Notes to Accounts of Tinna Rubber and Infrastructure Ltd.

Mar 31, 2025

2.8 Provisions and contingent liabilities
Provisions

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. These estimates are reviewed at each reporting date and adjusted to
reflect the current best estimates.

If the effect of 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 use, the increase in the provision due to the passage of time is
recognised as a finance cost.

Contingent liabilities

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
recognized 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 recognized because it cannot be measured reliably.
the Company does not recognize a contingent liability but discloses its existence in the standalone financial statements unless
the probability of outflow of resources is remote.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

2.9 Taxes

Income tax expenses comprise current tax expenses and the net change in the deferred tax asset or liabilities during the year.

Direct Tax

(a) Current tax

i) Current income tax, assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities in accordance with the Income Tax Act, 1961. The tax rates and tax laws used to compute
the amount are those that are enacted or substantively enacted, at the reporting date in India as per Income
Computation and Disclosure Standards (ICDS) where the Company operates and generates taxable income.

ii) Current income tax relating to item recognized outside the statement of profit and loss is recognized outside
profit or loss (either in other comprehensive income or equity).Current tax items are recognized in correlation to
the underlying transactions either in statement of profit and loss or directly in 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 using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets and liabilities are recognized for all deductible temporary differences, the carry forward of unused
tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits
and unused tax losses can be utilized, except:

(a) When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss.

(b) In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are
recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary differences can be utilised.

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 utilized.
Unrecognized deferred tax assets are re-assessed at each reporting date and are recognized to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at
the reporting date.

Deferred tax relating to items recognized outside the statement of profit and loss is recognized outside the statement
of profit and loss (either in other comprehensive income or in equity). Deferred tax items are recognized in correlation
to the underlying transaction either in OCI or direct in equity.

Deferred Tax includes Minimum Alternate Tax (MAT) recognizes MAT credit available as an asset only to the extent that
there is convincing evidence that the Company will pay normal income tax during the specified period, i.e. the period
for which MAT credit is allowed to be carried forward. The Company reviews the "MAT credit entitlement" asset at each
reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay
normal tax during the specified period.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.

2.10 Revenue from contracts with customers

The company derives its revenue from sale of manufactured goods i.e. crumb rubber, crumb rubber modifier (crm), crumb
rubber modified bitumen (crmb), polymer modified bitumen (pmb), bitumen emulsion, reclaimed rubber/ ultrafine crumb
rubber compound, cut wire shots etc. primarily manufactured from waste tyres/end of life tyres (elt) and traded goods. the
products are primarily used for making/ repair of road, tyres and auto part industry. The company disaggregates the revenue
based on nature of products.

The Company assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or
agent, the Company has concluded that it is acting as a principal in all of its revenue arrangements, since it is the primary
obligor in all the revenue arrangements as it has pricing latitude and is also exposed to inventory and credit risks. The specific
recognition criteria described below must also be met before revenue is recognised.

(a) Sale of goods

Revenue from sale of goods is recognised when control of the products being sold is transferred to our customer
and when there are no longer any unfulfilled obligations. The Performance Obligations in our contracts are
fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms.
Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any taxes
or duties collected on behalf of the Government such as goods and services tax, etc. Accumulated experience is used to
estimate the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly probable
a significant reversal will not occur.

(b) Rendering of services

Revenue from service related activities is recognised as and when services are rendered and on the basis of contractual
terms with the parties.

(c) Rental income

Rental income arising from operating leases on investment properties is accounted for on a straight- line basis over the
lease terms and is included in other income in the statement of profit or loss due to its non-operating nature.

(d) Interest income

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest
income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash
payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross
carrying amount of the financial asset or to the amortised cost of a financial liability. When calculating the effective interest
rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument
(for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest
income is included in other income in the statement of profit and loss.

(e) Dividend from investment in shares

Dividend Income is recognized when the right to receive the payment is established which is generally when shareholders
approve the dividend.

(f) Claims

Claims are recognised when there exists reasonable certainty with regard to the amounts to be realised and the ultimate
collection thereof.

g) Sale of Extended Producer Responsibility (EPR) Credits

EPR Credits are recognised when there is reasonable certainty that the Company will comply with conditions stipulated as
per Regulatory requirements and amount will be received. The revenue related to EPR Credits are shown under the head
revenue from operations.

2.11 Retirement and other employee benefits

Short-term employee benefits and defined contribution plans

All employee benefits payable/ available within twelve months of rendering the services are classified as short-term employee
benefits. Benefits such as salaries, wages and bonus etc. are recognised in the Statement of Profit and Loss in the period in
which the employee renders the related services.

Provident fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than
the contribution payable to the provident fund. The Company recognizes contribution payable to the provident fund scheme as
an expense, when an employee renders the related services. If the contribution payable to scheme for service received before
the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after
deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received
before the balance sheet date, then excesses recognized as an asset to the extent that the prepayment will lead to , for example,
a reduction in future payment or a cash refund.

Gratuity (unfunded)

Gratuity is a defined benefit scheme. The cost of providing benefits under the defined benefit plan is determined using the
projected unit credit method.

The Company recognises termination benefit as a liability and an expense when the Company has present obligation as a result
of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. If the termination benefits fall due more than 12 months
after the balance sheet date, they are measured at present value of future cash flows using the discount rate determined by
reference to market yields at the balance sheet date on governments bonds.

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

Past service costs are recognised in profit or loss on the earlier of :

(a) The date of the plan amendment or curtailment, and

(b) The date that the Company recognises related restructuring cost

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.

The Company recognises the following changes in the net defined benefit obligation as an expense in the Statement of Profit and
Loss:

(a) Service costs comprising current service costs, past service costs, gains and losses on curtailments and

(b) Net interest expenses or income
Compensated absences

Accumulated leave, which is expected to be utilised within next 12 months, is treated as short term employee benefit. The
Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused
entitlement that has accumulated at the reporting date.

The Company treats accumulated leave expected to be carried forward beyond 12 months, as long-term employee benefit for
measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the
projected unit credit method at the period end. Re-measurement, comprising of actuarial gains and losses, are immediately
taken to the Statement of Profit and Loss and are not deferred. The Company presents the leave as a current liability in the
balance sheet to the extent it does not have an unconditional right to defer its settlement for 12 months after the reporting date.
Where Company has the unconditional legal and contractual right to defer the settlement for a period beyond 12 months, the
same is presented as non-current liability.

2.12 Borrowing costs

Borrowing cost includes interest and other costs incurred in connection with the borrowing of funds and charged to statement
of profit and loss on the basis of EIR method. Borrowing cost also includes exchange differences to the extent regarded as an
adjustment to the borrowing cost.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective asset. All
other borrowing costs are recognised as expense in the period in which they occur.

2.13 Government grants

Government Grants are recognized at their fair value when there is reasonable assurance that the grant will be received and all
the attached conditions will be complied with.

When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related
costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in
equal amounts over the expected useful life of the related asset.

When the Company receives grants of non-monetary assets, the asset and grant are recorded at fair value amounts and released
to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset.

2.14 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by
the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares
outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse
share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding
change in resources.

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

2.15 Impairment of non- financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An
asset''s recoverable amount is the higher of an asset’s or Cash-Generating Unit''s (CGU) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets or Company''s of assets. Where the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified,
an appropriate valuation model is used. These calculations are corroborated by valuation multiples , quoted share prices for
publicly traded companies or other available fair value indicators.

Impairment losses including impairment on inventories, are recognized in the statement of profit and loss. After impairment,
depreciation is provided on the revised carrying amount of the asset over its remaining useful life.

Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at
the end of each reporting period.

An assessment is made at each reporting date to determine whether there is an indication that previously recognised
impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset''s or CGU''s
recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions
used to determine the asset''s recoverable amount since the last impairment loss was recognised. The reversal is limited so
that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have
been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is
recognised in the statement of profit and loss.

2.16 Segment accounting:

Based on "Management Approach" as defined in Ind AS 108- Operating Segments, the executive Management Committee
evaluates the Company''s performance and allocates the resources based on an analysis of various performance indicators by
business segments.

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting
the standalone financial statements of the Company as a whole.

2.17 Foreign currencies

The Company''s standalone financial statements are presented in Indian Rupee (INR) and Rounded off nearest to lakhs. Which is
also the Company''s functional and presentation currency. Items included in the standalone financial statements are measured
using the currency of the primary economic environment in which the entity operates ( ''the functional currency'').

Foreign currency transactions are recorded on initial on initial recognition in the functional currency, using the exchange rate
prevailing at the date of transaction.

Measurement of foreign currency items at the balance sheet date

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

Exchange differences

Exchange differences arising on settlement or translation of monetary items are recognized as income or expense in the
statement of profit and loss in the period in which they arise.

Bank guarantee and letter of credit

Bank guarantee and letter of credits are recognised at the point of negotiation with Banks and converted at the rates prevailing
on the date of Negotiation. However, outstanding at the period end are recognised at the rate prevailing as on that date and total
sum is considered as contingent liability.

2.18 Dividend distributions

The Company recognizes a liability to make payment of dividend to owners of equity when the distribution is authorized and is
no longer at the discretion of the Company and is declared by the shareholders . A corresponding amount is recognized directly
in equity.

2.19 Fair value measurement

The Company measures 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:

(i) In the principal market for asset or liability, or

(ii) 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 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 minimizing the use of unobservable
inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are categorized
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:

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

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

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable

For assets and liabilities that are recognized in the standalone financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization ( based on the
lowest level input that is significant to 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.

2.20 Leases

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

The Company as a lessee

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

(a) Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the building (i.e. 30 and 60 years)

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of
a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also
subject to impairment. Refer to the accounting policies in section ''Impairment of non-financial assets''.

(b) Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease

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

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

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

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

The Company as a lessor

Leases for which the Company is a lessor is classified as finance or operating lease. Leases in which the Company does not
transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental
income arising is accounted for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating
and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease
term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are
earned.

2.21 Significant accounting judgements, estimates and assumptions

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

Judgments

In the process of applying the Company’s accounting policies, management has made the following judgments, which have the
most significant effect on the amounts recognized in the standalone financial statements.

(a) Operating lease commitments — Company as lessee

The Company has taken various commercial properties on leases. The Company has determined, based on an evaluation
of the terms and conditions of the arrangements, such as the lease term not constituting a substantial portion of the
economic life of the commercial property, and that it does not retain all the significant risks and rewards of ownership of
these properties and accounts for the contracts as operating leases.

(b) Assessment of lease contracts

Significant judgment is required to apply lease accounting rules under Appendix C to IND AS 116 : determining whether an
Arrangement contains a Lease. In assessing the applicability to arrangements entered into by the Company, management
has exercised judgment to evaluate the right to use the underlying assets, substance of the transaction including
legally enforced arrangements and other significant terms and conditions of the arrangement to conclude whether the
arrangements meet the criteria under Appendix C to IND AS 116.

Estimates and assumptions

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

a) Revenue from contracts with customers

The Company applied the following judgements that significantly affect the determination of the amount and timing of
revenue from contracts with customers:

Determining method to estimate variable consideration and assessing the constraint

In estimating the variable consideration, the Company is required to use either the expected value method or the most
likely amount method based on which method better predicts the amount of consideration to which it will be entitled.
The Company determined that the expected value method is the appropriate method to use in estimating the variable
consideration for revenue from operation, given the large number of customer contracts that have similar characteristics.
Before including any amount of variable consideration in the transaction price, the Company considers whether the
amount of variable consideration is constrained. The Company determined that the estimates of variable consideration
are not constrained based on its historical experience, business forecast and the current economic conditions. In addition,
the uncertainty on the variable consideration will be resolved within a short time frame.

(b) Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and
timing of future taxable income. Given the wide range of business relationships and the long-term nature and complexity
of existing contractual agreements, differences arising between the actual results and the assumptions made, or future
changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The
Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various
factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and
the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the
conditions prevailing in the respective domicile of the companies.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available
against which the losses can be utilised. Significant management judgement is required to determine the amount of
deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together
with future tax planning strategies.

(c) Defined benefit plans

The cost of defined benefit plans (i.e. Gratuity benefit) and the present value of the gratuity obligation are determined
using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual
developments in the future. These include the determination of the discount rate, future salary increases and mortality
rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for the plans
operated in India, management considers the interest rates of long term government bonds with extrapolated maturity
corresponding to the expected duration of the defined benefit obligation.

The mortality rate is based on publicly available mortality tables for the specific countries. Those morality tables tend to
change only at interval in response to demographic changes. Future salary increases and pension increases are based on
expected future inflation rates for the respective countries.

Further details about the assumptions used, including a sensitivity analysis, are given in note no. 33(6).

(d) Fair value measurement of financial instrument

When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based
on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash
Flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not
feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as
liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of
financial instruments. See note no. 33(18) for further disclosures.

(e) Impairment of financial assets

The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates.
the Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based
on Company''s past history ,existing market conditions as well as forward looking estimates at the end of each reporting
period.

(f) Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount.
An assets recoverable amount is the higher of an asset''s CGU''S fair value less cost of disposal and its value in use. It is
determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
from other assets or Company''s of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount,
the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use , the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining
fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified,
an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other fair value
indicators.

(g) Impairment of Goodwill

Determining whether goodwill is impaired requires an estimation of value in use of the cash generating units to which
goodwill has been allocated. The value in use calculation requires the direction to estimate the future cash flows expected
to arise from the cash-generating unit and a substable discount rate in order to calculate present value. Where the actual
future cash flows are less than expected, a material impairment loss may arise.

(h) Expected Credit Loss

The Company has used a practical expedient by computing the expected credit loss allowances for trade receivables based
on a provision matrix takes it accounts historical credit loss experience and adjusted for forward looking information. The
expected credit loss allowance is based on the ageing of the day of the receivables are due and the rates are given in the
provision matrix.

(i) Share-based payments

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation
model, which is dependent on the terms and conditions of the grant. This estimation requires determination of the most
appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and
making assumptions about them. The Black Scholes valuation model has been used by the Management for share based
payment transactions.

2.22 Share-based payments

Employees of the Company and its subsidiaries also receive remuneration in the form of stock options (ESOP) and stock
appreciation rights (SAR) as share based payment transactions under the Company''s Employee Stock Option Plan and Employee
Stock Benefit Scheme. Both of these are equity settled sharebased payment transactions.

The cost of equity settled transactions is determined based on the fair value at the date when the grant is made using an
ppropriate valuation model.

That cost is recognised, together with a corresponding increase in share-based payment reserves (SBP) in equity, over the
period in which the performance and/ or service conditions are fulfilled in employee benefits expense. The cumulative expense
recognised for equity settled transaction at each reporting date until the vesting date reflects the extent to which the vesting
period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The statement
of profit and loss expense or credit for a period represents the movement in cumulative expense recognised as at the beginning
and end of that period and is recognised in employee benefits expense.

Service and non-market performance conditions are not taken into account when determining the grant date fair value of
awards, but the likelihood of the conditions being met is assessed as part of the Company''s best estimate of the number of
equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value.
Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award
unless there are also service and/or performance conditions.

No expense is recognised for awards that do not ultimately vest because non-market performance and/or service conditions
have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective
of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are
satisfied.

When the terms of an equity-settled award are modified, the minimum expense recognised is the expense had the terms not
been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases
the total fair value of the sharebased payment transaction, or is otherwise beneficial to the employee as measured at the date of
modification. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the
award is expensed immediately through profit or loss.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per
share.

2.23 Recent accounting pronouncements and changes in accounting standards

Recently issued accounting pronouncements As on March 31, 2025, there are no new standards or amendments to the existing
standards applicable to the Company which has been notified by Ministry of Corporate Affairs.

(f) Nature and purpose of reserves
Securities premium

The amount received in excess of face value of the equity shares is recognised in securities premium. In case of equity
settled share based payment transactions, the difference between fair value on grant date and nominal value of share
is accounted as securities premium reserve. The reserve can be utilised only for limited purposes such as issuance of
bonus shares in accordance with the provisions of the Companies Act, 2013.

General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
As the general reserve is created by a transfer from one component of equity to another and is not an item of other
comprehensive income, items included in general reserve will not be reclassified subsequently to profit and loss.

Retained earnings

Retained earnings are profit the Company has earned till date less transfer to general reserve, dividend or other
distribution or transaction with shareholders.

Equity instruments through other comprehensive income

The said portion of equity represents excess/(deficit) of investment valued at fair value through other comprehensive
income in accordance with Ind AS 109 "Financial Instruments" as specified under section 133 of the Act, read with
Rule as amended and the Companies (Indian Accounting Standards) Rules, 2015.

Share based payment reserve

The employee share based payment reserve is used to recognise the compensation related to share based awards
issued to employees under Company''s share based payment scheme.

Notes:

A) Guaranteed Emergency Credit Line- GECL-2.0 - Canara Bank

(a) Working capital term loan from Canara Bank under GECL 2.0 scheme and is taken for a sum of Rs. 630 lakh
at an interest rate of 9.25% p.a , to build up current aseets and to meet operational liabilities, make statutory
payments and meet liquidity mismatch arising out of COVID 19 outbreak in the business.

(b) (i) Primary security

The assets created out of the facility so extended i.e. pari-passu 1st charge on the entire current
assets of the Company.

(ii) Collateral securities

The additional WCTL sanctioned under GECL 2.0 scheme shall rank second charge with the existing
credit facilities with charge on the assets financed under the scheme to be created on or before June
30, 2021or date of NPA, whichever is earlier.

(iii) Terms of repayment are as under:-

The balance outstanding as on March 31, 2025 Rs. 170.56 lakh is payable in 13 monthly instalments of
Rs. 13.12 lakh (plus interest) each, last installment falling due on April 08, 2026.

(c) There are no defaults of repayments of principal and interest during the year.

B) GECL-2.0 (Extension)- Canara Bank

(a) Working capital term loan (WCTL) from Canara Bank under GECL 2.0 (extension) scheme is taken for a sum
of Rs. 315 lakh at an interest rate of 9.25% p.a. , to build up current assets and to meet operational liabilities.

(b) The said loan is secured by way of the assets created out of the credit facility so extended. The additional
WCTL facility granted under GECL 1.0 (extension)/GECL 2.0(Extension)/GECL 3.0 (Extension) shall rank
second charge with the existing credit facilities.

(c) Terms of repayment are as under:-

The balance outstanding as on March 31,2025 Rs. 209.92 Lakhs is payable in 32 monthly instalments of Rs.
6.56 lakh plus interest and last installment falling due on 12.11.2027.

(d) There are no defaults of repayments of principal and interest during the year.

C) Term loan from State Bank of India:

I The Company has been sanctioned a term loan from State Bank of India for a sum of Rs. 2545 lakh at an
interest rate of 9.65% p.a. for the purpose of establishement of Varle Plant. The said loan is secured by way
of hypothecation of plant and machinery purchased out of the bank''s finance and Exclusive charge by way of
equitable mortgage over factory land & building bearing Survey no. 7 & 71/2 , Varle , Wada , Palgarh.

