Notes to Accounts of IST Ltd.

Mar 31, 2025

Provisions are recognised when present obligations as a result of a past event will probably lead to an outflow
of economic resources and amounts can be estimated reliably. Timing or amount of the outflow may still
be uncertain. A present obligation arises when there is a presence of a legal or constructive commitment
that has resulted from past events, for example, legal disputes or onerous contracts. Provisions are not
recognised for future operating losses.

Provisions are measured at the estimated expenditure required to settle the present obligation, based on
the most reliable evidence available at the reporting date, including the risks and uncertainties associated
with the present obligation. Provisions are discounted to their present values, where the time value of money
is material.

Any reimbursement that the Company can be virtually certain to collect from a third party with respect to
the obligation is recognised as a separate asset. However, this asset may not exceed the amount of the
related provision.

All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.

In those cases where the outflow of economic resources as a result of present obligations is considered
improbable or remote, no liability is recognised.

- Possible obligations which will be confirmed only by future events not wholly within the control of the
Company or

- Present obligations arising from past events where it is not probable that an outflow of resources will
be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

Contingent assets are not recognised. However, when inflow of economic benefits is probable, related asset
is disclosed.

o. Employee benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Indian Accounting
Standard 19- Employee Benefits. Employee benefits include provident fund, employee state insurance, gratuity,
compensated absences etc. The Company''s contribution to provident fund and employee state insurance
are considered as defined contribution plans and gratuity and compensated absences are considered defined
benefit plans.

Defined benefit plans

Gratuity

The Company operates one defined benefit plan for its employees, viz. gratuity. The cost of providing benefits
under this plan is determined on the basis of actuarial valuation at each year-end using the projected unit
credit method and is recognised in the financial statements. Actuarial gain and loss for the defined benefit
plan is recognized in full in the period in which they occur in other comprehensive income.

Other long term benefits

Compensated adsenses or accumulated leave expected to be carried forward beyond twelve months, is
treated as long term employee benefits. Such long term compensated absences are provided for based on
the actuarial valuation using the projected unit credit method at the year end and is recognised in the financial
statements. Accumulated leave, which is expected to be utilised within the next 12 months, is treated as
short term employee benefit.

Liability under continuity linked key resource and deferred salary schemes is provided for on actuarial valuation
basis, which is done as per the projected unit credit method at the end of each financial period.

Defined contribution plans

Provident Fund

The Company makes contribution to statutory provident fund in accordance with Employees Provident Fund
and Miscellaneous Provisions Act, 1952. The plan is a defined contribution plan and contribution paid or payable
is recognised as an expense in the period in which services are rendered by the employee.

Short-term employee benefits

Expense in respect of other short term benefits is recognised on the basis of the amount paid or payable
for the period during which services are rendered by the employee.

p. Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equity shares outstanding
during the period. The weighted average number of equity shares outstanding during the period is adjusted
for events including a bonus issue.

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

q. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting done to the chief operating
decision maker. The Company operates in a single operating segment and geographical segment.

r. Investment in Subsidiary and Associate Companies

The Company has elected to recognize its investments in subsidiary and associate companies at cost in
accordance with the option available in Ind AS 27, ‘Separate Financial Statements''.

s. Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.

Company as a lessee

The Company applies a single recognition and measurement approach for all leases, except for short-term
leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments
and right-of-use assets representing the right to use the underlying assets.

a) Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost
of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,
and lease payments made at or before the commencement date less any lease incentives received.
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets.

b) Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in-substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects
the Company exercising the option to terminate. Variable lease payments that do not depend on an
index or a rate are recognised as expenses in the period in which the event or condition that triggers
the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate
at the lease commencement date because the interest rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change in the lease term, a change in the lease payments
or a change in the assessment of an option to purchase the underlying asset.

Lease liability and ROU assets have been separately presented in the Balance Sheet and lease payments
have been classified as financing cash flows.

c) Short-term leases and leases of low-value assets

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those
leases that have a lease term of 12 months or less from the commencement date and do not contain
a purchase option). It also applies the lease of low-value assets recognition exemption that are considered
to be low value. Lease payments on short-term leases and leases of low-value assets are recognised
as expense on a straight-line basis over the lease term.

The Company as a lessor

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the
terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract
is classified as a finance lease. All other leases are classified as operating leases. When the Company
is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately.
The sublease is classified as a finance or operating lease by reference to the ROU asset arising from
the head lease. For operating leases, rental income is recognized on a straight-line basis over the term
of the relevant lease.

4. Material accounting judgements, estimates and assumptions

In preparation of the financial statements, management undertakes a number of judgments, estimates and
assumptions about recognition and measurement of items of assets, liabilities, income and expenses.

The actual results are likely to differ from the judgments, estimates and assumptions made by management, and
will seldom equal the estimated results.

Information about significant judgments, estimates and assumptions that have the most significant effect on recognition
and measurement of assets, liabilities, income and expenses are discussed below:

Significant judgements:

(i) Evaluation of indicators for impairment of non-financial assets

The evaluation of applicability of indicators of impairment of non-financial assets requires assessment of several
external and internal factors which could result in deterioration of recoverable amount of the assets.

(ii) Recognition of deferred tax assets

The extent to which deferred tax assets can be recognised is based on an assessment of the probability
of the future taxable income against which the deferred tax assets can be utilised. The recognition of deferred
tax assets and reversal thereof is also dependent upon management decision relating to timing of availment
of tax holiday benefits available under the Income Tax Act, 1961 which in turn is based on estimates of
future taxable profits.

Sources of estimation uncertainty:

(i) Provisions

At each balance sheet date, basis the management judgment, changes in facts and legal aspects, the Company
assesses the requirement of provisions against the outstanding warranties and guarantees. However, the
actual future outcome may be different from management''s estimates.

