-classified wherever considered necessary to make them comparable with current year’s figures.

^{AS PER OUR REPORT OF EVEN DATE} For and on behalf of Board of Directors of

For Maheshwari & Gupta Worth Peripherals Limited

Chartered Accountants

FRN : 006179C Sd/- Sd/-

Raminder Singh Chadha Jayvir Chadha

Sd/- Chairman & Managing Director Whole Time Director

CA. Manoj Gupta DIN - 00405932 DIN - 02397468

Partner

M.NO. 071927 Sd/- _Sd/-

G S Agrawal Nidhi Arj ariya

Place : Indore Chief Financial Officer C_omp_any S_ecret_ary

Date : 21.05.2025 PAN - ABDPA8621P _M. _No. _A54208

---

Mar 31, 2024

(B) The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount.

(D) The company has passed a resolution in the AGM that it shall be open for the shareholders of the company to waive/forgo his/their right to receive dividend (interim/final) by him/them for any financial year which may be declared or recommended respectively by the Board of Directors of the company.

(E) Dividend

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval by the shareholders of the company in the ensuing Annual General Meeting. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors have proposed Dividend of Re. 1/- per share for the financial year 2023-24 (previous year Re. 1/- per share).

The Dividend has been declared out of the company’s profit, which is within the permissible limit as sepecified in Rule 3 of Companies (Declaration and Payment of Dividend ), Rules 2014.

Nature and Purpose of Reserves

(i) Securities Premium

Securities Premium is created on recording of premium on issue of shares. The reserve can be utilised in accordance with the provisions of the Companies Act, 2013.

(ii) General Reserve

The General Reserve is created from time to time out of surplus profit from retained earnings. General Reserve is created by transfer from one component of Equity.

(iii) Retained Earnings

The same is created out of profits over the years and shall be utilised as per the provisions of the Companies Act, 2013.

16.1 Working capital facilities amounting to Rs.700.00 Lakhs has been sanctioned by HDFC Bank.

Security

16.2 Loans repayable on demand are working capital loans and are secured by hypothecation of company''s stock and book debts, present and future and by a second charge on all the immovable properties of the company and plant and machinery, machinery spares, tools and accessories and other movables both present and future. Such advances are also secured by personal guarantee of the directors of the company.

16.3 Loans and advances from related parties are unsecured and carries interest at 0 % p.a. (previous year 0

i) Principal amount & interest due thereon remaining unpaid to any supplier covered under MSMED Act at the end of the accounting year;

Ptrmcipal amount due to micro and small enterpris es Interest due on above

ii) The amount of interest paid ny the buyer in terms of Secsion C6, of the MSMEDAct, 2006 along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year.

iii) The amount of interest due and payablc for the period of delay in making paymcnt (which have been paid but beyond the appointed day during the year) but beyond withnut adding die interest specified irnder MSMED Act.

iv) The amount of interest accrued and remaining unpaid at the end of each accounting year.

v) The amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to tha small enterprise fear the purp ose of disallowance as a deductible expenditure under section 23 of the MSMED Act. 2006.

Note 21.3 Contract liabilities are on account of the upfront revenue received from customers for which performance obligation has not yet been completed.

The performance obligation is satisfied when control of the goods or services are transferred to the customers based on the contractual terms. Payment terms with the customers vary depending upon the contractual terms of each contract.

Note 28	Contingent liabilities and commitments 1) Contingent Liabilities
	a) Claims against the Company not acknowledged as debt:	Nil	Nil
	b) Guarantees	Nil	Nil
	c) Claims against the Company as debt against Joint Venture: 2) Commitments	765.05	75.93
	Estimated amount of contracts remaining to be executed on Capital account and not provided for;	Nil	1,158.59
	Capital commitments in Joint Venture and its share in the capital commitments that have been incurred jointly	Nil	Nil

7 Details of related party transactions, e.g., contribution to a trust controlled by the company in relation to CSR expenditure as per relevant Accounting Standard.

8 Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year should be shown separately

Note 31 The company is engaged in Business of "Corrugated Boxes" and therefore there is only one reportable segment in accordance with Indian Accounting Standards (Ind AS) 108 - Operating Segment.

