Notes to Accounts of Kama Holdings Ltd.

Mar 31, 2025

5 Provisions and Contingent Liabilities
Provisions

The company recognises a provision when there is a present obligation (legal or constructive) as a result of past
events and it is more likely than not that an outflow of resources would be required to settle the obligation and a
reliable estimate can be made.

When the company expects some or all of a provision to be reimbursed, for example, under an insurance contract,
the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain.

The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision
due to the passage of time is recognised as a finance cost.

Contingent liability

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a
present obligation that is not recognised because it is not probable that an outflow of resources will be required to
settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot
be recognised because it cannot be measured reliably. The company does not recognize a contingent liability
but discloses its existence in the financial statements unless the possibility of an outflow of resources embodying
economic benefits is remote. Contingent liabilities and commitments are reviewed by the management at each
balance sheet date.

6 Revenue recognition

a) Dividend income from investments is recognised when the shareholder’s right to receive payment has been
established and it is probable that the economic benefits will flow to the company.

b) Interest income is recognised when it is probable that the economic benefits will flow to the company using
the effective interest rate and the amount of income can be measured reliably. Interest income is accrued on time
basis, by reference to the principal outstanding.

7 Taxation

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

a) Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted
or substantively enacted, at the reporting date.

Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss
account i.e. in Other comprehensive income or equity. Management periodically evaluates positions taken in
the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.

b) Deferred tax

Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their
carrying amounts at the reporting date.

Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the
reporting date.

Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same
governing tax laws and the company has a legally enforceable right for such set off.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset
to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised
to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be
recovered. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses
only if it is probable that future taxable amounts will be available to utilise those temporary differences and
losses.

Deferred tax relating to items recognised outside profit or loss is recognised in other comprehensive income
or in equity.

8 Employee benefits

Short term employee benefits

Wages and salaries including non monetary benefits that are expected to be settled within the operating cycle after
the end of the period in which the related services are rendered and are measured at the undiscounted amount
expected to be paid.

Defined contribution plans

Provident fund administered through Regional Provident Fund Commissioner and Employees’ State Insurance
Corporation are defined contribution schemes. Contributions to such schemes are charged to the statement
of profit and loss in the year when employees have rendered services entitling them to the contributions. The
company has no obligation, other than the contribution payable to such schemes.

Defined benefit plans

The company has defined benefit plan such as gratuity, provident fund for certain category of employees
administered through a recognised provident fund trust.

Provision for gratuity, provident fund for certain category of employees administered through a recognised
provident fund trust are determined on an actuarial basis at the end of the year and charged to statement of profit
and loss, other than remeasurements. The cost of providing these benefits is determined using the projected unit
credit method.

Remeasurements, comprising of actuarial gains and losses and the effect of the asset ceiling, (excluding amounts
included in net interest on the net defined benefit liability and return on plan assets), are recognised immediately in
the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income in
the period in which they occur. Re-measurements are not reclassified to statement of profit and loss in subsequent
periods.

Other long term employee benefits

The company also has other long term benefits plan such as compensated absences. Provision for compensated
absences are determined on an actuarial basis at the end of the year and charged to Statement of Profit and Loss.
The cost of providing these benefits is determined using the projected unit credit method.

9 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders
by the weighted average number of equity shares outstanding during the year.

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 is adjusted for the effects
of all dilutive potential equity shares.

10 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with
an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

11 Financial instruments

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

A) Financial assets

Initial recognition and measurement

All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair
value through profit or loss (FVTPL), transaction costs that are attributable to the acquisition of the financial
asset. However, trade receivables that do not contain a significant financing component are measured at
transaction price.

Subsequent measurement

For purposes of subsequent measurement, financial assets of the company are classified in three categories:

a) At amortised cost

b) At fair value through profit and loss (FVTPL)

c) At fair value through other comprehensive income (FVTOCI)

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

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

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

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

Financial assets not classified as measured at amortised cost or FVOCI as are measured at FVTPL. Financial
assets included within the FVTPL category are measured at fair value with all changes recognised in the
statement of profit and loss.

Equity Investments

All equity investments in the scope of Ind AS 109 are measured at fair value. Equity instruments which are
held for trading are measured at fair value through profit and loss.

For all other equity instruments, the company may make an irrevocable election to present in other
comprehensive income subsequent changes in the fair value.

The company makes such election on an instrument by instrument basis. The classification is made on initial
recognition and is irrevocable.

If the company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognised in other comprehensive income. This cumulative gain or loss
is not reclassified to statement of profit and loss on disposal of such instruments.

Investments representing equity interest in subsidiaries are carried at cost less any provision for impairment.

Derecognition

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

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

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

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

Impairment of financial assets

The company recognizes loss allowance using the expected credit loss (ECL) model for the financial assets
which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant
financing component is measured at an amount equal to lifetime ECL. For all financial assets with contractual
cash flows other than trade receivable, ECLs are measured at an amount equal to the 12-month ECL, unless
there has been a significant increase in credit risk from initial recognition in which case those are measured
at lifetime ECL. The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting
date is recognised as an impairment gain or loss in the Statement of Profit and Loss.

B) Financial liabilities and Equity instruments

Initial recognition and measurement

All financial liabilities are recognised initially at fair value, net of directly attributable transaction costs, if any.
The company’s financial liabilities include borrowings and trade and other payables.

Subsequent measurement
Borrowings

Borrowings are subsequently measured at amortised cost. Any differences between the proceeds(net of
transaction cost) and the redemption/repayment amount is recognised in profit and loss over the period of the
borrowings using the Effective interest rate method.

Trade and other payables

Trade and other payables represent the liabilities for goods and services provided to the company prior to the
end of the financial year which are unpaid.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there
is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a
net basis, to realise the assets and settle the liabilities simultaneously.

Derecognition

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

Equity Instruments

Equity Instruments are any contract that evidences a residual interest in the assets of an entity after deducting
all of its liabilities.

Debt or equity instruments issued by the company are classified as either financial liability or as equity in
accordance with the substance of contractual arrangements and the definitions of a financial liabilities and an
equity instruments.

12 Fair value measurement

The company measures some of its financial instruments at fair value at each balance sheet date.

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

a) In the principal market for the asset or liability, or

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

The principal or the most advantageous market must be accessible by the company. The fair value of an asset or
a liability is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest. A fair value measurement of a non-financial
asset takes into account a market participant’s ability to generate economic benefits by using the asset in its
highest and best use or by selling it to another market participant that would use the asset in its highest and best
use. The company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising the
use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input
that is significant to the fair value measurement as a whole:

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

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

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

For assets and liabilities that are recognised in the financial statements on a recurring basis, the company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.

For the purpose of fair value disclosures, the company has determined classes of assets and liabilities on the basis
of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained
above.

13 Dividend

The Company recognises a liability to make cash distributions to equity holders when the distribution is authorised
and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution
is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

C Accounting judgements, estimates and assumptions

The preparation of financial statements requires management to make judgments, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.

Judgements, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimates are revised and in any future periods affected. In
particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting
policies that have the most significant effect on the amounts recognised in the financial statements is included in the
following notes.