(ii) Fair valuation of financial instruments

Management applies valuation techniques to determine the fair value of financial instruments (where active
market quotes are not available). This involves developing estimates and assumptions consistent with how
market participants would price the instrument.

(ii) In case of assets taken on lease

The Company has taken factory building , guest house and office building on leases. With the exception of short¬
term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-
of-use asset and a lease liability as a borrowings. Variable lease payments which do not depend on an index
or a rate are excluded from the initial measurement of the lease liability and right of use assets.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease
the asset to another party, the right-of-use asset can only be used by the Company. Some leases contain an
option to extend the lease for a further term. The Company is prohibited from selling or pledging the underlying
leased assets as security. For leases over office buildings and other premises the Company must keep those
properties in a good state of repair and return the properties in their original condition at the end of the lease.
The disclosures related to leases are as under:-

44 Fair value disclosures

(i) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are classified
into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant
inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3.

ii) Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk. The Company''s board of directors
has overall responsibility for the establishment and oversight of the Company''s risk management framework. This
note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the
related impact in the financial statements.

A) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the company. The company is
exposed to this risk for various financial instruments, for example by granting loans and receivables to
customers, placing deposits, etc. The company''s maximum exposure to credit risk is limited to the carrying
amount of following types of financial assets. - cash and cash equivalents, - trade receivables, - loans &
receivables carried at amortised cost, and- deposits with banks

a) Credit risk management

The Company assesses and manages credit risk based on internal credit rating system, continuously
monitoring defaults of customers and other counterparties, identified either individually or by the company,
and incorporates this information into its credit risk controls. Internal credit rating is performed for each
class of financial instruments with different characteristics. The Company assigns the following credit
ratings to each class of financial assets based on the assumptions, inputs and factors specific to the
class of financial assets.

Other financial assets measured at amortised cost

Other financial assets measured at amortized cost includes advances to employees and security deposits. Credit
risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously,
while at the same time internal control system in place ensure the amounts are within defined limits.

Cash & cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks
and diversifying bank deposits and accounts in different banks.

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability
of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the
nature of the business, the Company maintains flexibility in funding by maintaining availability under committed
facilities. Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents
on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the
entity operates. In addition, the Company''s liquidity management policy involves projecting cash flows in major
currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity
ratios against internal and external regulatory requirements and maintaining debt financing plans.

56 Additional regulatory information not disclosed elsewhere in the financial information

(i) The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013
or Section 560 of Companies Act, 1956 during the financial year ending 31st March 2025 and 31st March 2024.

(ii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year ending
31st March 2025 and 31st March 2024.

(iii) The Company does not have any Benami property as on 31st March 2025 and 31st March 2024, where any
proceeding has been initiated or pending against the Company for holding any Benami property.

(iv) The Company does not have any prior period errors in financial year ending on 31st March 2025 and 31st March
2024 to be disclosed separately in Statement of changes in equity.

(v) The Company has no cases of any charges or satisfaction which is yet to be registered with ROC beyond
the statutory period in the financial year ending 31st March 2025 and 31st March 2024.

(vi) During the financial year 2024-25 and 2023-24, the Company have not advanced or loaned or invested funds
to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the
Intermediary shall:(a) directly or indirectly lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the company (Ultimate Beneficiaries) or(b) provide any guarantee, security or
the like to or on behalf of the Ultimate Beneficiaries

(vii) During the financial year 2024-25 and 2023-24, the Company have not received any fund from any person(s)
or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or
otherwise) that the Company shall:(a) directly or indirectly lend or invest in other persons or entities identified
in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries,

(viii) The Company has not granted any loans and advances in the nature of loans to promoters, directors, KMP
and other related parties during the financial year ending 31st March 2025 and 31st March 2024.

(ix) The Company has not been declared as wilful defaulter by any bank or financial institution or government or
any government authority during the financial year 2024-25 and 2023-24.

(x) The Company is not required to submit statement of current assets with the bank and therefore reconciliation
of the statement filed by the company with bank and the books of accounts is not applicable.

(xi) The Company has no such transactions during financial year 2024-25 and 2023-24, where the company has
not used the borrowings from banks and financial institutions for the specific purpose for which it was taken
at the balance sheet date.

(xii) The Company has not entered into any scheme(s) of arrangements given under section 230 to 237 of the
Companies Act 2013 during the year ending 31st March 2025 and 31st March 2024.

(xiii) The Company has not entered in any transaction not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as search
or survey or any other relevant provisions of the Income Tax Act, 1961).

(xiv) Company has not received any grants and donations during the year ending 31st March 2025 and 31st March
2024.

(xv) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or capital work in process during the year ending 31st March 2025 and 31st March 2024.

(xvi) The title deeds of all the immovable properties disclosed in the financial statements are held in the name of the
company and title deeds in respect of sub lease of commercial property at Noida having gross carrying value
of Rs. 4694.79 Lacs is pending for registration as on 31st March 2025 and 31st March 2024.

(xvii) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

57 Authorisation of Standalone financial statements

These standalone financial statements for the year ended 31 March, 2025 were approved by the Board of Directors
on 29th May, 2025.

This is the Summary of material accounting policies and other explanatory information referred to in our report of even
date.

For VSVG & Co. For and on behalf of the Board of Directors of IST Limited

Chartered Accountants

Firm Registration NO. 005100N

Vikas Kodesia Mayur Gupta S.C.Jain D.N.Tulshyan Bhupinder Kumar

Partner Director Executive Director Chief Financial Officer Company Secretary

Membership No. 403450 DIN-00131376 DIN-00092079

Place : New Delhi

---

Mar 31, 2024

The Company has obtained valuations from a registered valuer as defined under rule 2 of companies (Registered valuer and valuattion) Rules, 2017, for its investment properties at least annually. The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available, the valuer considers information from a variety of sources including current prices in an active market for investment properties of different nature or recent price of similar investment properties in less active market, adjusted to reflect those differences.