1 Title deeds of immovable properties are held in the name of company.

2 There are no investment in properties.

3 The Company has not revalued its Property, Plant and Equipment during the year.

4 The Company has not revalued its intangible assets during the year.

5 The Company has no capital work-in-progress pending as at the end of the year.

6 The Company has not granted loans and advances to promoters, directores, KMP''s and their related.

7 No proceedings have been initiated or pending against Company for holding any Benami Property under Prohibitions of Benami

Transactions Act, 1988 (Earlier titled as Benami transactions (Prohibitions) Act, 1988.

8 The statement of current assets filed by Company with banks for borrowings are in agreement with the books of accounts.

9 The Company is not declared a wilfull defaulter by any Bank or Financial Institution or any other lender.

10 The Company has no transaction with Companies which are struck off under section 248 of the Companies Act, 2013 or under section 530 of Companies Act, 1956.

11 No charges of satisfication are pending for registration with the Registrar of Companies (ROC).

12 The Company has subsidiaries. The Company is in compliance with the number of layers as prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on Number of Layers) Rules, 2017.

13 During the year no scheme of Arrangement has been formulated by the Company/pending with competent authority.

14 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

15 The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

16 The Company does not have any transactions that are not recorded in the books of accounts but have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

17 CAPITAL SUBSIDY

Madhya Pradesh Industrial Development Corporation (MPIDC), a government of Madhya Pradesh undertaking has approved a sum of Rs. 1,612/- lakhs (Rs. One thousand six hundred twelve lakhs only) as invesment promotoin assistance against investment of Rs. 4,031/- lakhs (Rs. four thousand thirty one lakhs only). The total assistance is to be spread over a period of seven years, subject to compliance with terms & conditions. The subsidy sanctioned in an accounting year reduced from the carrying cost of the eligible assets (plant & machinery and factory building on pro-rata basis) and such reduced cost of assets are depreciated over their useful life. No amount was sanctioned during the year. The total amount of subsidy sanctioned and reduced from the cost of property, plant and equipment upto March 31, 2024 is Rs. 460/- Lakhs (Rs. four hundred sixty lakhs only).

18 Details of crypto currency or virtual currency

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

Note 39 Financial Instruments — Fair Values and Risk Management Financial risk management

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

(i) Market risk

(a) Currency risk;

(b) Interest rate risk;

(ii) Credit risk ; and

(iii) Liquidity risk ;

Risk management framework

The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s primary risk management focus is to minimize potential adverse effects of risks on its financial performance. The Company’s risk management assessment policies and processes are established to identify and analyses the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. These policies and processes are reviewed by management regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors and the Audit Committee are responsible for overseeing these policies and processes.

Note 39 (i) Market risk

Market risk is the risk of changes in the market prices on account of foreign exchange rates, interest rates which shall affect the Company''s income or the value of its holdings of its financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising the returns.

Note 39 (i)(a) Currency risk

The fluctuation in foreign currency exchange rates may have impact on the profit and loss account, where any transaction has more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity. Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchange rates in those countries. The risks primarily relate to fluctuations in U.S. dollar and Euro, SEK and Pound against the respective functional currrencies.

Sensitivity analysis

A 1% strengthening / weakening of the respective foreign currencies with respect to functional currency of Company would result in increase or decrease in profit or loss as shown in table below. The following analysis has been worked out based on the exposures as on the date of statements of financial position.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The company''s exposure to the risk of changes in market interest rates relates primarily to the borrowings from bank. Currently Company is not using any mitigating factor to cover interest rate risk.

Interest rate sensitivity

A reasonably possible change of 1% in interest rates at the reporting date would have increased/(decreased) equity and profit or loss by amounts shown below. This analysis assumes that all other variables, in particular, foreign currency exchange rates, remain constant. 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.

Note 39 (ii) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customer. The Company establishes an allowance for doubtful debts and impairment that represents its estimate on expected loss model .

(A) Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Expected credit loss assessment

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Impaired amounts are based on lifetime expected losses based on the best estimate of the management. Further, management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. The impairment loss related to several customers that have defaulted on their payments to the Company and are not expected to be able to pay their outstanding balances, mainly due to economic circumstances.

(B) Cash and cash equivalents

The Company holds cash and cash equivalents with credit worthy banks and financial institutions of Rs. 97.15 lakhs as at March 31, 2024, (Rs. 105.99 Lakhs as at 31st March 2023). The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

(C) Investments

The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.

Financial Instruments — Fair Values and Risk Management Note 39 (iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, 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 unacceptable losses or risk to the Company’s reputation.

The Company has obtained fund based lines from banks. The Company also constantly monitors various funding options available in the debt and capital markets with a view to maintaining financial flexibility.

