Accounting Policies of Midwest Ltd. Company

Mar 31, 2025

2. Material accounting policies

2.1. Basis of preparation and measurement.

(i) Statement of Compliance and Basis for preparation

The standalone financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under
Section 133 of Companies Act, 2013 (the ‘Act’), the Companies (Indian Accounting Standards) Rules, 2015, as amended, and other relevant
provisions of the Act.

The standalone financial statements have been prepared on a going concern basis. The accounting policies are applied consistently to all the
periods presented in the standalone financial statements except where a newly issued accounting standard is initially adopted or a revision to an
existing accounting standard requires change in accounting policy hitherto in use.

(ii) Functional and presentation currency

These standalone financial statements are presented in Indian Rupees ( ? ), which is also the Company’s functional currency. All financial
information presented in Indian rupees have been rounded-off to two decimal places to the nearest Million except where otherwise stated.

(iii) Basis of measurement

The financial information have been prepared on the historical cost basis except for the following items:

- Certain financial assets and liabilities : Measured at fair value

- Financial instruments : Fair value through profit or loss.

- Net defined benefit liability : Present value of defined benefit obligations

(iv) Use of estimates and judgements

The preparation of the standalone financial statements is in conformity with Ind AS requires management to make estimates, judgements and
assumptions. These estimates, judgments and assumptions affect the application policies and reported amounts of the assets and liabilities, the
disclosure of contingent assets and liabilities at the date of standalone financial statements and reported amounts of revenue and expenses during
the year. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in the
estimates are made as and when management becomes aware of changes in circumstances surrounding the estimates. Changes in the estimates are
reflected in the standalone financial statements in the year in which the changes are made and, if material, such effects are disclosed in the notes to
0 standalone financial statements.

Assumptions and estimation uncertainties

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next
financial year are included in the following notes:

- Note 3, 4, 5 and 6 - determining an asset’s expected useful life and the expected residual value at the end of its life

- Note 7 and 13 - impairment of financial assets;

- Note 38 - measurement of defined benefit obligations: key actuarial assumptions;

- Notes 39 - recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of
resources;

(v) Measurement of fair values

Accounting polices and disclosures require measurement of fair value for financial assets and financial liabilities.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at
the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes
place either:

- In the principal market for the asset or liability or

- In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best
interest.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value,
maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

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).

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

Further information about the assumptions made in the measuring fair values is included in the following notes:

- Note 43 - Financial instruments

(vi) Current and non-current classification:

The Schedule III to the Act requires assets and liabilities to be classified as either current or non-current. The Company presents assets and
liabilities in the balance sheet based on current/ non-current classification.

(a) Assets

An asset is classified as a current when it is:

- it is expected to be realized in, or is intended for sale or consumption in, the Company’s normal operating cycle;

- it is expected to be realized within twelve months from the reporting date;

- it is held primarily for the purposes of being traded; or

- is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting
date.

All other assets are classified as non current.

(b) Liabilities

A liability is classified as a current when:

- it is expected to be realized in, or is intended for sale or consumption in, the Company’s normal operating cycle;

- it is due to be settled within twelve months from the reporting date;

- it is held primarily for the purposes of being traded;

- the Company does not have an unconditional right to defer settlement of liability for at least twelve months from the reporting date.

All other liabilities are classified as non-current.

Deferred tax assets/liabilities are classified as non current.

(c) Operating Cycle

Operating cycle is the time between the acquisition of assets for processing and realization in cash or cash equivalents. The Company has
ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

2.2. Summary of material accounting policies

(a) Revenue recognition

Revenue from contract with customers

The majority of the company’s revenue is derived from selling goods with revenue recognised at a point in time when control of the goods has
transferred to the customer. This is generally when the goods are delivered to the customer. However, for export sales, control might also be
transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the contract with a customer. There
is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the
company no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the
significant risks and rewards of the goods in question.

The Company satisfies a performance obligation and recognises revenue over time, if one of the following criteria is met:

i. the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs; or

ii. the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

iii. the Company’s performance does not create an asset with an alternative use to the Company and an entity has an enforceable right to payment
for performance completed to date.

For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time at which the performance
obligation is satisfied.