• Assessment of useful life of property, plant and equipment

• Estimation of obligations relating to employee benefits (including actuarial assumptions)

b) Terms/ rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares
is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend, if
any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting. The Board may from time to time pay to the members such interim dividends as appear to it to be justified by
the profits of the Company.

During the year ended March 31, 2025, Board has declared first interim dividend of Rs. 16 per share and second
interim dividend of Rs. 17.75 per share, aggregating Rs. 10,830.56 lakhs (Previous year: first interim dividend Rs. 82
per share (before issue of bonus shares) and second interim dividend of Rs. 19 per share (after issue of bonus share),
aggregating Rs. 11,360.06 lakhs).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive 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.

d) There are no shares reserved for issue under options and contracts/commitments for the sale of shares or disinvestment,
including the terms and amounts.

e) Bonus shares issued during the five years preceding the reporting date

a During the year 2023-24, the Company has issued and allotted 256,72,460 fully paid up Bonus Equity shares of
Rs. 10 each in the ratio of 4:1 (i.e. 4 Bonus Equity shares for every 1 existing equity share of the Company) to the
shareholders who held shares on October 17, 2023 (Record date).

f) Equity Shares Extinguished on Buy-Back

The Board of Directors of the Company, at its meeting held on December 12, 2022 had approved a proposal to buyback
upto 34,500 equity shares of the Company being 0.53% of the total number of equity shares in the paid up equity
share capital of the Company at a price of Rs. 14,500 per equity share for an aggregate amount not exceeding Rs.
50,02,50,000. A Letter of Offer was made to all eligible shareholders. The Company bought back 34,500 equity shares
out of the shares that were tendered by eligible shareholders and extinguished the equity shares bought back on 24
February 2023. The Company has utilised its Retained Earnings (Rs. 4,999.05 Lakhs) and General Reserve (Rs.

3.45 Lakhs) for the buyback of its equity shares and tax of Rs. 1,164.58 Lakhs was offset from retained earnings. In
accordance with Section 69 of the Companies Act 2013, the Company has created Capital Redemption Reserve of Rs.

3.45 Lakhs equal to the nominal value of the shares bought back as an appropriation from the General Reserve.

23. Post-Employment Benefit Plans:

The Company sponsors funded defined benefit plans for qualifying employees. The defined benefit plans are administered
by separate funds which are legally separate from the Company. These plans are:

Provident fund for certain category of employees administered through a recognised provident fund trust.

(i) These plans typically expose the company to actuarial risks such as investment risk, interest rate risk, longevity risk and
salary risk.

Investment Risk

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.
Salary Risk

The present value of defined benefit plan is calculated with the assumption of salary increase rate of plan participants
in future. Deviation in rate of increase in salary in future for plan participants from the rate of increase in salary used to
determine the present value of obligation will have a bearing on the plan’s liability.

Interest Risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the
ultimate cost of providing the above benefit and will thus result in an increase in value of the liability.

Longevity Risk

The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan
participants both during and after employment. An increase in the life expectancy of the plan participants will increase
the plans liability.

(a) Defined Contribution Plans:

Contributions paid / payable to defined contribution plans comprising of provident fund, pension fund, superannuation
fund etc., in accordance with the applicable laws and regulations are recognised as expenses during the period when
the contributions to the respective funds are due.

30. Financial Instruments & Risk management

30.1 Capital management

The Company is cash surplus and has issued only equity share capital . The Company is a Core Investment Company
(CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2016 and does not require
registration with Reserve Bank of India under the said directions.

The cash surpluses are currently invested in equity instruments and inter -corporate loans depending on economic
conditions in line with investment policy set by the Management. Safety of capital is of prime importance to ensure
availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

The Company does not have any borrowings.

30.2 Financial Risk Management

The Company being a Core Investment Company as per the Core Investment Companies (RBI) Directions, 2016 is
required to invest or lend majority of it’s fund to subsidiaries. The Company’s principal financial liabilities comprise trade
and other payables. The main purpose of these financial liabilities is to support Company’s operations. The Company’s
principal financial assets include inter corporate deposits, loans, cash and cash equivalents and other receivables.

The Company is exposed to market risk, credit risk, liquidity risk and operational and business risk. The Company’s
management oversees the management of these risks. The Company’s senior management is supported by a Risk
Management Committee that advises on financial risks and the appropriate financial risk governance framework for the
Company. The major risks are summarised below:

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. In the case of the Company, market risk primarily impacts financial instruments measured at fair value
through profit or loss.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company does not have exposure to the risk of changes in market interest rate
as it does not have debt obligations.

Credit risk

Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or a customer
contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities towards inter
corporate deposits to subsidiaries, where no significant impact on credit risk has been identified.

Equity price risk:

The Company’s investment in subsidiaries are accounted at cost in the financial statement net of impairment. The
expected cash flow from these entities are regularly monitored to identify impairment indicators.

Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or
at a reasonable price. The Company’s corporate treasury department is responsible for liquidity, funding as well as
settlement management. In addition, processes and policies related to such risks are overseen by senior management.
The Company manages its liquidity requirement by analysing the maturity pattern of the Company’s cash flow of
financial assets and financial liabilities . The Company’s objective is to maintain a balance between continuity of funding
and flexibility through issuance of equity shares etc. The Company invests its surplus funds in subsidiary companies.

The table below analyse the Company’s financial liabilities into relevant maturity profiles based on their contractual
maturities:

In terms of our report of even date For and on behalf of the Board of Directors

For V SAHAI TRIPATHI & CO.

Chartered Accountants
Regn. No. 000262N

Vishwas Tripathi Kartik Bharat Ram Jagdeep Singh Rikhy

Partner Chairman Director

M.No. 086897 (DIN:00008557) (DIN: 00944954)

Place : New Delhi Place : Gurugram, Haryana Place : Gurugram, Haryana

Date : 30th May, 2025 Date : 30th May, 2025 Date :30th May, 2025

Ekta Maheshwari
Whole Time Director
CFO, & Company Secretary

(DIN: 02071432)

Place : Gurugram, Haryana
Date : 30th May, 2025

---

Mar 31, 2024

5 Provisions and Contingent Liabilities Provisions

The company recognises a provision when there is a present obligation (legal or constructive) as a result of past events and it is more likely than not that an outflow of resources would be required to settle the obligation and a reliable estimate can be made.

When the company expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain.

The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liability

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or a present obligation that is not recognised because it is not probable that an outflow of resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that cannot be recognised because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the financial statements unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent liabilities and commitments are reviewed by the management at each balance sheet date.

6 Revenue recognition

a) Dividend income from investments is recognised when the shareholder’s right to receive payment has been established and it is probable that the economic benefits will flow to the company.

b) Interest income is recognised when it is probable that the economic benefits will flow to the company using the effective interest rate and the amount of income can be measured reliably. Interest income is accrued on time basis, by reference to the principal outstanding.

7 Taxation

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

a) Current tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss account i.e. in Other comprehensive income or equity. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

b) Deferred tax

Deferred tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the reporting date.

Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted as at the reporting date.