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.

The company monitors capital using a ratio of ''adjusted net debt'' to ''adjusted equity''. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Equity comprises of Equity share capital and other equity.

The Company’s policy is to keep the ratio at optimum level.

(C) The Board of Directors at it’s meeting held on May 27, 2024 have recommended payment of final dividend of Re 1/- per share of face value of Re. 10/- each for the year ended March 31, 2024. This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting and hence not recognised as liability.

Note 42 Rounding-off

The figures appearing in financial statements have been rounded off to the nearest lakhs (upto two decimals), as required by General Instructions for preparation of Financial Statements in Division II Schedule III to the Companies Act, 2013.

Note 43 Approval of Financial statements

The financial statements are approved for issue by the Board of Directors in their meeting held on 27th May, 2024.

---

Mar 31, 2023

(a) Inventories are valued at cost or net realisable value whichever is lower. The cost formulas used is First-in-First Out (FIFO) in case

of Raw Material, Ancillary Raw Material and Stores & Spares. The cost of inventories comprises all cost of purchase including duties and taxes (other than those subsequently recoverable from the taxing authorities), conversion cost and other costs incurred in bringing the inventories to their present location and condition.

(b) Carrying amount of inventory hypothecated to secure working capital facilities Rs. 700.00 Lakhs (Previous Year Rs. 700.00 Lakhs)

B The company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount.

D. The company has passed a resolution in the AGM that it shall be open for the shareholders of the company to waive/forgo his/their right to receive dividend (interim/final) by him/them for any financial year which may be declared or recommended respectively by the Board of Directors of the company.

E. Dividends-

The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval by the shareholders of the company in the ensuing Annual General Meeting. The distribution will be in proportion to the number of equity shares held by the shareholders.

The Board of Directors have proposed Dividend of Re. 1/- per share for the financial year 2022-23

The Dividend has been declared out of the company’s profit, which is within the permissible limit as sepecified in Rule 3 of Companies (Declaration and Payment of Dividend ), Rules 2014.

Nature and Purpose of Reserves

(i) Securities Premium

Securities Premium is created on recording of premium on issue of shares. The reserve can be utilised in accordance with the provisions of the Companies Act, 2013.

(ii) General Reserve

The General Reserve is created from time to time out of surplus profit from retained earnings. General Reserve is created by transfer from one component of Equity.

(iii) Retained Earnings

The same is created out of profits over the years and shall be utilised as per the provisions of the Companies Act, 2013.

Note 17.1 Working Capital Facilities Amounting to RS.700 Lakhs has been sactioned by HDFC Bank.

Security

N₀t_e 17.2 A. Loans repayable on demand are working capital loans and are secured by hypothecation of company’s stock and book debts, present and future and by a second charge on all the immovable properties of the company and plant and machinery, machinery spares, tools and accessories and other movables both present and future. Such advances are also secured by personal guarantee of the directors of the company.

Note 17.3 B. Loans and Advances from related Parties are Unsecured and carries interest at Nil % p.a. (previous year 5 % p.a.)

Note 18.1 (i) Information as required to be furnished as per Section 22 of the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended March 31, 2023 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the company.

( ^ iii Lakhs )
Note	Particulars	As at 31.03.2023	As at 31.03.2022
Note 30	CONTINGENT LIABILITIES AND COMMITMENTS 1) Contingent Liabilities
	a) Claims against the Company not acknowledged as debt :	NIL	NIL
	b) Guarantees	NIL	NIL
	c) Claims against the Company as debt against Joint Venture:	75.93	234.23
	2) Commitments Estimated amount of contracts remaining to be executed on Capital account and not provided for;	1,158.59	NIL
	Capital commitments in Joint Venture and its share in the Capital commitments that have been incurred jointly	NIL	NIL

ADDITIONAL REGULATORY INFORMATION :-

1 Title deeds of immovable properties are held in the name of company.

2 There are no investment in properties.

3 The Company has not revalued its Property, Plant and Equipment during the year.

4 The Company has not revalued its intangible assets during the year.

5 The Company has no capital work-in-progress pending as at the end of the year.

6 The Company has not granted loans and advances to promoters, directores, KMP’s and their related.

7 No proceedings have been initiated or pending against Company for holding any Benami Property under Prohibitions of Benami Transactions Act, 1988 (Earlier titled as Benami transactions (Prohibitions) Act, 1988.

