Notes to Accounts of Apis India Ltd.

Mar 31, 2025

2.6 PROVISIONS

A provision is recognized if, as a result of
a past event, the Company has a present
legal or constructive obligation that is
reasonably estimable, and it is probable
that an outflow of economic benefits
will be required to settle the obligation.
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.

Contingent liabilities are not recognised
but are disclosed by way of notes to
the financial statements, after careful

evaluation by the management of the
facts and legal aspects of each matter
involved. Contingent assets are neither
recognised nor disclosed in the financial
statements.

Contingent liabilities are assessed
continually to determine whether an
outflow of resources embodying the
economic benefit has become probable.
If it becomes probable that an outflow
of future economic benefits will be
required for an item previously dealt
with as contingent liability, a provision
is recognised in the financial statements
of the period in which the change in
probability occurs.

2.7 BORROWING COST

Borrowing costs that are attributable
to the acquisition or construction of
qualifying assets are capitalized as part
of the cost of such assets to the extent
they relate to the period till such assets
are ready to be put to use, while other
borrowing costs are recognized as
expenses in the year in which they are
incurred. A qualifying asset is one that
necessarily takes substantial period of
time to get ready for its intended use.

2.8 INVENTORIES

i) Raw materials, consumables stores
and spares are valued at lower of
cost and net realizable value. Work
in progress and finished goods are
valued at lower of cost and net
realizable value.

The costs of work in progress and
finished goods include costs of
raw material, conversion cost and
other costs incurred in bringing
the inventories to their present
location and condition. Cost
of inventories is computed on
weighted average/FIFO/specific
identification, as applicable.

ii) Scrap is valued at the net realisable
value.

Net Realisable Value represents
the estimated selling price for
inventories less all estimated costs

of completion and costs necessary
to make the sale.

2.9 FOREIGN CURRENCY TRANSACTIONS

In preparing the financial statements of
the Company, transactions in currencies
other than the company''s functional
currency i.e. foreign currencies are
recognised at the rates of exchange
prevailing at the dates of the transactions.
At the end of each reporting period,
monetary items denominated in foreign
currencies are retranslated at the rates
prevailing at that date. Non-monetary
items that are measured in terms of
historical cost in a foreign currency are
not retranslated.

Exchange differences on monetary items
are recognised in the Statement of Profit
and Loss in the period in which they arise.

2.10 TAXATION

Income tax expense represents the sum
of the tax currently payable and deferred
tax.

Current Tax

The tax currently payable is based on
taxable profit for the year. Taxable profit
differs from profit before tax as reported
in the statement of profit and loss
because of items of income or expense
that are taxable or deductible in other
years and items that are never taxable or
deductible. The Company''s current tax is
calculated using tax rates that have been
enacted or substantively enacted by the
end of the reporting period.

Deferred Tax

Deferred tax is recognised on temporary
differences between the carrying
amounts of assets and liabilities in
the financial statements and the
corresponding tax bases used in
the computation of taxable profit.
Deferred tax liabilities are generally
recognised for all taxable temporary
differences. Deferred tax assets are
generally recognised for all deductible
temporary differences to the extent that
it is probable that taxable profits will be
available a gainst which those deductible
temporary differences can be utilised.

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

Deferred tax liabilities and assets are
measured at the tax rates that are
expected to apply in the period in
which the liability is settled or the asset
realised, based on tax rates (and tax laws)
that have been enacted or substantively
enacted by the end of the reporting
period.

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.

Current and deferred tax for the year

Current and deferred tax are recognised
in profit or loss, except when they relate
to items that are recognised in other
comprehensive income or directly in
equity, in which case, the current and
deferred tax are also recognised in other
comprehensive income or directly in
equity respectively.

2.11 REVENUE RECOGNITION

(i) Revenue from contracts with
customers

Pursuant to the application of Ind
AS-115, the Company has applied
following accounting policy for
revenue recognition:

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

a) The customer simultaneously
receives and consumes the
benefits provided by the
Company''s performance as
the entity performs; or

b) The Company''s performance

creates or enhances an asset
that the customer controls
as the asset is created or
enhanced; or

c) The Company''s performance
does not create an asset
with an alternative use to
the Company and the 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.

Revenue is recognised either at
point of time and over a period to
time based on various conditions
as included in the contracts with
customers.