II Collateral securities

Equitable mortgage over residential building bearing Survey Number : kh no. 448,449,450 & 451, situated
at farm house with commercial conversion built on khasra no. 448, 449, 450 & 451 Chin Min Farm ,Village
Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total area 13569.23 Sq mtrs in the name of Chin
Min Developers Private Limited.

III Term loan outstanding balance of Rs. 2345 lakhs is to be paid in 57 monthly installments, 2 monthly Installment
having principal amount Rs.20 lakhs plus interest,54 monthly installment having principal amount of Rs. 42
lakhs plus interest & last 57th installment having principal amount of Rs. 37 lakhs plus interest and last
installment falling due on December 20 ,2029.

IV There are no defaults of repayments of principal and interest during the year.

V Personal Guarantee of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (directors of the Company)

D) Term loan from State Bank of India:

I The Company has been sanctioned a term loan from State Bank of India for a sum of Rs. 2250 lakh at an interest
rate of 9.65% p.a. for the purpose of taking over of earlier term loan taken from India Bulls Commercial Credit
Limited (IBCCL). The said loan is secured by way of hypothecation of plant and machinery purchased out of
the bank''s finance.

II Collateral securities

Equitable mortgage over residential building bearing survey number: kh no. 448,449,450 & 451, Situated
at farm house with commercial conversion built on khasra no. 448, 449, 450 & 451 Chin Min Farm ,Village
Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total area 13569.23 Sq mtrs in the name of Chin
Min Developers Private Limited

III Terms of repayment are as under:-

Term loan outstanding balance of Rs. 1450 lakhs is to be paid in 72 installments, in which 71 monthly
installment having principal amount of Rs. 20 lakhs plus interest and last 72nd installment having principal
amount of Rs. 30 lakhs plus interest and last installment falling due on March 25, 2031.

IV There are no defaults of repayments of principal and interest during the year.

V Personal Guarantee of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (directors of the Company)

E) Term loan from State Bank of India:

I The Company has been sanctioned a term loan from State Bank of India for a sum of Rs. 2734 lakh at an
interest rate of 9.65% p.a. for the purpose of establishment of Varle Plant. The said loan is secured by way of
hypothecation of plant and machinery purchased out of the bank''s finance and Exclusive charge by way of
equitable mortgage over factory land & building bearing Survey no. 7 & 71/2 , Varle , Wada , Palgarh.

II Collateral securities

Equitable mortgage over residential building bearing Survey Number : kh no. 448,449,450 & 451, Situated
at farm house with commercial conversion built on khasra no. 448, 449, 450 & 451 Chin Min Farm ,Village
Satbari, Chattarpur, Mehrauli, New Delhi - 110074, measuring total area 13569.23 sq. mtrs in the name of
Chin Min Developers Private Limited

III Term loan outstanding balance of Rs. 2542.66 lakhs and Rs.211.03 drawn subsequent to the balance sheet
date is to be paid in 96 monthly installments, after 12 Month moratorium .

IV There are no defaults of repayments of principal and interest during the year.

V Personal Guarantee of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (directors of the company)

F) Others

i) Vehicles and equipment loans are secured against the respective assets and interest is in the range of 7.90%
p.a to 9.55% p.a.

ii) The loans are repayable in range of 23-84 monthly installments and last installment falling due on May 31,
2031.

(iv) The Company is under obligation to export goods within the period of 1.5 years from the date of issue of Advance licenses
issued in terms of Chapter 4 of the Foreign Trade Policy 2015-20. As on date of balance sheet, the Company is under
obligation to export goods worth Rs. 1434.90 lakhs (Crumb Rubber 3457 MT , Reclaim Rubber 2752 MT.) {March 31,2024
Rs. 1390.62 Lakh (1125 MT Crumb Rubber and 3752 MT Reclaimed Rubber)} within the stipulated time as specified in the
respective licenses. Till the year end Company has fulfilled export obligation of Rs.745.54 Lakhs ( Crumb Rubber Powder
203 MT & Reclaim Rubber 1301 MT) { March 31, 2024 Rs.940.25 Lakhs (NIL Crumb Rubber and 2259 MT Reclaimed
Rubber)}.

*It is not possible to predict the outcome of the pending litigations with accuracy, the Company believes, based on legal opinions
received, that it has meritorious defenses to the claims. The management believes the pending actions will not require outflow of
resources and will not have a material adverse effect upon the results of the operations, cash flows or financial condition of the
Company.

33 In the opinion of the Board, current assets have a value on realization in the ordinary course of business at least equal to
the amount at which they are stated.

34 a) The Company had invested a sum of Rs. 643.36 lakhs in BGK Infratech Private Limited ("BGK") (termed as Investee

Company), as per IND AS 109"Financial Instruments" as specified under section 133 of the Act, is to be valued at fair
value through other comprehensive income (FVTOCI). Management has got the same revalued from the Independent
Valuer and fair value as at March 31, 2025 Rs. is Rs. 2560.00 lakhs.

b) The Company received a letter of offer dated April 01, 2025 from BGK for buyback of upto 1,45,000 fully paid-up equity
shares having the face value of Rs. 10/- each ("Equity Share"), at a price of Rs. 400 per Equity Share. The Board of
Directors of Company in its meeting held on April 19, 2025, approved and offered upto 1,45,000 fully paid-up equity
shares held by the Company, for buyback by BGK, subject to compliance of applicable laws in accordance with the letter
of offer.(Refer note - 7.1(a))

35 a) The Company has signed a Joint Venture Agreement ("Shareholders Agreement") dated August 30, 2024 with

Lionshare Holdings (Pty) Ltd ("JV Partner") and Mbodla Investments (Pty) Ltd ("JVC"), Johannesburg, South Africa,
for the purpose of Setting up of plant for recycling of waste tyres / end of life tyres (ELT) and manufacturing and
export of crumb rubber and other allied products, in which the Company will be holding 49%. At the time of entering
Shareholder agreement, paid capital of the JVC is 100 ordinary shares of Rand 1 each and held 100% by the JV
Partner. Subsequent to the JV Agreement, the Company has completed the acquisition of 49% stake in aforesaid JV
and made remittance on February 28, 2025 for Rs. 116.73 Lakhs for 24,50,490 ordinary shares @ Rand 1 each.

b) The Company has invested a sum of Rs. 11.01 lakh in Keerthi International Agro Private Limited towards 11,000
equity shares of Rs.100/- each holding 29% stake in the investee Company. The Company by itself or through
its Directors does not exercise any significant influence or the controls of decision of the investing "Ind AS 28 -
Investments in Associates". Therefore the said investee Company has not been treated as Associates in term of "Ind
AS 28 - Investment in Associate and Joint Venture" in Consolidated Financial Statements (specified under section 133
of Companies Act 2013) read with relevant rules as amended.

c) The Company had invested into 1,24,000 equity shares of Rs.10/- each fully paid up in Puja Infratech Private Limited.
The said Company was converted into Limited Liability Partnership (LLP) under the name of Puja Infratech LLP
having LLP Identification No.: AAL-2641 vide Certificate of Registration on Conversion dated 29th November 2017
issued by Ministry of Corporate Affairs ("MCA"). The share of the Company as a designated partner in the total capital
of the LLP is 12.41% which amounts to a capital contribution of Rs.12.40 lakhs.The Company had invested a sum of
Rs. 37.29 lakhs.

The Company had as per IND AS 109"Financial Instruments" as specified under section 133 of the Act, is to be
valued at fair value through other comprehensive income (FVTOCI). Management has got the same revalued from
the Independent Valuer and fair value as at March 31, 2025 is consistent with that of the previous year March 31,
2024 is Rs. 183.25 lakhs.

d) The Company had set up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as
a part of Industrial area by Haryana State Industrial and Infrastructural Development Corporation Limited (HSIIDC)
in the year 2006-07. In terms of applicable Government laws, the Company filed an objection with the authority and
land measuring 20 kanals and 12 marlas was released by HSIIDC which continues to be in possession of the Company
till date and plant is operating continuously. However, HSIIDC has erroneously served a demand of Rs.373.27 lakhs
for allotment of above land. Special leave partition (SLP) filed by the Comapny before Hon''ble Supreme Court is
not accepted. The Company has filed a representation dated 15.05.2025 to the Principal Secretary , Department of
Industries, Government of Haryana Chandigarh for release of land from acquisition proceeding as Company ''s plant
is existing their since year 2001-02 which is much before the Noti

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Mar 31, 2024

2.8 Provisions and contingent liabilities Provisions

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.

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 liabilities

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 recognized 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 recognized because it cannot be measured reliably. the Company does not recognize a contingent liability but discloses its existence in the standalone financial statements unless the probability of outflow of resources is remote.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

2.9 Taxes

Income tax expenses comprise current tax expenses and the net change in the deferred tax asset or liabilities during the year.

Direct tax

(a) Current tax

i) Current income tax, assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities in accordance with the Income Tax Act, 1961. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date in india as per Income Computation and Disclosure Standards (ICDS) where the Company operates and generates taxable income.

ii) Current income tax relating to items recognized outside the statement of profit and loss is recognized outside profit or loss (either in other comprehensive income or equity). Current tax items are recognized in correlation to the underlying transactions either in statement of profit and loss or directly in 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 using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets and liabilities are recognized for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized, except:

(a) When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.

(b) In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

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 utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognized outside the statement of profit and loss is recognized outside the statement of profit and loss (either in other comprehensive income or in equity). Deferred tax items are recognized in correlation to the underlying transaction either in OCI or direct in equity.

Deferred Tax includes Minimum Alternate Tax (MAT) recognizes MAT credit available as an asset only to the extent that there is convincing evidence that the Company will pay normal income tax during the specified period, i.e. the period for which MAT credit is allowed to be carried forward. The Company reviews the “MAT credit entitlement" asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the specified period. Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

2.10 Revenue from contracts with customers

The company derives its revenue from sale of manufactured goods i.e. crumb rubber, crumb rubber modifier (crm), crumb rubber modified bitumen (crmb), polymer modified bitumen (pmb), bitumen emulsion, reclaimed rubber/ ultrafine crumb rubber compound, cut wire shots etc. primarily manufactured from waste tyres/end of life tyres (elt) and traded goods. the products are primarily used for making/ repair of road, tyres and auto part industry. The company disaggregates the revenue based on nature of products.

The Company assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent, the Company has concluded that it is acting as a principal in all of its revenue arrangements, since it is the primary obligor in all the revenue arrangements as it has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria described below must also be met before revenue is recognised.

(a)Sale of goods

Revenue from sale of goods is recognised when control of the products being sold is transferred to our customer and when there are no longer any unfulfilled obligations. The Performance Obligations in our contracts are fulfilled at the time of dispatch, delivery or upon formal customer acceptance depending on customer terms. Revenue is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the Government such as goods and services tax, etc. Accumulated experience is used to estimate the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur.

(b) Rendering of services

Revenue from service-related activities is recognised as and when services are rendered and on the basis of contractual terms with the parties.

(c) Rental income

Rental income arising from operating leases on investment properties is accounted for on a straight-line basis over the lease terms and is included in other income in the statement of profit or loss due to its non-operating nature.

(d) Interest income

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of financial liability. When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar options) but does not consider the expected credit losses. Interest income is included in other income in the statement of profit and loss.

(e) Dividend from investment in shares

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

(f) Claims

Claims are recognised when there exists reasonable certainty with regard to the amounts to be realised and the ultimate collection thereof g) Sale of Extended Producer Responsibility (EPR) Credits

EPR Credits are recognised when there is reasonable certainty that the Company will comply with conditions stipulated as per Regulatory requirements and amount will be received. The revenue related to EPR Credits are shown under the head revenue from operations.

2.11 Retirement and other employee benefits

Short-term employee benefits and defined contribution plans

All employee benefits payable/ available within twelve months of rendering the services are classified as short-term employee benefits. Benefits such as salaries, wages and bonus etc. are recognised in the Statement of Profit and Loss in the period in which the employee renders the related services.

Provident fund

Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the contribution payable to the provident fund. The Company recognizes contribution payable to the provident fund scheme as an expense, when an employee renders the related services. If the contribution payable to scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the contribution already paid exceedsthe contribution due forservices received before the balance sheet date, then excesses recognized as an asset to the extent that the prepayment will lead to , for example, a reduction in future payment or a cash refund.

Gratuity (unfunded)

Gratuity is a defined benefit scheme. The cost of providing benefits under the defined benefit plan is determined using the projected unit credit method. The Company recognises termination benefit as a liability and an expense when the Company has present obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the termination benefits fall due more than 12 months after the balance sheet date, they are measured at present value of future cash flows using the discount rate determined by reference to market yields at the balance sheet date on government bonds.

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

Past service costs are recognised in profit or loss on the earlier of :

(a) The date of the plan amendment or curtailment,

(b) The date that the Company recognises related restructuring cost

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.

The Company recognises the following changes in the net defined benefit obligation as an expense in the Statement of Profit and Loss:

(a) Service costs comprising current service costs, past service costs, gains and losses on curtailments

(b) Net interest expenses or income

Compensated absences

Accumulated leave, which is expected to be utilised within next 12 months, is treated as short term employee benefit. The Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused entitlement that has accumulated at the reporting date.

The Company treats accumulated leave expected to be carried forward beyond 12 months, as long-term employee benefit for measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the projected unit credit method at the period end. Re-measurement, comprising of actuarial gains and losses, are immediately taken to the Statement of Profit and Loss and are not deferred. The Company presents the leave as a current liability in the balance sheet to the extent it does not have an unconditional right to defer its settlement for 12 months after the reporting date. Where Company has the unconditional legal and contractual right to defer the settlement for a period beyond 12 months, the same is presented as non-current liability.

2.12 Borrowing costs

Borrowing cost includes interest and other costs incurred in connection with the borrowing of funds and charged to statement of profit and loss on the basis of EIR method. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the borrowing cost.

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the respective asset. All other borrowing costs are recognised as expense in the period in which they occur.

2.13 Government grants

Government Grants are recognized at their fair value when there is reasonable assurance that the grant will be received and all the attached conditions will be complied with.

When the grant relates to an expense item, recognised as income on a systematic basis over the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. When the Company receives grants of non-monetary assets, the asset and grant are recorded at fair value amounts and released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset.

2.14 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in resources.

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

2.15 Impairment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An asset''s recoverable amount is the higher of an asset''s or Cash-Generating Unit''s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company''s of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples , quoted share prices for publicly traded companies or other available fair value indicators.

Impairment losses including impairment on inventories, are recognized in the statement of profit and loss. After impairment,depreciation is provided on the revised carrying amount of the asset over its remaining useful life. Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

An assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the asset''s or CGU''s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset''s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit and loss.

2.16 Segment accounting

Based on "Management Approach" as defined in Ind AS 108- Operating Segments, the executive Management Committee evaluates the Company''s performance and allocates the resources based on an analysis of various performance indicators by business segments. The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the standalone financial statements of the Company as a whole.

2.17 Foreign currencies

The Company''s standalone financial statements are presented in Indian Rupee (INR) and Rounded off nearest to lakhs. Which is also the Company''s functional and presentation currency. Items included in the standalone financial statements are measured using the currency of the primary economic environment in which the entity operates ( ''the functional currency''). Foreign currency transactions are recorded on initial on initial recognition in the functional currency, using the exchange rate prevailing at the date of transaction.

Measurement of foreign currency items at the balance sheet date

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

Exchange differences

Exchange differences arising on settlement or translation of monetary items are recognized as income or expense in the statement of profit and loss in the period in which they arise.

Bank guarantee and letter of credit

Bank guarantee and letter of credits are recognised at the point of negotiation with Banks and converted at the rates prevailing on the date of Negotiation. However, outstanding at the period end are recognised at the rate prevailing as on that date and total sum is considered as contingent liability.

2.18 Dividend distributions

The Company recognizes a liability to make payment of dividend to owners of equity when the distribution is authorized and is no longer at the discretion of the Company and is declared by the shareholders . A corresponding amount is recognized directly in equity.

2.19 Fair value measurement

The Company measures 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 he asset or transfer the liability takes place either:

(i) In the principal market for asset or liability, or

(ii) 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 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 minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are categorized 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:

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

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

Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the standalone financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization ( based on the lowest level input that is significant to 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.

2.20 Leases

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

The Company as a lessee

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

(a) Right-of-use assets

The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straightline basis over the shorter of the lease term and the estimated useful lives of the building (i.e. 30 and 60 years) If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in the section ''Impairment of non-financial assets''.

(b) Lease liabilities

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

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

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

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

The Company as a lessor

Leases for which the Company is a lessor is classified as finance or operating lease. Leases in which the Company does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straightline basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

2.21 Significant accounting judgements, estimates and assumptions

The preparation of the Company''s standalone financial statements requires management to make judgments, estimates and assumptions that affect thereported amountsof revenues,expenses, assetsand liabilities, and theaccompanying disclosures,and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Judgments

In the process of applying the Company''s accounting policies, management has made the following judgments, which have the most significant effect on the amounts recognized in the standalone financial statements.

(a) Operating lease commitments — Company as lessee

The Company has taken various commercial properties on leases. The Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constitute a substantial portion of the economic life of the commercial property, and that does retain significant risks rewards of ownership of these properties and accounts for the contracts as operating leases.

(b) Assessment of lease contracts

Significant judgment is required to apply lease accounting rules under Appendix C to IND AS 116: determining whether an Arrangement contains a Lease. In assessing the applicability to arrangements entered into by the Company, management has exercised judgment to evaluate the right to use the underlying assets, substance of the transaction including legally enforced arrangements and other significant terms and conditions of the arrangement to conclude whether the arrangements meet the criteria under Appendix C to IND AS 116.

Estimates and assumptions

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

(a) Revenue from contracts with customers

The Company applied the following judgements that significantly affect the determination of the amount and timing of revenue from contracts with customers:

Determining the method to estimate variable consideration and assessing the constraint

In estimating the variable consideration, the Company is required to use either the expected value method or the most likely amount method based on which method better predicts the amount of consideration to which it will be entitled. The Company determined that the expected value method is the appropriate method to use in estimating the variable consideration for revenue from operation, given the large number of customer contracts that have similar characteristics. Before including any amount of variable consideration in the transaction price, the Company considers whether the amount of variable consideration is constrained. The Company determined that the estimates of variable consideration are not constrained based on its historical experience, business forecast and the current economic conditions. In addition, the uncertainty on the variable consideration will be resolved within a short time frame.

(b) Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and timing of future taxable income. Given the wide range of business relationships and the long-term nature and complexity of existing contractual agreements, differences arising between the actual results and the assumptions made, or future changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Such differences of interpretation may arise on a wide variety of issues depending on the conditions prevailing in the respective domicile of the companies.

Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together with future tax planning strategies.