8 The quarterly returns/statement of current assets filed by Company with banks for borrowings are in agreement with the books of accounts.

9 The Company is not declared a wilfull defaulter by any Bank or Financial Institution or any other lender.

10 The Company has no transaction with Companies which are struck off under section 248 of the Companies Act, 2013 or under

section 530 of Companies Act, 1956.

11 No charges of satisfication are pending for registration with the Registrar of Companies (ROC).

12 The Company has two subsidiaries. The Company is in compliance with the number of layers as prescribed under clause (87) of section 2 of the Companies Act, 2013 read with the Companies (Restriction on Number of Layers) Rules, 2017.

13 During the year no scheme of Arrangement has been formulated by the Company/pending with competent authority.

14 No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries).

15 The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

16 The Company does not have any transactions that are not recorded in the books of accounts but have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

Subsidy

17 Madhya Pradesh Industrial Development Corporation (MPIDC), a government of Madhya Pradesh undertaking has approved a sum of Rs. 1612 lakhs (Rs. One thousand six hundred twelve lakhs only) as invesment promotoin assistance against investment ofRs. 4031 lakhs (Rs. four thousand thirty one lakhs only). The total assistance is to be spread over a period of seven years, subject to compliance with terms & conditions. The subsidy sanctioned in an accounting year reduced from the carrying cost of the eligible assets (plant & machinery and factory bulding on prorata basis) and such reduced cost of assets are depreciated over their useful life. No amount was sanctioned during the year. The total amount of subsidy sanctioned and reduced from the cost of property, plant and equipment upto March 31, 2023 is Rs. 460 Lakhs (four hundred sixty lakhs only).

18 Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

Note 41 Financial Instruments - Fair Values and Risk Management

Financial risk management

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

(i) Market risk

(a) Currency risk;

(b) Interest rate risk;

(ii) Credit risk ; and

(iii) Liquidity risk ;

Risk management framework

The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s primary risk management focus is to minimize potential adverse effects of risks on its financial performance. The Company’s risk management assessment policies and processes are established to identify and analyses the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. These policies and processes are reviewed by management regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors and the Audit Committee are responsible for overseeing these policies and processes.

Note 41 (i) Market risk

Market risk is the risk of changes in the market prices on account of foreign exchange rates, interest rates which shall affect the Company’s income or the value of its holdings of its financial instruments. The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising the returns.

Note 41 (i)(a) Currency risk

The fluctuation in foreign currency exchange rates may have impact on the profit and loss account, where any transaction has more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity. Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchang rates in those countries. The risks primarily relate to fluctuations in U.S. dollar and Euro ,SEK and Pound against the respective functional currrencies.

Sensitivity analysis

A 1% strengthening / weakening of the respective foreign currencies with respect to functional currency of Company would result in increase or decrease in profit or loss as shown in table below. The following analysis has been worked out based on the exposures as of the date of statements of financial position.

Note 41 i(b) : Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The company’s exposure to the risk of changes in market interest rates relates primarily to the borrowing from bank. Currently Company is not using any mitigating factor to cover interest rate risk.

Interest rate sensitivity

A reasonably possible change of 1% in interest rates at the reporting date would have increased /(decreased) equity and profit or loss by amounts shown below. This analysis assumes that all other variables, in particular, foreign currency exchange rates, remain constant. 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.

Note 41 (ii) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customer. The Company establishes an allowance for doubtful debts and impairment that represents its estimate on expected loss model .

A. Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Expected credit loss assessment

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Impaired amounts are based on lifetime expected losses based on the best estimate of the management. Further, management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. The impairment loss related to several customers that have defaulted on their payments to the Company and are not expected to be able to pay their outstanding balances, mainly due to economic circumstances.

B. Cash and cash equivalents

The Company holds cash and cash equivalents with credit worthy banks and financial institutions of Rs. 105.99 lakhs as at March 31, 2023, (Rs. 721.21 Lakhs as at 31st March 2022). The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

C. Investments

The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.

Financial Instruments - Fair Values and Risk Management Note 41(iii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, 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 unacceptable losses or risk to the Company’s reputation.

The Company has obtained fund based lines from banks. The Company also constantly monitors various funding options available in the debt and capital markets with a view to maintaining financial flexibility.

Note - 42 Capital Management

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.

The company monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Equity comprise of Equity share capital and other equity.