All resulting fair value estimates for investment properties are included in level 3.

d) Terms and rights attached to equity shares

The Company has only one class of equity shares having the par value of the each share is Rs.5/-. Each shareholder shall have voting right equal to shareholding percentage of the total of the shares issued. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amount, in proportion to their shareholdings.

e) The Company has not issued bonus shares, equity shares for considerations other than cash and also no shares has been bought back, during the immediately preceding five years.

43 Lease related disclosures

The Company has taken factory building , guest house and office building on leases. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability as a borrowings. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease the asset to another party, the right-of-use asset can only be used by the Company. Some leases contain an option to extend the lease for a further term. The Company is prohibited from selling or pledging the underlying leased assets as security. For leases over office buildings and other premises the Company must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease.

A Total cash outflow for leases for the year ended 31 March, 2024 was Rs. 114.00 lakhs (31 March, 2023 Rs. 114.00 lakhs)

45 Fair value disclosures

(i) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are classified into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

The management assessed that cash and cash equivalents, trade receivables, other receivables, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Other non-current financial assets and non-current borrowings bear a market interest rate and hence their carrying amounts are also considered a reasonable approximation of their fair values.

ii) Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk. The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

A) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the company. The company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers, placing

deposits, etc. The company''s maximum exposure to credit risk is limited to the carrying amount of following types of financial assets.

- cash and cash equivalents,

- trade receivables,

- loans & receivables carried at amortised cost, and

- deposits with banks

a) Credit risk management

The Company assesses and manages credit risk based on internal credit rating system, continuously monitoring defaults of customers and other counterparties, identified either individually or by the company, and incorporates this information into its credit risk controls. Internal credit rating is performed for each class of financial instruments with different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

A: Low B: Medium C: High

Other financial assets measured at amortised cost

Other financial assets measured at amortized cost includes advances to employees and security deposits. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity

operates. In addition, the Company''s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

C) Market risk

Price risk Exposure

The Company''s exposure to price risk arises from investments held and classified as FVTPL. To manage the price risk arising from investments in mutual funds and equity investment, the Company diversifies its portfolio of assets.

49 Segment information

The Company''s primary business segment is reflected based on principal business activities carried on by the Company i.e. precision engineering components / assemblies, which as per Ind AS 108 on “Segment Reporting” as specified under Section 133 of Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) is considered to be the only operating segment. The Company is primarily operating in India which is considered as a single geographical segment.

The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defind benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied which was applied while calculating the defined benefit obligation liability recognised in the balance sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to prior period.

(a) The discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet date for the estimated term of obligations.

(b) The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors on long term basis.

C Provident fund

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company has recognised Rs. 30.77 lakhs, (31 March 2023: Rs. 28.44 lakhs) for Provident Fund contributions and Rs. 8.24 lakhs, (31 March 2023 Rs. 8.37 lakhs) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss.

52 Contingent liabilities and comittments
Description	As at	As at
	31 March 2024	31 March 2023
a) Contingent liabilities	—	—
b) Commitments
Guarantee given by the bank	71.67	52.76

54 Additional regulatory information not disclosed elsewhere in the financial information

(i) The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year ending 31 st March 2024 and 31 st March 2023.

(ii) The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year ending 31 st March 2024 and 31 st March 2023.

(iii) The Company do not have any Benami property as on 31st March 2024 and 31st March 2023, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(iv) The Company do not have any prior period errors in financial year ending on 31 st March 2024 and 31 st March 2023 to be disclosed separately in Statement of changes in equity.

(v) The Company has no cases of any charges or satisfaction which is yet to be registered with ROC beyond the statutory period in the financial year ending 31 st March 2024 and 31 st March 2023.

(vi) During the financial year 2023-24 and 2022-23, the Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

(vii) During the financial year 2023-24 and 2022-23, the Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(viii) The Company has not granted any loans and advances in the nature of loans to promoters, directors, KMP and other related parties in the financial year ending 31 st March 2024 and 31 st March 2023.

(ix) The Company has not been declared as wilful defaulter by any bank or financial institution or government or any government authority in the financial year 2023-24 and 2022-23.

(x) The Company is not required to submit statement of current assets with the bank and therefore reconcilation of the statement filed by the company with bank and the books of accounts is not applicable.

(xi) The Company does not have any transactions in financial year 2023-24 and 2022-23, where the company has not used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date.

(xii) The Company has not entered into any scheme(s) of arrangements given under section 230 to 237 of the Companies Act 2013 during the year ending 31 st March 2024 and 31 st March 2023.

(xiii) The Company has not entered in any transaction not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as search or survey or any other relevant provisions of the Income T ax Act, 1961).

(xiv) Company has not received any grants and donations during the year ending 31st March 2024 and 31 st March 2023.

(xv) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or capital work in process during the year ending 31st March 2024 and 31st March 2023.

(xvi) The title deeds of all the immovable properties disclosed in the financial statements are held in the name of the company and title deeds in respect of sub lease of commercial property at Noida gross carrying value of Rs. 4694.79 Lacs is pending for registration during the year ending 31 st March 2024 and 31 st March 2023.

(xvii) The Company has complied with the number of layers prescribed under the Companies Act, 2013.

55 Authorisation of Standalone financial statements

These standalone financial statements for the year ended 31 March, 2024 were approved by the Board of Directors on 29.05.2024.

---

Mar 31, 2023

a) Terms and rights attached to equity shares

The Company has only one class of equity shares having the par value of the each share is Rs.5/-. Each shareholder shall have voting right equal to shareholding percentage of the total of the shares issued. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amount, in proportion to their shareholdings.

b) The Company has not issued bonus shares, equity shares for considerations other than cash and also no shares has been bought back, during the immediately preceding five years.