^(c) Defined benefit plans

The cost of defined benefit plans (i.e. Gratuity benefit) and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions which may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for the plans operated in India, management considers the interest rates of long-term government bonds with extrapolated maturity corresponding to the expected duration of the defined benefit obligation.

The mortality rate is based on publicly available mortality tables for specific countries. Those mortality tables tend to change only at intervals in response to demographic changes. Future salary increases and pension increases are based on expected future inflation rates for the respective countries. Further details about the assumptions used, including a sensitivity analysis, are given in note no. 33(6).

(d) Fair value measurement of financial instrument

When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. See note no. 33(18) for further disclosures.

(e) Impairment of financial assets

The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates. the Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on Company''s past history ,existing market conditions as well as forward looking estimates at the end of each reporting period.

(f) Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset''s recoverable amount. An assets recoverable amount is the higher of an asset''s CGU''S fair value less cost of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Company''s of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use , the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other fair value indicators.

(g) Impairment of Goodwill

Determining whether goodwill is impaired requires an estimation of value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the direction to estimate the future cash flows expected to arise from the cashgenerating unit and a substable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise.

(h) Expected Credit Loss

The Company has used a practical expedient by computing the expected credit loss allowances for trade receivables based on a provision matrix taking it account historical credit loss experience and adjusting for forward-looking information. The expected credit loss allowance is based on the ageing of the day the receivables are due and the rates are given in the provision matrix.

^e) Nature and purpose of reserves Securities premium

The amount received in excess of face value of the equity shares is recognised in securities premium. In case of equity settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordannce with the provisions of the Companies Act, 2013

General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in general reserve will not be reclassified subsequently to profit and loss.

Retained earnings

Retained earnings are profit the Company has earned till date less transfer to general reserve, dividend or other distribution or transaction with shareholders.

Equity instruments through other comprehensive income

The said portion of equity represents excess/(deficit) of investment valued at fair value through other comprehensive income in accordance with Ind AS 109 "Financial Instruments" as specified under section 133 of the Act, read with Rule as amended and the Companies (Indian AccountingStandards) Rules, 2015

Notes:

(A) Guaranteed Emergency Credit Line- GECL-2.0 - Canara Bank

(a) Working capital term loan from Canara Bank under GECL 2.0 scheme and is taken for a sum of Rs. 630 lakh, to build up current aseets and to meet operational liabilities, make statutory payments and meet liquidity mismatch arising out of COVID 19 outbreak in the business.

(b) (i) Primary security

The assets created out of the facility so extended i.e. pari-passu 1st charge on the entire current assets of the Company.

(ii) Collateral securities

The additional WCTL sanctioned under GECL 2.0 scheme shall rank second charge with the existing credit facilities.

(iii) Terms of repayment are as under:-

The balance outstanding as on March 31, 2024 Rs. 328.12 lakh is payable in 25 monthly instalments of Rs. 13.12 lakh (plus interest) each, last installment falling due on April 08, 2026.

^(c) There are no defaults of repayments of principal and interest during the year.

(B) GECL-2.0 (Extension)- Canara Bank

(a) Working capital term loan from Canara Bank under GECL 2.0 (extension) scheme is taken for a sum of Rs. 315 lakh, to build up current assets and to meet operational liabilities.

(b) The said loan is secured by way of the assets created out of the credit facility so extended. The additional WCTL facility granted under GECL 2.0(Extension)/GECL 3.0 (Extension) shall rank second charge with the existing credit facilities.

(c) Terms of repayment are as under:-

The Balance outstanding as on March 31,2024 Rs. 288.75 Lakhs is payable in 44 monthly instalments of Rs. 6.56 lakh plus interest and last installment falling due on 12.11.2027.

(d) There are no defaults of repayments of principal and interest during the year.

(C) Term Loan from State Bank of India:

(I) The Company has been sanctioned a Term Loan from State Bank of India for a sum of Rs. 2545 lakh for the purpose of establishement of Varle Plant. The said loan is secured by way of hypothecation of plant and machinery purchased out of the bank''s finance and Exclusive charge by way of equitable mortgage over factory land & building bearing Survey no. 7 & 71/2 , Varle , Wada , Dist.Palgarh(Maharashtra) .

(II) Equitable mortgage over residential building bearing Survey Number : khasra no. 448,449,450 & 451, Situated at farm house with commercial conversion built on khasra no. 448, 449, 450 & 451 Chin Min Farm ,Village Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total area 13569.23 Sq mtrs in the name of Chin Min Developers Private Limited.

(III) Term loan outstanding balance of Rs. 2545 lakhs is to be paid in 67 monthly installments, after 6 Month moratorium. First 12 monthly installments having principal amount of Rs. 20 lakhs plus interest starting from June 20, 2024 , Next 54 monthly installment having principal amount of Rs. 42 lakhs plus interest & last 67 th installment having principal amount of Rs. 37 lakhs plus interest and last installment falling due on December 20 ,2029.

(D) Term Loan from State Bank of India:

(I) The Company has been sanctioned a Term Loan from State Bank of India for a sum of Rs. 2250 lakh for the purpose of taking over of earlier term loan taken from IndiaBulls Commercial Credit Limited (IBCCL). The said loan is secured by way of hypothecation of plant and machinery purchased out of the bank''s finance.

(II) Collateral securities

Equitable mortgage over residential building bearing Survey Number : kh no. 448,449,450 & 451, Situated at farm house with commercial conversion built on khasra no. 448, 449, 450 & 451 Chin Min Farm ,Village Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total area 13569.23 Sq mtrs in the name of Chin Min Developers Private Limited.

(III) Terms of repayment are as under:-

Term loan outstanding balance of Rs. 1720.48 lakhs is to be paid in 84 installments, in which 83 monthly installment having principal amount of Rs. 20 lakhs plus interest and 84th installment having principal amount of Rs. 50 lakhs plus interest and last installment falling due on March 25,.2031.

Based on the management assessment and discussion with legal advisors, the Company does not expect any liability, hence no provision has been made.

(iii) The Company had set up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as a part of Industrial area by Haryana State Industrial and Infrastructural Development Corporation Limited (HSIIDC) in the year 2006-07. In terms of applicable Government laws, the Company filed an objection with the authority and land measuring 20 kanals and 12 marlas was released by HSIIDC which continues to be in possession of the Company till date. However, HSIIDC has erroneously served a demand of Rs.373.27 lakhs for allotment of above land. The Company has filed a writ petition in the High Court of Punjab and Haryana against demand served by HSIIDC and release and restoration of entire land which has been decided in favour of the Company vide order dated 27.10.2016 of the Hon''ble High Court of Punjab & Haryana. HSIDC had filed Special Leave Petition in the Supreme Court . The Supreme Court ihas passed order dt.05.03.2024 and remitted the matter back to the High Court and the matter is pending.

(iv) The Company is under obligation to export goods within the period of 6 years from the date of issue of EPCG licenses (upto 26.10.2029) in terms of Chapter 5 of the Foreign Trade Policy 2023. As on date of balance sheet, the Company is under obligation to export goods worth Rs. 289.18 lakhs (March 31,2023 Rs.Nil) within the stipulated time as specified in the respective licenses . Till the year end Company has fulfilled export obligation Rs.Nil (March 31,2023 Rs.Nil).

(v) The Company is under obligation to export goods within the period of 1.5 years from the date of issue of Advance licenses issued in terms of Chapter 4 of the Foreign Trade Policy 2015-20. As on date of balance sheet, the Company is under obligation to export goods worth Rs. 1390.62 lakhs (Crumb Rubber 1125 MT & Reclaim Rubber 3752 MT ) {March 31,2023 Rs. 1946.42 Lakh (6375 MT Crumb Rubber and 3182 MT Reclaimed Rubber) within the stipulated time as specified in the respective licenses. Till the year end Company has fulfilled export obligation of Rs.940.25 Lakhs Crumb Rubber Nil & Reclaim Rubber 2259 MT) { March 31, 2023 Rs.1706.18 Lakhs (4162 MT Crumb Rubber and 1694MT Reclaimed Rubber)}.

(vi) The Company had paid under protest, countervailing duty (CVD) of Rs. 356.42 Lakhs (March 31,2023 Rs.356.42 lakh) on import of old used tyres scrap used for manufacturing of crumb rubber and other products. The Company had filed a Writ Petition with the Hon''ble High Court of Delhi which was been decided in favour of the Company vide order of the Hon''ble High Court dated 03.05.2017. Subsequent to the order of the Hon''ble High Court the Company has availed input tax credit of the CVD amount. The department has filed Special Leave Petition before Hon'' ble Supreme Court of India challenging the order of Hon'' ble High Court. Hon'' ble Supreme Court vide order dt. 23.07.2018 has directed fresh adjudication by Hon'' ble High Court of Delhi .The Company has filed early hearing application with Hon'' ble High Court of Delhi and the matter is pending. No provision for the same has been made since the Company expects no liability on this account.

*It is not possible to predict the outcome of the pending litigations with accuracy, the Company believes, based on legal opinions received, that it has meritorious defenses to the claims. The management believe the pending actions will not require outflow of resources and will not have a material adverse effect upon the results of the operations, cash flows or financial condition of the Company.

33 In the opinion of the Board, current assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

34 The Company had invested a sum of Rs. 643.36 lakhs in BGK Infratech Limited (termed as Investee Company), as per IND AS 109"Financial Instruments" as specified under section 133 of the Act, is to be valued at fair value through other comprehensive income (FVTOCI). Management has got the same revalued from the Independnat Valuer and fair value as at March 31, 2024 Rs. is Rs. 2159.52 lakhs.

35 As per "Ind AS 28 - Investment in Associate and Joint Venture", TP Buildtech Private Limited has been recognised as Associate of Tinna Rubber and Infrastructure Limited on the basis of significant influence on the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies even if the voting power is less than 20%.

a) As at March 31, 2024 the Company has a non-current investment amounting to Rs.741.25 lakhs (31 March 2023: 741.25 lakhs) in TP Buildtech Private Limited an Associate. As at March 31, 2024 the net worth of this Associate has been partially eroded. Based on future business plans, growth prospects as well as considering the contractual tenability, progress of negotiations/discussions/orders, current year profit and the Assoicates management assessment,the realizable amount of investment in associate is higher than the carrying value due to which this noncurrent investment is considered as good and recoverable.

b) The Company has invested a sum of Rs. 11.01 lakh in Keerthi International Agro Private Limited towards 11,000 equity shares of Rs.100/- each holding 29% stake in the investee Company. The Company by itself or through its Directors does not exercise any significant influence or the controls of decision of the investing "Ind AS 28 - Investments in Associates". Therefore the said investee Company has not been treated as Associates in term of "Ind AS 28 - Investment in Associate and Joint Venture" in Consolidated Financial Statements (specified under section 133 of Companies Act 2013, read with relevant rules as amended.

c) The Company had invested into 1,24,000 equity shares of Rs.10/- each fully paid up in Puja Infratech Private Limited. The said Company was converted into Limited Liability Partnership (LLP) under the name of Puja Infratech LLP having LLP Identification No.: AAL-2641 vide Certificate of Registration on Conversion dated 29th November 2017 issued by Ministry of Corporate Affairs ("MCA"). The share of the Company as a designated partner in the total capital of the LLP is 12.41% which amounts to a capital contribution of Rs.12.40 lakhs. The name and share of other designated partners of the LLP are as under:

45 The Company has entered into an agreement on 25.02.2010 with Riveria Builder Private Limited and Viki Housing Development Private Limited for sale of 89,993 equity shares of Rs.100/- each of Gautam Overseas Limited for Rs.90 lakhs. The Company has received the sales consideration of Rs.90 lakhs in the F.Y 2009-10 which has been duly accounted for. The Company Law Board has vide order dated 28.06.2010 restrained the Company for transfer of said shares, which has been upheld by the Hon''ble High Court of Delhi. The Company has filed a Special Leave Petition (SLP) before the Hon''ble Supreme Court of India, which is pending before the Hon''ble Court.

46 The Company had purchased land at Delhi in 2013-14 . In the Master Plan for Delhi - 2007 the said land is notified as Public- Semi Public Utility Corridor. The Company has filed petition with the Hon''ble High Court of Delhi to seek the benefit of Section 24(2) of the Right to Fair compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 and to declare acquisition proceedings initiated aslapsed. The Hon''ble High Court of Delhi in Judgment dated 25 & 26 May 2015 and 9 February 2016 declared that acquisition process initiated deemed to have been lapsed. The Hon''ble Supreme Court of India pursuant to Appeal filed by Delhi Development Authority and Land & Building Authority of NCT of Delhi has also upheld that acquisition proceeding initiated deemed to have been lapsed vide their orders dated 31.08.2016 and 04.05.2017. In 2019, the Government has declared the area as Urban, however the final notice for the mutation is pending from their side, hence the Registration process is pending. The process of mutation of land, the land use conversion from agricultural to other use is yet to be done in accordance with the applicable Laws.The Company will get the land registered with appropriate authority,mutation and change of land use etc upon issue of requisite Notification by the Government.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

1) The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. In addition to being sensitive to a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the equity instruments is also sensitive to a reasonably possible change in the growth rates. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.

2) The fair values of the Company''s interest-bearing borrowings and loans are determined by using Discounted cash flow method using discount rate that reflects the issuer''s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 March 2024 was assessed to be insignificant.

³⁾ Long-term receivables/ payables are evaluated by the Company based on parameters such as interest rates, risk factors, individual creditworthiness of the counterparty and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.

4) The significant unobservable inputs used in the fair value measurement categorized within Level 1 and Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at end of each year, are as shown below:

Fair value hierarchy

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

Level 1 : quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2 : other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly Level 3 : techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data

48 Financial risk management objectives and policies

The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that are derived directly from its operations.

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed to market risk, credit risk and liquidity risk.

The Company''s senior management oversees the management of these risks. The senior professionals working to manage the financial risks and the appropriate financial risk governance framework for the Company are accountable to the Board of Directors and Audit Committee. This process provides assurance to Company''s senior management that the Company''s financial risk-taking activities are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in accordance with Company policies and Company risk objective.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized as below:

(a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprises three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity price risk. Financial instruments affected by market risks include loans and borrowings, deposits, investments, and foreign currency receivables and payables. The sensitivity analysis in the following sections relate to the position as at March 31, 2024. The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets and liabilities. The sensitivity of the relevant Profit and Loss item is the effect of the assumed changes in the respective market risks. This is based on the financial assets and financial liabilities held as of March 31, 2024.

(i) Foreign currency risk

Foreign currency risk is the ris

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Mar 31, 2023

(i) Property, plant and equipment pledged as security towards liabilities as on March 31, 2023 are as under (refer note no. 14):-

(a) First charge on Plant and machinery, furniture and fixture, generators, office equipment, computers and work in progress and unregistered equitable mortgage (UREM) of land and building at Wada, Chennai (Gummidipundi) and Kala-amb plants of the Company.

(b) Equitable mortgage of Land and Building at:

-Land and Building located at Refinery Road, Village Rajapur, Tehsil and District Panipat- 132103

-Land and Building located at Tirlokpur Road, Village Rampur Jattan, Industrial Estate ,Kala-Amb,Nahan District Sirmour (H.P)

-Farm House at No.6, Sultanpur, Mandi Road, Mehrauli, New Delhi- 110030.

-Land and Building located at Village Pali, Taluka Wada, District-Thane, Maharashtra.

-Land and Building located at No.17 Chithur Natham Village, Gummidipundi Taluk, Thiruvallur Dist, Tamilnadu.

(c) Negative lien on the property in Delhi at Khasara No.-1020,1031& 1069, 1070, 1072 & 1072/1, Village Satbari Tehsil Saket, New Delhi.

(d) The Company has also extended second charge (UREM) on land measuring 14,000 sq. metres situated at Gult No. 113/2 and 114/2, Village Pali, Taluka Wada, District Thane, Maharashtra towards credit facility sanctioned to TP Buildtech Private Limited an associates.

(v) During the current period, the Company had increased the useful life of certain plant & machinery from 12 years to 20 years. This change in estimate was based on the Company''s technical evaluation of plant & machinery. The Company revised the useful life effective from 01 October 2022.This has resulted in reduction of depreciation and amortisation and thereby increasing profit by Rs. 161.33 lakhs for the year ended 31 March 2023 .

(vi) The title in respect of self-constructed buildings and title deeds of all other immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial statements included under property, plant and equipment are held in the name of the Company as at the balance sheet date. However, the name of the Company was changed from Tinna Overseas Limited to Tinna Rubber and Infrastructure Limited with effect from 19th December,2012. The freehold land situated at locations Gummdipundi, Wada, Delhi (H.O), Panipat and Kala-amb continues to be in the name of Tinna Overseas Limited, the erstwhile name of the Company.

(vii) The Company''s plant at Panipat has been notified to be covered under the industrial area of HSIIDC, Panipat and the procedural implementation of acquisiition /subsequent release is in progress and the plant at Panipat is fully operational.{Refer note 32(A)(iv)}

(d) The amount of expenditure of revenue nature (excluding borrowing costs capitalised) recognised in the carrying amount of an item of property, plant and equipment in the course of its construction is Rs. Nil lakh for the year ended March 31, 2023 and 0.29 lakh for the year ended March 31,2022 (refer note 41)

(e) The amount of contractual commitments for the acquisition of property, plant and equipment Rs.11.16 lakh as on March 31,2023 and Rs.525.43 lakh as on March 31, 2022 (refer note 32(B)).

Notes:

i) Investment property represents land at village satbari,tehsil Saket, Delhi given on lease w.e.f. September 01,2018.

ii) (a) The Company had obtained independent valuation of Rs.1260.50 lakh from certified valuer for its

investment property as at March 31,2022 and has reviewed the fair valuation based on best evidence of fair value determined using replacement cost of an assets of equivalent utility, depreciation and obsolescence. Fair market value is the amount expressed in terms of money that may be reasonably be expected to be exchanged between a willing buyer and willing seller or equity or both. The valuation by the valuer assumes that the company shall continue to operate and run the assets to have economic utility. The fair value is on ''as is where" basis.

(b) The fair value of investment property is based on the valuation by registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017.

iii) There is no contractual obligation to purchase, construct or develop investment property or for repairs, maintenance and enhancement thereof and there are no restriction on remittance of income and proceeds of disposal.

iv) The investment property is land purchased through assignment deed. The formalities of registration of sale deed and mutation are pending. (refer note no.49)

v) Title deeds of Immovable properties not held in name of the Company due to Government directions pending for registration/ mutation.

(i) Impairment losses recognised in statement of profit and loss in accordance with the Ind AS 36 are Rs. Nil (March 31, 2022: Nil).

(ii) Refer accounting policy 2.7 (i) for amortization of intangible assets.

(i) Management is of the opinion that the fair value of the unquoted equity share of TP Buildtech Private Limited exceeds the amount of investment made and hence there is no impairment in the value of investment.