C. The Board of Directors at it’s meeting held on May 29, 2023 have recommended payment of final dividend of Re 1/- per share of face value of Re. 10/- each for the year ended March 31, 2023. This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting and hence not recognised as liability.

Note 44 ROUNDING OFF

The figures appearing in financial statements have been rounded off to the nearest lakhs (upto two decimals), as required by General Instructions for preparation of Financial Statements in Division II Schedule III to the Companies Act, 2013.

Note 45 APPROVAL OF FINANCIAL STATEMENTS

The financial statements are approved for issue by the Board of Directors in their meeting held on 29th May, 2023.

---

Mar 31, 2020

The company has passed a resolution in the AGM that it shall be open for the shareholders of the company to waive/ forgo his/ their right to receive dividend (interim/ final) by him/ them for any financial year which may be declared or recommended respectively by the Board of Directors of the company.

The interim dividend paid during the year ended 31st March 2020 amounts to Rs. 40.82 lakhs/- (Previous Year- Rs. 24.23 Lakhs) including Corporate Dividend Distribution tax of Rs. 8.39 Lakhs (Previous Year- Rs. 4.98 Lakhs).

Nature and Purpose of Reserves

(i) Securities Premium

Securities Premium is created on recording of premium on issue of shares. The reserve can be utilised in accordance with the provisions of the Companies Act, 2013.

(ii) General Reserve

The General Reserve is created from time to time out of surplus profit from retained earnings. General Reserve is created by transfer from one component of Equity.

(iii) Retained Earnings

The same is created out of profits over the years and shall be utilised as per the provisions of the Companies Act, 2013.

A. Term Loan Outstanding of Rs. 1438.68 lakhs (Previous Year Rs. Nil ,at 01.04.2018 Rs. 358.69 lakhs) are secured by way of an Equitable Mortgage of Immovable Properties and a first charge by way of Hypothecation of all the Comapny''s Movable Machinery, Present and future, subject to prior charges created in favour of Company''s Bankers on the stock of Raw Materials, Goods in Process, Finished and Manufactured goods and Book Debts towards security for Working Capital Facilities. Term Loans are also secured by Personal Guarantee of the Directors of the Company.

B. Vehicle Loan Outstanding of Rs. 12.66 lakhs (Previous Year Rs. 52.33 lakhs, at 01.04.2018 Rs. 88.91 lakhs out of which Rs. 12.66 lakhs Classified as Current Liability (Previous Year Rs. 39.67 lakhs, at 01.04.2018 Rs. 36.57 lakhs) are secured by way of an Hypothecation of Vehicles.

C. Loans and Advances from related Parties are Unsecured and carries interst at 8% p.a. (previous year 8% p.a., as at 1 April 2018 8% p.a.)

A. Loans repayable on Demand are Working Capital Loans and are Secured by Hypothecation of Company''s Stock and Book Debts, present and furture and by a Second Charge on all the Immovable Properties of the Company and Plant and Machinery, Machinery Spares, Tools and accessories and Other Movables both present and future. Such advances are also secured by Personal Guarantee of the Directors of the Company.

Note 32 The Company is having controlling stake in a partnership firm M/s Yash Packers, Mumbai. Indian Accounting Standards (Ind AS) 110 "Consolidated Financial Statement” issued by the Institute of Chartered Accountants of India (ICAI) and notified under the Companies Accounting Standards Rules, 2015, is applicable to the company in the matter of consolidation of its Annual Accounts.

Note 33 DETAILS OF EXPENSES ON CORPORATE SOCIAL RESPONSIBILITY

The company has incurred a sum of Rs. 29.00 lakhs as expenses related to Corporate Social Responsibility. However the company has not spent the total amount of Rs. 33.23 lakhs being 2 % of average profit of last three years. Therefore there is a shortfall of Rs. 4.23 lakhs for the year to be spend on CSR Activities. The total unspent amount towards CSR as on the balance sheet is Rs. 53.87 lakhs. The Management is in the process of identifying projects that can be supported by the Company.

Note 35

The company is engaged in Business of " Corrugated Boxes" and therefore there is only one reportable segment in accordance with Indian Accounting Standards (Ind AS) 108 - Operating Segment.

Note 36 Leases

The Company has adopted Ind AS 116, which is effective from April 1, 2019 and applied the standard to its leases, using Modified Retrospective Approach. Accordingly, the Company has not restated comparative information, instead the cumulative effect of initial applicable standard has been recognised as an adjustment to the opening balance of retained earnings as on April 1,2019.

