అకౌంట్స్ గమనికలుZenith Healthcare Ltd.

Mar 31, 2025

1.9 Provisions and contingent liabilities

“A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation
that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the
obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks
specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is
recognized as a finance cost.

Contingent Liability is disclosed after careful evaluation of facts, uncertainties and possibility of reimbursement, unless
the possibility of an outflow of resources embodying economic benefits is remote. Contingent liabilities are not
recognized but are disclosed in notes.

Contingent assets are not disclosed in the Financial statements unless an inflow of economic benefits is probable.”

1.10 Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and demand deposits with an
original maturity of three months or less and highly liquid investments that are readily convertible into known amounts
of cash and which are subject to an insignificant risk of changes in value net of outstanding bank overdrafts as they
are considered an integral part of the Company''s cash management.

1.11 Financial instruments

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

(a) Financial assets

(i) Initial recognition and measurement

Financial asset is measured at its fair value except for trade receivables which are initially measured at
transaction price. in the case of a financial asset not at fair value through profit or loss, transaction costs that are
directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair
value through profit or loss are expensed in profit or loss.

(ii) Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in following categories:

a) at amortized cost; or

b) at fair value through other comprehensive income; or

c) at fair value through profit or loss.

The classification depends on the entity''s business model for managing the financial assets and the contractual
terms of the cash flows.

Amortized cost: Assets that are held for collection of contractual cash flows where those cash flows represent
solely payments of principal and interest are measured at amortized cost. Interest income from these financial
assets is included in finance income using the effective interest rate method (EIR).

Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual
cash flows and for selling the financial assets, where the assets'' cash flows represent solely payments of principal
and interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the
carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue
and foreign exchange gains and losses which are recognized in Statement of Profit and Loss. When the financial
asset is derecognized, the cumulative gain or loss previously recognized in OCI is reclassified from equity to
Statement of Profit and Loss and recognized in other gains/ (losses). Interest income from these financial assets
is included in other income using the effective interest rate method.

Fair value through profit or loss: Assets that do not meet the criteria for amortized cost or FVOCI are measured at
fair value through profit or loss. Interest income from these financial assets is included in other income.

Equity instruments: All equity investments in scope of Ind AS 109 are measured at fair value. Equity
instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company
may make an irrevocable election to present in other comprehensive income subsequent changes in the fair
value. The Company makes such election on an instrument- by-instrument basis. The classification is made on
initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to
P&L, even on sale of investment. However, the Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in
the profit and loss.

(iii) Impairment of financial assets

In accordance with Ind AS 109, Financial Instruments, the Company applies expected credit loss (ECL) model for
measurement and recognition of impairment loss on financial assets.

In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime ECL
is measured and recognized as loss allowance.

In case of other assets , the Company determines if there has been a significant increase in credit risk of the
financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount
equal to 12-month ECL is measured and recognized as loss allowance. However, if credit risk has increased
significantly, an amount equal to lifetime ECL is measured and recognized as loss allowance.

Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant
increase in credit risk since initial recognition, the Company reverts to recognizing impairment loss allowance
based on 12-month ECL.

ECL is the difference between all contractual cash flows that are due to the Company in accordance with the
contract and all the cash flows that the Company expects to receive (i.e., all cash shortfalls), discounted at the
original effective interest rate. Lifetime ECL are the expected credit losses resulting from all possible default
events over the expected life of a financial asset. 12-month ECL are a portion of the lifetime ECL which result
from default events that are possible within 12 months from the reporting date.

ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a
range of outcomes, taking into account the time value of money and other reasonable information available as a
result of past events, current conditions and forecasts of future economic conditions.

As a practical expedient, the Company uses a provision matrix to measure lifetime ECL on its portfolio of trade
receivables. The provision matrix is prepared based on historically observed default rates over the expected life of
trade receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed
default rates and changes in the forward-looking estimates are updated.

(iv) Derecognition of financial assets

A financial asset is derecognized only when

a) the rights to receive cash flows from the financial asset is transferred or

b) retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual
obligation to pay the cash flows to one or more recipients.

(b) Financial liabilities

(i) Initial recognition and measurement

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

(ii) Subsequent measurement

Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is
classified as at FVTPL if it is classified as held-for-trading, or it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, are recognised in profit or loss.