Deferred tax assets and liabilities are offset if such items relate to taxes on income levied by the same governing tax laws and the company has a legally enforceable right for such set off.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax relating to items recognised outside profit or loss is recognised in other comprehensive income or in equity.

8 Employee benefits

Short term employee benefits

Wages and salaries including non monetary benefits that are expected to be settled within the operating cycle after the end of the period in which the related services are rendered and are measured at the undiscounted amount expected to be paid.

Defined contribution plans

Provident fund administered through Regional Provident Fund Commissioner and Employees’ State Insurance Corporation are defined contribution schemes. Contributions to such schemes are charged to the statement of profit and loss in the year when employees have rendered services entitling them to the contributions. The company has no obligation, other than the contribution payable to such schemes.

Defined benefit plans

The company has defined benefit plan such as gratuity, provident fund for certain category of employees administered through a recognised provident fund trust.

Provision for gratuity, provident fund for certain category of employees administered through a recognised provident fund trust are determined on an actuarial basis at the end of the year and charged to statement of profit and loss, other than remeasurements. The cost of providing these benefits is determined using the projected unit credit method.

Remeasurements, comprising of actuarial gains and losses and the effect of the asset ceiling, (excluding amounts included in net interest on the net defined benefit liability and return on plan assets), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income in the period in which they occur. Re-measurements are not reclassified to statement of profit and loss in subsequent periods.

Other long term employee benefits

The company also has other long term benefits plan such as compensated absences. Provision for compensated absences are determined on an actuarial basis at the end of the year and charged to Statement of Profit and Loss. The cost of providing these benefits is determined using the projected unit credit method.

9 Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.

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 is adjusted for the effects of all dilutive potential equity shares.

10 Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.

11 Financial instruments

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

A) Financial assets

Initial recognition and measurement

All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair value through profit or loss (FVTPL), transaction costs that are attributable to the acquisition of the financial asset. However, trade receivables that do not contain a significant financing component are measured at transaction price.

Subsequent measurement

For purposes of subsequent measurement, financial assets of the company are classified in three categories:

a) At amortised cost

b) At fair value through profit and loss (FVTPL)

c) At fair value through other comprehensive income (FVTOCI)

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

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

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

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

Financial assets not classified as measured at amortised cost or FVOCI as are measured at FVTPL. Financial assets included within the FVTPL category are measured at fair value with all changes recognised in the statement of profit and loss.

Equity Investments

All equity investments in the scope of Ind AS 109 are measured at fair value. Equity instruments which are held for trading are measured at fair value through profit and loss.

For all other equity instruments, the company may make an irrevocable election to present in other comprehensive income subsequent changes in the fair value.

The company makes such election on an instrument by instrument basis. The classification is made on initial recognition and is irrevocable.

If the company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in other comprehensive income. This cumulative gain or loss is not reclassified to statement of profit and loss on disposal of such instruments.

Investments representing equity interest in subsidiaries are carried at cost less any provision for impairment.

Derecognition

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

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

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

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

Impairment of financial assets

The company recognizes loss allowance using the expected credit loss (ECL) model for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime ECL. For all financial assets with contractual cash flows other than trade receivable, ECLs are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date is recognised as an impairment gain or loss in the Statement of Profit and Loss.

B) Financial liabilities and Equity instruments

Initial recognition and measurement

All financial liabilities are recognised initially at fair value, net of directly attributable transaction costs, if any. The company’s financial liabilities include borrowings and trade and other payables.

Subsequent measurement Borrowings

Borrowings are subsequently measured at amortised cost. Any differences between the proceeds(net of transaction cost) and the redemption/repayment amount is recognised in profit and loss over the period of the borrowings using the Effective interest rate method.

Trade and other payables

Trade and other payables represent the liabilities for goods and services provided to the company prior to the end of the financial year which are unpaid.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.

Derecognition

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

Equity Instruments

Equity Instruments are any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Debt or equity instruments issued by the company are classified as either financial liability or as equity in accordance with the substance of contractual arrangements and the definitions of a financial liabilities and an equity instruments.

12 Fair value measurement

The company measures some of its financial instruments at fair value at each balance sheet date.

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

a) In the principal market for the asset or liability, or

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

The principal or the most advantageous market must be accessible by the company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

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

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

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

For assets and liabilities that are recognised in the financial statements on a recurring basis, the company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

13 Dividend

The Company recognises a liability to make cash distributions to equity holders when the distribution is authorised and the distribution is no longer at the discretion of the Company. As per the corporate laws in India, a distribution is authorised when it is approved by the shareholders. A corresponding amount is recognised directly in equity.

C Accounting judgements, estimates and assumptions

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Judgements, estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes.

• Assessment of useful life of property, plant and equipment

• Estimation of obligations relating to employee benefits (including actuarial assumptions)

e) Bonus shares issued during the five years preceding the reporting date

a During the current year, the Company has issued and allotted 2,56,72,460 fully paid up Bonus Equity shares of Rs. 10 each in the ratio of 4:1 (i.e. 4 Bonus Equity shares for every 1 existing equity share of the Company) to the shareholders who held shares on October 17, 2023 (Record date).

f) Equity Shares Extinguished on Buy-Back

The Board of Directors of the Company, at its meeting held on December 12, 2022 had approved a proposal to buyback upto 34,500 equity shares of the Company being 0.53% of the total number of equity shares in the paid up equity share capital of the Company at a price of Rs. 14,500 per equity share for an aggregate amount not exceeding Rs. 50,02,50,000. A Letter of Offer was made to all eligible shareholders. The Company bought back 34,500 equity shares out of the shares that were tendered by eligible shareholders and extinguished the equity shares bought back on 24 February 2023. The Company has utilised its Retained Earnings (Rs. 4,999.05 Lakhs) and General Reserve (Rs.

3.45 Lakhs) for the buyback of its equity shares and tax of Rs. 1,164.58 Lakhs was offset from retained earnings. In accordance with Section 69 of the Companies Act 2013, the Company has created Capital Redemption Reserve of Rs.

3.45 Lakhs equal to the nominal value of the shares bought back as an appropriation from the General Reserve.

32. Financial Instruments & Risk management

32.1 Capital management

The Company is cash surplus and has issued only equity share capital . The Company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2016 and does not require registration with Reserve Bank of India under the said directions.

The cash surpluses are currently invested in equity instruments and inter -corporate loans depending on economic conditions in line with investment policy set by the Management. Safety of capital is of prime importance to ensure availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

The Company does not have any borrowings.

32.2 Financial Risk Management

The Company being a Core Investment Company as per the Core Investment Companies (RBI) Directions, 2016 is required to invest or lend majority of it’s fund to subsidiaries. The Company’s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to support Company’s operations. The Company’s principal financial assets include inter corporate deposits, loans, cash and cash equivalents and other receivables.

The Company is exposed to market risk, credit risk, liquidity risk and operational and business risk. The Company’s management oversees the management of these risks. The Company’s senior management is supported by a Risk Management Committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The major risks are summarised below:

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. In the case of the Company, market risk primarily impacts financial instruments measured at fair value through profit or loss.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not have exposure to the risk of changes in market interest rate as it does not have debt obligations.