43 Lease related disclosures

The Company has taken factory building , guest house and office building on leases. With the exception of shortterm leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability as a borrowings. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease the asset to another party, the right-of-use asset can only be used by the Company. Some leases contain an option to extend the lease for a further term. The Company is prohibited from selling or pledging the underlying leased assets as security. For leases over office buildings and other premises the Company must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease.

A Total cash outflow for leases for the year ended 31 March, 2023 was Rs. 114.00 lakhs (31 March, 2022 Rs. 114.00 lakhs)

B The Company has Nil commitment for short-term leases as at 31 March, 2023 (31 March, 2022: Nil)

C Maturity of lease liabilities

The lease liabilities are secured by the related underlying assets. Future minimum lease payments were as follows:

44 Fair value disclosures

(i) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the statement of financial position are classified into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices (unadjusted) in active markets for financial instruments.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data rely as little as possible on entity specific estimates.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

The management assessed that cash and cash equivalents, trade receivables, other receivables, trade payables and other current financial liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Other non-current financial assets and non-current borrowings bear a market interest rate and hence their carrying amounts are also considered a reasonable approximation of their fair values.

investment in equity instrument of subsidiary and associate have been accounted at cost in accordance with Ind AS 27, not presented here. ii) Risk Management

The Company''s activities expose it to market risk, liquidity risk and credit risk. The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

A) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the company. The company is exposed to this risk for various financial instruments, for example by granting loans and receivables to customers, placing

deposits, etc. The company''s maximum exposure to credit risk is limited to the carrying amount of following types of financial assets. - cash and cash equivalents, - trade receivables, - loans & receivables carried at amortised cost, and- deposits with banks

a) Credit risk management

The Company assesses and manages credit risk based on internal credit rating system, continuously monitoring defaults of customers and other counterparties, identified either individually or by the company, and incorporates this information into its credit risk controls. Internal credit rating is performed for each class of financial instruments with different characteristics. The Company assigns the following credit ratings to each class of financial assets based on the assumptions, inputs and factors specific to the class of financial assets.

Cash & cash equivalents and bank deposits

investment in equity instrument of subsidiary and associate have been accounted at cost in accordance with Ind AS 27, not presented here.

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated banks and diversifying bank deposits and accounts in different banks.

Trade receivables

Company''s trade receivables are considered of high quality and accordingly no life time expected credit losses are recognised on such receivables.

Other financial assets measured at amortised cost

Other financial assets measured at amortized cost includes advances to employees. Credit risk related to these other financial assets is managed by monitoring the recoverability of such amounts continuously, while at the same time internal control system in place ensure the amounts are within defined limits.

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling forecasts of the Company''s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the Company''s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

Maturities of financial liabilities

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

48 Segment information

The Company''s primary business segment is reflected based on principal business activities carried on by the Company i.e. precision engineering components / assemblies, which as per Ind AS 108 on “Segment Reporting” as specified under Section 133 of Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended) is considered to be the only operating segment. The Company is primarily operating in India which is considered as a single geographical segment.

49 Transaction with struck off Companies:

The Company has received transaction to identify if there are any transactions with struck off companies. To the extent information is available on struck off companies, there are no transactions with struck off companies.

50 Details of Corporate Social Responsibility (CSR) expenditure is as follows:

As per Section 135 of the Companies Act, 2013, the Company needs to spend at least 2% of its average net profit for the immediately preceding three years on Corporate Social Responsibility (CSR) activities. The area of activities are defined in the Schedule VII of the Companies Act, 2013. In compliance with the requirement of the Companies Act, 2013 the Company had adopted the CSR policy and a CSR committee has been formed.

A Gratuity

Every employee who has completed five years or more of service gets a gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarize the components of net benefit expense recognised in the Statement of Profit and Loss and amounts recognised in the balance sheet for the respective plans.

(a) The discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet date for the estimated term of obligations.

(b) The estimates of future salary increases considered takes into account the inflation, seniority, promotion and other relevant factors on long term basis.

C Provident fund

The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company has recognised Rs.28.44 lakhs, (31 March 2022: Rs.26.80 lakhs) for Provident Fund contributions and Rs.8.37 lakhs, (31 March 2022 Rs.8.31 lakhs) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss.

52 Contingent liabilities and comittments
Description	As at	As at
	31 March 2023	31 March 2022
a) Contingent liabilities	—	—
b) Commitments
Gurantee given by the bank	52.76	104.12

54 Authorisation of Standalone financial statements

These standalone financial statements for the year ended 31 March, 2023 were approved by the Board of Directors on 29.05.2023.

---

Mar 31, 2018

1. First time adoption of Ind AS

Financial statements for the year ended 31 March 2018 are the first financial statements that the Company has prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with the accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (‘previous GAAP'').

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on or after 31 March 2018. In preparing these financial statements, the Company''s opening balance sheet was prepared as at 1 April 2016 which is the Company''s date of transition to Ind AS. This note explains the key adjustments made by the Company in restating its previous GAAP financial statements, including the Balance Sheet as at 1 April 2016 and the financial statements as at and for the year ended 31 March 2017 to Ind AS.

A. Optional exemption availed:

i. Deemed cost for property, plant and equipment, investment property and intangible assets:

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment, investment property and intangible assets are recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the Company has elected to measure all of its property, plant and equipment, investment property and intangible assets: at their previous GAAP carrying value.

ii. Investment in subsidiaries and associates

Ind AS 101 permits a first-time adopter who elects to account for its investments in subsidiaries at cost to continue with the carrying value of such investments as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. The Company has elected to measure investment in subsidiaries at carrying value of previous GAAP as deemed cost as at the date of transition.