(ii) Refer note no. 46 for information about related party transactions.

(iii) Percentage of investment March 31,2023 is 49.42% , (March 31,2022 is 49.20%)

c) Terms/rights attached to equity shares

i) The Company has only one class of equity shares having a par value of Rs.10/- per share (March 31,2022 : Rs.10/- per share). Each holder of equity shares is entitled to one vote per share.

ii) For the financial year 2023 , the Board recommends a final dividend of Rs. 5/- (par value of Rs. 10/- each) per equity share. This payment is subject to the approval of shareholders in the ensuing Annual General Meeting (AGM) of the Company.

iii) 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.

iv) The Company has not allotted any fully paid up shares pursuant to contract(s) without payment being received in cash. The Company has neither allotted any fully paid up shares by way of bonus shares nor has bought back any class of shares during the period of five years immediately proceeding the balance sheet date.

As per the records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above share holding represents both legal and beneficial ownership of shares.

(e) Nature and purpose of reserves Securities premium

The amount received in excess of face value of the equity shares is recognised in securities premium. In case of equity settled share based payment transactions, the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. The reserve can be utilised only for limited purposes such as issuance of bonus shares in accordannce with the provisions of the Companies Act, 2013

General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in general reserve will not be reclassified subsequently to profit and loss.

Retained earnings

Retained earnings are profit the Company has earned till date less transfer to general reserve, dividend or other distribution or transaction with shareholders.

Equity instruments through other comprehensive income

The said portion of equity represents excess/(deficit) of investment valued at fair value through other comprehensive income in accordance with Ind AS 109 "Financial Instruments" as specified under section 133 of the Act, read with Rule as amended and the Companies (Indian Accounting Standards) Rules, 2015

Notes:

A) Term Loan from Bank (Secured)- Canara Bank

I The Company had been sanctioned term loan Rs.2,400 lakhs from Canara Bank Limited for the expansion/capital expenditure programme at Panipat, Wada, Gummidipundi and Kala-Amb divisions of the Company, which has been fully repaid as per repayment schedule during the year. The outstanding balance above is towards Working Capital Term Loan under Guaranteed Emergency Credit Line (GECL) as referred in Note no. 14B & 14C.

II Primary security

The term loans are secured by way of first charge on the plant and machinery, furniture fixture, generator, office equipment and computers and work in progress at Panipat, Wada, Haldia and Chennai (Gummidipundi) and Kala-Amb plants of the Company and unregistered equitable mortgage (UREM) of land and building at Wada and Chennai (Gummidipundi) and Kala-Amb plants of the Company.

Collateral securities

The term loan is further secured by way of equitable mortgage of land and building at:

i) Land and building located at Refinery Road, Village Rajapur, Tehsil and District Panipat- 132103

ii) Land and building located at Tirlokpur Road, Village Rampur Jattan, Industrial Estate ,Kala-Amb,Nahan District Sirmour (H.P)

iii) Farm House at No.6, Sultanpur, Mandi Road, Mehrauli, New Delhi- 110030.

iv) Land and building located at Village Pali,Taluka Wada,District-Thane,Maharashtra

v) Land and building located at No.17 Chithur Natham Village ,Gummidipundi Taluk,Thiruvallur Dist,Tamilnadu

Other properties

i) Plant and machinery, furniture and fixture, generator, office equipment, computers and work in progress.

ii) Negative lien on the property in Delhi at Khasara No.-1020,1031& 1069, 1070, 1072 & 1072/1, Village Satbari Tehsil Saket , New Delhi

V There are no defaults of repayments of principal and interest during the year.

B) Guaranteed Emergency Credit Line- GECL-2.0 - Canara Bank

(a) Working capital term loan from Canara Bank under GECL 2.0 scheme and is taken for a sum of Rs. 630 lakh, to build up current aseets and to meet operational liabilities, make statutory payments and meet liquidity mismatch arising out of COVID 19 outbreak in the business.

(b) (i) Primary security

The assets created out of the facility so extended i.e. pari-passu 1st charge on the entire current assets of the Company.

(ii) Collateral securities

The additional WCTL sanctioned under GECL 2.0 scheme shall rank second charge with the existing credit facilities.

(iii) Terms of repayment are as under:-

The balance outstanding as on March 31, 2023 Rs. 485.62 lakh is payable in 37 monthly instalments of Rs. 13.12 lakh (plus interest) each, last installment falling due on April 08, 2026.

(c) There are no defaults of repayments of principal and interest during the year.

C) GECL-2.0 (Extension)- Canara Bank

(a) Working capital term loan from Canara Bank under GECL 2.0 (extension) scheme is taken for a sum of Rs. 315 lakh, to build up current assets and to meet operational liabilities.

(b) The said loan is secured by way of the assets created out of the credit facility so extended. The additional WCTL facility granted under GECL 1.0 (extension)/GECL 2.0(Extension)/GECL 3.0 (Extension) shall rank second charge with the existing credit facilities.

(c) Terms of repayment are as under:-

48 monthly instalments of Rs. 6.56 lakh (plus interest) after a moratorium period of 24 months with first installment falling due on December 12, 2023 and last installment falling due on 12.11.2027.

(d) There are no defaults of repayments of principal and interest during the year.

D) Term Loan from State Bank of India:

I The Company has been sanctioned a Term Loan from State Bank of India for a sum of Rs. 2250 lakh for the purpose of taking over of earlier term loan taken from IndiaBulls Commercial Credit Limited (IBCCL). The said loan is secured by way of hypothecation of plant and machinery purchased out of the bank''s finance.

II Collateral securities

Equitable mortgage over residential building bearing Survey Number : kh no. 448,449,450 & 451, Situated at farm house with commercial conversion built on khasra no. 448, 449, 450 & 451 Chin Min Farm ,Village Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total area 13569.23 Sq mtrs in the name of Chin Min Developers Private Limited

III Terms of repayment are as under:-

Term loan outstanding balance of Rs. 1945.14 lakhs is to be paid in 96 installments, in which 95 monthly installment having principal amount of Rs. 20 lakhs plus interest and 96th installment having principal amount of Rs. 50 lakhs plus interest and last installment falling due on March 25,.2031.

(i) Effective tax rate has been calculated on profit before tax and exceptional items.

(ii) No deferred tax asset/liability has been recognized on fair value effect of investment in OCI due to uncertainty of tax involved.

(iii) The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off curent tax assets and current tax liabilities and the deffered tax assets and deferrred tax liabilities relate to income taxes levied by the same tax authority.

(iv) There was old dispute regarding Income Tax relating to financial year 2013-14 . In the said year the company paid tax as Minimum alternate Tax of Rs. 442 Lakhs in normal course. However department assessed the same as per normal income tax rate and has raised additional demand of Rs. 1107.73 Lakhs including interest

and penalty. The Company was contesting the demand in Appeal and made pre-deposit of Rs. 251.00 Lakhs in earlier years . For settlement of disputes Govt. had introduced Vivad se Vishwas settlement Scheme in which only principal is to be paid and interest and penalty would be waived. To buy peace, the Company applied for settlement of the dispute in the Vivad se Vishwas scheme. The Company expects that Rs. 206.19 lakhs principal tax liability would be adjusted from deposit and balance would be refunded. As the tax dispute relates to earlier years and it has no bearing on previous year 2021-22 income hence Management considered it proper to adjust the tax impact of above demand Rs. 556.51 lakhs ( tax liability Rs. 206.19 lakhs , MAT Credit entitlement earlier paid Rs. 442.44 lakhs and write back of provision of interest on income tax Rs. 92.12 Lakhs) from the earlier years accumulated profits. Hence the same was not charged to statement of profit and loss of previous year 2021-22 but directly reduced from reserves.

(v) The Company opted for concessional rate of taxation u/s 115BAA of the Income Tax Act, 1961 on 11/02/2022. Consequently, the Company is not liable to pay Minimum Alternate Tax(MAT) u/s 115JB and not allowed to carry forward the unutilized MAT Credit of Rs. 111.58 lakhs. The MAT credit of Rs. 80.21 lakhs after adjustment of provision for tax of Rs. 31.37 lakhs had been directly adjusted in other equity through retained earnings in the preious year 2021-22 since it pertains to earlier years.

(vi) Deferred tax asset on the carried forward business losses, unabsorbed depreciation and MAT credit entitlement has been recognised in view of probability that sufficient taxable profit will be available against which the said losses and MAT credit can be utilised.

(i) (a) Working Capital Limit (CC and Buyers credit facility)

The Company has availed working capital limits of Rs.2800 lakh (March 31, 2022- Rs.2200 lakh) from Canara Bank which is secured by hypothecation of stocks and book debts of the Company . Rs. Nil (March 31, 2022 Rs. 300 lakhs) is interchangable as fund based working capital limit from the non-fund based limit . In addition to above non fund based limit is inter changeable as buyers credit for purchase of raw material to the extent of Rs. 700 lakh (March 31, 2022 -Rs.700 lakhs). The working capital limit is further secured by collateral securities as mentioned under term loan from Canara Bank. (Refer point 14 A above).

a) Trade payables includes due to related parties Rs. Nil/- (March 31, 2022: Nil/-)

b) The amounts are unsecured and are usually paid within 120 days of recognition.

c) Trade payables are usually non- interest bearing .In few cases ,where the trade payables are interest bearing, the interest is settled on quarterly basis.

(i) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended March 31,2023 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

(ii) The information in respect of party determined under the MSMED Act 2006, has been identified on the basis of information available with the Company.

(iii) The total dues of Micro and Small Enterprises which were outstanding for more than stipulated period were at Rs.Nil (March 31,2022 Rs.1.82lakh)

(i) Investor education and protection fund is being credited by the amount of unclaimed dividend after seven years from the due date. The Company has transferred Rs.8.49 lakh (March 31,2022:Rs.7.65 lakh) out of unclaimed dividend to Investor Education and Protection Fund of Central Government in accordance with the provisions of section 124 of the Companies Act,2013.

(i) Other statutory dues are in respect of tax deduct at source, tax collect at source, provident fund, employees estate insurance and professional tax payable.

(ii) Other liabilities are in respect of deposits against C Forms, interest on statutory dues and other miscellaneous liabilities.

(i) Provisions are recognized for gratuity and leave encashment. The provisions are recognized on the basis of past events and probable settlements of the present obligations as a result of the past events, in accordance with Indian Accounting Standard-37.

As at March 31, 2023 32 COMMITMENTS AND CONTINGENCIES				(Amount in '' Lakh) As at March 31,2022
A	Contingent liabilities (to the extent not provided for)
	a)	Claims filed against the Company not acknowledged as debts (Advance paid Rs. Nil (March 31, 2022: Rs. Nil)) (refer point (i))	54.45	54.45
	b)	Bank guarantees obtained from banks	784.32	259.24
	c)	Disputed tax liabilities in respect of pending cases before Appellate Authorities (refer point (ii)){Advance paid Rs. 68.27 Lakh (March 31, 2022 Rs. 41.29 Lakh)}	1,154.70	960.29
	d)	Corporate guarantees (refer point (iii))	8,642.00	4,820.00
	e)	Entry tax levied by the Government of West Bengal	25.36	25.36
	f)	Custom duty saved on machinery imported under Zero duty EPCG Scheme (Export Promotion Capital Goods Scheme), for which Company has undertaken export obligation worth six times of the duty saved. (refer point (vi))		51.13
	g)	Custom duty saved on raw material under zero duty advance licence scheme (refer point (vii)) (The Company is reasonably certain to meets its export obligations, hence it does not anticipate a loss with respect to these obligations and accordingly has not made any provision in its financial statements.	129.13 )	131.05
	h)	Demand raised by TDS department (Tax Deduction at Source)	26.64	28.71
			10,816.60	6,330.23
Notes: (i) A claim has been filed against the Company by a supplier for recovery which is pending before The VII Addl. City Civil Court, Chennai which had been decreed by the said court. The Company has filed appeal before Hon'' ble High Court Chennai.			17.77	17.77
	A claim has been filed against the Company by a supplier for recovery which is pending before The District Judge,(Distt. West), Tis Hazari Courts, Delhi. The Company is contesting the same.		11.18	11.18
	Company has filed a case against a customer for recovery of Rs. 86.73 lakhs in the District Court Patiala House, New Delhi. A counter claim has been filed against the Company by an associate of the customer for recovery which is pending before The Civil Judge, (Howarh, West Bengal). The Company is contesting the same.		25.50	25.50
			54.45	54.45

(iv) The Company had set up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as a part of Industrial area by Haryana State Industrial and Infrastructural Development Corporation Limited (HSIIDC) in the year 2006-07. In terms of applicable Government laws, the Company filed an objection with the authority and land measuring 20 kanals and 12 marlas was released by HSIIDC which continues to be in possession of the Company till date. However, HSIIDC has erroneously served a demand of Rs.373.27 lakhs for allotment of above land. The Company has filed a writ petition in the High Court of Punjab and Haryana against demand served by HSIIDC and release and restoration of entire land which has been decided in favour of the Company vide order dated 27.10.2016 of the Hon''ble High Court of Punjab & Haryana. HSIIDC has filed Special Leave Petition in the Supreme Court and the matter is pending.

(v) The Company is under obligation to export goods within the period of 6 years from the date of issue of EPCG licenses in terms of Chapter 5 of the Foreign Trade Policy 2015-20. As on date of balance sheet, the Company is under obligation to export goods worth Rs. 2340.83 lakh (March 31,2022 Rs.2340.83 lakh) within the stipulated time as specified in the respective licenses. Till the year end Company has fulfilled export obligation Rs. 2340.83 lakh (March 31,2022 Rs.2034.01 lakh). The Company is in process for getting the Export Obligation Redemption letter.

(vi) The Company is under obligation to export goods within the period of 1.5 years from the date of issue of Advance licenses issued in terms of Chapter 4 of the Foreign Trade Policy 2015-20. As on date of balance sheet, the Company is under obligation to export goods worth Rs. 1946.42 Lakh (6375 MT Crumb Rubber and 3182 MT Reclaimed Rubber) {March 31,2022 Rs.2003.18 lakh (6375 MT Crumb rubber and 3354 MT Reclaimed rubber)} within the stipulated time as specified in the respective licenses. Till the year end Company has fulfilled export obligation Rs.1706.18 Lakhs (4162 MT Crumb Rubber and 1694MT Reclaimed Rubber) {March 31,2022 1173.11 lakh (2565 MT Crumb rubber and 850MT Reclaimed Rubber)}.

(vii) The Company had paid under protest, countervailing duty (CVD) of Rs. 356.42 Lakhs (March 31,2022 Rs.356.42 lakh) on import of old used tyres scrap used for manufacturing of crumb rubber and other products. The Company had filed a Writ Petition with the Hon''ble High Court of Delhi which was been decided in favour of the Company vide order of the Hon''ble High Court dated 03.05.2017. Subsequent to the order of the Hon''ble High Court the Company has availed input tax credit of the CVD amount. The department has filed Special Leave Petition before Hon'' ble Supreme Court of India challenging the order of Hon'' ble High Court. Hon'' ble Supreme Court vide order dt. 23.07.2018 has directed fresh adjudication by Hon'' ble High Court of Delhi .The Company has filed early hearing application with Hon'' ble High Court of Delhi and the matter is pending. No provision for the same has been made since the Company expects no liability on this account.

*It is not possible to predict the outcome of the pending litigations with accuracy, the Company believes, based on legal opinions received, that it has meritorious defenses to the claims. The management believe the pending actions will not require outflow of resources and will not have a material adverse effect upon the results of the operations, cash flows or financial condition of the Company.

B Commitments		As at	As at
		March 31, 2023	March 31, 2022
(i)	Estimated amount of capital contracts remaining to be executed and not provided for (Net of advances Rs.17.73 Lakhs (March 31, 2022: Rs. 334.40 Lakhs)	11.16	525.43
(ii)	Corporate social responsibility (refer note no. 33(14))	-	-

C Leases

Operating lease commitments - Company as lessor

The Company has given following properties on lease:-

(a) A part of the property situated at Gut No.113/2 & 114/2 Village- Pali, Taluka Wada, District-Thane, Maharashtra-421303.

(b) Land (Investment Property) situated at Village Satbari, Tehsil Saket, Delhi.

(c) A part of the property situated at Village Rajpur, Refinery Road, Panipat, Haryana-132103; Gut No. 113/2, 114/2, Village Pali, Wada, Thane, Maharastha-4213030; No. 17, Survey No. 64 & 73, Chithur Natham Village, Gummidipoondi, Tamilnadu-601201; Mouza-Dighasipur, P.O. Chakdwipa, P.S. Bhabhanipur, Haldia, West Bengal-721666.

33 In the opinion of the Board, assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

34 The Company has given corporate guarantee to its Associate and Group Company for credit facilities availed by them. On the basis of business forecast of both Assoicate and Group Company the management believes that both these companies have reasonable cash flows from business operations over the next few years and based on this forecast and adequate prime and collateral security, they will be able to repay the outstanding debt, if required and meet the debt obligations as and when they fall due and hence the managment of the Company believes that the financial guarantee obligation of Rs. 8,642 Lakhs is not required to be recognized in the financial statements and instead has been disclosed as contingent liability. The statutory auditors have included an Emphasis of Matter paragraph on the same in their report on standalone financial statement.

35 During the previous year the Company had applied for settlement of the dispute in the Vivad se Vishwas scheme for the F.Y 2013-14. Under this scheme the Company had estimated an amount of Rs. 556.51 lakhs as tax payable (after adjusting MAT and other tax payables). As the tax pertains to the year 2013-14 the Company instead of debiting statement of profit and loss had debited other equity with an amount of Rs. 556.51 lakhs so that the profit after tax reflects the true profitability for the F.Y 2021-22.

36 The Company had invested a sum of Rs. 643.36 lakhs in BGK Infratech Limited (termed as Investee Company), as per IND AS 109"Financial Instruments" as specified under section 133 of the Act, is to be valued at fair value through other comprehensive income (FVTOCI). Since the Company is dependent upon valuation of these Investee Company via external sources, therefore it gets its valuation done once in three years (last valuation done on March 31, 2022) and in view of no significant change in these Investee Company since March 31, 2022 the management has continued to use the fair value as at March 31, 2022 for the current financial year also which is Rs. 2080.72 lakhs. The statutory auditors have included an Emphasis of Matter paragraph on the same in their report on standalone financial statement.

37 As per "Ind AS 28 - Investment in Associate and Joint Venture", TP Buildtech Private Limited has been recognised as Associate of Tinna Rubber and Infrastructure Limited on the basis of significant influence on the investee.