Credit risk

Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or a customer contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities towards inter corporate deposits to subsidiaries, where no significant impact on credit risk has been identified.

Equity price risk

The Company’s investment in subsidiaries are accounted at cost in the financial statement net of impairment. The expected cash flow from these entities are regularly monitored to identify impairment indicators.

Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company’s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. The Company manages its liquidity requirement by analysing the maturity pattern of the Company’s cash flow of financial assets and financial liabilities . The Company’s objective is to maintain a balance between continuity of funding and flexibility through issuance of equity shares etc. The Company invests its surplus funds in subsidiary companies.

In terms of our report of even date For and on behalf of the Board of Directors

For V SAHAI TRIPATHI & CO.

Chartered Accountants Regn. No. 000262N

Vishwas Tripathi Kartik Bharat Ram Jagdeep Singh Rikhy

Partner Chairman Director

M.No. 086897 (DIN:00008557) (DIN: 00944954)

Place : New Delhi Place : New Delhi Place : New Delhi

Date : 24th May, 2024 Date : 24th May, 2024 Date : 24th May, 2024

Ekta Maheshwari Whole Time Director CFO, & Company Secretary

(DIN: 02071432)

Place : New Delhi Date : 24th May, 2024

---

Mar 31, 2023

i. Terms/rights attached to Non-Cumulative Redeemable Preference Shares

8% Non-Cumulative Redeemable Preference Shares were redeemed on 30.04.2022 as decided by Board of Directors of the company vide Board Meeting held on 28.03.2022.

ii. During the year ended March 31, 2023, the Company has paid a dividend of INR 8.49 lakhs on preference shares of INR 10 each fully paid (previous year March 31, 2022 INR 103.36 lakhs).

b) Terms/ rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board may from time to time pay to the members such interim dividends as appear to it to be justified by the profits of the Company.

During the year ended March 31,2023, the amount of interim dividend recognised as distributions to equity shareholders was Rs. 166 per share (March 31, 2022: Rs. 162 per share).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

d) There are no shares reserved for issue under options and contracts/commitments for the sale of shares or disinvestment, including the terms and amounts.

e) In the period of immediately preceding five years,the Company has not allotted any bonus shares.

f) Equity Shares Extinguished on Buy-Back

The Board of Directors of the Company, at its meeting held on 12 December 2022 had approved a proposal to buyback upto 34,500 equity shares of the Company being 0.53% of the total number of equity shares in the paid up equity share capital of the Company at a price of Rs. 14,500 per equity share for an aggregate amount not exceeding Rs. 50,02,50,000. A Letter of Offer was made to all eligible shareholders. The Company bought back 34,500 equity shares out of the shares that were tendered by eligible shareholders and extinguished the equity shares bought back on 24 February 2023. The Company has utilised its Retained Earnings (Rs. 4,999.05 Lakhs) and General Reserve (Rs.

3.45 Lakhs) for the buyback of its equity shares and tax of Rs. 1,164.58 Lakhs was offset from retained earnings. In accordance with Section 69 of the Companies Act 2013, the Company has created Capital Redemption Reserve of Rs.

3.45 Lakhs equal to the nominal value of the shares bought back as an appropriation from the General Reserve.

24. Post-Employment Benefit Plans:

The Company sponsors funded defined benefit plans for qualifying employees. The defined benefit plans are administered by separate funds which are legally separate from the Company. These plans are:

Provident fund for certain category of employees administered through a recognised provident fund trust.

(i) These plans typically expose the company to actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk.

Investment Risk

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

Salary Risk

The present value of defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in rate of increase in salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan’s liability.

Interest Risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in value of the liability. Longevity Risk

The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after employment. An increase in the life expectancy of the plan participants will increase the plans liability.

Defined Contribution Plans:

Contributions paid / payable to defined contribution plans comprising of provident fund, pension fund, superannuation fund etc., in accordance with the applicable laws and regulations are recognised as expenses during the period when the contributions to the respective funds are due.

27. The company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2016 and does not require registration with Reserve Bank of India under the said directions.

28. The company operates mainly in the business segment of investment activity. As such there are no reportable segments as per IND As 108 on operating segment.

29. Financial Instruments & Risk management29.1 Capital management

The Company is cash surplus and has only equity capital and preference shares. The Company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2016 and does not require registration with Reserve Bank of India under the said directions.

The cash surpluses are currently invested in equity instruments and inter -corporate loan depending on economic conditions in line with investment policy set by the Management. Safety of capital is of prime importance to ensure availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

The Company does not have any borrowings.

29.2 Financial Risk Management

The Company being a Core Investment Company as per the Core Investment Companies (RBI) Directions, 2016 is required to invest or lend majority of it’s fund to subsidiaries. The Company’s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to support Company’s operations. The Company’s principal financial assets include inter corporate deposits, loans, cash and cash equivalents and other receivables. The Company is exposed to market risk, credit risk, liquidity risk and operational and business risk. The Company’s management oversees the management of these risks. The Company’s senior management is supported by a Risk Management Committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The major risks are summarised below:

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. In the case of the Company, market risk primarily impacts financial instruments measured at fair value through profit or loss.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not have exposure to the risk of changes in market interest rate as it does not have debt obligations.

Credit risk

Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or a customer contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities towards inter corporate deposits to subsidiaries, where no significant impact on credit risk has been identified.

Equity price risk:

The Company’s investment in subsidiaries are accounted at cost in the financial statement net of impairment. The expected cash flow from these entities are regularly monitored to identify impairment indicators.

Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company’s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. The Company manages its liquidity requirement by analysing the maturity pattern of the Company’s cash flow of financial assets and financial liabilities . The Company’s objective is to maintain a balance between continuity of funding and flexibility through issuance of equity shares etc. The Company invests its surplus funds in subsidiary companies.

---

Mar 31, 2022

Terms/ rights attached to equity shares:

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board may from time to time pay to the members such interim dividends as appear to it to be justified by the profits of the Company.

During the year ended March 31,2022, the amount of interim dividend recognised as distributions to equity shareholders was Rs. 162 per share (March 31, 2021 : Rs. 108 per share).

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

24. Post-Employment Benefit Plans:

The Company sponsors funded defined benefit plans for qualifying employees. The defined benefit plans are administered by separate funds which are legally separate from the Company. These plans are:

(a) Gratuity

(b) Provident fund for certain category of employees administered through a recognised provident fund trust

(i) These plans typically expose the company to actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk.

Investment Risk

The probability or likelihood of occurrence of losses relative to the expected return on any particular investment. Salary Risk.

The present value of defined benefit plan is calculated with the assumption of salary increase rate of plan participants in future. Deviation in rate of increase in salary in future for plan participants from the rate of increase in salary used to determine the present value of obligation will have a bearing on the plan’s liability.

Interest Risk

The plan exposes the Company to the risk of fall in interest rates. A fall in interest rates will result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in value of the liability.

Longevity Risk

The present value of defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after employment. An increase in the life expectancy of the plan participants will increase the plans liability.