B. Measurement of fair values

Valuation techniques and significant unobservable inputs

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

Note 42i(a) Financial Instruments - Fair Values and Risk Management

Financial risk management

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

(i) Market risk

(a) Currency risk;

(b) Interest rate risk;

(ii) Credit risk ; and

(iii) Liquidity risk ;

Risk management framework

The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Company’s primary risk management focus is to minimize potential adverse effects of risks on its financial performance. The Company’s risk management assessment policies and processes are established to identify and analyses the risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. These policies and processes are reviewed by management regularly to reflect changes in market conditions and the Company’s activities. The Board of Directors and the Audit Committee are responsible for overseeing these policies and processes.

(I) Market risk

Market risk is the risk of changes the market prices on account of foreign exchange rates, interest rates which shall affect the Company''s income or the value of its holdings of its financial instruments . The objective of market risk management is to manage and control market risk exposure within acceptable parameters, while optimising the returns.

The fluctuation in foreign currency exchange rates may have impact on the profit and loss account, where any transaction has more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the entity. Considering the countries and economic environment in which the Company operates, its operations are subject to risks arising from fluctuations in exchangrates in those countries. The risks primarily relate to fluctuations in U.S. dollar and Euro, against the respective functional currrencies.

Interest rate sensitivity

A reasonably possible change of 1% in interest rates at the reporting date would have increased /(decreased) equity and profit or loss by amounts shown below. This analysis assumes that all other variables, in particular, foreign currency exchange rates, remain constant. 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.

Mtin-h ''n

Note 42(ii) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s receivables from customer. The Company establishes an allowance for doubtful debts and impairment that represents its estimate on expected loss model .

A. Trade and other receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course ofbusiness.

Expected credit loss assessment

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Impaired amounts are based on lifetime expected losses based on the best estimate of the management. Further, management believes that the unimpaired amounts that are past due by more than 180 days are still collectible in full, based on historical payment behaviour and extensive analysis of customer credit risk. The impairment loss related to several customers that have defaulted on their payments to the Company and are not expected to be able to pay their outstanding balances, mainly due to economic circumstances.

B. Cash and cash equivalents

The Company holds cash and cash equivalents with credit worthy banks and financial institutions of Rs. 28.08 lakhs as at March 31,2020, (Rs.1173.36 lakhs as at 31st March 2019 and Rs. 0.27 lakhs as at 1st April 2018 ).The credit worthiness of such banks and financial institutions is evaluated by the management on an ongoing basis and is considered to be good.

C. Investments

The Company does not expect any losses from non-performance by these counter-parties apart from those already given in financials, and does not have any significant concentration of exposures to specific industry sectors or specific country risks.

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by ensuring, 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 unacceptable losses or risk to the Company’s reputation. The Company has obtained fund based lines from banks. The Company also constantly monitors various funding options available in the debt and capital markets with a view to maintaining financial flexibility.

F,xnosnre to liquidity risk

The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating to derivative financial liabilities held for risk management purposes and which are not usually closed out before contractual maturity. The disclosure shows net cash flow amounts for derivatives that are net cash-settled and gross cash inflow and outflow amounts for derivatives that have simultaneous gross cash settlement.

Note - 43 Capital Management

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.

The company monitors capital using a ratio of ''adjusted net debt'' to ''adjusted equity''. For this purpose, adjusted net debt is defined as total liabilities, comprising interrest-bearing loans and borrowings and obligations under finance leases, less cash and cash equivalents. Equity comprise of Equity share capital and other equity.

Note -45 Transition to Ind AS:

"For the purposes of reporting as set out in Note A and B , we have transitioned our basis of accounting from Indian generally accepted accounting principles (“Indian GAAP”) to Ind AS. The accounting policies set out in Note A and B have been applied in preparing the financial statements for the year ended March 31,2020. The comparative information presented in these financial statements for the year ended March 31, 2019 and in the preparation of an opening Ind AS balance sheet at April 1, 2018 (the “transition date”).In preparing our opening Ind AS balance sheet, we have made certain adjustments to amounts reported in financial statements prepared in accordance with Indian GAAP. An explanation of how the transition from Indian GAAP to Ind AS has affected our financial position and performance is set out in the following tables. On transition, we did not revise estimates previously made under Indian GAAP except where required by IndAS."

A. EXEMPTIONS AND EXCEPTIONS AVAILED

Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from Indian GAAP to Ind AS :

I Ind AS optional exemptions

(i) Deemed cost

Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its

deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities.