Significant influence is the power to participate in the financial and operating policy decisions of the investee, but

is not control or joint control over those policies even if the voting power is less than 20%.

a) As at March 31, 2023 the Company has a non-current investment amounting to Rs.741.25 lakhs (31 March 2022: 541.25 lakhs) in TP Buildtech Private Limited an Associate. As at March 31, 2023 the net worth of this Associate has been partially eroded. Based on future business plans, growth prospects as well as considering the contractual tenability, progress of negotiations/discussions/orders, current year profit and the Assoicates management assessment, the realizable amount of investment in associate is higher than the carrying value due to which this non-current investment is considered as good and recoverable.

b) The Company has invested a sum of Rs. 11.01 lakh in Keerthi International Agro Private Limited towards 11,000 equity shares of Rs.100/- each holding 29% stake in the investee Company. The Company by itself or through its Directors does not exercise any significant influence or the controls of decision of the investing "Ind AS 28 - Investments in Associates". Therefore the said investee Company has not been treated as Associates in term of "Ind AS 28 - Investment in Associate and Joint Venture" in Consolidated Financial Statements (specified under section 133 of Companies Act 2013, read with Rule 7 of Companies (Accounts) Rules, 2014).

c) The Company had invested into 1,24,000 equity shares of Rs.10/- each fully paid up in Puja Infratech Private Limited. The said Company was converted into Limited Liability Partnership (LLP) under the name of Puja Infratech LLP having LLP Identification No.: AAL-2641 vide Certificate of Registration on Conversion dated 29th November 2017 issued by Ministry of Corporate Affairs ("MCA"). The share of the Company as a designated partner in the total capital of the LLP is 12.41% which amounts to a capital contribution of Rs.12.40 lakhs. The name and share of other designated partners of the LLP are as under:

38 Lease

i) The Company''s lease asset primarily consist of leases for building for branch offices having various lease terms. The Company also has certain leases of with lease terms of 12 months or less. The Company applies the ''short-term lease'' recognition exemptions for these leases.

ii) The following is carrying value of right of use assets and the movements thereof during the year ended March 31,2023:

iii) The weighted average incremental borrowing rate applied to lease liabilities as at 31 March 2023 is 12% p.a.

iv) Rental expense recorded for short-term leases was Rs. 25.12 lakhs for the year ended March 31,2023.

v) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

j) The average duration of the defined benefit plan obligation at the end of the reporting period is 9 years.(Previous Year-9 years)

k) The estimates of rate of escalation in salary considered in actuarial valuation are after taking into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is as certified by the Actuary.

l) Discount rate is based on the prevailing market yields of Indian Government securities as at the balance sheet date for the estimated term of the obligations.

m) The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

40 Interest and other borrowing costs amounting to Rs.Nil (March 31, 2022: Rs.Nil) have been capitalized to the carrying cost of fixed assets being financing costs directly attributable to the acquisition, construction or installation of the concerned qualifying assets till the date of its commercial use, in accordance with Ind AS-23 "Borrowing Costs" read with Rule as amended of Companies (Accounts) Rules, 2015).

41 During the year, the Company has capitalised the following expenses of revenue nature to the property ,plant and equipment, being pre-operative expenses related to projects. Consequently, expenses disclosed under the respective note no.3.2 (a) are net of amounts capitalised by the Company.

45 Segment Reporting

Segment information is presented in respect of the Company''s key operating segments. The operating segments are based on the Company''s management and internal reporting structure.

Operating Segments

The Company''s Managing Director and CFO has been identified as the Chief Operating Decision Maker (''CODM''), since Managing Director and CFO are responsible for all major decision w.r.t. the preparation and execution of business plan, preparation of budget and other key decisions.

Managing director reviews the operating results at the Company level to make decisions about the Company''s performance. Accordingly, management has identified the business as single operating segment i.e. "Crumb Rubber, Crumb Rubber Modifier, Modified Bitumen & Bitumen Emulsion and Allied Products". Accordingly, there is only one Reportable Segment for the Company i.e. "Crumb Rubber, Crumb Rubber Modifier, Modified Bitumen & Bitumen Emulsion and Allied Products", hence no specific disclosures have been made.

Notes:

a) (i) The transactions with related parties are made on terms equivalent to those that prevail in arm''s length

transactions. Outstanding balances at the year-end are unsecured and interest free (other than borrowings taken by the Company) and settlement occurs in cash.

(ii) For the year ended March 31, 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

b) (i) The Company has given a corporate guarantee of Rs. 1950 lakh (March 31,2022: Rs.1300 lakh) onbehalf

of TP Buildtech Private Limited ("Associate Company").

(ii) The Company has given a corporate guarantee of Rs. 6692 lakh (March 31,2022: Rs.3520 lakh) on behalf of Tinna Trade Limited ("Subsidiary Company" upto 31.03.2016).

c) All the liabilities for post retirement benefits being ''Gratuity'' and ''Leave Encashment'' are provided on an actuarial basis for the Company as a whole, the amount pertaining to Key management personnel are not included above.

d) As per the section 149(6) of the Companies Act, 2013, Independent Directors are not considered as "Key Managerial Person", however to comply with the disclosure requirements of Ind AS-24 on "Related party transactions" they have been disclosed as "Key Managerial Person".

47 Corporate Social Responsibility

As per provisions of section 135 of the Companies Act, 2013, the Company has to incur at least 2% of average net profits of the preceding three financial years towards Corporate Social Responsibility ("CSR"). Accordingly, a CSR committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act, 2013. The Company has spent a sum of Rs. 13.76 lakhs (March 31,2022: Rs. 14.20 lakhs).

48 The Company has entered into an agreement on 25.02.2010 with Riveria Builder Private Limited and Viki Housing Development Private Limited for sale of 89,993 equity shares of Rs.100/- each of Gautam Overseas Limited for Rs.90 lakhs. The Company has received the sales consideration of Rs.90 lakhs in the F.Y 2009-10 which has been duly accounted for. The Company Law Board has vide order dated 28.06.2010 restrained the Company for transfer of said shares, which has been upheld by the Hon''ble High Court of Delhi. The Company has filed a Special Leave Petition (SLP) before the Hon''ble Supreme Court of India, which is pending before the Hon''ble Court.

49 The Company had purchased land at Delhi in 2013-14 . In the Master Plan for Delhi - 2007 the said land is notified as Public- Semi Public Utility Corridor. The Company has filed petition with the Hon''ble High Court of Delhi to seek the benefit of Section 24(2) of the Right to Fair compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 and to declare acquisition proceedings initiated as lapsed. The Hon''ble High Court of Delhi in Judgment dated 25 & 26 May 2015 and 9 February 2016 declared that acquisition process initiated deemed to have been lapsed. The Hon''ble Supreme Court of India pursuant to Appeal filed by Delhi Development Authority and Land & Building Authority of NCT of Delhi has also upheld that acquisition proceeding initiated deemed to have been lapsed vide their orders dated 31.08.2016 and 04.05.2017. In 2019, the Government has declared the area as Urban, however the final notice for the mutation is pending from their side, hence the Registration process is pending. The process of mutation of land, the land use conversion from agricultural to other use is yet to be done in accordance with the applicable Laws. The Company will get the land registered with appropriate authority, mutation and change of land use etc upon issue of requisite Notification by the Government.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

1) The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other noncurrent financial liabilities is estimated by discounting future cash flows using rates currently available for debt on similar terms, credit risk and remaining maturities. In addition to being sensitive to a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the equity instruments is also sensitive to a reasonably possible change in the growth rates. The valuation requires management to use unobservable inputs in the model, of which the significant unobservable inputs are disclosed in the tables below. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value.

2) The fair values of the Company''s interest-bearing borrowings and loans are determined by using Discounted cash flow method using discount rate that reflects the issuer''s borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 March 2023 was assessed to be insignificant.

3) Long-term receivables/ payables are evaluated by the Company based on parameters such as interest rates, risk factors, individual creditworthiness of the counterparty and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses of these receivables.

4) The significant unobservable inputs used in the fair value measurement categorized within Level 1 and Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis as at end of each year, are as shown below:

Fair value hierarchy

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

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are

observable, either directly or indirectly

Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data

The management assessed that cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

51 Financial risk management objectives and policies

The Company''s principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that are derived directly from its operations.

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed to market risk, credit risk and liquidity risk.

The Company''s senior management oversees the management of these risks. The senior professionals working to manage the financial risks and the appropriate financial risk governance framework for the Company are accountable to the Board of Directors and Audit Committee. This process provides assurance to Company''s senior management that the Company''s financial risk-taking activities are governed by appropriate policies and procedures and that financial risk are identified, measured and managed in accordance with Company policies and Company risk objective.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized as below:

(a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprises three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity price risk. Financial instruments affected by market risks include loans and borrowings, deposits, investments, and foreign currency receivables and payables. The sensitivity analysis in the following sections relate to the position as at March 31, 2023. The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets and liabilities. The sensitivity of the relevant Profit and Loss item is the effect of the assumed changes in the respective market risks. This is based on the financial assets and financial liabilities held as of March 31,2023.

(i) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities (when revenue or expense is denominated in foreign currency). Foreign currency exchange rate exposure is partly balanced by purchasing of goods from the respective countries. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

Foreign currency risk sensitivity

The following tables demonstrate the sensitivity to a reasonably possible change in USD, AED & Euro exchange rates, with all other variables held constant. The impact on the Company profit before tax is due to changes in the fair value of monetary assets and liabilities. Foreign currency exposures recognised by the Company that have not been hedged by a derivative instrument or otherwise are as under:

(ii) Commodity Price Risk

The Company is exposed to the risk of price fluctuation of raw material as well as finished goods. The Company manages its commodity price risk by maintaining adequate inventory of raw materials and finished goods considering future price movement. To counter raw material risk, the Company works with various suppliers working in domestic and international market with the objective to moderate raw material cost, enhance application flexibility and increased product functionality and also invests in product development and innovation. To counter finished goods risk, the Company deals with wide range of vendors and manages these risks through inventory management and proactive vendor development practices. The Company also passes on the Commodity price hike in case of several customers when Company have fixed price contracts. Fixed price contracts are enetered into after due consideration of the Commodity price volatility during the delivery / contract period.

(b) Credit Risk

Credit Risk is the risk that the counter party will not meet its obligation under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments.

(i) Trade Receivables

Customer credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. Out of that, the Company has 10 customers that owed the Company approx. Rs. 1605.51 lakhs (March 31, 2022: Rs. 1510.98 lakhs) and accounted for 46.67 % (March 31,2022: 45.88%) of total trade receivables.

An impairment analysis is performed at each reporting date on trade receivables by lifetime expected credit loss method based on provision matrix. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Company does not hold collateral as security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

(ii) Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company''s treasury in accordance with the Company''s policy. Investments of surplus funds are made in bank deposits and other risk free securities. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.

The Company''s maximum exposure to credit risk for the components of the balance sheet at 31 March 2023 is the carrying amounts. The Company''s maximum exposure relating to financial instrument is noted in liquidity table below.

Trade Receivables and other financial assets are written off when there is no reasonable expectation of recovery, such as debtor failing to engage in the repayment plan with the Company.

(c) 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 reasonable price. The Company''s objective is to at all times maintain optimum levels of liquidity to meet its cash and liquidity requirements. The Company closely monitors its liquidity position and deploys a robust cash management system. It maintains adequate source of financing through the use of short term bank deposits and cash credit facility. Processes and policies related to such risks are overseen by senior management. Management monitors the Company''s liquidity position through rolling forecasts on the basis of expected cash flows. The Company assessed the concentration of risk with respect to its debt and concluded it to below:

(d) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instruments will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s short-term borrowings obligations in the form of cash credit carrying floating interest rates.

(e) Equity price risk

The Company''s listed equity securities are susceptible to market price risk arising from uncertainties about future values of the investment securities. At the reporting date, the exposure to unlisted equity securities at fair value was Rs. 2,389.20 lakhs as on 31 March 2023 (March 31, 2022: Rs. 2,389.20 lakhs).

53 Capital Management

For the purposes of Company''s capital management, Capital includes equity attributable to the equity holders of the Company and all other equity reserves. The primary objective of the Company''s capital management is to ensure that it maintains an efficient capital structure and maximize shareholder value. The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders or issue new shares. The Company is not subject to any externally imposed capital requirements.

57 The Company has incorporated Tinna Rubber B.V. Netherland a wholly owned subsidiary Company at De entree 232,1101EE Amsterdam, The Netherlands, with an Authorised Capital of Euro 10,000 (divided into 1000 equity shares of Euro 10 each) with the objective to carry on business of waste recycling, end of life tyre recycling and trading of waste material/scrap. Capital infusion and opening of bank account is under process.

58 The Company entered into shareholder agreement to acquire at par equity shares representing 99% stake in Global Recycle LLC Muscat, Sultanate of Oman to carry out activitites of shredding of old used tyre scrap. Subsequent to the balance sheet date the Company has remitted Omani Riyal (OMR) 160,000 (equivalent to Rs. 333.43 Lakhs) towards this investment.

59 Additional regulatory information required by Schedule III of Companies Act, 2013

(i) Details of Benami Properties: No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami Trasactions (prohibition) Act,1988 (45 of 1988) and the rules made thereunder.

(ii) Utilization of borrowed funds and share premium:

(I) The Company has not advanced or loaned or invested funds to any person(s) or entity(ies), including foreign entitites (intermediaries) with the understanding that the shall:

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

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

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

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

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(iii) Investment made by the Company during the year is complied with the requirements of section 186 of Companies Act 2013.

(iv) Undisclosed Income: There is no income undisclosed or surrendered as income during the current or previous year in the tax assessments under the Income Tax Act,1961, that has not recorded in the books of accounts.

(v) Crypto Currency or Virtual Currency: The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(vi) Valuations of PPE, Intangible assets :The Company has not revalued its property, plant and equipment or intangible assets or both during the current or previous year.

(vii) The Company has not granted any loans or advances in the nature of loans repayable on demand.

60 Note No. 1 to 60 form integral part of the balance sheet and statement of profit and loss.

The accompanying notes are an integral part of these standalone financial statements.

---

Mar 31, 2016

(c) Terms/rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of Equity share is entitled to one vote per share. The company declares and pays dividend in Indian rupees. A final dividend of Rs.0.5/- per share of Rs.10/- each (previous year Rs.2/- per share of Rs.10/- each) has been recommended by the board subject to the approval of shareholders in the Annual General Meeting.

(ii) In the event of liquidation of the Company ,the holders of equity share 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.

I The Company has been sanctioned term loans from Syndicate Bank as under :-

a Term loan of Rs.14,00,00,000/- for the purpose of setting of new machineries, buildings etc. for production of crumb rubber mainly for their own consumption.

b Term loan of Rs.24,00,00,000/- for the expansion/capital expenditure programme at Panipat, Wada, Gummidipundi and Kala-Amb divisions of the Company. As on the date of balance sheet, the bank has disbursed a sum of Rs.21,03,24,771/- out of the sanctioned amount.

II Primary security

The term loans are secured by way of first charge on the plant and machinery, furniture fixture, generator, office equipment and computers and work in progress at Panipat, Wada, Haldia and Chennai (Gummidipundi) and Kala-Amb plants of the Company and Unregistered equitable mortgage (UREM) of land and building at Wada and Chennai (Gummidipundi) and Kala-amb plants of the Company.

Collateral securities

The term loan is further secured by way of equitable mortgage of land and building at:

i) Land and Building located at Refinery Road, Village Rajapur, Tehsil and District Panipat- 132103

ii) Land and Building located at Tirlokpur Road, Village Rampur Jattan, Industrial Estate ,Kala-Amb, Nahan District Sirmour (H.P)

iii) Farm House at No.6, Sultanpur, Mandi Road, Mehrauli, New Delhi- 110030.

iv) Land and Building located at Village Pali,Taluka Wada,District-Thane,Maharashtra

v) Land and Building located at No.17 Chithur Natham Village , Gummidipundi Taluk, Thiruvallur Dist, Tamilnadu

Other Properties

i) Plant and Machinery ,Furniture and Fixture, Generator, Office Equipment, Computers and Work In Progress.

ii) Negative lien on the property in Delhi at Khasara No.-1020,1031& 1069, 1070, 1072 & 1072/1, Village Satbari Tehsil Saket , New Delhi.

III Terms of Repayments:

a) The term loan of Rs. 14,00,00,000/- :- Outstanding Balance as on 31/03/2016 repayable in 18 equal monthly installment including interest Rs. 33,07,558/- and one installment of Rs. 65,97,773/-

V There is no continuing default in the repayment of loan as on the date of the balance sheet.

The Company has availed buyer''s credit facility for purchase of capital goods amounting to Rs.7,94,54,808/- (previous year Rs.2,76,56,918/-) as on the date of balance sheet which is a sub limit facility to Term loan referred to above. Therefore the securities furnished are the same as mentioned for Term loans above. The buyer''s credit facility is due for payment after 6 months from the date of availment with a rollover permissible for another six months and so on up to a maximum period of 3 years, subject to consent of the bankers. The Company has already disclosed its intent to avail the facility for 3 years and adequately represented to the bankers. The nature of this facility has therefore been treated as Long-term borrowings. The Company has also availed a buyer''s credit for purchase of raw materials having an outstanding balance of Rs. 2,71,97,469/- (previous year Rs 2,82,14,292/-) as on the date of balance sheet, which has been shown under Short-term borrowings since the Company intends to settle it on the due date i.e. within six months.

D) Unsecured Loans

I a) The Company has been sanctioned an unsecured loan of Rs.5,00,00,000/- by India Bulls Housing Finance Limited for its business needs. The Company has not furnished any security. However, property at Chin Min Farms 448-451, Satbari, Mehrauli, New Delhi-110074 belonging to M/s Chin Min Developers Private Limited, an associate Company has been charged against the said loan.

b) The Company has been sanctioned an unsecured loan of Rs.9,63,97,809/- by India Bulls Housing Finance Limited for its business needs. The Company has not furnished any security. However, property at Chin Min Farms 448-451, Satbari, Mehrauli, New Delhi-110074 belonging to M/s Chin Min Developers Private Limited, an associate Company has been charged against the said loan.

II Terms of Repayment

a) Term Loan Rs.5,00,00,000/-

The loan is repayable in 17 monthly installments of Rs.7,68,834/- and 103 monthly installments of Rs.7,48,942/- including interest commencing from 5th November 2014.

b) Term Loan Rs.9,63,97,809/-

The loan is repayable in 180 monthly installments of Rs.12,19,666/- including interest commencing from 5th April 2016

IV There is no continuing default in the repayment of loan as on the date of the balance sheet.

1 The Company has availed working capital limits of Rs.18 crores (previous year Rs.18 crores) from Syndicate Bank which is secured by hypothecation of stocks and book debts of the Company. The working capital limit is further secured by collateral securities as mentioned under term loan from Syndicate Bank. (Refer point 5(A) above).

2 Unsecured loans from related parties and companies are repayable on demand. Repayment of interest has been made as per stipulations, which varies from 9% to 19% per Annum

3 The balances in working capital limit from bank are within the sanctioned limits plus Ten percent(10%) adhoc limits within the powers of the bank.

4 Buyer''s credit facility under letter of undertaking issued by the companies banker to the other bank on behalf of the Company.