^ / III III I JUIU UIIIW WW V/U IVI vriww W LU n/w y

B. Mandatory exceptions:

i. Estimates:

An entity''s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP The Company made certain estimates in accordance with Ind AS at the date of transition which were not required under previous GAAP

C. Reconciliations between previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity, total comprehensive income and cash flows for prior periods. The following tables represent the reconciliations from previous GAAP to Ind AS.

Notes: Note - 1: Investment Properties

Under previous GAAP, investment properties were presented as part of non-current investments.

Under Ind AS, investment properties are required to be separately presented on the face of the balance sheet.

Note - 2: Measurement of financial assets and liabilities initially at fair value and subsequently at amortized cost

Under previous GAAP, all financial assets and financial liabilities were carried at cost. Under Ind AS, certain financial assets and financial liabilities are initially recognized at fair value and subsequently measured at amortized cost which involves the application of effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial asset or financial liability to the fair value amount on the date of recognition of financial asset or financial liability.

Note - 3: Fair valuation of investments

Under the previous GAAP, investments in equity instruments and mutual funds were classified as long-term investments or current investments based on the intended holding period and reliability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments have been recognized in retained earnings as at the date of transition and subsequently in the profit or loss for the year.

Note - 4: Remeasurement of defined benefit obligation

Under Ind AS, remeasurements i.e. actuarial gains and losses on the net defined benefit liability are recognized in other comprehensive income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year.

Note - 5: Deferred tax

Under previous GAAP, deferred tax was accounted using the income statement approach, on the timing differences between the taxable profit and accounting profits for the period. Under Ind AS, deferred tax is recognized following balance sheet approach on the temporary differences between the carrying amount of asset or liability in the balance sheet and its tax base. In addition, various transitional adjustments has also lead to recognition of deferred taxes on new temporary differences.

Note - 6: Excise duty

Under Previous GAAP, revenue from sale of goods was presented net of excise duty whereas under Ind AS the revenue from sale of goods is presented inclusive of excise duty. The excise duty is presented on the face of the Statement of profit and loss as part of expenses.

Note - 7: Other comprehensive income

Under Ind AS, all items of income and expense recognized in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognized in profit or loss but are shown in the statement of profit and loss as ‘other comprehensive income'' includes re-measurements of defined benefit plans and fair value gains or (losses) on FVOCI equity instruments and their corresponding income tax effects. The concept of other comprehensive income did not exist under previous GAAP

8. Authorization of financial statements

These standalone financial statements for the year ended 31 March 2018 (including comparatives) were approved by the Board of Directors on 30 May 2018.

---

Mar 31, 2016

1. a. The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.23,67,023/- (Year ended 31 March, 2015 Rs.22,40,746/-) for Provident Fund contributions and Rs. 10,74,101/- (Year ended

2. March, 2015 Rs.10,60,340/-) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

b. The Company offers the following employee benefit schemes to its employees:

i) Gratuity included in Note no. 26 Employee benefit expenses.

ii) Earned leave included in Note no. 26 Employee benefit expenses.

The following table sets out the funded status of the defined benefit schemes and the amount recognized in the financial statements:

3. NSC for Rs.20,000/-(Previous year Rs.60,000/-) shown under Non Current Investments are in the name of Company‘s executive.

4. Previous year expenses/income aggregate Rs. 2,59,658/- / 0 respectively (Previous year Rs.1,34,703/-Rs.48,998/-)

5. The company‘s investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

6. Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act,2006 as at 31.03.2016

7. Consequent to the adoption of the Accounting Standard 22 on “Accounting For Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,78,56,000/- accumulated till 31st March, 2016 ( Previous year Rs.1,74,60,000/-)

8. Details of leasing arrangements:-

As Less or

The Company has entered into operating lease arrangements for building. The lease is non-cancellable for a period of 3 years from 19/02/2014.

9. Information on Related Parties transactions as required by Accounting Standard(AS18) a. Details of related parties:

Description of relationship Names of related parties

(i) Subsidiary M/s Gurgaon Infospace Limited

(ii) Associates Company M/s IST Steel and Power Limited

(iii) Key Management Personnel (KMP) Shri S.C Jain, Lt. Col N.L. Khitha (Retd.),

Mr. Mayur Gupta,

Mr.Gaurav Guptaa,

Mrs. Sarla Gupta

(iv) Relatives of KMP Mr. Prem Chand Gupta,

(v) Entities in which KMP / Relatives of KMP can GPC Technology Ltd, exercise significant influence Mercantile Realtors(P) Ltd,

Delux Associates LLP,

IST Technology Infrastructure Pvt. Ltd, IST Softech Pvt. Ltd.

10 Segment Reporting :

The Company Operates in only one operational segment viz.precision engineering components / assemblies and one Geographical segment viz. India.

Previous year‘s figures have been regrouped and rearranged wherever necessary to make them comparable with those of the current year.

---

Mar 31, 2015

31.03.2015 31.3.2014 1 Contingent Liabilities and Commitments ( to the extent not provided for)

Contingent Liabilities:-

Gurantees given by the Bank 97,55,140 1,03,85,305

Court case disputed by Company 31,75,000 31,75,000 Other Commitments:-

Capital Contracts to be executed 6,02,04,800 6,17,68,000

2. a. The Company makes Provident Fund and Employee State Insurance Scheme contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.22,40,746/- (Year ended 31 March, 2014 Rs.21,02,716/-) for Provident Fund contributions and Rs. 10,60,340/- (Year ended 31 March, 2014 Rs.10,21,663/-) for Employee State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

b. The Company offers the following employee benefit schemes to its employees:

i) Gratuity included in Note no. 26 Employee benefit expenses.

ii) Earned leave included in Note no. 26 Employee benefit expenses.

The following table sets out the funded status of the defined benefit schemes and the amount recognised in the financial

3 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Non Current Investments are in the name of Company's executive.