Accordingly, the Company has elected to measure all its property, plant and equipment at their previous GAAP carrying value. There are no decommissioning liabilities of the Company.

(ii) Investment in subsidiaries, joint venture & associates

There is an option to measure investments in subsidiaries, joint ventures and associates at cost in accordance with Ind AS 27 at either.

(a) Fair value on date of transition; or

(b) Previous gap carrying values

The Company has decided to use the previous gap carrying values and not to fair value its investments in j oint venture as on the date of transition.

II. Ind AS mandatory exceptions

(i) "Estimates :

An entity''s estimates in accordance with Ind ASs at the date of transition to Ind AS are consistent with estimates made for the same date in accordance with previous GAAP."

(ii) "Derecognition of financial assets and financial liabilities:

The Company has opted to apply the exemption available under Ind AS 101 to apply the derecognition criteria of Ind AS 109 prospectively for the transactions occurring on or after the date of transition to Ind AS."

(iii) "Impact of transition to Ind AS :

The following is a summary of the effects of the differences between Ind AS and Indian GAAP on the company''s total equity shareholders fund and profit and loss for the financial period for the period previously reported under Indian GAAP following the date of transition of Ind AS"

(iv) "Transition to Ind AS Reconciliation :

The following reconciliations provide a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS in accordance with Ind AS 101:The presentation requirements under previous GAAP differ from Ind AS and hence Previous GAAP information has been regrouped for the ease of reconciliation with Ins AS. The Regrouped previous GAAP information is derived from the Financial Statements of the company prepared in accordance with previous GAAP.

C. NOTES ON FIRST TIME ADOPTION:

1 Property, Plant & Equipment

On transition to Ind AS as on April 1, 2018 the Company has elected to measure its tangible and intangible assets at their carrying value which is considered as the Deemed Cost

2 Leasehold Land

The Company has certain lease hold Lands with a tenure 30 years. Lease arrangements have been classified as operating leases. Consequently, leasehold land has been amortised over the period of lease and amortisation amount to Rs. 26.19 lakhs up to 01.04.2018 and Rs. 30.21 lakhs still 31st march 2019 is recognised.

3 Investment in subsidiary, associates

The same are measured at cost after testing for impairment, if any.

4 Trade Receivables

The Company measures recovery of debtors on Expected Credit Loss Model.(refer note 43(ii))

5 Retained Earnings

Retained earnings as at April 01,2018 has been adjusted consequent to Ind AS adjustments.

6 Deferred Tax

The Company has recognised deferred tax as per requirements of Ind AS -12 on "Income taxes" and recognised a deferred tax liability arising on account of the Ind AS adjustments as on April 1,2018 to retained earnings.

7 Employee Benefits

Both under Indian GAAP and Ind AS, the Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to profit and loss. Under Ind AS, remeasurements of defined benefits plans are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI. Therefore acturial gain on gratuity classified from statement of profit and loss to other Comprehensive income by Rs. 4.33 lakhs in 2018-2019.

8 Security Deposits

Certain security deposits given were recorded at discounted value and classified at amortised cost, Difference between the discounted value and transaction value of the security deposits has been recognised as prepaid expenses.

Previous year''s figures have been reqrouped and rearranged wherever considered necessary to make them comparable with the current year''s figures.

---

Mar 31, 2018

OVERVIEW

Worth Peripherals Limited (‘the Company’) is engaged in the business of manufacturing and sale of Corrugated Boxes. The Company is having two manufacturing units at Pithampur Dist Dhar (M.P.) and Registered and Corporate office at Indore (M.P.). The Company is having 40% holding in a Partnership Firm M/s. Yash Packers which is also engaged in manufacturing and sale of Corrugated Boxes at Valsad, Gujarat, Registered Office Situated at Mumbai.

(ii) The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amount.

(iii) Details of Shares held by each Shareholder holding more than 5% shares:

SECURITY :

A. Term Loan Outstanding of Rs. 35868688/- are secured by way of an Equitable Mortgage of Immovable Properties ranking pari passu amongst the Lenders and by a first charge by way of Hypothecation of all the Company’s Movable Machnery, Present and future, subject to prior charges created in favour of Company’s Bankers on the stock of Raw Materials, Goods in Process, Finished and Manufactured goods and Book Debts towards security for Working Capital Facilities. Term Loans are also secured by Personal Guarantee ofthe Directors ofthe Company.