(ii) Other

a) Sales are recognised on
dispatch of goods except in
the case of exports which
are accounted for on the
date of custom clearance.
However in some cases
export is accounted on the
terms of contract executed
with respective customers.

b) Interest income is recognized
using effective interest
method.

c) Export benefits are
recognised on accrual basis
at the anticipated realisable
value.

d) Forfeiture due to non
fulfilment of obligations by
counter parties is accounted
as Revenue on unconditional
appropriation.

e) Service receipts and interest
from customers is accounted
for on accrual basis.

f) Divided income is recognised

when the shareholder or
unit holder''s right to receive
payment is established,
which is generally when
shareholder approve the
dividend.

g) Share of profit/loss from
firm in which the Company
is a partner is accounted for
in the financial year ending
on the date of the Balance
Sheet.

h) Interest on arrears of
allotment money is accounted
in the year of receipt.

2.12 OPERATING SEGMENT

Operating segments are reported in the
manner consistent with the internal
reporting provided to the chief operating
decision (CODM). The Cheif financial
officer of APIS India Limited has been
identified as CODM and he is responsible
for allocating the resources, assess the
financial performance and position
of the Company and makes strategic
decisions. The Company has identified
one reportable segment based on the
information reviewed by the CODM.

2.13 CASH FLOW STATEMENT

The Cash Flow Statement is prepared
by the indirect method set out in Indian
Accounting Standard-7 on Cash Flow
Statements and presents cash flows
by operating, investing and financing
activities of the Company. The Company
considers all highly liquid financial
instruments,which are readily convertible
into cash, to be cash equivalents.

2.14 EARNING PER SHARE

Basic earnings per share are calculated
by dividing the net profit for the period
attributable to equity shareholders by
the weighted average number of equity
shares outstanding during the period
.The weighted average number of equity
shares outstanding during the period
and for all periods 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
for the period attributable to equity
shareholders and the weighted average
number of shares outstanding during the
period is adjusted for the effects of all
dilutive potential equity shares.

2.15 FINANCIAL INSTRUMENTS

Financial assets and financial liabilities are
recognised when the Company becomes
a party to the contractual provisions of
the instruments.

Financial assets and financial liabilities are
initially measuredat fair value. Transaction
costs that are directly attributableto the
acquisition or issue of financial assets and
financial liabilities (other than financial
assets and financial liabilities at fair
value through profit or loss) are added
to or deducted from the fair value of the
financial assets or financial liabilities, as
appropriate, on initial recognition.

Transaction costs directly attributable
to the acquisition of financial assets or
financial liabilities at fair value through
profit or loss are recognised immediately
in profit or loss.

2.16 FINANCIAL ASSETS

All recognised financial assets are
subsequently measured in their entirety
at either amortised cost or fair value,
depending on the classification of the
financial assets.

2.17 CURRENT VERSUS NON-CURRENT
CLASSIFICATION

The Company presents assets and liabilities
in the balance sheet based on current/non-
current classification. An asset is treated as
current when it is:

i) Expected to be realised or intended
to be sold or consumed in normal
operating cycle.

ii) Held primarily for the purpose of
trading.

iii) Expected to be realised within
twelve months after the reporting
period, or

iv) Cash or cash equivalent unless
restricted from being exchanged or
used to settle a liability for at least
twelve months after the reporting
period.

All other assets are classified as non¬
current.

A liability is current when:

i) It is expected to be settled in
normal operating cycle.

ii) It is held primarily for the purpose
of trading.

iii) It is due to be settled within twelve
months after the reporting period,
or

iv) There is no unconditional right to
defer the settlement of the liability
for at least twelve months after
the reporting period.

The Company classifies all other liabilities
as non-current.

2.18 LEASES

The Company evaluates if an arrangement
qualifies to be a lease as per the

requirements of Ind AS 116. Identification
of a lease requires significant judgment.
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 extend
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.
In assessing whether the Company is
reasonably certain to exercise an option
to extend a lease, or not to exercise an
option to terminate a lease, it considers
all relevant facts and circumstances
that create an economic incentive for
the Company to exercise the option
to extend the lease, or not to exercise
the option to terminate the lease. The
Company revises the lease term if there
is a change in the non-cancellable period
of a lease. The discount rate is generally
based on the incremental borrowing
rate specific to the lease being evaluated
or for a portfolio of leases with similar
characteristics.

41 FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation
techniques:

(i) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

(ii) Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.

(iii) Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the standalone financial statements on a recurring basis, the Company determines

whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.

42 Financial Instruments
Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise
the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by
total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables,
less cash and cash equivalents.

43 Fair value measurements

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation
techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3: Level 1: This level
includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: This level includes financial assets and liabilities, measured using 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: This level
includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair
values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from
observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash & cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current
financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations

in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not
necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As
such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts
reported at each year end.

44 Financial risk management objectives

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include inventory, trade
and other receivables, cash and cash equivalents and loan & advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management
of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s
policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised
below:

a) 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 two types of risk: interest rate risk and other price risk, such as equity price risk and
commodity/ realestate risk. Financial instruments affected by market risk include loans and borrowings.