Other financial liabilities are subsequently measured at amortised cost using the effective interest
method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any
gain or loss on derecognition is also recognised in profit or loss.

(iii) Derecognition

A financial liability is derecognized 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 recognized in the Statement of Profit and Loss as
finance costs.

(c) ''This represents the difference between the transaction value and the present value in case of interest
free/ below market rate borrowings -( i.e. Redeemable Preference Shares (RPS)) from Group (i.e. from
parent company).

An embedded derivative is a component of a hybrid (combined) instrument that also includes a non-derivative
host contract - with the effect that some of the cash flows of the combined instrument vary in a way similar to a
derivative. Derivatives embedded in all other host contract are separated if the economic characteristics and
risks of the embedded derivative are not closely related to the economic characteristics and risks of the host and
are measured at fair value through profit or loss. Embedded derivatives closely related to the host contracts are
not separated.

(d) Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a
legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or
realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on
future events and must be enforceable in the normal course of business and in the event of default, insolvency or
bankruptcy of the Company or the counterparty.

1.12 Employee Benefits

(a) Short-term obligations

All employee benefits payable wholly within twelve months of rendering the services are classified as short-term
employee benefits. These benefits include salaries and wages, bonus and ex-gratia. The undiscounted amount of
short-term employee benefits expected to be paid in exchange for the services rendered by employees is charged to
the Statement of Profit and Loss in the period in which such services are rendered.

(b) Other long-term employee benefit obligations

(i) Defined contribution plan

Provident Fund: The Company''s contributions to statutory provident fund in accordance with the Employees Provident
Fund and Miscellaneous Provisions Act, 1952 which is a defined contribution plan, are charged to the Statement of
Profit and Loss in the period of accrual. The Company has no obligation, other than the contribution payable to the
provident fund.

(ii) Defined benefit plans

The Company provides for retirement benefits in the form of Gratuity. Benefits payable to eligible employees of the
Company with respect to gratuity is accounted for on the basis of an actuarial valuation as at the Balance Sheet date.

The present value of such obligation is determined by the projected unit credit method and adjusted for past service
cost and fair value of plan assets as at the balance sheet date through which the obligations are to be settled.
Remeasurements, comprising of actuarial gains and losses and the return on plan assets (excluding net interest) is
reflected immediately in the balance sheet with a charge/credit recognised in Other Comprehensive Income ("OCI") in
the period in which they occur.

Remeasurements recognised in OCI is reflected immediately in retained earnings and is not reclassified to profit or
loss in subsequent periods.

1.13 Earnings Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year. Earnings considered in ascertaining
the Company''s earnings per share is the net profit or loss for the year after deducting preference dividends and any
attributable tax thereto for the year. The weighted average number of equity shares outstanding during the year and
for all the years presented is adjusted for events, such as bonus shares, other than the conversion of potential equity
shares, that have changed the number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity
shareholders and the weighted average number of shares outstanding during the year is adjusted for the effects of all
dilutive potential equity shares.

1.14 Borrowing Costs

No Borrowing Outstanding as at end of the year, Company is temporally using OD against FDR facility only.

1.15 Segment reporting

''The Company''s operations are concentrated in a single business segment, namely the manufacture and marketing of
pharmaceutical formulations. Information reported to the Chief Operating Decision Maker (CODM) for resource
allocation and assessment of segment performance is focused solely on this single segment. Consequently, the
Group has only one reportable segment under Ind AS 108 on ‘Operating Segment''.

Income from Export Incentives are recognized on an accrual basis to the extent the ultimate realisation is reasonably
certain.

1.16 Other Income

All amounts disclosed in financial statements and notes have been rounded off to the nearest lakhs as per
requirement of Schedule III of the Act, unless otherwise stated.

2. Significant accounting judgments, estimates and assumptions

The preparation of financial statements requires management to make judgments, estimates and assumptions that
affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the
disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a significant adjustment to the carrying amount of assets or liabilities affected in future years.

2.1 Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the year end date, that
have a significant risk of causing a significant adjustment to the carrying amounts of assets and liabilities within the
next financial year, are described below. The Company based its assumptions and estimates on parameters available
when the financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when they occur.