4 Previous year expenses/income aggregate Rs. 1,34,703 / Rs. 48,998/- respectively( Previous year Rs.2,49,939/ Rs. 21,945/-)

5 The company's investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

6 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act,2006 as at 31.03.2015

7 Consequent to the adoption of the Accounting Standard 22 on "Accountig For Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,74,60,000/- accumulated till 31st March, 2015 ( Previous year Rs.1,84,00,000/-)

8 Details of leasing arrangements:- As Lessor

The Company has entered into operating lease arrangements for building. The lease is non-cancellable for a period of 3 years from 19/02/2014 and may be renewed for a further period of 6 years based on mutual agreement of the parties.

9 Information on Related Parties transactions as required by Accounting Standard(AS18) a. Details of related parties:

Description of relationship Names of related parties

(i) Subsidiary M/s Gurgaon Infospace Limited

(ii) Associates Company M/s IST Steel and Power Limited

(iii) Key Management (KMP) Shri S.C Jain, Lt. Col N.L. Personnel Khitha(Retd.), Mr. Mayur Gupta, Mr. Gaurav Guptaa

(iv) Relatives of KMP Mr. Prem Chand Gupta, Mrs. Sarala Gupta

(v) Entities in which KMP / Relatives of KMP can exercise significant influence :

GPC Technology Ltd,

Mercantile Realtors(P) Ltd

Delux Investments Pvt. Ltd,

IST Technology Infrastructure Pvt. Ltd,

IST Softech Pvt. Ltd.

10 During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1,2014, the Company revised the estimated useful life of of its assets to align the useful life with those specified in Schedule II. The details of previously applied depreciation method, rates / useful life are as follows:

Pursuant to the transition provisions prescribed in Schedule II to the Companies Act, 2013, the Company has fully depreciated the carrying value of assets, net of residual value, where the remaining useful life of the asset was determined to be nil as on April 1,2014, and has adjusted an amount of Rs.8,10,140/- against the opening Surplus balance in the Statement of Profit and Loss under Reserves and Surplus.

The depreciation expense in the Statement of Profit and Loss for the year is higher by Rs.36,65,839/- consequent to the change in the useful life of the assets.

Previous year's figures have been regrouped and rearranged whereever necessary to make them comparable with those of the current year.

---

Mar 31, 2014

As at As at

31.03.2014 31.03.2013

Rs. Rs.

1 Contingent Liabilities and Commitments :

(i) Bank Gurantees given by the Bank 1,03,85,305 13,505,792

(ii) Gurantees given by the Company on behalf of other Company — 389,829,000

(iii> capital Contracts to be executed 1,47,68,000 —

iv) Court case disputed by Company 31,75,000 3,175,000

2 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employees" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

3 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Non Current Investments are in the name of Company''s executive.

4 Previous year''s expenses / income aggregate Rs.2,49,939 / Rs.21,945 respectively (Previous year Rs.4,01,010/ Rs.38,590/- )

5 The company''s investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

6 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act,2006 as at 31.03.2014

7 Earning per Share

Profit after tax 39,839,720 67,159,334

Weighted average No of share 5,832,056 5,832,056

Nominal Value 10 10

Basic & Diluted 6.83 11.52

8 Consequent to the adoption of the Accounting Standard 22 on "Accountig For Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,84,00,000 accumulated till 31st March, 2014 ( Previous year Rs.1,69,00,000)

9 Information on Leases as per Accounting Standard 19 on "Accounting for Leases"

Operating Lease Expenses :

The Company has various operating leases for office facilities,factory and guest house that are renewable on a periodic basis cancellable at its option. Rental expenses for operating lease recogonised in the profit and loss account for the year is Rs.39,00,000( Previous year Rs.39,00,000)

10 Information on Related Parties transactions as required by Accounting Standard(AS18)

Subsidiary Company

Gurgaon InfoSpace Ltd

Associate Companies:

GPC Technology Ltd (Galaxy Power Cables Ltd), Delight Marketing Co. Pvt. Ltd, Delux Investments Pvt. Ltd, Lubetec India Pvt. Ltd, Antique Investment Co. Ltd, Galaxy International Hotels Pvt Ltd, Eastern India Power and Mining Co.Pvt Ltd., Neil Builders (P) Ltd, IST Technology Infrastructure PLtd, Gupta International Investment Co. Ltd, IST Steel and Power Ltd., IST Softech Pvt Ltd(AS Plastics Pvt Ltd.) Rex Propbuild Private Ltd, Western Indus Power Pvt Ltd, Delight Softech Private Ltd, Eastern Softech Private Ltd, AVG Realtors Pvt Ltd. Vinayak Infradevelopers Pvt. Ltd, IST Property Management Pvt Ltd(Galaxy Indus Power Private Ltd), IST Green Power Pvt Ltd, Wardha Vaalley Coal Field Pvt Ltd, IST Finvest LLP, IST Conbuild (P) Ltd, IST Projects (P) Ltd, IST Eco Power (P) Ltd, Mercantile Realtors (P) Ltd. Kiki Properties Pvt Ltd, Prosper Realty and Ventures LLP, e-Future Global Pvt Ltd, Mahodari Realty Trade Ventures LLP

Key Management Personnel

Shri S.C.Jain, Lt. Col N.L.Khitha(Retd.)

11 Segment Reporting:

The Company Operates in only one operational segment viz precision engineering Components / Assembalies and one geographical Segment viz.India.

Previous year''s figures have been regrouped and rearranged whereever necessary to make them comparable with those of the current year.

---

Mar 31, 2013

As at As at 31.03.2013 31.03.2012 Rs. Rs.

1 Contingent Liabilities and Commitments :

(i) Bank Gurantees given by the Bank 1,35,05,792 91,64,160 (ii) Gurantees given by the Company on behalf of other Company 38,98,29,000 41,93,83,000

(iii) Capital Contracts to be executed 1,86,77,233

iv) Court case disputed by Company 31,75,000

2 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employer‘s" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

3 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Non Current Investments are in the name of Company‘s executive.