5 There are no Continuing default in the repayment of loans as on the date of the balance sheet

a) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year ended 31st March 2016 is given below. This information has been determined to the extent such parties have been identified on the basis of information available with the Company.

b) The Information in respect of the party determined under the MSMED Act 2006 , has been identified on the basis of information available with the Company.

c) The total dues of Micro and Small Enterprises which were outstanding for more than stipulated period were at Rs.20,16,581/- (previous year Rs26,33,225/-) as on the balance sheet date.

d) No provision for interest payable in terms of Section 16 of the MSMED Act has been made.

a) Interest accrued but not due on borrowings includes interest payable to a director Rs.3,56,208/- (previous year Rs. 2,15,275/-)

b) Investor Education and Protection Fund is being credited by the amount of unclaimed dividend after seven years from the due date. There is no amounts required to be transferred to Investor Education and Protection Fund as on the date of Balance sheet.

c) Employees benefit expenses include payable to directors Rs.10,24,600/- (Previous year Rs.9,88,225/-)

d) The Company has made a provision of excise duty payable amounting to Rs.1,26,36,059/- (Previous Year Rs.72,32,323/-) on stocks of finished goods and Rs.32,57,451/- for raw material lost due to fire, except goods exempt from payment of excise duty. Excise duty is considered as an element of cost at the time of manufacturing of goods.

e) Other Statutory dues are in respect of TDS, TCS, PF, ESI, WCT and Professional tax payable.

f) Other Liabilities are in respect of expenses payable, staff imprest, advances from customers and deposit against C-forms. Other liabilities includes due to :-

a) Provisions are recognized for Leave encashment, Gratuity, Income Tax, Wealth Tax, Proposed dividend and Corporate dividend tax. The Provisions are recognized on the basis of past events and probable settlements of the present obligations as a result of the past events, in accordance with Accounting Standard- 29 issued by the Institute of Chartered Accountants of India.

b) Provision for dividend (Proposed)

The Board of Directors have recommended a final dividend of Rs.0.5/-(Previous year Rs.2/-) per equity share Rs.10/-each. The payment of final dividend is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company.

Long term Trade Receivable include Claim Receivable of Rs. 2,75,44,112/- from Food Corporation of India Limited (F.C.I) and Project and Equipment Corporation of India Limited (P.E.C) for which the Company has filed suits for recovery before the Hon''ble High Court of Delhi. However, as per order of Company Law Board dated 9th June, 2009, if any amount is received, the amount to the extent of 50% will be paid to separated group. A provision of Rs.137,72,056/- has been made as per CLB order. . In respect of claim of Rs.87,12,200/- the Hon''ble High Court has ordered against the Company vide order dated 28th May, 2016. The Company plans to file an appeal before the Hon''ble Supreme Court of India in due course. No provisions are considered necessary in accounts since the Company expects to recover the amount.

Based on the opinion of the legal advisors, the Company does not expect any liability, hence no provision has been made.

Besides the above various show cause notices have been received from Excise/Service tax department which have not been treated as contingent liabilities, since the Company has adequately represented to the concerned authorities.

iii) The Company has given surety bond for Rs. 1,00,000/- under Haryana VAT Act, 2003 and CST Act, 1956 in favour of Fratelli Wines Private Limited, an associate company.

v) The Company had set up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as a part of Industrial area by Haryana State Industrial and Infrastructural Development Corporation Limited (HSIIDC) in the year 2006-07. In terms of applicable Government laws, the company filed an objection with the authority and land measuring 20 kanals and 12 marlas was released by HSIIDC which continues to be in possession of the company till date. However, HSIIDC has erroneously served a demand of Rs. 3,73,26,794/- for allotment of above land. The company has filed a writ petition in the High Court of Punjab and Haryana against demand served by HSIIDC and release and restoration of entire land.

vi) The Company is under obligation to export goods within the period of 6 years from the date of issue of EPCG licenses issued in terms of Chapter 5 of the Foreign Trade Policy 2015-20 (Re: 2013). As on date of Balance Sheet, the Company is under obligation to export goods worth Rs.9,33,19,135 (previous year Rs. 5,69,13,534/-) within the stipulated time as specified in the respective licenses. Till the year end Company has fulfilled export obligation Rs. 157,33,943/-.

6. OTHERS NOTES ON ACCOUNTS

1 a) In the opinion of the Board, assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

b) Balance of trade payables, other current liabilities, long and short term advances, other non-current and current assets and trade receivables are subject to reconciliation and confirmations.

7 The company has submitted application to Bombay Stock Exchange on 15th January, 2016 under Regulation 37(1) of SEBI (Listing Obligation & Disclosure Requirements) Regulations 2015 for the Composite Scheme of Arrangement between Tinna Rubber And Infrastructure Limited(TRIL) and Tinna Trade Limited (TTL)(formerly known as Tinna Trade Private Limited). Presently TTL is wholly owned (100%) subsidiary of TRIL. After approval of the Scheme of Arrangement, Agro Commodity Trading and Investments (Agro Commodity & Warehousing) undertakings shall be transferred to TTL and shareholders of TRIL will be issued equity shares of TTL in the ratio of 1:1. The Bombay Stock Exchange has given no objection to the Scheme of Arrangement of the Company vide letter no. DCS/AMAL/AC/398/2016-17 dated 24th May, 2016. The Company is in process to file first motion application to the Hon’ble High Court of Delhi for directions to convene the meetings of the members and creditors.

8 Depreciation

a) During the year 2015-16, depreciation on Plant and machinery and Electrical Fittings located at Crumb Rubber, Steel Wire and Cut Wire Shots manufacturing units has been provided considering the revised useful life as 12 years based on technical re-assessment conducted by the company as against earlier estimated useful life of 8 years. Depreciation for the year 2015-16 would have been higher by Rs. 1,32,60,664/- and consequently profit would have been lower had the useful life continued to be 8 years.

b) The Company has adopted component accounting as required under Schedule II of Companies Act, 2013 and AS 10 (Revised), from 1st April, 2015. The company has identified and determined cost of each component/part of the asset separately, if the component/part has a cost which is significant to the total cost of the asset and has useful life that is materially different from that of the remaining asset. However, no such component has been identified which is significant to the respective asset and has a useful life different from that of the remaining asset.

Hence, there is no impact on Statement of Profit and Loss and on Retained Earnings due to such change in policy.

9 Disclosures pursuant to Accounting Standard 15, ''Employee Benefits'' (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014) are given below :

Defined Benefit Plan (A) Gratuity (Unfunded)

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

Notes:-

a) The estimates of rate is escalation in salary’s considered in actuarial valuation and other factors such as inflation seniority, promotion and other relevant factors including supply and demand in the employment market have been taken into account. The above information is certified by the actuary.

b) The Company''s gratuity plan is unfunded. Therefore the information with respect to plan assets is not furnished.

Notes:-

a) The estimates of rate is escalation in salary’s considered in actuarial valuation and other factors such as inflation seniority, promotion and other relevant factors including supply and demand in the employment market have been taken into account. The above information is certified by the actuary.

b) Since the liability is not funded ,thereby information with regard to the plan assets has not been furnished.

10 Interest and other borrowing costs amounting to Rs.1,16,70,704/- (previous year Rs. 80,79,632/-) have been capitalized to the carrying cost of fixed assets being financing costs directly attributable to the acquisition, construction or installation of the concerned qualifying assets till the date of its commercial use, in accordance with Accounting Standard 16 "Borrowing Costs" (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014).

11 Segment Information:

The segment reporting of the Company has been prepared in accordance with Accounting Standard-17, "Segment Reporting" ( specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014 ).

Segment Reporting Policies

a) Identification of Segments:

Primary- Business Segment

The Company has identified two reportable segments on the basis of the nature of products, the risk and return profile of individual business and the internal business reporting systems. The Company is primarily operating in India which is considered as a single geographical segment. The products included in each of the reported business segments are as follows:

(i) Crumb Rubber, Crumb Rubber Modifier, Modified Bitumen & Bitumen Emulsion and Allied Products

(ii) Agro Commodity Trading and Investments (Agro Commodity and Warehousing)

Secondary- Geographical Segment

The analysis of geographical segment revenue is based on geographical location of the customers and segment assets on the basis of location of asset.

b) Revenue and expenses have been identified to a segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as "Unallocated".

c) Segment assets and segment liabilities represent assets and liabilities in respective segments. Investments, tax related assets, borrowings and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocated".

12 Corporate Social Responsibility

As per provisions of section 135 of the Companies Act, 2013, the Company has to incur at least 2% of average net profits of the preceding three financial years towards Corporate Social Responsibility ("CSR"). Accordingly, a CSR committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act, 2013. The Company has contributed a sum of Rs.46,700/- (previous year Rs.NIL). In view of Guidance Note on Accounting for Expenditure on Corporate Social Responsibility Activities, issued by the Institute Of Chartered Accountant Of India, no provision for the amount Rs.9,72,832/- which is not spent i.e. any shortfall in the amount that was expected to be spent as per the provisions of the Act on CSR activities and the amount actually spent at the end of a reporting period, may be made in the financial statements.

13 There was a fire at Company''s two factory unit situated at Dighasipur, Mouza , Purba Medinipur(Haldia)(West Bengal) being plot nos 2693, 2694, 2696, 2697 and 2705 connected with NH-41 on 19/04/2015 and at Village Pali Taluka, Wada (Distt. Thane) (Maharashtra) being plot no 113/2 ,114/2 & 115 on 11/06/2015. Part of Inventory of Raw material , Finished Goods, Stock in process, Plant and Machinery, accessories, Building, Furniture and other factory equipment were damaged in the fire. The company has lodged insurance claim with the insurance company after providing for the salvage value for the above damage. The company has incurred an expenditure of Rs. 8,46,69,365-towards loss and restoration of assets and inventory and a sum of Rs. 1,00,00,000/- had been received from the Insurance company till the date of Balance Sheet on the said account. The company has shown the balance of Rs. 7,03,43,736/- (after providing the estimated loss on recovery of Rs. 43,25,629/-) as Insurance Claim Receivable under other current assets. The said claim has been recognized in accordance with the Accounting Standard - 9 ''Revenue Recognition'' (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014, since the company expects to recover the said amount and there exists no uncertainty with respect to collection of the same.

14 The Company has invested a sum of Rs.11,00,750/- in Keerthi International Agro Private Limited towards 11,000 equity shares of Rs.100/- each holding 29% stake in the investee company. The Company by itself or through its Directors does not have any significant influence over the controls and affairs of the investee Company. Therefore the said investee company has not been treated as Associates in terms ofAS-23 Accounting for Investment in Associates in Consolidated Financial Statements (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014

15 The Company has recognized MAT credit as an asset on the basis of the consideration of prudence. The same has been shown under the head "Long term Loans and Advances" since there being a convincing, evidence of realization of the asset in the specified period. Accordingly the Company has recognized MAT credit entitlement amounting to Rs. 5,09,28,852/- as on the date of Balance Sheet. A sum of Rs. 64,23,458/- has been recognized net of utilization Rs. 2,61,529/- against the MAT credit entitlement during the current year.

16 The Company has entered into an agreement on 25.02.2010 with Riveria Builder Private Limited and Viki Housing Development Private Limited for sale of 89,993 equity shares of Rs. 100/- each of Gautam Overseas Limited for Rs.90,00,000. The Company has received the sales consideration of Rs. 90,00,000/- in the F.Y 2009-10 which has been duly accounted for. The Company Law Board has vide order dated 28.06.2010 restrained the Company for transfer of said shares, which has been upheld by the Hon''ble High Court of Delhi. The Company has filed a Special Leave Petition (SLP) before the Hon''ble Supreme Court of India.

17 The Company has entered into an Agreement for Higher Education /Training with Mr Aditya Brij Sekhri(Trainee). The company has sponsored higher education of Trainee at USA for five years vide the agreement dated 1st July 2015 with object to have modern system and practice of management . The agreement provides working of minimum 5 years by the Trainee in company after completion of higher education.

18 The Company has paid under protest, countervailing duty (CVD) of Rs.2,64,80,175/- (Previous year Rs 151,58,373) on import of old used tyres scrap for manufacturing of Crumb Rubber. The Company has contested the levy of countervailing duty(CVD) and filed appeal for refund of duty before of Commissioner of appeals (Custom) of various states under which the Jurisdiction lies. The Commissioner Customs (Chennai) and Ghaziabad have rejected the appeal and the company has filed appeals before The Customs, Excise & Service Tax Appellate Tribunal Chennai & Allahabad , The company has also filed Writ Petition with the Hon''ble High Court of Delhi and the matter is under consideration .Pending the final outcome of legal proceedings ,the deposit of CVD Rs.2,64,80,175/- has been treated as deposit under protest under other current assets in the financial statements.

19 The company has purchased land at Delhi to carry on the activities of development of land, construction of houses, apartments etc . In the Master Plan for Delhi -2021(Notified in 2007 and amendments) the said land is notified as residential and eligible for Land Pooling for development of Public, semi public utility in order to accomodate additional population and planned development. The process of mutation of land, the land use conversion from agricultural to other use is yet to be done in accordance with the applicable Laws. The company has filed petition with Hon''ble High Court of Delhi to seek the benefit of Section 24(2) of the Right to Fair compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 and to declare acquisition proceedings initiated as lapsed. Hon''ble High Court of Delhi in Judgment dated 25 & 26 May 2015 and 9 February 2016 declared that acquisition process initiated deemed to have lapsed . The matter is now pending before Hon''ble Supreme Court of India pursuant to Appeal filed by Delhi Development Authority and Land & Building Authority of NCT of Delhi . In the view of the same it is classified as non- current assets in the financial statements.

20 In accordance with Accounting Standard- 2 8, "Impairment of Assets", (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014), the Company has assessed the potential generation of economic benefits from its business units as on the balance sheet date is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business; there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

21 Figures of the previous year have been regrouped /reclassified /rearranged wherever necessary, to make them comparable with current year figures.

---

Mar 31, 2015

1. CORPORATE INFORMATION

Tinna Rubber And Infrastructure Limited (the company) was incorporated on 4th March 1987. The Company is listed on BSE Limited . The Company is primarily engaged in the conversion of used Tyres into Crumb Rubber and Steel wires obtained in the process. The company manufacture Crumb Rubber Modifier (CRM), Crumb Rubber Modfied Bitumen (CRMB), Polymer Modifed Bitumen (PMB), Bitumen Emulsion, Reclaimed Rubber/ Ultrafine Crumb Rubber compound, Cut Wire Shots etc. The products are primarily used for making / repair of road, tyres and auto part industry. The Company's manufacturing units are located at Panipat in Haryana, Wada in Maharashtra, Haldia in West Bengal, Gummidipundi in Tamil Nadu, Kalamb in Himachal Pradesh. The Company is also engaged in the activity of making holding & nurturing its investment in various businesses over the past years. The company has nurtured its investment in the business of Trading in Agro commodity and Agro warehousing, Construction Chemicals, Real Estate, Wine etc.

2. Terms/rights attached to equity shares

(i) The Company has only one class of equity shares having a par value of Rs.10/- per share. Each holder of Equity share is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. A final dividend of Rs.2/- per share of Rs.10/- each (previous year Rs.1/- per share of Rs.10/- each) has been recommended by the Board subject to the approval of shareholders in the Annual General Meeting.

(ii) 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.

3. Forfeited Shares

Equity shares - - - -

In earlier year, the Company had forfeited 78,800 equity shares of Rs.10/- each in respect of which calls remained in arrears . Accordingly a sum of Rs.5,24,333/- being the amount originally paid up on shares forfeited and Rs.45,48,667/- being the amount of share premium on such shares were shown in share capital account and Capital reserve respectively in the financial year 2012-13. During the financial year 2013-14, the Company had reissued 78800 forfeited equity shares of Rs.10/- each at a premium of Rs.36/- per equity share to the existing share holders. Accordingly share capital had increased by Rs.7,88,000/-, share premium account by Rs.28,36,800/- and a sum of Rs.5,24,333/- being surplus on re-issue of, forfeited shares had been transferred to capital reserve.

A) Term Loan from Bank (Secured)

I. The Company has been sanctioned term loans from Syndicate Bank as under :-

a) Term loan of Rs.14,00,00,000/- for the purpose of setting of new machineries, buildings etc. for production of crumb rubber mainly for their own consumption.

b) Term loan of Rs.24,00,00,000/- for the expansion/capital expenditure programme at Panipat, Wada, Gummundipundi and Kala-amb divisions of the Company. As on the date of balance sheet, the bank has disbursed a sum of Rs.7,56,69,000/- during the current year out of the sanctioned amount.

4.. Primary security

The term loans are secured by way of first charge on the plant and machinery, furniture and fixture, generator, office equipments and computers and work in progress at Panipat, Wada, Haldia Chennai (Gummidipundi) and Kala-Amb plants of the Company and Unregistered equitable mortgage (UREM) of land and building at Wada, Chennai (Gummidipundi) and Kala-Amb plants of the Company.

Collateral securities

The term loans are further secured by way of equitable mortgage of land and building at:

i) Land and Building located at Refinery Road, Village Rajapur, Tehsil and District Panipat- 132103

ii) Land and Building located at Tirlokpur Road, Village Rampur Jattan, Industrial Estate ,Kala-Amb,Nahan District Sirmour (H.P)

iii) Farm House at No.6, Sultanpur, Mandi Road, Mehrauli, New Delhi- 110030.

iv) Land and Building located at Village Pali,Taluka Wada,District-Thane,Maharashtra

v) Land and Building located at No.17 Chithur Natham Village, Gummidipundi Taluk, Thiruvallur Dist, Tamilnadu Other Properties

i) Plant and Machinery, Furniture and Fixture, Generator, office equipment, computers and work in progress.

ii) Negative lien on the property in Delhi at Khasara No.-1020,1031& 1069, 1070, 1072 & 1072/1, Village Satbari Tehsil Saket, New Delhi.

5. Terms of Repayments:

a) Term loan of Rs.14,00,00,000/- :- Repayable in 53 monthly installments (52 Equal monthly installments ofRs. 34,73,536/- including interest starting from 30 June 2013 and one installment ofRs. 20,02,242/- )

b) Term loan of Rs.24,00,00,000/- :- Repayable in 72 equal monthly installments starting from 18th-Dec- 2015(i.e.twelve months from date of first disbursement).