Key source of judgments, assumptions and estimates in the preparation of the Financial Statements which may cause
a significant adjustment to the carrying amounts of assets and liabilities within the next financial year, are in respect of
useful lives of Property, Plant and Equipment, impairment, employee benefit obligations, provisions, provision for
income tax, measurement of deferred tax assets and contingent assets & liabilities.

(a) Useful lives of property, plant and equipment and intangible assets

As described in the significant accounting policies, the Company reviews the estimated useful lives of property, plant
and equipment and intangible assets at the end of each reporting period. Useful lives of intangible assets is
determined on the basis of estimated benefits to be derived from use of such intangible assets. These reassessments
may result in change in the depreciation /amortisation expense in future periods.

(b) Fair value measurements and valuation processes

Some of the Company''s assets and liabilities are measured at fair value at each balance sheet date or at the time
they are assessed for impairment. In estimating the fair value of an asset or a liability, the Company uses market-
observable data to the extent it is available. Where Level 1 inputs are not available, the Company engages third party
valuers, where required, to perform the valuation. Information about the valuation techniques and inputs used in
determining the fair value of various assets and liabilities require estimates to be made by the management and are
disclosed in the notes to the financial statements.

(c) Actuarial Valuation

The determination of Company''s liability towards defined benefit obligation to employees is made through
independent actuarial valuation including determination of amounts to be recognised in the Statement of Profit and
Loss and in Other Comprehensive Income. Such valuation depend upon assumptions determined after taking into
account discount rate, salary growth rate, expected rate of return, mortality and attrition rate. Information about such
valuation is provided in notes to the financial statements.

(d) Impairment of non-financial assets

In assessing impairment, management estimates the recoverable amount of each asset or cash-generating units
based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to
assumptions about future operating results and the determination of a suitable discount rate.

2.2 Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The preparation of the Company''s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities at the date of the financial statements. Estimates and
assumptions are continuously evaluated and are based on management''s experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these
assumptions and estimates could result in outcomes that require a significant adjustment to the carrying amount of
assets or liabilities affected in future periods.

Key source of judgments, assumptions and estimates in the preparation of the Financial Statements which may cause
a significant adjustment to the carrying amounts of assets and liabilities within the next financial year, are in respect of
useful lives of Property, Plant and Equipment, impairment, employee benefit obligations, provisions, provision for
income tax, measurement of deferred tax assets and contingent assets & liabilities.

(i) Critical judgments in applying accounting policies

The following are the areas of estimation uncertainty and critical judgements that the management has made in the
process of applying the Company''s accounting policies and that have the most significant effect on the amounts
recognised in the financial statements:-

(a) Evaluation of indicators for impairment of Property, Plant and Equipment

The evaluation of applicability of indicators of impairment of assets requires assessment of external factors (significant
decline asset''s value, economic or legal environment, market interest rates etc.) and internal factors (obsolescence or
physical damage of an asset or poor economic performance of the asset etc.) which could result in significant change
in recoverable amount of the Property, Plant and Equipment.

(ii) Assumptions and key sources of estimation uncertainty

(a) Assets and obligations relating to employee benefits

The employment benefit obligations depends on a number of factors that are determined on an actuarial basis using a
number of assumptions. The assumptions used in determining the net cost/ (income) include the discount rate,
inflation and mortality assumptions. Any changes in these assumptions will impact upon the carrying amount of
employment benefit obligations.(a) Assets and obligations relating to employee benefits.

(b) Contingent Liabilities and Assets

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company,
including legal, contractor, land access and other claims. By their nature, contingencies will be resolved only when
one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum, of
contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome
of future events.

(c) Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s
recoverable amount. An asset''s recoverable amount is the higher of an asset''s or CGU''s fair value less costs of
disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows
that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or
CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

In determining fair value less costs of disposal, recent market transactions are taken into account. If no such
transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by
valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.

(d) Income taxes

The Company uses estimates and judgements based on the relevant facts, circumstances, present and past
experience, rulings, and new pronouncements while determining the provision for income tax. A deferred tax asset is
recognised to the extent that it is probable that future taxable profit will be available against which the deductible
temporary differences and tax losses can be utilised.