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables)
and from its financing activities, including refundable joint development deposits, security deposits, loans to employees
and other financial instruments.

c) Trade receivables

i) Receivables resulting from sale of goods: Customer credit risk is managed by requiring customers to pay advances
before sales of goods, therefore, substantially eliminating the Company''s credit risk in this respect.

ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the
Company''s established policy, procedures and control relating to customer credit risk management. Outstanding
customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an
individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous
groups and assessed for impairment collectively.

d) Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in
accordance with the Company''s policy. Investments of surplus funds are made only with approved counterparties and
within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company''s Board of
Directors on an annual basis, and may be updated throughout the year. The limits are set to minimise the concentration of
risks and therefore mitigate financial loss through a counterparty''s potential failure to make payments.

e) Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
deposits and loans.

45 During the year, the Company assessed the investment in equity instrument of subsidiary and associate companies carried at cost
for impairment testing. These companies are expected to generate positive cash flows in the future years. Detailed analysis has been
carried out on the future projections and the Company is confident that the investments do not require any impairment.

46 The Code on Social Security, 2020, (Code) relating to employees benefits during employment and post-employment benefits received
President assent in September, 2020. The Code has been published in the Gazette of India. However, the data on which the Code will
come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact
of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

47 "Additional regulatory information pursuant to the requirement in Division II of Schedule III to the Companies Act 2013"

(i) The company does not have any transaction with the companies struck off under SEC 248 of the Companies Act 2013 or section
560 of the Companies Act 1956 during the year ended March 31, 2025 and March 31, 2024.

(ii) There are no charges or satisfaction which are to be registered with the registrar of companies during the year ended March 31,
2025 and March 31, 2024.

(iii) The Company complies with the number of layers of companies in accordance with clause 87 of Section 2 of the Act read with
the Companies (Restriction on number of layers) rules 2017 during the year ended March 31, 2025 and March 31, 2024.

(iv) The Company has not invested or traded in cryptocurrency or virtual currency during the year ended March 31, 2025 and March
31, 2024.

(v) No proceedings have been initiated on or are pending against the company for holding Benami property under the Prohibition
of Benami Property Transaction Act 1988 (as amended in 2016) (formally the Benami Transactions (Prohibition) Act, 1988 (45 of
1988) and Rules made thereunder during the year ended March 31, 2025 and March 31, 2024.

(vi) The Company has not been declared a wilful defaulter by any bank or financial institution or government or any government
authorities during the year ended March 31, 2025 and March 31, 2024.

(vii) The Company has not entered into any scheme of arrangement approved by the competent authority in terms of sections 232 to
237 of the Companies Act 2013 during the year ended March 31, 2025.

(viii) During the year ended March 31, 2025 and March 31, 2024, the Company has not surrendered or disclosed as income any
transactions not recorded in the books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as
search or survey or any other relevant provisions of the Income Tax Act 1961).

(ix) During the year ended March 31, 2025 and March 31, 2024, the Company has not advanced or loaned or invested funds (either
borrowed funds or the share premium or kind of funds) to any other person or entities, including foreign entities (Intermediaries)
with the understanding (whether recorded in writing or otherwise) that the intermediary shall:

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

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

(x) During the year ended March 31, 2025 and March 31, 2024, the Company has not received any funds from any persons or entities
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.

(xi) Quartelry returns or statements of the current assets filed by the Company with banks or financial institutions are generally in
agreement with books of accounts.

(xii) The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both
during the current or previous year.

49. Figures have been rounded off to the nearest lakhs.

50. Previous year figures has been regrouped & rearranged to present true and fair view of the financial statement.

51. Figures in brackets pertain to previous year, unless otherwise indicated.

As per our report of even date attached.

AS PER OUR REPORT OF EVEN DATE
For G A M S & Associates, LLP
CHARTERED ACCOUNTANTS

Firm Reg. No. 0N500094 For and on Behalf of the Board of Directors

Anil Gupta Prem Anand Vimal Anand Amit Anand

(Partner) (Director & Chairperson) (Director) (Managing Director)

Membership No: 088218 DIN:00951873 DIN: 00951380 DIN: 00951321

UDIN : 25088218BMKVSP3937

Manisha Anand Vikas Aggarwal

Date : May 30, 2025 (CFO) (Company Secretary)

Place : New Delhi

---

Mar 31, 2024

2.6 PROVISIONS

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pretax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Contingent liabilities are not recognised but are disclosed by way of notes to the financial statements, after careful evaluation by the management of the facts and legal aspects of each matter involved. Contingent assets are neither recognised nor disclosed in the financial statements.

Contingent liabilities are assessed continually to determine whether an outflow of resources embodying the economic benefit has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as contingent liability, a provision is recognised in the financial statements of the period in which the change in probability occurs.