(a) Defined Contribution Plans:

Contributions paid / payable to defined contribution plans comprising of provident fund, pension fund, superannuation fund etc., in accordance with the applicable laws and regulations are recognised as expenses during the period when the contributions to the respective funds are due.

A sum of Rs. 3.74 lakhs (Previous Year Rs. 4.53 lakhs) has been charged to the Statement of Profit & Loss in this respect.

27. Tax on distributed profits :

Amendment made by the finance act 2020 has introduced abolition of DDT as per section 115-O for the companies. Now the dividends are taxed in the hands of the investors.

28. The company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2011 and does not require registration with Reserve Bank of India under the said directions.

29. The company operates mainly in the business segment of investment activity. As such there are no reportable segments as per IND AS 108 on operating segment.

30. Financial Instruments & Risk management30.1 Capital management

The Company is cash surplus and has only equity capital and preference shares. The Company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2011 and does not require registration with Reserve Bank of India under the said directions.

The cash surpluses are currently invested in equity instruments and inter -corporate loan depending on economic conditions in line with investment policy set by the Management. Safety of capital is of prime importance to ensure availability of capital for operations. Investment objective is to provide safety and adequate return on the surplus funds.

The Company does not have any borrowings.

30.2 Financial Risk Management

The Company being a Core Investment Company as per the Core Investment Companies (RBI) Directions, 2016 is required to invest or lend majority of it’s fund to subsidiaries. The Company’s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to support Company’s operations. The Company’s principal financial assets include inter corporate deposits, loans, cash and cash equivalents and other receivables.

The Company is exposed to market risk, credit risk, liquidity risk and operational and business risk. The Company’s management oversees the management of these risks. The Company’s senior management is supported by a Risk Management Committee that advises on financial risks and the appropriate financial risk governance framework for the Company. The major risks are summarised below:

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. In the case of the Company, market risk primarily impacts financial instruments measured at fair value through profit or loss.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not have exposure to the risk of changes in market interest rate as it does not have debt obligations.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company does not have exposure to the risk of changes in market interest rate as it has debt obligations with fixed interest rates which are measured at amortised cost.

Credit risk

Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or a customer contract, leading to a financial loss. The Company is exposed to credit risk from its financing activities towards inter corporate deposits to subsidiaries, where no significant impact on credit risk has been identified.

Equity price risk:

The Company’s investment in subsidiaries are accounted at cost in the financial statement net of impairment. The expected cash flow from these entities are regularly monitored to identify impairment indicators.

Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company’s corporate treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. The Company manages its liquidity requirement by analysing the maturity pattern of the Company’s cash flow of financial assets and financial liabilities . The Company’s objective is to maintain a balance between continuity of funding and flexibility through issuance of equity shares etc. The Company invests its surplus funds in subsidiary companies.

---

Mar 31, 2018

1. POST-EMPLOYMENT BENEFIT PLANS:

(a) Defined Contribution Plans:

Contributions paid / payable to defined contribution plans comprising of provident fund, pension fund, superannuation fund etc., in accordance with the applicable laws and regulations are recognized as expenses during the period when the contributions to the respective funds are due.

A sum of Rs. 3.22 lakhs (Previous Year Rs. 2.75 lakhs) has been charged to the Statement of Profit & Loss in this respect

(b) Defined Benefit Plans:

The Company has defined benefit plan, namely gratuity. As per scheme, an employee who has completed five years or more of service gets gratuity equivalents to 15 days salary (last drawn salary) for each completed year of service.

The following table summarizes the components of net expense recognized in the income statement and amounts recognized in the balance sheet for gratuity.

Company estimated contribution for next year is Rs. 1.83 lakhs (previous year Rs.1.53 lakhs)

2. RELATED PARTY TRANSACTIONS

(i) List of related parties and relationships :

(a) Enterprises that directly, or indirectly through (i) KAMA Realty (Delhi) Limited one or more intermediaries are controlled by the

(ii) Shri Educare Limited reporting enterprise

(iii) SRF Limited

(iv) SRF Transnational Holdings Limited

(b) Individuals owning, directly or indirectly, an (v) Arun Bharat Ram interest in the voting power of the reporting (vi) Ashish Bharat Ram enterprise that gives them control or significant influence over the enterprise, and relatives of any (vii) Kartik Bharat Ram such individual

(viii) Vasvi Bharat Ram

(c) Key Management Personnel (ix) Rajat Lakhanpal, Whole Time Director, Chief Financial

Officer& Company Secretary

3. TAX ON DISTRIBUTED PROFITS

The interim dividend to equity shareholders (Rs.967.89 lakhs) as well as proposed dividend to preference shareholders (NIL) is paid out of dividend received from the subsidiary (Rs.3605.88 lakhs). No tax is payable under section 115-O of the Income Tax Act, 1961 and hence no provision has been made for dividend distribution tax.

4. The company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2011 and does not require registration with Reserve Bank of India under the said directions.

5. The company has only one segment i.e. Core Investments.

6. Previous year figures have been regrouped/ rearranged to accord with current year classification.

---

Mar 31, 2017

81 EARNING PER SHARE

The earnings considered in ascertaining the Company’s Earnings Per Share (‘EPS’) comprise the net profit after tax after reckoning of dividend to equity and preference shareholders. The number of shares used in computing basic EPS is the weighted average number of shares outstanding during the year.

The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares.

1.2 Guarantees provided on behalf of wholly-owned subsidiary KAMA Realty (Delhi) Limited for repayment of loans and interest thereon amount to Rs 19.25 crores (Previous Year Rs 28.59 crores) which is a related party.

The contribution to provident and superannuation funds is made to M/s SRF Limited which maintains separate funds administered by trusts.

Apart from being covered under the Gratuity Plan described above, the employees of the Company also participate in a defined contribution superannuation plan maintained by the Company. The Company has no further obligations under the plan except making annual contributions based on a specified percentage of each covered employee’s salary. The Company provided an option to the employees to receive the said benefit as cash compensation along with salary in lieu of the superannuation benefit. Thus, no contribution is required to be made for the category of employees who opted to receive the benefit in cash.

Provident Fund - Defined Contribution Plan

All employees are entitled to Provident Fund benefits as per the law. For certain category of employees the Company administers the benefits through a recognized Provident fund trust. For other employees contributions are made to the regional Provident Fund Commissioners as per law. The Government mandates the annual yield to be provided to the employees on their corpus. For the first category of employees (covered by the Trust), the Company has an obligation to make good the shortfall, if any, between the yield on the investments of the trust and the yield mandated by the Government.

2. Related Party Transactions

(i) List of related parties and relationships:

(a) Enterprises that directly, or indirectly through one or (i) KAMA Realty (Delhi) Limited more intermediaries, control or are controlled by, or are (ii) Shri Educare Limited under common control with, the reporting enterprise (iii) SRF Limited

(iv) SRF Transnational Holdings Limited

(b) Individuals owning, directly or indirectly, an interest in the (v) Arun Bharat Ram voting power of the reporting enterprise that gives them (vi) Ashish Bharat Ram control or significant influence over the enterprise, and (vii) Kartik Bharat Ram relatives of any such individual (viii) Vasvi Bharat Ram

(c) Key Management Personnel (ix) Rajat Lakhanpal, Whole Time Director, Chief

Financial Officer, & Company Secretary

3. Tax on distributed profits: The interim dividend to equity shareholders (Rs.9.68 crores) as well as proposed dividend to preference shareholders (Rs.1.03 crores) is paid out of dividend received from the subsidiary (Rs.36.06 crores). No tax is payable under section 115-O of the Income Tax Act, 1961 and hence no provision has been made for dividend distribution tax.