4 Previous year‘s expenses / income aggregate Rs. 4,01,010 / Rs. 38,590 respectively (Previous year Rs. 82,206/ Rs.1,106/- )

5 The company‘s investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

6 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act,2006 as at 31.03.2013

7 Consequent to the adoption of the Accounting Standard 22 on "Accountig For Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,69,00,000 accumulated till 31st March, 2013 ( Previous year Rs.1,31,33,000)

8 Information on Leases as per Accounting Standard 19 on "Accounting for Leases"

Operating Lease Expenses :

The Company has various operating leases for office facilities,factory and guest house that are renewable on a periodic basis cancellable at its option. Rental expenses for operating lease recogonised in the profit and loss account for the year is Rs.39,00,000( Previous year Rs.41,83,533)

---

Mar 31, 2012

As at 31.3.2012 As at 31.3.2011 Rs. Rs.

1 Contingent Liabilities and Commitments :

(i) Bank Gurantees given by the Bank 91,64,160 60,82,863

(ii) Gurantees given by the Company on behalf of other Company 41,93,83,000 54,28,00,000

(iii) Capital Contracts to be executed 1,86,77,233 1,82,09,131

2 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employer's" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

3 Defective stocks are accounted for in production as and when used after rectification.

4 NSC for Rs.60,000/-(Previous year Rs.60,000/-) shown under Loans & Advances are in the name of Company's executives.

5 Previous year's expenses / income aggregate Rs.82,206/- Rs.1,106/- respectively (Previous year Rs.1,54,586/- Rs.1,49,440/-).

6 . The company's investment in its wholly owned subsidiary namely Gurgaon InfoSpace Limited are held in its own name except six equity shares which are held in the name of its nominees.

7 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act, 2006 as at 31.03.2012.

8 Consequent to the adoption of the Accounting Standard 22 on "Accounting for Taxes on Income", the Company has recognized a deferred tax liability of Rs.1,31,33,000 accumulated-till 31st March, 2012 ( Previous year Rs.1,35,05,000).

9 Information on Leases as per Accounting Standard 19 on "Accounting for Leases"

Operating Lease Expenses :

The Company has various operating leases for office facilities,factory, guest house and residential premises for employee that are renewable on a periodic basis cancellable at its option. Rental expenses for operating leases recognised in the profit & loss account for the year is Rs.41,83,533. (Previous year Rs.43,49,420).

Associate Companies:

GPC Technology Ltd. (Galaxy Power Cables Ltd.), Delight Marketing Co. Pvt. Ltd., Delux Investments Pvt. Ltd., Lubetec India Pvt. Ltd., Antique Investment Co. Ltd., Galaxy International Hotels Pvt Ltd., Eastern India Power and Mining Co. Pvt Ltd., Neil Builders (P) Ltd., IST Technology Infrastructure (P) Ltd., Gupta International Investment Co. Ltd., IST Steel and Power Ltd., IST Softect Pvt. Ltd. (AS Plastics Pvt Ltd.), Rex Probuild Private Ltd., Western Indus Power Pvt. Ltd., Delight Softech Private Ltd., Eastern Softech Private Ltd., AVG Realtors Pvt Ltd., Vinayak Infradevelopers Pvt. Ltd., Galaxy Indus Power Private Ltd., IST Green Power Pvt. Ltd., Wardha Valley Coal Field Pvt. Ltd., IST Finvest LLP, IST Conbuild (P) Ltd., IST Projectc (P) Ltd., IST Eco Power (P) Ltd., Mercantile Realtors (P) Ltd.

---

Mar 31, 2011

As at 31.3.2011 As at 31.3.2010 Rs. Rs.

1 Contingent Liabilities not provided for in respect of :

(i) Bank Gurantees given by the Bank 60,82,863 36,82,500

(ii) Gurantees given by the Company on behalf of other Company 54,28,00,000 69,50,00,000

(iii) Capital Contracts to be executed 1,82,09,131 —

2 Cash Credit Loan from State Bank of India (Secured by first charge on current assets consisting raw material, work in process, finished goods, book-debts & other current assets of the company; first charge on fixed assets consisting movable tangible property both present and future; plant & machinery purchased ; and equitable mortage on land of an associate company, GPC Technology Limited admeasuring 11.26696 acres situated at Village Malapura Dist.Riwari,(Haryana).

3 In view of accounting standard on “Accounting for retirement benefits in the Financial statement of Employer‘s” issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

4 Defective stocks are accounted for in production as and when used after rectification.

5 Fixed Deposits Rs.73,11,983/- and Rs.85,000/- are pledged with Punjab National Bank and Sales Tax Authorities Delhi respectively (Previous year Rs.69,00,000/- and Rs.85,000/-).

6 NSC for Rs.60,000/-(Previous year Rs.40,000/-) shown under Loans & Advances are in the name of Company‘s executives.

7 Previous year‘s expenses / income aggregate Rs.1,54,586/- Rs.1,49,440/- respectively (Previous year Rs.49,360/- Rs.1,91,586/- ).

8 The company‘s investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

9 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act, 2006 as at 31.03.2011.

10 Consequent to the adoption of the Accounting Standard 22 on “Accounting for Taxes on Income“, the Company has recognized a deferred tax liability of Rs.135.05 lacs accumulated till 31st March, 2011 ( Previous year Rs.107.71 lacs) is in respect of:

11 Information on Leases as per Accounting Standard 19 on “Accounting for Leases” Operating Lease Expenses :

The Company has various operating leases for office facilities,factory, generator, guest house and residential premises for employee that are renewable on a periodic basis cancellable at its option. Rental expenses for operating leases recognised in the profit & loss account for the year is Rs.43.49 Lacs. (Previous year Rs.40.27 Lacs).