2.7 BORROWING COST

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets to the extent they relate to the period till such assets are ready to be put to use, while other borrowing costs are recognized as expenses in the year in which they are incurred. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use.

2.8 INVENTORIES

i) Raw materials, consumables stores and spares are valued at lower of cost and net realizable value. Work in progress and finished goods are valued at lower of cost and net realizable value.

The costs of work in progress and finished goods include costs of raw material, conversion cost and other costs incurred in bringing the inventories to their present location and condition. Cost of inventories is computed on weighted average/FIFO/specific identification, as applicable.

ii) Scrap is valued at the net realisable value.

Net Realisable Value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

2.9 FOREIGN CURRENCY TRANSACTIONS

In preparing the financial statements of the Company, transactions in currencies

other than the company''s functional currency i.e. foreign currencies are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

Exchange differences on monetary items are recognised in the Statement of Profit and Loss in the period in which they arise.

2.10 TAXATION

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the statement of profit and loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company''s current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available a gainst which those deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available

to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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.

Current and deferred tax for the year

Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.

2.11 REVENUE RECOGNITION

(i) Revenue from contracts with customers

Pursuant to the application of Ind AS-115, the Company has applied following accounting policy for revenue recognition:

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

a) The customer simultaneously receives and consumes the benefits provided by the Company''s performance as the entity performs; or

b) The Company''s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

c) The Company''s performance

does not create an asset with an alternative use to the Company and the 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.

Revenue is recognised either at point of time and over a period to time based on various conditions as included in the contracts with customers.

(ii) Other

a) Sales are recognised on dispatch of goods except in the case of exports which are accounted for on the date of custom clearance. However in some cases export is accounted on the terms of contract executed with respective customers.

b) Interest income is recognized using effective interest method.

c) Export benefits are recognised on accrual basis at the anticipated realisable value.

d) Forfeiture due to non fulfilment of obligations by counter parties is accounted as Revenue on unconditional appropriation.

e) Service receipts and interest from customers is accounted for on accrual basis.

f) Divided income is recognised when the shareholder or unit holder''s right to receive payment is established, which is generally when shareholder approve the dividend.

g) Share of profit/loss from firm in which the Company is a partner is accounted for in the financial year ending on the date of the Balance Sheet.

h) Interest on arrears of allotment money is accounted in the year of receipt.

2.12 OPERATING SEGMENT

Operating segments are reported in the manner consistent with the internal reporting provided to the chief operating decision (CODM). The Cheif financial officer of APIS India Limited has been identified as CODM and he is responsible for allocating the resources, assess the financial performance and position of the Company and makes strategic decisions.

The Company has identified one reportable segment based on the information reviewed by the CODM."

2.13 CASH FLOW STATEMENT

The Cash Flow Statement is prepared by the indirect method set out in Indian Accounting Standard-7 on Cash Flow Statements and presents cash flows by operating, investing and financing activities of the Company. The Company considers all highly liquid financial instruments,which are readily convertible into cash, to be cash equivalents.

2.14 EARNING PER SHARE

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period .The weighted average number of equity shares outstanding during the period and for all periods 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 for the period attributable to equity shareholders and the weighted average

number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

2.15 FINANCIAL INSTRUMENTS

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measuredat fair value. Transaction costs that are directly attributableto the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.

Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

2.16 FINANCIAL ASSETS

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.

2.17 CURRENT VERSUS NON-CURRENT CLASSIFICATION

The Company presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is treated as current when it is:

i) Expected to be realised or intended to be sold or consumed in normal operating cycle.

ii) Held primarily for the purpose of trading.

iii) Expected to be realised within twelve months after the reporting period, or

iv) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as noncurrent.

A liability is current when:

i) It is expected to be settled in normal operating cycle.

ii) It is held primarily for the purpose of trading.

iii) It is due to be settled within twelve months after the reporting period, or

iv) There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non-current.

2.18 LEASES

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116. Identification of a lease requires significant judgment. 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 extend 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. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a change in the non-cancellable period of a lease. The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

38 Financial Instruments Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

39 Fair value measurements

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3: Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: This level includes financial assets and liabilities, measured using 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: This level includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash & cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end.

40 Financial risk management objectives

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include inventory, trade and other receivables, cash and cash equivalents and land advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

a) 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 two types of risk: interest rate risk and other price risk, such as equity price risk and commodity/ realestate risk. Financial instruments affected by market risk include loans and borrowings.

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including refundable joint development deposits, security deposits, loans to employees and other financial instruments.

c) Trade receivables

i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, therefore, substantially eliminating the Company''s credit risk in this respect.

ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.

d) Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company''s Board of Directors on an annual basis, and may be updated throughout the year. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty''s potential failure to make payments.

e) Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

41 During the year, the Company assessed the investment in equity instrument of subsidiary and associate companies carried at cost for impairment testing.These companies are start-ups or are at early stage of their operations and are expected to generate positive cash flows in the future years. Detailed analysis has been carried out on the future projections and the Company is confident that the investments do not require any impairment.

42 The Code on Social Security, 2020, (Code) relating to employees benefits during employment and post-employment benefits received President assent in September, 2020. The Code has been published in the Gazette of India. However, the data on which the Code will come into effect has not been notified and the final rules/interpretation have not yet been issued. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

43 "Additional regulatory information pursuant to the requirement in Division II of Schedule III to the Companies Act 2013"

(i) The company does not have any transaction with the companies struck off under SEC 248 of the Companies Act 2013 or section

560 of the Companies Act 1956 during the year ended March 31, 2024 and March 31, 2023.

(ii) There are no charges or satisfaction which are to be registered with the registrar of companies during the year ended March 31, 2024 and March 31, 2023.

(iii) The Company complies with the number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the Companies (Restriction on number of layers) rules 2017 during the year ended March 31, 2024 and March 31, 2023.

(iv) The Company has not invested or traded in cryptocurrency or virtual currency during the year ended March 31, 2024 and March 31, 2023.

(v) No proceedings have been initiated on or are pending against the company for holding Benami property under the Prohibition of Benami Property Transaction Act 1988 (as amended in 2016) (formally the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder during the year ended March 31, 2024 and March 31, 2023.

(vi) The Company has not been declared a wilful defaulter by any bank or financial institution or government or any government authorities during the year ended March 31, 2024 and March 31, 2023.

(vii) The Company has not entered into any scheme of arrangement approved by the competent authority in terms of sections 232 to 237 of the Companies Act 2013 during the year ended March 31, 2024.

(viii) During the year ended March 31, 2024 and March 31, 2023, the Company has not surrendered or disclosed as income any transactions not recorded in the books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income Tax Act 1961).

(ix) During the year ended March 31, 2024 and March 31, 2023, the Company has not advanced or loaned or invested funds (either borrowed funds or the share premium or kind of funds) to any other person or entities, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary shall:

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

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

(x) During the year ended March 31, 2024 and March 31, 2023, the Company has not received any funds from any persons or entities 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.

(xi) Quartelry returns or statements of the current assets filed by the Company with banks or financial institutions are generally in agreement with books of accounts.

(xii) The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year.

44 Figures have been rounded off to the nearest lakhs.

45 Figures in brackets pertain to previous year, unless otherwise indicated.

As per our report of even date attached.

AS PER OUR REPORT OF EVEN DATE For G A M S & Associates, LLP CHARTERED ACCOUNTANTS

Firm Reg. No. 0N500094 For and on Behalf of the Board of Directors

Anil Gupta Prem Anand Vimal Anand Amit Anand

(Partner) (Director & Chairperson) (Director) (Managing Director)

Membership No: 088218 DIN:00951873 DIN: 00951380 DIN: 00951321

UDIN : 24088218BKAVEY9792

Manisha Anand Vikas Aggarwal

Date : June 24, 2024 (CFO) (Company Secretary)

Place : New Delhi

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Mar 31, 2023

Ind AS 37- Provisions, Contingent liabilities and Contingent assets:

The amendment specifies that the ''cost of fulfilling'' a contract comprises the ''costs that related directly to the contract''. Costs that related directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022, although early adoption is permitted.

The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.

(b) Right, preference and restrictions attached to equity shares

The Company has equity shares having a par value of Rs. 10 each. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

* Terms of classification of Canara Bank Limited- GECL 2.0 Fund

Loan is under Guaranteeed Emergency Credit Line (GECL 2.0) is secured against second pari passu charge on current asset, collateral security and personal and corporate guarantee.

* Terms of classification of Canara Bank Limited- GECL 2.0 Ext-Fund

Loan is under Guaranteeed Emergency Credit Line (GECL 2.0 Ext) is secured against second pari passu charge on current asset, collateral security and personal and corporate guarantee.

* Terms of classification of Canara Bank Limited

Secured against hypothecation of respective vehicles. Repayable in equated monthly installments over different periods till November 2027.

* Terms of classification of Daimler Finacial Services

Secured against hypothecation of respective vehicles. Repayable in equated monthly installments over different periods till September 2026.

Notes:

(a) Borrowings from Canara Bank in the nature of packing credit facilities and foreign bill discounting are secured by way of first pari passu charge on stock of raw materials, stock in process, stores and spares, trade receivables, finished goods, bills receivables. The aforesaid facilities are secured by collateral, corporate guarantee and personal guarantees of promoter directors.