4. The company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2011 and does not require registration with Reserve Bank of India under the said directions.

5. The company has only one segment i.e. Core Investments.

6. In terms of notification dated 30^th March 2017 issued by Ministry of Corporate Affairs, The company is require to disclose the details of ¹Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016. The said information is provided in the table below:

---

Mar 31, 2016

*out of the above amount a sum of Rs. 1.05 crores has been deposited under protest.

There are no dues of Income-tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess which have not been deposited as on March 31, 2016 on account of disputes.

1. Guarantees provided on behalf of wholly-owned subsidiary KAMA Realty (Delhi) Limited for repayment of loans and interest thereon amount to Rs 28.59 crores (Previous Year Rs 25.73 crores) which is a related party.

The contribution to provident and superannuation funds is made to M/s SRF Limited which maintains separate funds administered by trusts.

The Company assesses these assumptions with its projected long-term plans of growth and prevalent industry standards.

Reconciliation of opening and closing balances of Defined Benefit Obligations

Superannuation - Defined Contribution Plan

Apart from being covered under the Gratuity Plan described above, the employees of the Company also participate in a defined contribution superannuation plan maintained by the Company. The Company has no further obligations under the plan except making annual contributions based on a specified percentage of each covered employee’s salary. The Company provided an option to the employees to receive the said benefit as cash compensation along with salary in lieu of the superannuation benefit. Thus, no contribution is required to be made for the category of employees who opted to receive the benefit in cash.

Provident Fund - Defined Contribution Plan

All employees are entitled to Provident Fund benefits as per the law. For certain category of employees the Company administers the benefits through a recognized Provident fund trust. For other employees contributions are made to the regional Provident Fund Commissioners as per law. The Government mandates the annual yield to be provided to the employees on their corpus. For the first category of employees (covered by the Trust), the Company has an obligation to make good the shortfall, if any, between the yield on the investments of the trust and the yield mandated by the Government

5. Related Party Transactions

(i) List of related parties and relationships:

(a)	Enterprises that directly, or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, the reporting enterprise	(i) KAMA Realty (Delhi) Limited (ii) Shri Educare Limited (iii) SRF Limited (iv) SRF Transnational Holdings Limited
(b)	Individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual	(v) Arun Bharat Ram (vi) Ashish Bharat Ram (vii) Kartik Bharat Ram (viii) Vasvi Bharat Ram
(c)	Key Management Personnel	(ix) Rajat Lakhanpal, Whole Time Director ,Chief Financial Officer, &

*Includes investment of Rs. 6.82 crores (pr. Yr. Rs.Nil) in equity shares of SRF Limited acquired from open market.

2. Tax on distributed profits: The interim dividend to equity shareholders (Rs.9.68 crores) as well as proposed dividend to preference shareholders (Rs.1.03 crores) is paid out of dividend received from the subsidiary (Rs.30.05 crores). No tax is payable under section 115-O of the Income Tax Act, 1961 and hence no provision has been made for dividend distribution tax.

3. The company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2011 and does not require registration with Reserve Bank of India under the said directions.

4. The company has only one segment i.e. Core Investments.

5. Previous year figures have been regrouped/ rearranged to accord with current year classification.

---

Mar 31, 2015

1. Contingent Liabilities

Claims against the Company not acknowledged as debts on account of:

As at As at March 31, 2015 March 31, 2014 Rs./lakhs Rs./lakhs

Income Tax* 340.32 122.23

Under Business Transfer Agreement with SRF Limited for Excise Duty/Sales Tax 2,102.30 2,102.30

*out of the above amount a sum of Rs. 104.83 lakhs has been deposited under protest.

2. The details of dues of Income-tax, Sales Tax, Value Added Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess which have not been deposited as on March 31, 2015 on account of disputes are given below:

Name of Nature of Forum where dispute is the Statute the dues pending



Income Tax Laws Income Tax Upto Commissioner (Appeals)



Name of Period to which the Amount** the Statute amount relates (Rs. in lakhs) (various years covering the period)

Income Tax Laws 2010-2011 5.82

**amount as per demand orders including interest and penalty wherever quantified in the Order.

3. The following matters, which have been excluded from the above table, have been decided in favour of the Company but the department has preferred appeals at higher levels. The details are given below:

Name of Nature of Forum where dispute is the Statute the dues pending



Income Tax Laws Income Tax Supreme Court

High Court

Income Tax Appellate Tribunal (ITAT)



Name of Period to which the Amount** the Statute amount relates (Rs. in lakhs) (various years covering the period)

Income Tax Laws 2007-08 37.43

2003-04 5.57

2003-2010 186.68

Guarantees provided on behalf of wholly-owned subsidiary KAMA Realty (Delhi) Limited for repayment of loans and interest thereon amount to Rs 2,573.19 lakhs (Previous Year Rs 2,086.83 lakhs) which is a related party.

4. Provident Fund - Defined Contribution Plan

All employees are entitled to Provident Fund benefits as per the law. For certain category of employees the Company administers the benefits through a recognized Provident fund trust. For other employees contributions are made to the regional Provident Fund Commissioners as per law. The Government mandates the annual yield to be provided to the employees on their corpus. For the first category of employees (covered by the Trust), the Company has an obligation to make good the shortfall, if any, between the yield on the investments of the trust and the yield mandated by the Government.

5. Related Party Transactions

(i) List of related parties and (i) KAMA Realty (Delhi) Limited relationships:

(a) Enterprises that directly, (ii) Shri Educare Limited or indirectly through one or more intermediaries, control (iii) SRF Limited or are controlled by, or are under common control with, the (iv) KHL Investments Limited reporting enterprise (v) SRF Transnational Holdings Limited

(b) Individuals owning, directly (vi) Arun Bharat Ram or indirectly, an interest in the voting power of the reporting (vii) Ashish Bharat Ram enterprise that gives them control or significant influence over the (viii) Kartik Bharat Ram enterprise, and relatives of any such individual

(c) Key Management Personnel (ix) Rajat Lakhanpal, Whole Time Director, Chief Financial Officer & Company Secretary

6. Tax on distributed profits: The interim dividend to equity shareholders (Rs.967.89 lakhs) as well as proposed dividend to preference shareholders (Rs.103.35 lakhs) is paid out of dividend received from the subsidiary (Rs.3,000.00 lakhs). No tax is payable under section 115-O of the Income Tax Act, 1961 and hence no provision has been made for dividend distribution tax.

7. The company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2011 and does not require registration with Reserve Bank of India under said directions.