V. There is no continuing default in the repayment of the term loans as on date of the balance sheet.

6. Buyer's Credit Facility from Bank

The Company has availed buyer's credit facility for purchase of capital goods amounting to Rs.2,76,56,918/- as on the date of balance sheet which is a sub limit facility to Term loan referred to above. Therefore the securities furnished are the same as mentioned for Term loans above. The buyer's credit facility is due for payment after 6 months from the date of availment with a rollover permissible for another six months and so on upto a maximum period of 3 years, subject to consent of the bankers. The Company has already disclosed its intent to avail the facility for 3 years and adequately represented to the bankers. The nature of this facility has therefore been treated as Long-term borrowings. The Company has also availed a buyer's credit for purchase of raw materials having an outstanding balance of Rs.2,82,14,292/- as on the date of balance sheet, which has been shown under Short-term borrowings since the Company intends to settle it on the due date i.e. within six months.

a) Interest accrued but not due on borrowings includes interest payable to director Rs. 2,15,275/- (previous year Rs. 2,57,978/-)

b) Investor Education and Protection Fund is being credited by the amount of unclaimed dividend after seven years from the due date. There is no amounts required to be transferred to Investor Education and Protection Fund as on the date of Balance sheet.

c) Security deposit in previous year is on account of premises given on rent to a wholly owned subsidiary Company.

d) Employees benefit expenses include payable to directors Rs.9,88,225/- (Previous year Rs.2,63,380/-)

e) The Company has made a provision of excise duty payable amounting to Rs. 72,32,323/-(Previous Year Rs.4,99,260/-) on stocks of finished goods except goods exempt from payment of excise duty. Excise duty is considered as an element of cost at the time of manufacturing of goods.

f) The income tax payable amounting to Rs.3,27,09,844/- pertaining to Assessment Year 2014-2015 (FY 2013-2014) has been deposited with the authorities subsequent to the date of Balance Sheet.

g) Other Statutory dues are in respect of TDS, TCS, PF, ESI, WCT and Professional tax payable.

h) Other payables are in respect of expenses payable, staff imprest, advances from customers and deposit against C- forms. Other liabilities includes due to :-

7. Provision for dividend(Proposed)

The Board of Directors have recommended a final dividend of Rs.2/-(Previous year Rs.1/-) per equity share Rs.10/- each. The payment of final dividend is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company.

(Amount in Rs.)

2014-15 2013-14 8. CONTINGENT LIABILITIES AND COMMITMENTS:

A Contingent liabilities(to the extent not provided for)

a) Claims/Suits filed against the Company not acknowledged as debts(Advance paid Rs.50,000/-) (Refer point (i)) 33,02,921 1,43,02,921

b) Bank guarantees obtained from banks: (Margin money Rs 2,03,39,000/- (previous year Rs.1,28,39,000/-) 14,59,74,074 11,44,04,592

c) Disputed tax liabilities in respect of pending cases before Appellate Authorities(Refer Point (ii)) 1,98,20,341 1,92,70,355

d) Surety given to sales tax department (Haryana) in favour of associate company (Refer point(iii)) 1,00,000 1,00,000

e) Corporate guarantees (Refer 73,65,00,000 53,55,00,000 point(iv))

f) Demand raised by Haryana State Industrial and Infrastructural Development Corporation Limited(HSIDC) (Refer point V) 3,73,26,794 3,73,26,794

g) Entry tax levied by the Government of West Bengal {net of provision of Rs Nil (Previous year Rs. 654,355/-)} 20,56,715 6,46,273

h) Custom duty saved on machinery imported under Zero duty EPCG Scheme (Export Promotion Capital Goods Scheme), for which company has undertaken export obligation worth six times of the duty saved. (Refer point vi) 94,85,589 -

NOTES:

I) a) Shri Vijay Kumar Sekhri (Ex-Director) and Anil Kumar Sekhri (Ex-Director) had filed suits before Hon'ble High Court Delhi for recovery towards remuneration from 01.09.2009 to 15.07.2011 together with interest 18% p.a which was dismissed by Hon'ble High Court Delhi vide order dated 12.02.2013.

Shri. Vijay Kumar Sekhri(Ex- Director) and Shri Anil Kumar Sekhri(Ex-Director) had filed Special Leave Petition (SLP) before the Hon'ble Supreme Court of India which was also dismissed by The Hon'ble Supreme Court vide order dated 16.01.2015 . - 1,12,50,000

b) Legal demand notice from Ex-employees 12,76,363 12,76,363 An Ex- Employee has raised a demand on account of Gratuity of Rs.6,34,656/- and other compensation of Rs.6,41,707/-.

The said claim is contested before the Regional Labour Commissioner(Central), Delhi.

c) Labour cases having principal amount of Rs. 2,50,00/- (excluding interest upto date of settlement) are pending before the Hon'ble High Court of Punjab and Haryana, Chandigarh. Further Company has filed labour Civil Writ Petitions in the Hon'ble High Court of Punjab and Haryana at Chandigarh against the cases filed by labour. 2,50,000

d) A claim has been filed against the Company by a supplier for recovery of which is pending before The VII Addl. City Civil Court, Chennai. 17,76,558 17,76,558

Total 33,02,921 1,43,02,921

ii) The various disputed tax liabilities are as under:

Description Court / Period to Disputed amount Authority which Rs. relates

a) Income Tax

The Tribunal deleted additions of High Court 2000-01 73,50,358 73,50,358 of Delhi Rs.1,90,91,831/- on account of disallowance of job work charges.

The Income Tax department has filed an appeal before the Hon'ble High court of Delhi.

The disputed tax liabilities in respect of various disallowance/ additions made by the A.O.& upheld by CIT Appeals. Income Tax 2005-06 69,07,696 69,07,696 Appellate Delhi Tribunal, to 2008-09

1,42,58,054 1,42,58,054

b) Service tax

Service Tax Liability (excluding interest and Penalty) on account of difference in interpretation about category of service in respect of Operation and Maintenance of Crumb Rubbber Modified Bitumen (CRMB) Plant at Indian Oil Corporation Limited at Mathura. Central 01.04.to 50,12,301 50,12,301 Excise & 2008 Service Tax 30.06.2012 Appellate Tribunal, Delhi

c) Excise Duty

Excise Duty Liability (excluding interest and Penalty) on account of differential duty on the intermediate goods transferred from Silvassa unit to Kalamb for use in production. Commiss- 01.04. 5,49,986 - ioner 2010 (Appeals) to Vapi 31.03. 2012

1,98,20,341 1,92,70,355

Based on the opinion of the legal advisors, the Company does not expect any liability, hence no provision has been made.

Besides the above various show cause notices have been received from Excise/Service tax department which have not been treated as contingent liabilities, since the Company has adequately represented to the concerned authorities.

iii) The Company has given surety bond for Rs1,00,000/- under Haryana VAT Act, 2003 and CST Act, 1956 in favour of Fratelli Wines Private Limited, an associate company.

iv) The corporate guarantees given by the Company are as under:-

Purpose 2014-2015 2013-2014 a) The Company has extended corporate For working 7,00,00,000 5,00,00,000 gurantee for credit capital limits facility taken by TP Buildtech Private Limited (Associate company) from Syndicate Bank.

The Company has extended 2nd charge (UREM) on land measuring 13500 sq. metres situated at Gult No 113/2 and 114/2 Village Pali Taluka Wada, District Thane- Maharashtra towards credit facility sanctioned to TP Buildtech Private Limited.

b) The Company has extended corporate For Term 15,65,00,000 15,65,00,000 gurantee for credit loan facility facility taken by BGK Infrastructure Developers Private Limited (associate company) from IcICI Bank Limited.

c) The Company has extended corporate For working 30,00,00,000 32,90,00,000 gurantee for credit capital limits facility taken by Tinna Trade Private Limited (subsidiary company) from Syndicate Bank.

d) The Company has given corporate gurantee For working 20,00,00,000 - for credit facility capital limits taken by Tinna Trade Private Limited (subsidiary company) from ICICI Bank Limited.

e) The Company has given corporate gurantee For working 1,00,00,000 - for credit facility capital limits taken by Fratelli Wines Private Limited, an associate company from Syndicate Bank.

Total 73,65,00,000 53,55,00,000

v) The Company had set up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as a part of Industrial area by Haryana State Industrial and Infrastructural Development Corporation Limited (HSIIDC) in the year 2006-07. In terms of applicable Government laws, the company filed an objection with the authority and land measuring 20 kanals and 12 marlas was released by HSIIDC which continues to be in possession of the company till date. However, HSIIDC has erroneously served a demand of Rs. 3,73,26,794/- for allotment of above land. The company has filed a writ petition in the High Court of Punjab and Haryana against demand served by HSIIDC and release and restoration of entire land.

vi) The Company is under obligation to export goods within the period of 5 years from the date of issue of EPCG licences issued in terms of Chapter 5 of the Foreign Trade Policy 2009-14 (Re: 2013). As on date of Balance Sheet, the Company is under obligation to export goods worth Rs. 5,69,13,534. (previous year Rs. NIL) within the stipulated time as specified in the respective licences. Till the year end Company has not fulfilled any export obligation.

9. Commitments:

Estimated amount of capital contracts remaining to be executed and not provided for(net of advances Rs. 2,97,16,092/- ( P.Y. Rs.74,20,398) 6,52,98,918 1,90,13,389

10. OTHERS NOTES ON ACCOUNTS

1 a) In the opinion of the Board, assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

b) Balance of trade payables, other current liabilities, long and short term advances, other non-current and current assets and trade receivables are subject to reconciliation and confirmations.

2 Prior Period Items

The Company has recognised a sum of Rs. 1,45,87,629/- on account of depreciation pertaining to the period from 05/07/2009 to 31/03/2014 in respect of Plant and Machinery located at Mangalore Refinery and Petrolchemicals Limited (MRPL). In terms of work order, the same has been transferred to Mangalore Refinery and Petrolchemicals Limited (MRPL) at a nominal value of Rs.1/- in the current year.In the earlier years, the Company provided depreciation as per the prescribed rates under Schedule XIV of the Companies Act, 1956 and not as per the tenure of the work order because actual quantity processed was less than the projected quantity in work order. Therefore, depreciation charge of Rs.1,45,87,629/- has been treated as a prior period item in accordance with AS-5 " Net profit or loss for the period, prior period items and change in accounting policies and treated accordingly in the statement of profit and loss.

3 DEPRECIATION

(a) Till 31st March 2014, depreciation was being provided on straight line method as per the rates prescribed in Schedule XIV of the Companies Act, 1956.Schedule XIV has been replaced by the Schedule II of the Companies Act, 2013 and the depreciation has been charged on straight line method on the basis of useful life of the assets in the manner as prescribed in the Schedule II of the Companies Act, 2013.

(b) Till 31st March, 2014, the assets for a value not exceeding Rs. 5000/- were written off in the year of purchase as per Schedule XIV of the Companies Act, 1956. Schedule II of the Companies Act, 2013 does not recognize such a practice. The depreciation on assets for a value not exceeding Rs. 5000/- has been provided on the basis of their useful lives in the manner as prescribed in the Schedule II of the Companies Act, 2013.

11. Interest and other borrowing costs amounting to Rs. 80,79,632/- (previous year Rs. 47,72,140/-) have been capitalized to the carrying cost of fixed assets being financing costs directly attributable to the aqusition, construction or installation of the concerned qualifying assets till the date of its commercial use, in accordance with Accounting Standard 16 "Borrowing Costs" (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014).

12. Segment Information:

The Company is mainly engaged in the business of Crumb Rubber,Crumb Rubber Modifier , Modified Bitumen, Emulsion Bitumen, Reclaim Rubber/Ultrafine Crumb Rubber, Cut wire shots etc and the nature of the products, production process and methods used to distribute the product are similar.lt also operates in other non-reportable segments of Investment in companies engaged in Trading of Agro commodity and Agro warehousing, Constructions Chemicals, Real Estate, Wine etc. Therefore there are no separate reportable segments as per the Accounting Standard(AS-17)" Segment Reporting" (specified under section 133 of the Companies Act 2013, read with Rule 7 of Companies (Accounts) Rules, 2014).The Company is primarily operating in India which is considered as a single geographical segment.

13. Related Party Disclosures

The related parties as per the terms of Accounting Standard (AS-18), " Related Party Disclosures" , (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014) are discussed below:-

(A) Names of related parties where control exists and description of relationship :

(i) Subsidiary Companies

Tinna Trade Private Limited (w.e.f 09/05/2013) B.G.K. Infrastructure Developers Private Limited (through Tinna Trade Private Limited)

(ii) Associate Companies

BGNS Infratech Private Limited (w.e.f. 31/05//2013)

T P Builtech Private Limited (w.e.f. 05/04/2013)

(ii) Enterprises in which KMP and relatives of such persons exercise significant influence.(related parties with whom transaction have taken place)

Fratelli Wines Private Limited

Gee Ess Pee Land Developers Private Limited

S.S.Horticulture Private Limited

Chinmin Developers Private Limited

Guru Infratech Private Limited

Green Range Farms Private Limited

B S Farms & Properties P Limited

Kriti Estates Private Limited

Shivratna Agro Products Private Limited

(iii) Key Management personnel

Shri Bhupinder Kumar Sekhri Shri Kapil Sekhri (upto 28/05/2014)

Smt. Shobha Sekhri (w.e.f 18/12/2014)

Mr. Ravindra Chhabra (CFO)

Mr. YP Bansal (CS) (w.e.f 16/04/2015) Mr.Raghubansh Mani (CS) (up to 31/03/2015)

(iv) Relatives of key management personnel

Shri Gaurav Sekhri

Smt. Shobha Sekhri (upto 17/12/2014)

Smt. Aarti Sekhri Smt. Puja Sekhri

Shri Kapil Sekhri (w.e.f. 29/05/2014)

14. Accounting for leases has been done in accordance with Accounting Standard-19 (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014) as discussed below:- The details of lease transactions are as under:- Operating Lease:

i) The company has entered into operating leases for factory buildings and lands that are renewable on a periodic basis and cancelable at company's option. The company has not entered into sub-lease agreements in respect ofthese leases.

15. Corporate Social Responsibility

As per the provisions of section 135 of the Companies Act, 2013, the Company has to provide at least 2% of average net profits of the preceding three financial years towards Corporate Social Responsibility ("CSR").On the basis of eligibility criteria, the Company is not covered under the CSR guidelines and therefore the provision towards the same has not been made.

16. Subsequent to the date of Balance Sheet, on 19/04/2015 , there was a fire at Company's factory unit situated at Dighasipur, Mouza , Purba Medinipur(West Bengal) being plot nos 2693, 2694, 2696, 2697 and 2705 connected with NH-41.Part of Inventory of Raw material , Finished Goods, Stock in process, Plant and Machinery, accessories, Building, Furniture and other factory equipment were damaged in the fire. The company is in the process of lodgment of insurance claim with the insurance company after providing for the salvage value for the above damage.The Company is confined to receive full claim in respect of the damage.

17. During the year, 45,31,800 equity shares Rs. 10/- each of M/s BGK Infrastructure Developers Private Limited have been transferred to Tinna Trade Private Limited at an aggregate consideration of Rs. 6,18,59,070/-. Subsequently BGK Infrastructure Developers Private Limited has became a subsidiary company through Tinna Trade Private Limited.(Being a wholly owned subsidiary Company)

Out of the above shares, 23,98,818 equity shares of Rs. 10/- each are yet to be transferred in the name of Tinna Trade Private Limited pending receipt of final No Objection Certificate (NOC) from ICICI Bank Ltd, New Delhi to whom these shares are pledged as a part of Non- disposal -undertaking.However in principal approval for the same has been received from ICICI Bank on February 19,2015 vide their letter no.ICDL/SMEAG/2014-15/1984.

18. The Company has invested a sum of Rs.11,00,750/- in Keerthi International Agro Private Limited towards 11,000 equity shares of Rs.100/- each holding 29% stake in the investee company. The Company by itself or through its Directors does not have any significant influence over the the controls and affairs of the investee Company. Therefore the said investee company has not been treated as Associates in terms of AS-23 Accounting for Investment in Associates in Consolidated Financial Statements (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014

19. The Company has recognised MAT credit as an asset on the basis of the consideration of prudence. The same has been shown under the head "Long term Loans and Advances" since there being a convincing, evidence of realisation of the asset in the specified period. Accordingly the Company has recognised MAT credit entitlement amounting to Rs. 4,81,80,104/-as on the date of Balance Sheet. A sum of Rs.1,16,50,195/- has been utilised against the MAT credit entitlement during the current year.

20. The Company has entered into an agreement on 25.02.2010 with Riveria Builder Private Limited and Viki Housing Development Private Limited for sale of 89,993 equity shares of Rs. 100/- each of Gautam Overseas Limited for Rs.90,00,000. The Company has received the sales consideration of Rs. 90,00,000/- in the F.Y 2009-10 which has been duly accounted for. The Company Law Board has vide order dated 28.06.2010 restrained the Company for transfer of said shares, which has been upheld by the Hon'ble High Court of Delhi. The Company has filed a Special Leave Petition (SLP) before the Hon'ble Supreme Court of India.

21. The Company had entered into joint venture agreement dated June 30, 2009 with Viterra Asia Pte Limited, Singapore to carry on business relating to agricultural products and formed a joint venture company. The extraordinary income of Rs.19,17,05,292/- in the previous year represents the amount received from Viterra Asia Pte Limited Singapore as per Share Transfer & Release Agreement dated May 9, 2013 on release of parties from the obligations and terms & conditions of the joint venture agreement dated June 30, 2009.

22. The Company has paid under protest, countervailing duty (CVD) of Rs. 151,58,373 (Previous year Rs 40,61,221) on import of old used tyres scrap for manufacturing of Crumb Rubber. The Company has contested the levy of countervailing duty(CVD) and filed appeal for refund of duty before of Commissioner of appeals (Custom) of various states under which the Jurisdiction lies. The Commissioner Customs (Chennai) and Ghaziabad have rejected the appeal and the company has filed appeals before The Customs, Excise & Service Tax Appellate Tribunal Chennai & New Delhi, The company has also filed Writ Petitions with the High Court of Delhi and the matter is under consideration .Pending the final outcome of legal proceedings,the deposit of CVD Rs.1,51,58,373/- has been treated as deposit under protest under other current assets in the financial statements.

23. The company has purchased land at Delhi to carry on the activities of development of land, construction of houses, apartments etc . The process of mutation of land, the land use conversion from agricultural to other use is yet to be done in accordance with the applicable Laws. In the view of the same is classified as non- current assets in the financial statements.

24. In accordance with Accounting Standard- 28, "Impairment of Assets", (specified under section 133 of the Companies Act, 2013, read with Rule 7 of Companies (Accounts) Rules, 2014), the Company has assessed the potential generation of economic benefits from its business units as on the balance sheet date is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business; there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

25. Figures of the previous year have been regrouped /reclassified /rearranged wherever necessary, to make them comparable with current year figures.

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Mar 31, 2014

1. CORPORATE INFORMATION

Tinna Rubber And Infrastructure Limited (the company) was incorporated on 4th March 1987. The Company is primarily engaged in the business of manufacturing of Crumb Rubber, Crumb Rubber Modifier (CRM), Crumb Rubber Modfied Bitumen (CRMB), Polymer Modifed Bitumen (PMB), and Bitumen Emulsion. The products are primarily used for making / repair of road.

(Amount in Rs.)