In respect of contracts involving bill-and hold arrangements, the Company determines whether the control of the underlying products have been
transferred to the customer. For the purpose of determining whether such control is transferred, the entity considers the following requirements as
required by Ind AS 115:

i. The reason for the bill-and-hold arrangement is substantive (i.e. the physical possession with the entity is pursuant to the customer’s
explicit request);

ii. The product is separately identified as belonging to the customer;

iii. The product is ready for physical transfer to the customer; and

iv. The entity does not have the ability to use the product or to direct it to another customer.

The Company recognizes revenue in respect of bill-and-hold arrangements only when all of the aforementioned requirements are met. Further, at
the time of such recognition, the entity also determines whether there are any material unsatisfied performance obligations and determines the
portion of the aggregate consideration, if any, that needs to be allocated and deferred.

The Company does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and
payment by the customer exceeds one year. As a consequence, it does not adjust any of the transaction prices for the time value of money.

Other income - Interest income

Interest income is recognized when it is probable that the economic benefits will flow to the Company and the amount of income can be measured
reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is
the rate that discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial
recognition. Interest income is included under the head ‘other income’ in the statement of profit and loss.

Other income - Dividend income

Dividend income is recognised when the Company’s right to receive the payment is established, which is generally, when shareholders approve
the dividend.

(b) Borrowing costs

Borrowing costs are capitalised, net of interest received on cash drawn down yet to be expended when they are directly attributable to the
acquisition, contribution or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale.

(c) T axation

Income-tax comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to an item recognized directly in
equity or in other comprehensive income.

(i) Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or
receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be paid or received after
considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or substantively enacted by the
reporting date.

Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognized amounts, and it is
intended to realize the asset and settle the liability on a net basis or simultaneously.

(ii) Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the corresponding amounts used for taxation purposes. Deferred tax is not recognized for:

- temporary differences arising on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit or loss at the time of the transaction; and

- temporary differences related to investments in subsidiaries to the extent that the Company is able to control the timing of the reversal of the
temporary differences and it is probable that they will not reverse in the foreseeable future;

The carrying amount of deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the
sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax
laws and rates that have been enacted or substantively enacted at the reporting date.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company
expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and
when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a
net basis.

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Mar 31, 2024

B. Material accounting policies

The material accounting policies applied by the company in the preparation of its financial statements are listed below. Such
accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise
indicated.

2.1. Basis of preparation

A. Statement of Compliance

The financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS")
prescribed under Section 133 of the Companies Act. 2013 read with Companies (Indian Accounting Standards) Rules, as
amended from time to time and other relevant provisions of the Act.

B. Basis of measurement

The Financial statements have been prepared under the historical cost basis, except for the following items (refer to individual
accounting policies for detail):

Financial instruments - Fair value through profit or loss.

Financial instruments - Fair Value through OCI

Property, plant and equipment - Freehold land on revalued basis to the extent stated in relevant schedule
Net defined benefit (asset)/liability - Present value of defined benefit obligations less fair value of plan assets.

C. Presentation currency and rounding off

The Financial statements are presented in INR and all values are rounded to nearest millions (INR 000.000). except when
otherwise indicated.

I). Going concern

The company has prepared the financial statements on the basis that it will continue to operate as a going concern.

E. Comparative information and reclassification

The Financial statements provide comparative information in respective of the previous periods.

2.2. Summary of material accounting policies

(a) Property, plant and equipment

Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly
attributable costs and the estimated present value of any future unavoidable costs of dismantling and removing items.

Freehold land is not depreciated. Depreciation on assets under construction does not commence until they are complete and
available for use. Depreciation is provided on all other items of property, plant and equipment so as to write ofT their carrying
value over their expected useful economic lives is as follow''s:

Buildings - 5 to 60 Years
Plant & Machinery - 10 to 15 Years
Mining Equipment - 8 Years
Vehicles - 8 to 10 Years
Computers - 3 to 6 Years

The company reviews the estimated residual values and expected useful lives of assets at least annually. In particular, the
company considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and
estimated residual values. Furthermore, the company considers climate related matters, including physical and transition risks.
Specifically, the company determines whether climate related legislation and regulations might impact either the useful life or
residual values.