8. The company has only one segment i.e. Core Investments.

9. Previous year figures have been regrouped/ rearranged to accord with current year classification.

---

Mar 31, 2014

1. Contingent Liabilities

1.1 Claims against the Company not acknowledged as debts on account.

---

Mar 31, 2013

1. Contingent Liabilities

1.1 Claims against the Company not acknowledged as debts on account of:

As at March 31, 2013 As at March 31, 2012 Rs./lakhs Rs./lakhs

Income Tax 308.87 540.33

Under Business Transfer Agreement with SRF Limited for Excise Duty/Sales Tax 2,102.30 1,831.81

1.2 Guarantees provided on behalf of wholly-owned subsidiary for repayment of loans and interest thereon amount to Rs 2,382.34 lakhs (Previous Year Rs 2,617.28 lakhs) which is a related party.

2. The Company had entered into Non-Compete Agreements whereby the Company had inter-alia agreed not to engage, directly or indirectly, in the manufacturing and selling thereof as would compete with SRF Ltd in respect of Engineering Plastics and Industrial Yarn, in any country of the world for a period of 5 years from the date of the Business Transfer Agreement, i.e., 1st January 2009.

3. SRF Limited has become subsidiary of the company during the year w.e.f. 03rd August 2012.

4. The company has incorporated a subsidiary namely KHL Investments Limited on 06th August 2012. KHL Investments Limited intends to apply for registration as Non-Banking Finance Company as per regulations/guidelines notified from Reserve Bank of India.

5. Capital Commitment

The company has got capital commitment to pay a sum of Rs.187.50 lakhs (Previous Year Rs.200.00 lakhs) on the units held by it in Asian Healthcare Fund Investment Trust on the basis of as and when further calls are made. Presently units of Rs.100 each are paid up to the extent of Rs.25 each (Previous Year Rs.20 each).

6. Tax on distributed profits

The interim dividend to equity shareholders (Rs.64.53 lakhs) as well as proposed dividend to preference shareholders (Rs.103.35 lakhs) is paid out of dividend received from the subsidiary (Rs.2,904.31 lakhs), no tax is payable under section 115-O of the Income Tax Act, 1961 and hence no provision has been made for dividend distribution tax.

7. Earning Per Equity Share

Annualized earnings per equity share has been calculated based on the net profit after taxation of Rs 3,007.29 lakhs (previous year Rs 3,845.29 lakhs) less dividend to preference shareholders Rs.103.35 lakhs (previous year Rs.103.35 lakhs) and dividend tax thereon Rs.Nil (previous year Rs. 16.77 lakhs) and the average number of equity shares of 6,452,615 (previous year 6,452,615).

Basic earnings per share for the year is Rs. 45.00 (Previous Year Rs. 57.73).

The Company has not issued any financial instruments which have an effect of diluting the earning of equity. Hence diluted earning does not arise.

8. The company is a Core Investment Company (CIC) within the meaning of Core Investment Companies (Reserve Bank) Directions, 2011 and does not require registration with Reserve Bank of India under said directions.

9. The company does not have any other segment.

10. Previous year figures have been regrouped/ rearranged to accord with current year classification

---

Mar 31, 2012

1. Contingent Liabilities

1.1 Claims against the Company not acknowledged as debts on account of: Rs./lakhs

March 31, 2012 March 31, 2011

Income Tax 540.33 238.27

Under Business Transfer Agreement with SRF Limited for Excise Duty/Sales Tax 1,831.81 1,831.81

1.2 Guarantees provided on behalf of wholly-owned subsidiary for repayment of loans and interest thereon amount to Rs 2,617.28 lakhs (PrYrRs 2,884.42 lakhs).

2. The Company had entered into Non-Compete Agreements whereby the Company had inter-alia agreed not to engage, directly or indirectly, in the manufacturing and selling thereof as would compete with SRF Ltd in respect of Engineering Plastics and Industrial Yarn, in any country of the world for a period of 5 years from the date of the Business Transfer Agreement, i.e., January 1, 2009.

3. Capital Commitment

Kama Holdings Limited has capital commitment for purchase of units of Rs. 200 Lakhs in Asian Healthcare Fund Investment Trust.

4. The Company, being a Systemically Important Core Investment Company under the Core Investment Companies (Reserve Bank) Directions, 2011 issued by Reserve Bank of India, intends to apply for registration during the current year as a Core Investment Company.

The contribution to provident and superannuation funds is made to M/s SRF Limited which maintains separate funds administered by trusts. *The director is entitled to a fixed remuneration irrespective of the profits or losses in accordance with Part II Section II of Schedule XIII to the Companies Act, 1956.

5. Earning Per Equity Share

Annualized earnings per equity share have been calculated based on the net profit after taxation of Rs 3,845.29 lakhs (Pr Yr Rs 5,512.95 lakhs) less dividend to preference shareholders and dividend tax thereon Rs 120.12 lakhs (Pr Yr 120.12 lakhs) and the average number of equity shares of 6,452,615 (Pr Yr 6,452,615).

Basic earnings per share for the year is Rs 57.73 (Pr Yr Rs 83.58).

The Company has not issued any financial instruments which have an effect of diluting the earning of equity. Hence diluted earning does not arise.

6. Previous year figures have been regrouped/rearranged to accord with the Revised Schedule VI.

---

Mar 31, 2011

1. Contingent Liabilities

1.1 Claims against the Company not acknowledged as debts on account of:

Rs/lakhs 31-Mar-2011 31-Mar-2010

Income Tax 238.27 277.03

Under Business Transfer Agreement with SRF Limited for Excise Duty/Sales Tax 1,831.81 1,841.31

1.2 Guarantees provided on behalf of wholly-owned subsidiary for repayment of loans and interest thereon amount to Rs 2,884.42 lakhs (Pr Yr Rs 6,220 lakhs).

2. The Company had entered into Non-Compete Agreements whereby the Company had inter-alia agreed not to engage, directly or indirectly, in the manufacturing and selling thereof as would compete with SRF Ltd in respect of Engineering Plastics and Industrial Yarn, in any country of the world for a period of 5 years from the date of the Business Transfer Agreement, i.e., 1st January 2009.

3. The Company, being a Systemically Important Core Investment Company under the Core Investment Companies (Reserve Bank) Directions, 2011 issued by Reserve Bank of India, intends to apply for registration as a Core Investment Company.

4. Directors' Remuneration* The contribution to provident and superannuation funds is made to M/s SRF Limited which maintains separate funds administered by trusts.

*The director is entitled to a fixed remuneration irrespective of the profits or losses in accordance with Part II Section II of Schedule XIII to the Companies Act, 1956.

5. Related Party Transactions

(i) List of related parties and relationships:

(a) Enterprises that directly, or - KAMA Realty (Delhi) Ltd. indirectly through one or more - Shri Educare Ltd. intermediaries, control or are - SRF Polymers Investments Ltd. controlled by, or are under common (since dissolved pursuant to control with,the reporting Scheme of Arrangement) enterprise

(b) Associates - - SRF Ltd. - SRF Properties Ltd.