(b) Borrowings from Kotak Mahindra Bank in the nature of packing credit facilities and domestic bill discounting are secured by way of first pari passu charge on stock of raw materials, stock in process, stores and spares, trade receivables, finished goods, bills receivables. The aforesaid facilities are secured by collateral, corporate guarantee and personal guarantees of promoter directors.

(c) Borrowings from Standard Chartered Bank in the nature of cash credit facilities and overdraft facility are secured by way of first pari passu charge on stock of raw materials, stock in process, stores and spares, trade receivables, finished goods, bills receivables. The aforesaid facilities are secured by collateral and personal guarantees of promoter directors.

(d) Loans from body corporate represents interest bearing unsecured loans, which loan is repayable within 90 days from the date of disbursement. There is no repayment of principal or payment of interest due by the Company as at the year end.

(e) Loans from related parties represents interest bearing unsecured loans obtained from its director, which loan is repayable wherever stipulated or as mutually agreed. There is no repayment of principal or payment of interest due by the Company as at the year end.

(f) The Company has not made any default in repayment as at the reporting date in respect of aforesaid (a),(b),( c), (d ) and (e) facilities.

38 Financial Instruments Capital Management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents.

39 Fair value measurements

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3: Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: This level includes financial assets and liabilities, measured using 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: This level includes financial assets and liabilities measured using inputs that are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash & cash equivalents, other bank balances, loans, other current financial assets, trade payables and other current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be different from the amounts reported at each year end..

40 Financial risk management objectives

The Company''s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include inventory, trade and other receivables, cash and cash equivalents and land advances that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management provides assurance that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised below:

a) 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 two types of risk: interest rate risk and other price risk, such as equity price risk and commodity/ realestate risk. Financial instruments affected by market risk include loans and borrowings.

b) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including refundable joint development deposits, security deposits, loans to employees and other financial instruments.

c) Trade receivables

i) Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances before transfer of ownership, therefore, substantially eliminating the Company''s credit risk in this respect.

ii) Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively.

d) Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury department in accordance with the Company''s policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company''s Board of Directors on an annual basis, and may be updated throughout the year. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a counterparty''s potential failure to make payments.

e) Liquidity risk

The Company''s objective is to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

41 During the year, the Company assessed the investment in equity instrument of subsidiary and associate companies carried at cost for impairment testing.These companies are start-ups or are at early stage of their operations and are expected to generate positive cash flows in the future years. Detailed analysis has been carried out on the future projections and the Company is confident that the investments do not require any impairment.

42 There are no transactions during the year with struck off companies as defined under Section 248 of the Companies Act, 2013.

43 Figures have been rounded off to the nearest lakhs.

44 Figures in brackets pertain to previous year, unless otherwise indicated.

45. Following are the ratios applicable to Company:

As per our report of even date attached.

AS PER OUR REPORT OF EVEN DATE For G A M S & Associates, LLP CHARTERED ACCOUNTANTS

Firm Reg. No. 0N500094 For and on Behalf of the Board of Directors

Anil Gupta Prem Anand Vimal Anand Amit Anand

(Partner) (Director & Chairperson) (Director) (Managing Director)

Membership No: 088218 DIN:00951873 DIN: 00951380 DIN: 00951321

UDIN : 23088218BGWJXB5674

Manisha Anand

Date : May 30, 2023 (CFO)

Place : New Delhi

---

Mar 31, 2013

NOTE 1: COMPANY''S INFORMATION

M/s Apis India Limited ("the Company") is a public limited Company domiciled in India and is listed on Bombay Stock Exchange (BSE). The Company is a market leader in the honey processing business having unit at Roorkee (Uttarakhand). The Company has its presence in domestic as well as in International market. The company has also started food retail business during the year.

2.1 All the income and expenditure having material impact on financial statements are accounted for on accrual basis except VKUY Licenses receivable from DGFT towards export performance incentives.

2.2 Contingent Liabilities not provided for in respect of Guarantees given by bank on behalf of the Company: Rs.17.75 Lacs.

2.3 In the opinion of Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for depreciation and all known liabilities are adequate and not excess of the amount reasonable necessary.

2.4 Sundry Debtors, Creditors & Unsecured Loans are subject to confirmation.

2.5 There is no Micro, Small & Medium Enterprises under the Micro, Small & Medium Enterprises Development Act, 2006 (MSMED Act) to whom the company owes a sum exceeding Rs.1.00 lakh for more than 30 days.

2.6 (i) Secured Loans

a.) Working Capital Facilities/ Borrowings are secured by way of first charge on stock of raw material, stock in process, stores and spares, books debts, finished goods and Block of Plant & Machinery in Fixed Assets & Mortgage of collateral securities offered by Directors.

b.) Term Loan facilities are secured by way of first charge on Factory Building and Block of Plant & Machinery located at Roorkee (Uttarakhand).