(b) Leases
Identifying leases

The company accounts for a contract, or a portion of a contract, as a lease when it conveys the right to use an asset for a period
of time in exchange for consideration. Leases are those contracts that satisfy the following criteria:

a. There is an identified asset;

b. The company obtains substantially all the economic benefits from use of the asset; and

c. The company has the right to direct use of the asset

The company considers whether the supplier has substantive substitution rights. If the supplier does have those rights, the
contract is not identified as giving rise to a lease.

In determining whether the company obtains substantially all the economic benefits front use of the asset, the company
considers only the economic benefits that arise use of the asset, not those incidental to legal ownership or other potential
benefits

In determining whether the company has the right to direct use of the asset, the company considers whether it directs how and
for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are
pre-determined due to the nature of the asset, the company considers whether it was involved in the design of the asset in a way
that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a
contract does not satisfy these criteria, the company applies other applicable Ind ASs rather than Ind AS 116.

(c) Intangible assets

Internally generated intangible assets (development costs)

Expenditure on internally developed products is capitalised if it can be demonstrated that:

(i) it is technically feasible to develop the product for it to be sold

(ii) adequate resources are available to complete the development

(iii) there is an intention to complete and sell the product

(iv) the company is able to sell the product

(v) sale of the product will generate future economic benefits, and

(vi) expenditure on the project can be measured reliably.

Capitalised development costs are amortised over the periods the company expects to benefit from selling the products
developed. The amortisation expense is included within the ''depreciation and amortisation expense’ in the statement of profit
and loss.

Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects arc
recognised in the statement of profit and loss as incurred.

(e) Goodwill

Goodwill represents the excess of the cost of a business combination over the company''s interest in the fair value of identifiable
assets, liabilities and contingent liabilities acquired.

Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-
controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity
interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and. in the case of
contingent consideration classified as a financial liability, remeasured subsequently through profit or loss.

Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the profit and loss. Where
the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is
credited in full to the other comprehensive income and accumulated in equity as capital reserve on the acquisition date.

(h) Impairment of non-financial assets (excluding inventories, investment properties and deferred tax assets)

Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the
financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances
indicate that their carrying amount may not be recoverable. Where the carry ing value of an asset exceeds its recoverable amount
(i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.

Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other
comprehensive income. An impairment loss recognised for goodwill is not reversed.

(i) Inventories

Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all
costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and
condition.

Weighted average cost is used to determine the cost of ordinarily interchangeable items.

(j) Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments
with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the
balance sheet.

(k) Financial assets

The company classifies its financial assets into one of the categories discussed below, depending on the purpose for which the
asset was acquired. Other than financial assets in a qualifying hedging relationship, the company''s accounting policy for each
category'' is as follows:

Fair value through profit or loss

This category comprises in-the-money derivatives and out-of-money derivatives where the time value offsets the negative
intrinsic value (see "Financial liabilities" section for out-of-money derivatives classified as liabilities). They are carried in the
statement of balance sheet at fair value with changes in fair value recognised in the statement of profit and loss in the other
income or expense line. Other than derivative financial instruments which are not designated as hedging instruments, the
company does not have any assets held for trading nor does it voluntarily classify any financial assets as being at fair value
through profit or loss.

Amortised cost

These assets arise principally from the provision of goods and services to customers (eg trade receivables), but also incorporate
other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the
contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction
costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective
interest rate method, less provision for impairment.

Impairment provisions for trade receivables are recognised based on the simplified approach within Ind AS 109 using a
provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non¬
payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from
default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net,
such provisions are recorded in a separate provision account with the loss being recognised in profit or loss. On confirmation
that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated
provision.

Impairment provisions for receivables from related parties and loans to related parties are recognised based on a forward
looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there
has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has
not increased significantly since initial recognition of the financial asset, twelve month expected credit losses along with gross
interest income arc recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along
with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses
along with interest income on a net basis are recognised.

The company’s financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents
in the statement of balance sheet.

(l) Financial liabilities

The company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was
acquired.