- Recent accounting pronouncements

''''Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules as issued from time to time. On 31 March 2023, MCA amended the
Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from 1 April 2023, as below:

Ind AS 1 - Disclosure of material accounting policies

The amendments related to shifting of disclosure of erstwhile “significant accounting policies” to “material accounting
policies” in the notes to the financial statements requiring companies to reframe their accounting policies to make
them more “entity specific. This amendment aligns with the “material” concept already required under International
Financial Reporting Standards (IFRS). The Company does not expect this amendment to have any significant impact
in its Financial Statements.

Ind AS 8 - Definition of accounting estimates

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition
of a “change in accounting estimates” has been replaced with a definition of “accounting estimates.” Under the new
definition, accounting estimates are “monetary amounts in financial statements that are subject to measurement
uncertainty.” Entities develop accounting estimates if accounting policies require items in financial statements to be
measured in a way that involves measurement uncertainty. The Company does not expect this amendment to have
any significant impact in its Financial Statements.

Ind AS 12 - Income Taxes

The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12. At the date
of transition to Ind ASs, a first-time adopter shall recognize a deferred tax asset to the extent that it is probable that
taxable profit will be available against which the deductible temporary difference can be utilized. Similarly, a deferred
tax liability for all deductible and taxable temporary differences associated with:

a) Right-of-use assets and lease liabilities

Based on assessment , the Company does not expect these amendments to have any significant impact of its
financial statements.

b) Decommissioning, restoration and similar liabilities and the corresponding amounts recognised as part of the cost
of the related asset. Therefore, if an Entity has not yet recognised deferred tax on right-of-use assets and lease
liabilities or has recognised deferred tax on net basis, the same need to recognize on gross basis based on the
carrying amount of right-of use assets and lease liabilities.

The Company does not expect this amendment to have any significant impact in its Financial Statements.

31. Contingent Liabilities

There is no contingent liability and no pending case as on 31 March 2025.

NOTE 32 EARNINGS PER EQUITY SHARE

Basic earnings per share amounts are calculated by dividing the profit for the year attributable to equity holders by the
weighted average number of equity shares outstanding during the year.

NOTE 34 LEASES

The Company''s significant leasing arrangements are in respect of operating leases for office premises, stores & godown.
The leasing arrangements ranging between 11 months and five years are generally, and are usually Renewable by mutual
consent on agreed terms. The aggregate lease rentals payable are charged as rent including lease rentals.

NOTE 35 SEGMENT REPORTING

The Company''s operations are concentrated in a single business segment, namely the manufacture and marketing of
pharmaceutical formulations. Information reported to the Chief Operating Decision Maker (CODM) for resource allocation
and assessment of segment performance is focused solely on this single segment. Consequently, the Group has only one
reportable segment under Ind AS 108 on ‘Operating Segment''.

NOTE 36 FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES

The fair value of other current financial assets, cash and cash equivalents, trade receivables, trade payables and other
financial liabilities approximate the carrying amounts because of the short term nature of these financial instruments.

The carrying value of financial instruments by categories as at 31 March 2025 and 31 March 2024 as follows:

NOTE 37 FAIR VALUE HIERARCHY

The following is the hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

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

•Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

There have been no transfers between Level 1 and Level 2 during the period

The carrying amount of cash and cash equivalents, trade receivables, fixed deposits, trade payables, other payables are
considered to be the same as their fair values. They are classified as level 3 fair values in the fair value hierarchy due to the

NOTE 38 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company is exposed to various financial risks. These risks are categorized into market risk, credit risk and liquidity risk.
The Company''s risk management is coordinated by the Board of Directors and focuses on securing long term and short
term cash flows. The Company does not engage in trading of financial assets for speculative purposes. The Company''s
board of directors has overall responsibility for the establishment and oversight of the Company''s risk management
framework.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity
price risk and commodity risk. Financial instruments affected by market risk include borrowings.

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
Company''s debt obligations with floating interest rates. The Company''s exposure to risk of changes in floating interest rate
is as below.

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. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The
objective of managing counterparty credit risk is to prevent losses in financial assets. The Company assesses the credit
quality of the counterparties, taking into account their financial position, past experience and other factors.

The Company limits its exposure to credit risk of cash held with banks by dealing with highly rated banks and institutions
and retaining sufficient balances in bank accounts required to meet a month''s operational costs. The Management reviews
the bank accounts on regular basis and fund drawdowns are planned to ensure that there is minimal surplus cash in bank
accounts. The Company does not foresee any credit risks on deposits with regulatory authorities.