(c) Individuals owning, directly - Manju Bharat Ram or indirectly, an interest in the - Ashish Bharat Ram voting power of the reporting - Kartikeya Bharat Ram enterprise that gives them control or significant influence over the enterprise, and relatives of any such individual

(d) Key Management Personnel - Rajat Lakhanpal, Whole Time Director

(e) Enterprises over which any - Karm Farms Pvt. Ltd. person described in (c) or (d) - Srishti Westend Greens Farms is able to exercise significant Pvt. Ltd influence - Bharat Ram Associates Pvt. Ltd. - Karmav Holdings Pvt. Ltd. - Narmada Farms Pvt. Ltd. (since dissolved pursuant to Scheme of Arrangement) - Bhairav Farms Pvt. Ltd.(since dissolved pursuant to Scheme of Arrangement)

6. Earning Per Equity Share

Annualised earnings per equity share have been calculated based on the net profit after taxation of Rs 5,512.95 lakhs (Pr Yr Rs 973.61 lakhs) less dividend to preference shareholders and dividend tax thereon Rs 120.12 lakhs (Pr Yr Nil) and the average number of equity shares of 6,452,615 (Pr Yr 6,452,615).

Basic and diluted earning per share for the year is Rs 83.58 (Pr Yr Rs 15.09).

7. The Composite Scheme of Arrangement approved by the Hon'ble Delhi High Court vide order dated 24th February 2011 consists of:

a. Demergerof Real Estate Division of Narmada Farms Private Limited (NFPL), Bhairav Farms Private Limited (BFPL) and SRF Polymers Investments Limited (SRFPIL) to Srishti Westend Greens Farms Private Limited, Karm Farms Private Limited and KAMA Realty (Delhi) Limited respectively; and

b. Amalgamation of Investment Division of NFPL, BFPL and SRFPIL into KAMA Holdings Limited

c. Issue of 12,919,412 - 8% Non-cumulative Redeemable Preference Shares of Rs 10 each fully paid up and 4,838,249 equity shares of Rs 10 each fully paid up simultaneous to cancellation of 4,838,249 equity shares of Rs 10 each fully paid up pursuant to Scheme of Arrangement.

with effect from the appointed date, i.e., 01st April 2010 on scheme becoming effective, i.e., 31st March 2011 when a certified copy of the order dated 24th February 2011 was filed with the Registrar of Companies.

d. The amalgamation of Investment Divisions of NFPL, BFPLand SRFPIL into the Company has been done as 'amalgamation in the nature of purchase'. This has given rise to capital reserve of Rs 20,345.06 lakhs.

e. As per conditions imposed by Bombay Stock Exchange Limited (BSE) while granting its 'No Objection' to the Scheme of Arrangement, 1,209,563 equity shares issued to the promoters [out of equity shares allotted in (c) above] have been put under lock-in for a period of three years from the date of listing of new shares on the BSE. The new equity shares issued by the company pursuant to Scheme of Arrangement have been listed on BSE.

8. Previous year figures have been regrouped/recast/rearranged, wherever necessary, to conform to current year classifications.

---

Mar 31, 2010

1. Contingent Liabilities

1.1 Claims against the Company not acknowledged as debts on account of:

Rs/lakhs

31-Mar-2010 31-Mar-2009

Income Tax 277.03 279.98

1.2 As per Business Transfer Agreement (BTA) with SRF Ltd, the Company has given representations and warranties for the liabilities of Rs 1,813.21 lakhs (Pr Yr Rs 1,821.93 lakhs) and Rs 28.10 lakhs (Pr Yr Rs 28.10 lakhs) respectively towards Excise Duty and Sales Tax.

1.3 Guarantees provided on behalf of wholly-owned subsidiary SRF Polymers Investment Ltd for repayment of loans and interest thereon amount to Rs 6,220 lakhs (Pr Yr Rs 8,401 lakhs). The Company has also pledged Nil (Pr Yr 66,70,795 shares) of SRF Ltd for loan facilities provided to the said wholly-owned subsidiary.

1.4 The Company has given a surety of Rs 5.00 lakhs (Pr Yr Rs 5.00 lakhs) on behalf of SRF Ltd to Delhi Sales Tax Authorities.

2. The Company had entered into Non-Compete Agreements whereby the Company had inter-alia agreed not to engage, directly or indirectly, in the manufacturing and selling thereof as would compete with SRF Ltd in respect of Engineering Plastics and Industrial Yarn, in any country of the world for a period of 5 years from the date of the Business Transfer Agreement, i.e., 1st January 2009. Also refer to the note no. 2.2 regarding contingent liabilities.

3. The Company intends to apply for exemption from registration under section 45-IA of the Reserve Bank of India Act, 1934 after repayment of all public deposits.

4. No provision for taxation is made during the current year as no tax is payable either under the normal provisions of the Act or under provisions of Minimum Alternate Tax.

5. Prior Period Item

The current year profit and loss account includes prior period expenditure of Rs 13.39 lakhs (Pr Yr Rs 388.11 lakhs).

Having regard to the fact that there is a global contribution to gratuity fund and towards leave encashment the amount applicable to an individual employee is not ascertainable and accordingly contribution to gratuity fund and leave encashment have not been considered in above computation.

*The director is entitled to a fixed remuneration irrespective of the profits or losses in accordance with Schedule XIII to the Com- panies Act, 1956.

6. Earning Per Equity Share

Annualised earnings per equity share have been calculated based on the net profit after taxation of Rs 973.61 lakhs (Pr Yr Rs 2,040.38 lakhs) and the average number of equity shares of 6452615 (Pr Yr 6452615). Basic and diluted earning per share for the year is Rs 15.09 (Pr Yr Rs 31.62).

7. The Company has no forex exposure as on 31st March 2010.

8. The Board has approved a Scheme of Arrangement under Section 391 to 394 of the Companies Act, 1956 to segregate real estate division and residual undertaking comprising of investment division in different companies resulting in, inter-alia, better investor focus, realize the growth and profitability of these businesses and provide better value to the shareholders of the companies concerned. The Scheme involves: -

a. Demerger of real estate division of SRF Polymers Investments Limited, a wholly owned subsidiary of the Company, to KAMA Realty (Delhi) Limited, another wholly owned subsidiary of the Company.

b. Merger of residual SRF Polymers Investments Limited, a wholly owned subsidiary of the Company into the Company.

c. Demerger of real estate division of Narmada Farms Private Limited and Bhairav Farms Private Limited into Srishti Westend Greens Farms Private Limited and Karm Farms Private Limited respectively.

d. Merger of residual Narmada Farms Private Limited and residual Bhairav Farms Private Limited into the Company.

*Net of sales returns and damaged stocks, etc.

**Includes goods bought out Nil (Pr Yr 412.88 MT)

9. Previous year figures have been regrouped/recast/rearranged, wherever necessary, to conform to current year classifications. The figures for the previous year includes operations of the company in Engineering Plastics and Industrial Yarn Businesses from 01-Apr-2008 to 31-Dec-2008 since these businesses were sold off to SRF Ltd with effect from 01-Jan-2009.

@ Becomes subsidiary of the Company by virtue of wholly owned subsidiary of SRF Polymers Investments Limited.

# Becomes subsidiary of the Company by virtue of wholly owned subsidiary of Shri Educare Limited.