Other than financial liabilities in a qualifying hedging relationship (sec below), the company’s accounting policy for each
category is as follows:

Fair value through profit or loss

This category comprises out-of-the-money derivatives where the time value does not offset the negative intrinsic value (see
"Financial assets" for in-the-money derivatives and out-of-money derivatives where the time value offsets the negative intrinsic
value). They arc carried in the balance sheet at fair value with changes in fair value recognised in the profit and loss. The
company does not hold or issue derivative instruments for speculative purposes, but for hedging purposes. Other than these
derivative financial instruments, the company does not have any liabilities held for trading nor has it designated any financial
liabilities as being at fair value through profit or loss.

Other financial liabilities

Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the
instrument. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate
method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability
carried in the balance sheet. For the purposes of each financial liability, interest expense includes initial transaction costs and
any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Trade payables and other short-term monetary'' liabilities, which arc initially recognised at fair value, are subsequently carried at
amortised cost using the effective interest method.

(m) Share capital

Financial instruments issued by the company are classified as equity only to the extent that they do not meet the definition of a
financial liability or financial asset.

The company’s ordinary shares are classified as equity instruments.

(n) Dividends

Dividends are recognised when they become legally payable. In (he case of interim dividends to equity shareholders, this is
when declared by the directors. In the case of final dividends, this is when approved by the shareholders at the annual general
meeting.

(o) Provisions

The company has recognised provisions for liabilities of uncertain timing or amount including those for leasehold dilapidations
and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the
reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific
to the liability.

(p) Revenue from contracts with customers

Performance obligations and timing of revenue recognition

1 he majority of the company''s revenue is derived from selling goods with revenue recognised at a point in time when control of
the goods has transferred to the customer. This is generally when the goods are delivered to the customer. However, for export
sales, control might also be transferred when delivered either to the port of departure or port of arrival, depending on the
specific terms Of the contract with a customer. There is limited judgement needed in identifying the point control passes: once
physical delivery of the products to the agreed location has occurred, the company no longer has physical possession, usually
will have a present right to payment (as a single payment on delivery ) and retains none of the significant risks and rewards of
the goods in question.

Determining the transaction price

Most of the company’s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from
each contract is determined by reference to those fixed prices.

(q) Foreign currencies

Functional and presentation currency

Items included in the Financial statements are measured using the currency of the primary economic environment in which the
entity operates (''the functional currency''). The Financial statements are presented in Indian rupee (1NR). which is the
Company’s functional and company''s presentation currency.

Transactions and balances

On initial recognition, all foreign currency transactions are recorded by applying to the foreign currency amount the exchange
rate between the functional currency and the foreign currency at the date of the transaction. Gains/Iosses arising out of
fluctuation in foreign exchange rates between the transaction date and settlement date are recognised in the profit and loss.
Monetary'' assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of
exchange at the reporting date and the exchange differences arc recognised in the profit and loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency arc translated using the exchange rates at
the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the
exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items
measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e.,
translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or
profit or loss, respectively).

(r) Borrowing costs

Borrowing costs are capitalised, net of interest received on cash drawn down yet to be expended when they are directly
attributable to the acquisition, contribution or production of an asset that necessarily takes a substantial period of time to gel
ready for its intended use or sale.

(s) Employee benefits

Defined contribution schemes

Contributions to defined contribution pension schemes are charged to the profit and loss in the year to which they relate.

Defined benefit schemes

Defined benefit scheme surpluses and deficits are measured at:

(i) The fair value of plan assets at the reporting date; less

(ii) Plan liabilities calculated using the projected unit credit method discounted to its present value using yields available on
government bonds that have maturity dates approximating to the terms of the liabilities and are denominated in the same
currency as the post- employment benefit obligations; less

(iii) The effect of minimum funding requirements agreed with scheme trustees.

Remeasurements of the net defined obligation are recognised directly within equity.

The remeasurements include:

(i) Actuarial gains and losses

(ii) Return on plan assets (interest exclusive)

(iii) Any asset ceiling effects (interest exclusive).

Service costs are recognised in profit or loss, and include current and past service costs as well as gains and losses on
curtailments.