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.

Maturities of financial liabilities

The tables below analyse the company''s financial liabilities into relevant maturity groupings based on their contractual
maturities.

NOTE 41 ADDITIONAL REGULATORY INFORMATION REQUIRED TO BE DISCLOSED AS PER SCHEDULE III

(i) Details of benami property held

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

(ii) Wilful defaulter

The Company has not been declared as wilful defaulter by any bank or financial institution or other lender."

(iii) Transactions with struck off companies

The Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or
section 560 of Companies Act, 1956."

(iv) Compliance with approved scheme(s) of arrangements

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year."

(v) Undisclosed income

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

(vi) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year."

(vii) Valuation of property, plant and equipment and intangible asset

The Company has not revalued its property, plant and equipment or intangible assets or both during the current or previous
year."

(viii) Utilisation of borrowed funds and share premium

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

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

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ix) Registration of charges or satisfaction with registrar of companies

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

Figures of previous years have been regrouped and reclassified wherever necessary to confirm to current year''s
presentations.

The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of
the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring
companies, which uses accounting software for maintaining its books of account, shall use only such accounting software
which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the
books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software for maintenance of books of account which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the accounting
software, however, the audit trail feature was not enabled at database level to log any direct data changes for users with
certain privileged access rights.

Further there is no instance of audit trail feature being tampered with where such feature is enabled."

During the year the Company is not required to spend amount towards Corporate Social Responsibility expenditure as
prescribed under Section 135 of the Companies Act, 2013.

SD/- SD/-

For DOSHI DOSHI & PRASHANT GUPTA MAHENDRA C. RAYCHA

Chartered Accountants CFO Chairman & Managing Director

Firm No.153683w DIN : 00577647

Chintan Doshi

SD/- SD/- SD/-

Partner MIHIR SHAH AKSHIT M. RAYCHA

Membership No.158931 Company Secretary Joint Managing Director

M. No. A41922 DIN : 03039859

PLACE:AHMEDABAD PLACE:AHMEDABAD

DATE : 27.05.2025 DATE : 29.05.2025

UDIN: 25158931BMIFWY1619

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Mar 31, 2024

(a) Terms/ Rights attached to Equity Shares

The company has only one class of equity shares having par value of Rs. 1/- 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 remaining assets of the company.

(a) Sundry Creditors, Receivables, Loans and Advances and liabilities etc. for which confirmations are yet to be received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, arising out of reconciliation will be made at the appropriate time.

(b) In the opinion of the Management and to the best of their knowledge and belief the value under the head of Current and Non Current Assets (other than fixed assets and non current investments) are approximately of the value stated, if realized in ordinary course of business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

(c) The Company''s significant leasing arrangements are in respect of office. The aggregate lease rental payable is charged to Profit and Loss Account as Rent in Schedule 5.

(d) The Leasing arrangements, which are cancelable at any time between 11 months to 5 years and usually Renewable by mutual consent on mutually agreeable terms.

(e) Prior period adjustments expenses include: Voluntary Paid GST in the years 2023-24 GST ASSESSMENT ORDER JULY-17 TO MAR-18 RS, 1.03, 2019-20 0.013 Lakhs, 2021-22 .0.013 Lakhs & 2022-23 0.003 Lakhs -.

(f) Balance Confirmations/ Statements for some of the inactive Bank Accounts have not been received. Request of the same have been placed with the bank and consequential adjustment if any on account of the same will be made as and when the statements are received.

(g) Provision for likely sales returns, expiry and damaged products are debited to profit & loss account as and when actual returns/claims received by the Company.

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Mar 31, 2015

Note 1 COOMPANY INFORMATION

The company is based in Ahmedabad and is primarily involved in trading and manufacturing of pharmaceutical products.

NOTE 2 OTHER DISCLOSURES

(a) Sundry Creditors, Receivables, Loans and Advances and liabilities etc. for which confirmations are yet to be received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, arising out of reconciliation will be made at the appropriate time.