B. Term Loan Outstanding of Rs. 8890804/- (Rs. 3657498/- Classified as Current Liability) are secured by way of an Hypothecation of Vehicles.

C. Loans and Advances from related Parties are Unsecured.

SECURITY :

A. Loans repayable on Demand are Working Capital Loans and are Secured by Hypothecation of Company’s Stock and Book Debts, present and future and by a Second Charge on all the Immovable Properties of the Company and Plant and Machinery, Machinery Spares, Tools and accessories and Other Movables both present and future. Such advances are also secured by Personal Guarantee of the Directors ofthe Company.

B. Loans and Advances from related Parties are Unsecured.

Note : Inventories are valued at Cost or Net Realisable Value whichever is Lower. The Cost formulas used are First in First Out (FIFO) in case of raw material, Ancillary Raw material and Consumable Spares. The Cost of Inventories comprises all cost of Purchase including Duties and Taxes (Other than those subsequently recoverable from the Taxing authorities), conversion cost and other costs incurred in bringing the inventories to their present location and condition.

1 The Company has 40 % share in Profit/Loss of a Partnership Firm M/s. Yash Packers, Mumbai. Accounting Standards (AS) -27 “Financial reporting of Interests in Joint Ventures” issued by the Institute of Chartered Accountants of India (ICAI) and notified under the Companies Accounting Standards Rules, 2006, is applicable to the company in the matter of consolidation of its Annual Accounts.

2 Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Under the Micro, Small and Medium Enterprises Development Act, 2006 which came into force from 2ⁿ October 2006. Certain disclosures are required to be made relating to Micro, Small and Medium Enterprises. The Management has confirmed that none of the suppliers have confirmed that they are registered under the provisions of this Act. In view of this, the liability of the interest and disclosures are not required to be disclosed in the financial statement.

3 Work in Progress Comprises of Kraft Paper, Gums, Wire Etc under Conversion into Corrugated Boxes.

4 As certified by the management the value on realisation of loans and advances and current assets in the ordinary course of business will not be less than the value at which they are stated in the Balance Sheet.

5 The Company in the Earlier years has not made provision for Deffered Tax Liability. During the year it has made provision of Rs. 59,064,499/- in Profit & Loss Account which includes provision for earlier period of Rs. 50,424,465/-.

6 In Accordance with the Accounting Standards (AS) -11 “The effects of changes in foreign exchange rates” issued by the Institute of Chartered Accountants of India (ICAI) and notified under the Companies Accounting Standards Rules, 2006, the receivables at the balance sheet date are treated as monetary items and are therefore reported using the closing rates.

7 Details of Expenses on Corporate Social Responsibility

The company was reqiured to spend an amount of Rs. 1931892/- being 2 % of average profit of last three Years. However the company has not spent amount out of the same.Therefore there is a Shortfall of Rs. 1931892/- for the year to be spend on CSR Activities. The Management is in the Process of Identifying Projects that can be Supported by the Company.

8 In accordance with the Accounting Standard (AS) 17 “Segment Reporting” issued by The Institute of Chartered Accountants of India (ICAI) and specified u/s 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules, 2006 the Company has only one reportable segment “Corrugated Boxes” for the current year.

9 In accordance with the Accounting Standard (AS) 19 “Leases” issued by The Institute of Chartered Accountants of India (ICAI) and specified u/s 133 ofthe Act read with Rule 7 ofthe Companies (Accounts) Rules, 2006 details of finance lease are as under :

10 The Subsidy claim under Industrial Investment Promotion Assistance Scheme -2010 amount of Rs. 27,174,000/- has been accounted for on accrual basis considering the reasonable certainty of its receipts.

11 During the year the Company has obtained the following short term credit facilities in foreign currency, which have been carved out of the existing Term Loans availed by the Company to reduce the interest burden:-

These Short Term Loans will be repaid by restoring the Long Term Loans again in the next financial year. Therefore these loan liabilities have been considered as Non-Current in the Financial Statement.

12 The disclosure required as per Accounting Standard (AS) 15 “Employees Benefit” issued by the Institute of Chartered Accountants of India (ICAI) and specified u/s 133 of the Act read with Rule of the Companies (Accounts) Rules, 2006 and based on the report issued by Actuarial Valuation is as under:-

13 Previous Year’s figures have been regrouped and recast wherever considered necessary to make them comparable with the current year’s figures.