Net interest expense (income) is recognised in profit or loss, and is calculated by applying the discount rate used to measure the
defined benefit obligation (asset) at the beginning of the annual period to the balance of the net defined benefit obligation
(asset), considering the effects of contributions and benefit payments during the period.

Gains or losses arising from changes to scheme benefits or scheme curtailment are recognised immediately in profit or loss.
-Settlements of defined benefit schemes are recognised in the period in which the settlement occurs.

Other long-term service benefits

Other employee benefits that are expected to be settled wholly within 12 months after the end of the reporting period are
presented as current liabilities.

Oilier employee benefits that are not expected to be settled wholly within 12 months alter the end of the reporting period are
presented as non-current liabilities and calculated using the projected unit credit method and then discounted using yields
available on government bonds that have maturity dates approximating to the expected remaining period to settlement and are
denominated in the same currency as the post-employment benefit obligations

(t) Deferred tax

Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the balance sheet differs
from its tax base, except for differences arising on:

(i) The initial recognition of goodwill

(ii) The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the
transaction affects neither accounting or taxable profit, and

(iii) Investments in subsidiaries and joint arrangements where the company is able to control the timing of the reversal of the
difference and it is probable that the difference will not reverse in the foreseeable future.

Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against
which the difference can be utilised.

The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/!recovered).

2.3. Changes in accounting policies and disclosures

The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Amendment Rules. 2023 dated 31
March 2023 to amend the following Ind AS which are effective for annual periods beginning on or after I April 2023. The
company has applied these amendments for the first-time in these Financial statements.

(a) Amendments to Ind AS 8 - definition of accounting estimates

The amendments clarify the distinction between changes in accounting estimates and changes in accounting policies and the
correction of errors. It has also been clarified how entities use measurement techniques and inputs to develop accounting
estimates.

The amendments had no impact on these Financial statements.

(b) Amendments to Ind AS I - disclosure of accounting policies

The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement
for entities to disclose their ''significant'' accounting policies with a requirement to disclose their ‘material'' accounting policies
and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

The amendments have had an impact on the disclosures of accounting policies, but not on the measurement, recognition or
presentation of any items in the Financial statements.

(c) Amendments to Ind AS 12 - deferred tax related to assets and liabilities arising from a single transaction

The amendments narrow the scope of the initial recognition exception under Ind AS 12, so that it no longer applies to
transactions that give rise to equal taxable and deductible temporary differences such as leases.

The company previously recognised for deferred tax on leases on a net basis. As a result of these amendments, the company has
recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right of use
assets. Since, these balances qualify for offset as per the requirements of paragraph 74 of Ind AS 12. there is no impact in the
balance sheet. There was also no impact on the opening retained earnings as at 1 April 2021.

(d) New standards and amendments issued but not effective

Ministry of Corporate Affairs ("MCA”) notifies new'' standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024. MCA has not notified
any new standards or amendments to the existing standards applicable to the Company.

2.4. Critical accounting estimates and judgements

The company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually
evaluated based on historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The
estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year are discussed below.

A. Judgements

a. Leases - determining the lease term of contracts with renewal and termination options - company as lessee

The company determines the lease term as the lion-cancellable term of the lease, together with any periods covered by an option
to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised.

The company has several lease contracts that include extension and termination options. The company applies judgement in
evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it
considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the
commencement date, the company reassesses the lease term if there is a significant event or change in circumstances that is
within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.

B. Estimates and assumptions

a. Leases - estimating the incremental borrowing rate

The company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest that the company would base to pay to borrow over a similar
term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of''-use asset in a similar
economic environment. The IBR therefore reflects what the company ''would have to pay '', which requires estimation when no
observable rates are available. The company estimates the IBR using observable inputs (such as market interest rates) when
available and is required to make certain entity-specific estimates.

h. Intangible assets under development

The company capitalises intangible asset under development for a project in accordance with the accounting policy. Initial
capitalisation of costs is based on management''s judgement that technological and economic feasibility is confirmed, usually
when a product development project has reached a defined milestone according to an established project management model. In
determining the amounts to be capitalised, management makes assumptions regarding the expected future cash generation of
the project, discount rates to be applied and the expected period of benefits.