(b) In the opinion of the Management and to the best of their knowledge and belief the value under the head of Current and

Non Current Assets (other than fixed assets and non current investments) are approximately of the value stated, if realized in ordinary course of business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

(c) Disclosure as required by Accounting Standard 19, "Leases" issued by the Institute of Chartered Accountants of India are given below:

(d) The Company's significant leasing arrangements are in respect of office and factory premises. The aggregate lease rental payable is charged to Profit and Loss Account as Rent in Schedule 5.

(e) The Leasing arrangements, which are cancelable at any time between 11 months to 5 years and usually Renewable by mutual consent on mutually agreeable terms.

(f) Prior period adjustments include: Nil

(g) Balance Confirmations/ Statements for some of the inactive Bank Accounts have not been received. Request of the same have been placed with the bank and consequential adjustment if any on account of the same will be made as and when the statements are received.

(h) Provision for likely sales returns, date expiry and damaged products are debited to profit & loss account as and when actual returns/claims received by the Company.

(i) Previous years figures regrouped, rearranged whenever it necessary.

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Mar 31, 2014

Note 1 COOMPANY INFORMATION

The company is based in Ahmedabad and is primarily involved in trading and manufacturing of pharmaceutical products.

2. (a) Terms/ Rights attached to Equity Shares

The company has only one class of equity shares having par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company.

(b) Shares held by associates Companies Rs. 2252550

3. (a) Some taxes related assessments are pending against the Company. Potential liabilities, if any, have been adequately provided for, and the management does not estimate any incremental liability in respect of the legal proceedings.

(b) In accordance with "Accounting Standard 22", the Deferred Tax Assets of Rs.1092527/- (Previous year deferred tax Liability Rs. 234255/-) for the year has been recognised in the Profit & Loss Account.

NOTE 4 OTHER DISCLOSURES

(a) Sundry Creditors, Receivables, Loans and Advances and liabilities etc. for which confirmations are yet to be received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, arising out of reconciliation will be made at the appropriate time.

(b) In the opinion of the Management and to the best of their knowledge and belief the value under the head of Current and Non Current Assets (other than fixed assets and non current investments) are approximately of the value stated, if realised in ordinary course of business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

(c) Disclosure as required by Accounting Standard 19, "Leases" issued by the Institute of Chartered Accountants of India are given below:

(d) The Company''s significant leasing arrangements are in respect of office and factory premises. The aggregate lease rental payable is charged to Profit and Loss Account as Rent in Schedule 5.

(e) The Leasing arrangements, which are cancelable at any time between 11 months to 5 years and usually renewable by mutual consent on mutually agreeable terms.

(f) Prior period adjustments include: Nil

(g) Balance Confirmations/ Statements for some of the inactive Bank Accounts have not been received. Request of the same have been placed with the bank and consequential adjustment if any on account of the same will be made as and when the statements are received.

(h) Provision for likely sales returns, date expiry and damaged products are debited to profit & loss account as and when actual returns/claims received by the Company.

(i) Previous years figures regrouped, rearranged whenever it necessary.

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Mar 31, 2013

Note 1 CORPORATE INFORMATION

The company is based in Ahmadabad and is primarily involved in trading and manufacturing of pharmaceutical products. Note 2 SIGNIFICANT ACCOUNTING POLICIES adopted by the Company in the preparation and presentation of the Accounts: -

(a) Sundry Creditors, Receivables and Loans and Advances include certain items for which confirmations are yet to be received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, arising out of reconciliation will be made at the appropriate time.

(b) In the opinion of the Management and to the best of their knowledge and belief the value under the head of Current and Non Current Assets (other than fixed assets and noncurrent investments) are approximately of the value stated, if realized in ordinary course of business, except unless stated otherwise. The provision for all the known liabilities is adequate and not in excess of amount considered reasonably necessary.

(c) i) Provision for taxation for the year has been made after considering allowance, claims and relief available to the Company as considered and perceived by the management.

ii) Some Income Tax related assessments are pending against the Company. Potential liabilities, if any, have been adequately provided for, and the management does not estimate any incremental liability in respect of the legal proceedings.

(d) Disclosure as required by Accounting Standard 19, "Leases" issued by the Institute of Chartered Accountants of India are given below:

i) The Company''s significant leasing arrangements are in respect of office and factory premises. The aggregate lease rental payable is charged to Profit and Loss Account as Rent in Schedule 5.

ii) The Leasing arrangements, which are cancelable at any time between 11 months to 5 years. They are usually renewable by mutual consent on mutually agreeable terms.