12 Information on Related Parties transactions as required by Accounting Standard (AS18)

Subsidiary Company

Gurgaon Infospace Ltd.

Associate Companies:

GPC Technology Ltd. (Galaxy Power Cables Ltd.), Delight Marketing Co. Pvt. Ltd., Delux Investments Pvt. Ltd., Lubetec India Pvt. Ltd., Antique Investment Co. Ltd., Galaxy International Hotels Pvt Ltd., Eastern India Power and Mining Co. Pvt Ltd., Neil Builders (P) Ltd., IST Technology Infrastructure (P) Ltd., Gupta International Investment Co. Ltd., IST Steel and Power Ltd., IST Softect Pvt. Ltd. (AS Plastics Pvt Ltd.), Rex Probuild Private Ltd., Western Indus Power Pvt. Ltd., Delight Softech Private Ltd., Eastern Softech Private Ltd., AVG Realtors Pvt Ltd., Vinayak Infradevelopers Pvt. Ltd., Galaxy Indus Power Private Ltd., IST Green Power Pvt. Ltd., Wardha Valley Coal Field Pvt. Ltd., IST Finvest Ltd.

Key Management Personnel : Shri Mayur Gupta

13 Information pursuant to the provisions of Part-II of Schedule VI of the Companies Act, 1956.

I. LICENCED AND INSTALLED CAPACITY (AS CERTIFIED BY THE MANAGEMENT) Licenced Capacity

The Government of India, Ministry of Commerce & Industry, have granted an Industrial Licence no.DIL 99(2005) dt.24.11.2005.

Previous year's figures have been regrouped and rearranged wherever necessary to make them comparable with those of the current year.

---

Mar 31, 2010

As at 31.3.2010 As at 31.3.2009

Rs. Rs.

1 Contingent Liabilities not provided for in respect of :

(i) Gurantees given by the Bank . 36,82,500 28,61,275

(ii) Gurantees given by the Company on behalf of other Company 69,50,00,000 69,50,00,000

(iii) Claims / Demands against the Company not acknowledged as debts:

a) Demand of Income Tax being disputed by the Company 1,47,380 -

b) Demand raised by various Workmen being disputed by the Company. Unascertainable Unascertainable

2 Company has Cash Credit Limit from State Bank of India (Secured by first charge on current assets consisting raw material, work in process, finished goods, book-debts & other current assets of the company; first charge on fixed assets consisting movable tangible property both present and future; plant & machinery purchased ; and equitable mortage on land of an associated company, GPC Technology Limited admeasuring 11.26696 acres situated at Village Malapura Dist.Riwari.(Haryana)

3 In view of accounting standard on "Accounting for retirement benefits in the Financial statement of Employers" issued by ICAI being mandatory, the company has made provision for gratuity & leave encashment on acturial valuation.

4 Defective stocks are accounted for in production as and when used after rectification.

5 Fixed Deposits Rs.69,00,000/- (Nil) pledged with Punjab National Bank as security on behalf of other company and FDR of Rs.85,000/- (85,000/-) pledged with Sales Tax Authorities Delhi.

6 NSC for Rs.40,000/-(Previous year Rs.40,000/-) pledged with M/s Minning Engineers, Nagore shown under Loans & Advances are in the name of Companys executive.

7 Previous years expenses / income aggregate Rs.49,360 / Rs.1,91,586 respectively (Previous year Rs.7,29,553/ Rs.5,69,820).

8 The companys investment in its wholly owned subsidiary namely Gurgaon Infospace Limited are held in its own name except six equity shares which are held in the name of its nominees.

9 Based on information available with the company there are no dues to Micro, Small & Medium Enterprises as defined in Micro, SME development Act, 2006 as at 31.03.2010

10 The Company has filed SLP with the Honble Supreme Court of India against the order of the Honble Punjab and Haryana High Court setting aside allotment of a Free Hold Plot by HUDA. The Apex Court has been pleased to admit the SLP and has ordered stay against the order of the Honble High Court.

11. Information on Leases as per Accounting Standard 19 on "Accounting for Leases" Operating Lease Expenses:

The Company has various operating leases for office facilities,factory, guest house and residential premises for employee that are renewable on a periodic basis cancellable at its option. Rental expenses for operating leases recognised in the profit & loss account for the year is Rs.40.27 Lacs.(Previous year Rs.35.84 Lacs)

Associate Companies:

GPC Technology Ltd (Galaxy Power Cables Ltd), Delight Marketing Co. Pvt. Ltd, Delux Investments Pvt. Ltd, Lubetec India Pvt. Ltd, Antique Investment Co. Ltd, Galaxy International Hotels Pvt Ltd, Eastern India Power and

Mining Co. Pvt Ltd., Neil Builders (P) Ltd, 1ST Technology Infrastructure (P) Ltd, Gupta International Invesrment Co. Ltd, 1ST Steel and Power Ltd., 1ST Softect Pvt. Ltd. (Formerly AS Plastics Pvt Ltd.), Rex Propbuild Private Ltd, Western Indus Power Pvt. Ltd, Delight Softech Private Ltd, Eastern Softech Private Ltd, AVG Autoparts Pvt Ltd. Vinayak Infradevelopers Pvt. Ltd

Key Management Personnel : Shri Mayur Gupta

12. Information pursuant to the provisions of Part-ll of Schedule VI of the Companies Act, 1956.

I. LICENCED AND INSTALLED CAPACITY (AS CERTIFIED BY THE MANAGEMENT) Licenced Capacity

The Government of India, Ministry of Commerce & Industry, have granted an Industrial Licence no.DIL 99(2005) dt.24.11.2005

NOTE:

Components consist of a large number of items for which it is not practicable to furnish quantitative information. Hence, only the aggregate value of such items has been shown.

Previous years figures have been regrouped and rearranged wherever necessary to make them comparable with those of the current year.