(ii) Unsecured Loans

Short Term Working Capital Loan from Kotak Mahindra Bank Limited is by way of mortgage of immovable property as securities offered by Directors.

2.7 During the year, the Company has paid Director''s Remuneration to the tune of Rs.18.00 Lacs.

3. RELATED PARTY DISCLOSURE (AS CERTIFIED BY DIRECTORS) - AS - 18 A) Names of related parties and description of relationship

a) Key Management Personnel

i) Mr. Vimal Anand, Managing Director

ii) Mr. Amit Anand, Joint Managing Director

iii) Mrs. Prem Anand, Director

iv) Mr. Deepak Anand, Chairman

b) Relatives of Key Management Personnel

(i) Mrs. Manisha Anand (Wife of Mr. Vimal Anand), Marketing Executive

(ii) Mrs. Sakshi Anand (Wife of Mr. Amit Anand), Administration - Head

4. DEFERRED TAX:

a) The Company has accounted for deferred tax in accordance with the Accounting Standard 22 "Accounting for taxes on income" issued by Council of ICAI. Accordingly, deferred tax for the year is recognized on timing difference, being the difference between taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods.

b) Deferred Tax Assets and Liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

c) Tax on income for the current period is determined on the basis of taxable income and applicable tax rate computed in accordance with the provisions of the Income Tax Act, 1961.

d) Deferred Tax assets are recognized and carried forward only if there is a reasonable/virtual certainty of its realization.

5. On 30th August 2012 the Board of Directors announced a plan to dispose of Company''s Rajpura Plant. The disposal is consistent with the company''s long term strategy to focus and reap the maximum benefit from its plant at Roorkee Uttrakhand. This has enhanced the company''s strength and ability to handle the growing market demand which is on increasing pace every year. Various new technologies have been used in the said manufacturing facilities.

6. Previous year figures are regrouped, rearranged, and recast wherever considered necessary to make them Comparable with current year figures.

---

Mar 31, 2010

1. Basis of accounting

All the income and expenditure having material impact on financial statements are accounted for on accrual basis except VKUY Licenses receivable from DGFT towards export performance incentives.

2. Contingent Liabilities not provided for in respect of: Guarantees given by bank on behalf of the company: Rs. 103.39 Lakhs.

3. In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for depreciation and all known liabilities are adequate and not excess of the amount reasonable necessary.

4. Sundry Debtors, Creditors & Unsecured Loans are subject to confirmation.

5. There is no micro, small & medium enterprises under the Micro, small & Medium Enterprises Development Act, 2006 to whom the company owes a sum exceeding Rs. 1.00 lakh for more than 30 days.

6. Secured Loans

Working Capital Facilities/ Borrowings are secured by way of first charge on stock of raw mate- rials, stock in process, stores and spares, books debts, finished goods and Block of Plant & Machinery in Fixed Assets & mortgage of collateral securities offered by Directors.

Unsecured Loans

Short Term Bill Discounting facility from Kotak Mahindra Bank Ltd against suppliers bills are secured by way of mortgage of immovable property as securities offered by Directors.

7) Above quantities does not include sales being made during the year towards Packing Mate- rial, Scrap etc. in domestic market Rs. 22.34 Lakhs and Packing Charges towards export of Rs. 13.39 Lakhs.

8) The quantitative details of Raw Material as above do not include purchase and consumption and closing stock of Consumables and Packing Material.

9) In addition to total closing stock, the company is holding Raw Honey stock of 100.510 M Ton being balance quantity received to be processed on Job basis on behalf of a client.

10. RELATED PARTY DISCLOSURE (AS CERTIFIED BY DIRECTORS) - AS -18

A) Names of related parties and description of relationship

1.) Key Management Personnel

a) Mr. Vimal Anand, Managing Director

b) Mr. Amit Anand, Director

c) Mrs. Prem Anand, Director

d) Mr. Deepak Anand, director

e) Mr. Brahm Swaroop Diwan, Whole Time Director 2.) Relatives of Key Management Personnel

a) Manisha Anand (Wife of Mr. Vimal Anand)

b) Sakshi Anand (Wife of Mr. Amit Anand)

3.) Enterprises over which key management Personal exercise significant influence 1) M/s Apis Natural Products Private Limited.

11. The Company has carried forward losses under the Income Tax Act, 1961. However, as a matter of prudence, deferred tax assets in respect thereof has been recognized only to the extent there is deferred tax liability.

12. Segment Information

In accordance with AS - 17 -" Segment Reporting" - the unit operates in only one segment "Honey" and has only one reportable segment. Revenue by geographical segment data been provided. Fur- ther, segregation of capital employed could not be allocated to either of the segments and thus its segment wise segregation has not been provided.