(e) Prior period adjustments include: Nil

(f) Balance Confirmations/ Statements for some of the inactive Bank Accounts have not been received. Request of the same have been placed with the bank and consequential adjustment if any on account of the same will be made as and when the statements are received.

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Mar 31, 2012

1. Contingent Liablities not provided for : Nil Nil

2. Auditors' Remuneration : 2011-2012 2010-2011

Audit Fee 27,575 27,575

Tax Audit Fee 8,272 8,272

Fees for Certification work & S.Tax 8,273 8,273

44,120 44,120

3. Managerial Remuneration :

a Remuneration to Chairman & 1,800,000 1,800,000

Managing Director/Executive Director

4. Foreign Exchange outgo : Nil 83,936

5. Earnings in Foreign Exchange on account of export : Nil Nil

6. Raw Material Consumption is after taking excise CENVAT/Edu.Cess/Sec.& High.Sec.Edu.Cess credit of Rs. 2807.00

7. In the opinion of the Management, the Current Asset have a value on realisation in the ordinary course of business or equal to the amount at which are stated in the Balance Sheet except those recovery are doubtful nature to the extent of Rs. 2098037/-

8. Parties balances whether debit, credit or on whatever account are subject to confirmation by the parties concerned.

9. Previous year's figures regrouped, wherever necessary.

10. Shares of GIC housing Finance Ltd, which is held as investment are not in dematerialsed form.

11. Managerial Remuneration paid to Directors as per provisions of Schedule XIII of the Companies Act, 1956.

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Mar 31, 2011

2010-2011 2009-2010

1. Contingent Liablities not provided for : Nil Nil

2. Raw Material Consumption is after taking excise CENVAT/Edu.Cess/Sec.& High.Sec.Edu.Cess credit of Rs.3531/-

3. As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the Disclosures of Transactions with related parties, as deline in the Accounting Standard are given below :

I. List of related parties with whom transaction have taken place and relationships :

Sr. No. Name of Related Party Relationship

1. Mahendra C. Raycha Key Management Personnel

2. Neela Raycha Executive Director & Relative of

Key Management Personnel

3. Ray Remedies Pvt. Ltd. Associate Company

4. M/s. Raxin Healthcare Associate Firm

4. In the opinion of the Management, the Current Asset have a value on realisation in the ordinary course of business at least equal to the amount at which are stated in the Balance Sheet except those recovery are doubtful nature to the extent of Rs. 9,35,418/–

5. Parties balances whether debit, credit or on whatever account are subject to confirmation by the parties concerned.

6. Previous year's figures regrouped, wherever necessary.

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Mar 31, 2010

2009-2010 2008-2009

1. Contingent Liabilities not provided for : Nil Nil

2. Auditors Remuneration :

Audit Fee 25,000 25,000

Tax Audit Fee 7,500 7,500

Fees for Certification work & S.Tax 7,500 7,500

40,000 40,000



3. Raw Material Consumption is after taking excise CENVAT /Edu.Cess/Sec.S High.Sec.Edu.Cess credit of Rs. 1276.00

4. Licensed Capacity, Installed Capacity and Production :

5. As per Accounting Standard 18, issued by the Institute of Chartered Accountants of India, the Disclosures of Transactions with related parties, as deline in the Accounting Standard are given below :

I. List of related parties with whom transaction have taken place and relationships :

Sr. No. Name of Related Party Relationship

1. Mahendra C. Raycha Key Management Personnel

2. Neela Raycha Executive Director & Relative

Key Management Personnel

3. Ray Remedies Pvt. Ltd. Associate Company

4. M/s Thakker Chatrabhuj Dayalji Related of key Management Personnel

5. M/s Thakker Babubhai Chatrabhuj Related of key Management Personnel

6. M/s Raxin Healthcare Associate Firm

6. In the opinion of the Management, the Current Asset have a value on realisation in the ordinary course of business at least equal to the amount -at which are stated in the Balance Sheet except those recovery are doubtful nature to the extent of Rs. 15,58,376/-

7. Parties balances whether debit, credit or on whatever account are subject to confirmation by the parties concerned

8. Previous years figures regrouped, wherever necessary.