13. The name of the company been changed during the year 2007-08 from eWeb Univ Limited to Apis

India Limited and after that a new business entity been taken over through Business Purchase Agreement during the same year naming “Apis India Natural Products”.

14. Additional information as required by paragraphs 3 and 4 of part II of the schedule VI to the companies Act, 1956 are not applicable as the company has not carried out any manufacturing or trading activity during the year.

a) Value of imports on CIF Basis:- 38.69 Lakhs (Previous year Rs. 696.65 lakhs)

b) Earning in foreign Exchange: - 1610.81 Lakhs (Previous year Rs. 2802.12 lakhs)

(FOB value of Exports)

c) Expenditure in foreign currency: -

Travelling Expenses 9.94 Lakhs (Previous year Rs. 3.82 lakhs)

Commission 1.75 Lakhs (Previous year Rs. 0.61 Lakhs)

Exhibition 5.56 Lakhs (Previous year Rs. 1.12 Lakhs)

Testing Charges 3.41 Lakhs (Previous year Rs. Nil)

d) Previous year figures are regrouped, rearranged and recast whenever considered necessary to make them comparable with current year figures.

e) Schedule 1 to 18 to the Balance Sheet form an integral part of Balance Sheet.

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Mar 31, 2009

1. Basis of accounting

All the income and expenditure having material impact on financial statements are accounted for on accrual basis except VKUY Licenses receivable from DGFT towards export performance incentives.

2. Contingent Liabilities not provided for in respect of: Guarantees given by bank on behalf of the company: Rs. 91.33 Lakhs.

3. In the opinion of the Board, current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business and provision for depreciation and all known liabilities are adequate and not excess of the amount reasonable necessary.

4. Sundry Debtors, Creditors 8t Unsecured Loans are subject to confirmation.

5. There is no micro, small & medium enterprises under the Micro, small & Medium Enterprises Development Act, 2006 to whom the company owes a sum exceeding Rs. 1.00 lakh for more than 30 days.

6. Secured Loans

Working Capital Facilities/ Borrowings are secured by way of first charge on stock of raw materials, stock in process, stores and spares, books debts, finished goods and Block of Plant & Machinery in Fixed Assets St mortgage of collateral securities offered by Directors.

Unsecured Loans

Short Term Bill Discounting facility from Kotak Mahindra Bank Ltd against suppliers bills are secured by way of mortgage of immovable property as securities offered by Directors.

7. During the year the company has paid-directors remuneration to the tune of Rs. 24.00 lakhs.

8. Related-party disclosure (As certified by Directors) - AS -18 A) Names of related parties and description of relationship

1.) Key Management Personnel

a) Mr.Vimal Anand, Managing Director

b) Mr. Amit Ariand, Director

c) Mrs. Prem Anand, Director

d) Mr. Deepak Anand, director

e) Mr. Brahm Swaroop Diwan, Whole Time Director

2) Relatives of Key Management Personnel

a) Manisha Anand (Wife of Mr. Vimal Anand)

b) Sakshi Anand (Wife of Mr. Amit Anand)

3) Enterprises over which key management Personal exercise significant influence

1) M/s Apis Natural Products Private Limited.

2) M/s Modern Herbals Private Limited

9. The Company has carried forward losses under the Income Tax Act, 1961. However, as a matter of prudence, deferred tax assets in respect thereof has been recognized only to the extent there is deferred tax liability.

10. Segment Information

In accordance with AS - 17 -" Segment Reporting" - the unit operates in only one segment "Honey" and has only one reportable segment. Revenue by geographical segment data been provided. Further, segregation of capital employed could not be allocated to either of the segments and thus its segment wise segregation has not been provided.

11. The name of the company been changed during the last year 2007-08 from eWeb Univ Limited to Apis India Limited and after that a new business entity been taken over during the last year naming "Apis India Natural Products".

12. Additional information as required by paragraphs 3 and 4 of part II of the schedule VI to the companies Act, 1956 are not applicable as the company has not carried out any manufacturing or trading activity during the year.

a) Value of imports on CIF Basis:- 696.65 Lakhs (Previous year Rs. 78.06 lakhs)

b) Earning in foreign Exchange: - 2802.12 lakhs (Previous year Rs. 558.42 lakhs) (FOB value of Exports)

c) Expenditure in foreign currency: -

Travelling Expenses 3.82 lakhs (Previous year Rs. 1.14 lakhs)

Commission 0.61 lakhs (Previous year Rs. Nil)

Exhibition 1.12 lakhs (Previous year Rs. Nil)

d) Previous year figures are regrouped, rearranged and recast whenever considered necessary to make them comparable with current year figures.