2013-14 20112-13

2. CONTINGENT LIABILITIES AND COMMITMENTS

A. Contingent liabilities(to the extent not provided for)

a) Claims/Suits filed against the Company not acknowledged 1,43,02,921/- 1,43,02,921/- as debts (Advance paid Rs.50,000/-) (Refer point (i))

b) Bank guarantees opened with banks: (Margin money Rs.1,28,39,000/- (Previous Year Rs.1,35,39,000/-) 11,44,04,592/- 11,35,17,161/-

c) Foreign letter of credits opened with Bank (USD $) Nil/- 80,36,563/-

d) Disputed tax liabilities in respect of pending cases before 1,92,70,355/- 1,42,58,054/-

Appellate Authorities(Refer Point (ii))

e) Surety given to sales tax department (Haryana) in favour 1,00,000/- 1,00,000/- of associate company (Refer point(iii))

f) Corporate gurantee(Refer point(iv)) 53,55,00,000/- Nil/-

g) Demand raised by Haryana State Industrial and Infrastructural 3,73,26,794/- 3,73,26,794/-

Development Corporation Limited(HSIDC) (Refer point V)

h) Entry tax levied by the Government of West Bengal 6,46,273/- 2,75,130/- {net of provision of Rs.654355/- (previous year Rs. 575735)}

NOTES:

i) a) Shri Vijay Kumar Sekhri (Ex-Director) and Anil Kumar Sekhri (Ex-Director) have filed suits before Hon''ble

High Court Delhi for recovery Rs. 11250000/- towards remuneration from 01.09.2009 to 15.07.2011 together with interest 18% p.a which has been dismissed by Hon''ble High Court Delhi vide order dated 12.02.2013. The said Shri. Vijay Kumar Sekhri(Ex-Director) and Shri Anil Kumar Sekhri(Ex-Director) have filed Special Leave Petition (SLP) before the Hon''ble Supreme Court of India. b) A claim has been filed against the Company by a supplier for recovery of Rs.17,76,558/- which is pending before the VII Addl. City Civil Court, Chennai.

Based on the opinion of the legal advisor, the Company does not expect any liabilities hence no provision has been made.

Besides the above various show cause notices have been received from Excise/Service tax department which have not been treated as contingent liabilities, since the Company has adequately represented to the concerned authorities.

iii) The Company has given surety bond for Rs1,00,000/- under Haryana VAT Act, 2003 and CST Act, 1956 in favour of Fratelli Wines Private Limited, an associate company.

iv) The corporate gurantees given by the Company are as under:-

a) The Company has extended the corporate gurantee for credit facility of Rs.5,00,00,000/- taken by TP Buildtech Private Limited(associate company) from Syndicate Bank. The Company has extended 2nd charge (UREM) on land measuring 13500 sq. metres situated at Gult No 113/2 and 114/2 Village Pali Taluka Wada, District Thane- Maharashtra towards credit facility sanctioned to TP Buildtech Private Limited.

b) The Company has extended corporate gurantee for credit facility of Rs.15,65,00,000/- taken by BGK Infrastructure Developers Private Limited(associate company) from ICICI Bank Limited.

c) The Company has extended the corporate gurantee for credit facility of Rs.32,90,00,000/- taken by Tinna Trade Private Limited(subsidiary company) from Syndicate Bank.

v) The Company had set up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as a part of Industrial area by Haryana State Industrial and Infrastructural Development Corporation Limited (HSIIDC) in the year 2006-07. In terms of applicable Government laws, the company filed an objection with the authority and land measuring 20 kanals and 12 marlas was released by HSIIDC which continues to be in possession of the company till date. However, HSIIDC has erroneously served a demand of Rs. 37326794/- for allotment of above land. The company has filed a writ petition in the High Court of Punjab and Haryana against demand served by HSIIDC and release and restoration of entire land.

B. Commitments:

Estimated amount of capital contracts remaining to be executed 1,90,13,389/- 1,92,18,308/- and not provided for(net of advances)

3. OTHERS NOTES ON ACCOUNTS

1. a) In the opinion of the Board, assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

b) Balance of trade payable, other current liabilities, long and short term advances, other non-current and current assets and trade receivable are subject to reconciliation and confirmations.

(A) Gratuity

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

NOTES:

The estimates of rate is escalation in salary''s considered in actuarial valuation and other factors such as inflation seniority, promotion and other relevant factors including supply and demand in the employment market have been taken into account. The above information is certified by the actuary.

(B) Leave Encashment

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of services as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

NOTES:

a) The estimates of rate is escalation in salary''s considered in actuarial valuation and other factors such as inflation seniority, promotion and other relevant factors including supply and demand in the employment market have been taken into account. The above information is certified by the actuary.

b) Since the liability is not funded ,thereby information with regard to the plan assets has not been furnished.The estimates of rate of escalation in salary considered in actuarial valuation after taking in to account inflation seniority,promotion and other relevant factors including supply and demand in the employment market. The expected rate of plan assets is determined considering several applicable factors,mainly the composition of plan assets held, assessed risks, historical results of return on plan assets and the Company''s policy for the plan assets management.

4. Segment Information:

The Company is mainly engaged in the business of Crumb Rubber,Crumb Rubber Modifier , Modified Bitumen, Emulsion Bitumen and there is no separate reportable segment as per the Accounting Standard(AS-17)" Segment Reporting" as notified under the Companies (Accounting Standards) Rules, 2006 (as amended).

5. Related Party Disclosure

The related parties as per the terms of Accounting Standard (AS-18), " Related Party Disclosures" , notified under the Companies (Accounting Standards) Rules,2006 (as amended) are disclosed below:-

(A) Names of related parties and description of relationship :

(i) Subsidiary Companies

Tinna Trade Private Limited (w.e.f 09/05/2013)

B.G.K. Infrastructure Developers Private Limited (upto 29/10/2013)

(ii) Associate Companies

B.G.K. Infrastructure Developers Private Limited (w.e.f 30/10/2013)

BGNS Infratech Private Limited (w.e.f. 31/05//2013)

T P Builtech Private Limited (w.e.f. 05/04/2013)

(iii) Enterprises in which KMP and relatives of such person exercise significant influence.

Fratelli Wines Private Limited

Pratham Road Technologies and Construction Limited Bee Pee Farms and Properties Private Limited Bee Gee Ess Farms & Properties private Limited Spaceage Technical services Private Limited Shankar Ratna Agro Farm Privarte Limited Shivratna Agro Products Private Limited

Gee Ess Pee Land Developers Private Limited

S.S.Horticulture Private Limited

Shiv Ratna Multilayers Private Limited

Nova Infratech Limited

Chinmin Developers Private Limited

Guru Infratech Private Limited

BGK Commodities Private Limited

Arnav Estate Private Limited

Panjawani Properties Private Limited

Puja Infratech Private Limited

Green Range Farms Private Limited

(iv) Key Management personnel

Shri Bhupinder Kumar Sekhri Shri Kapil Sekhri

(v) Relatives of key management personnel

Shri Gaurav Sekhri Smt. Shobha Sekhri Smt. Aarti Sekhri Smt. Puja Sekhri

6. Accounting for leases has been done in accordance with Accounting Standard-19 notified by the Companies (Accounting Standard) Rules, 2006 (as amended)

The details of lease transactions are as under:- Operating Lease:

i) The company has entered into operating leases for factory buildings and lands that are renewable on a periodic basis and cancelable at company''s option. The company has not entered into sub-lease agreements in respect of these leases.

7. Interest and other borrowing costs amounting to Rs. 47,72,140/- (previous year Rs. 94,82,612/-) have been capitalized to the carrying cost of fixed assets being financing costs directly attributable to the aqusition, construction or installation of the concerned qualifying assets till the date of its commercial use, in accordance with accounting standard 16 "Borrowing Costs" notified by the Companies (Accounting Standards) Rules, 2006 (as amended).

8. B.G.K. Infrastructure Developers Private Limited has ceased to be the subsidiary of the Company w.e.f. 28/10/ 2013. The Company has entered into ''Shares Subscription Agreement'' with ''Insurexcellence Advisors Private Limited'' and ''Slam Stock Holdings Limited'' (collectively referred to as the ''Investors'') and BGK Infrastructure Developers Private Limited'' (referred to as the ''Existing Shareholder'') on 11th Day of April, 2013. As per the agreements, the investors have invested in the equity capital of the Company to the extent of 50% (fifty) of the paid up equity share capital post such investment and nominated 2 (two) non-rotational Directors on the Board of the Company. With effect from 29th day of October 2013 M/s B.G.K. Infrastructure Developers Private Limited has become an associate company and has been treated in accordance with AS-23 "Accounting for Investment in Associate Company" issued by the Institute of Chartered Accountants of India.

9. Tinna Viterra Trade Private Limited having 40% share holding during the previous year(2012-13) has ceased to be a Joint Venture Company in terms of Share Transfer and Release Agreement entered into on 9th of May 2013 with Viterra Asia Private Limited. As per the agreement the Company has aquired the remaining 60% of Tinna Viterra Trade Private Limited and hence the said Company has become 100% subsidiary of the Company with effect from 09/05/2013.

10. The Company has acquired 721875/- equity shares of BGNS Infratech Private Limited on 31.05.2013. Therefore from the said date BGNS Infratech Private Limited become an associate company and has been treated in accordance with AS-23 "Accounting for Investment in Associate Company" issued by the Institute of Chartered Accountants of India.

11. The Company has acquired 1990000/- equity shares of TP Buildtech Private Limited on 5.04.2013. Therefore from the said date TP Buildtech Private Limited become an associate company and has been treated in accordance with AS-23 "Accounting for Investment in Associate Company" issued by the Institute of Chartered Accountants of India.

12. The Company has invested a sum of Rs.11,00,750/- in Keerthi International Agro Private Limited towards 11,000 equity shares of Rs.100 each i.e 29% holding in the investee company. .The Company by itself or through its Directors does not have any significant influence over the the controls and affairs of the investee Company. Therefore the said investee company has not been treated as associates in terms of AS-23 Accounting for Investment in Associates in Consolidated Financial Statements as notified by the Companies (Accounting Standard) Rules, 2006 (as amended).

13. During the year the Company has recognised MAT credit as an asset on the basis of the consideration of prudence. The same has been shown under the head "Long term Loans and Advances" since there being a convincing, evidence of realisation of the asset in the specified period. Accordingly the Company has recognised MAT credit entitlement as on the date of Balance sheet amounting to Rs. 5,77,52,518/-.

14. The Company has entered into an agreement on 25.02.2010 with Riveria Builder Private Limited and Viki Housing Development Private Limited for sale of 89,993 equity shares of Rs. 100/- each of Gautam Overseas Limited for Rs.90,00,000. The Company has received the sales consideration of Rs. 90,00,000/- in the F.Y 2009-10 which has been duly accounted for. The Company Law Board has vide order dated 28.06.2010 restrained the Company for transfer of said shares, which has been upheld by the Hon''ble High Court of Delhi. The Company has filed a Special Leave Petition (SLP) before the Hon''ble Supreme Court of India.

15. The Company had entered into joint venture aggrement dated June 30, 2009 with Viterra Asia Pte Limited, Singapore to carry on business relating to agricultural products and formed a joint venture company. The extraordinary income of Rs.19,17,05,292/- (net of expenses Rs.23,12,330/- and reimbursement Rs.1,07,51,978/-to Tinna

Trade Private Limited) represents the amount received from Viterra Asia Pte Limited Singapore as per Share Transfer & Release Aggrement dated May 9, 2013 on release of parties from the obligations and terms & conditions of the joint venture aggrement dated June 30, 2009. The said Extraordinary Income has been treated as capital receipt. However, the provision for MAT u/s 115JB of the Income Tax Act, 1961 has been made on the said income.

16. The Company has paid under protest, countervailing duty (CVD) of Rs 40,61,221/- on import of old used tyres scrap for manufacturing of crumb rubber(CRMB). The same has been treated as refundable. An appeal has been filed before the Commissioner of Customs (Appeals) Chennai and Commissioner of Customs (Appeals) Ghaziabad for Rs. 318910/- and Rs. 1111597/- respectively, supporting the claim of the company which is pending before the authority.

17. The company has purchased land at Delhi during the year to carry on the activities of development of land, construction of houses, apartments etc . The process of mutation of land, the land use conversion from agricultural to other use is yet to be done in accordance with the applicable Laws. In the view of the same is classified as non- current assets.

18. The Company has given 1,131 square meter of land on lease at Rs.1/- per month to T.P Buildtech Private Limited an associate Company with effect from 01/04/2013 vide agreement dated 29.12.2012 and addendum to the agreement. The same has been given on account of commercial expediency.

19. In accordance with Accounting Standard- 28, "Impairment of Assets", notified under the Companies (Accounting Standard) Rules, 2006 (as amended), the Company has assessed the potential generation of economic benefits from its business units as on the balance sheet date is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business; there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.on of economic benefits from its business units as on the balance sheet date is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business; there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

20. The Company has not declared any dividend during the previous year hence no remittance in foreign currency has been made.

21. Figures of the previous year have been regrouped /reclassified /rearranged wherever necessary, to make them comparable with current year figures.

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Mar 31, 2013

1. CORPORATE INFORMATION

Tinna Rubber And Infrastructure Limited (the company) was incorporated on 4th March 1987. The Company is primarily engaged in the business of manufacturing of Crumb Rubber, Crumb Rubber Modifier (CRM), Crumb Rubber Modified Bitumen (CRMB), Polymer Modified Bitumen (PMB), and Bitumen Emulsion. The products are primarily used for making / repair of road.

2. OTHERS NOTES ON ACCOUNTS

1. a) In the opinion of the Board, any of the assets other than fixed assets and non-current investments have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

b) Balance of Trade Payable, other current liabilities, long and short term advances, other non-current and current assets and trade receivable are subject to reconciliation and confirmations.

2. Disclosures pursuant to Accounting Standard 15, ''Employee Benefits'' (Revised) notified under the Companies (Accounting Standards) Rules 2006(as amended), are given below:

Defined Contribution Plan

Contribution to Defined Contribution Plan, recognised during the year are as under:-

3. Segment Information:

The Company is mainly engaged in the business of Crumb Rubber, Crumb Rubber Modifier , Modified Bitumen, Emulsion Bitumen and there is no separate reportable segment as per the Accounting Standard(AS-17)" Segment Reporting" as notified under the Companies (Accounting Standards) Rules, 2006 (as amended).

4. Related Party Disclosure

The related parties as per the terms of Accounting Standard (AS-18)," Related Party Disclosures", notified under the Companies (Accounting Standards) Rules,2006 (as amended) are disclosed below:-

(A) Names of related parties and description of relationship :

(i) Related parties where control exists :- Subsidiary Companies

BGK Infrastructure Developers Private Limited

(ii) Enterprises in which directors exercise significant influence.

Fratelli Wines Private Limited

Pratham Road Technologies & Construction Limited

Bee Pee Farms and Properties Private Limited

Spaceage Technical services Private Limited

Shankar Ratna Agro Farm Private Limited

Shivratna Agro Products Private Limited

Gee Ess Pee Land Developers Private Limited

S.S.Horticulture Private Limited

BGNS Infratech Private Limited

Shiv Ratna Multilayers Private Limited

Nova Infratech Limited

Chinmin Developers Private Limited

Guru Infratech Private Limited

BGK Commodities Private Limited

Arnav Estate Private Limited

Panjawani Properties Private Limited

Puja Infratech Private Limited

T P Builtech Private limited

(iii) Key Management personnel and their relatives:

Shri Bhupinder Kumar Sekhri- Director

Shri Kapil Sekhri- Director Smt. Shobha Sekhri-Executive Smt. Aarti Sekhri-Executive

(iv) Joint Venture-40% ownership interest held by Company

Tinna Viterra Trade Private Limited

5. Accounting for leases has been done in accordance with Accounting Standard-19 notified by the Companies (Accounting Standard) Rules, 2006 (as amended)

The details of lease transactions are as under:-

Operating Lease:

i) The company has entered into operating leases for factory buildings and lands that are renewable on a periodic basis and cancelable at company''s option. The company has not entered into sub-lease agreements in respect of these leases.

6. Interest and other borrowing costs amounting to Rs. 94,82,612/- (previous year Rs. 6,12,329/-) have been capitalized to the carrying cost of fixed assets being financing costs directly attributable to the acquisition, construction or installation of the concerned qualifying assets till the date of its commercial use, in accordance with accounting standard 16 "Borrowing Costs" notified by the Companies (Accounting Standards) Rules, 2006 (as amended).

7. Subsequent to the date of Balance Sheet:

a) B.G.K Infrastructure and Developers Private Limited had become 100% subsidiary of Company during the financial year 2010-11 and one share is held by Shri. Bhupinder Kumar Sekhri, whole time Director, as nominee of Company. The Company has entered into ''Shares Subscription Agreement'' with ''Insure excellence Advisors Private Limited'' and ''Slam Stock Holdings Limited'' (collectively referred to as the ''Investors'') and BGK Infrastructure Developers Private Limited'' (referred to as the ''Existing Shareholder'') on 11th Day of April, 2013. As per the agreements, the investors have invested in the equity capital of the Company to the extent of 50% (fifty) of the paid up equity share capital post such investment and nominated 2 (two) non-rotational Directors on the Board of the Company.

b) Tinna Viterra Trade Private Limited having 40% share holding as on the date of the Balance Sheet has ceased to be a Joint Venture Company in terms of Share Transfer and Release Agreement entered into on 9 th of May 2013 with Veteran Asia Private Limited. As per the agreement the Company has acquired the remaining 60% of Tinna Viterra Trade Private Limited and hence the said Company has become 100% subsidiary of the Company with effect from 09/05/2013.

c) The Company has given 1,131 square meter of land on lease at Rs. 1/- per month to T.P Buildtech Private Limited an associate Company with effect from 01/04/2013 vide agreement dated 29.12.2012 and addendum to the agreement.

8. The Company has invested a sum of Rs. 11,00,750 in Keerthi International Agro Private Limited towards 11,000 equity shares of Rs. 100 each i.e 29% holding in the investee company. .The Company by itself or through its Directors does not have any significant influence over the the controls and affairs of the investee Company. Therefore the said investee company has not been treated as associates in terms of AS-23 Accounting for Investment in Associates in Consolidated Financial Statements as notified by the Companies (Accounting Standard) Rules, 2006 (as amended).

9. The Company has entered into an agreement on 25.02.2010 with Riveria Builder Private Limited and Viki Housing Development Private Limited for sale of 89,993 equity shares of Rs. 100/- each of Gautam Overseas Limited for Rs. 90,00,000. The Company has received the sales consideration of Rs. 90,00,000/- in the F.Y 2009-10 which has been duly accounted for. The Company Law Board has vide order dated 28.06.2010 restrained the Company for transfer of said shares, which has been upheld by the Hon''ble High Court of Delhi. The Company has filed a Special Leave Petition (SLP) before the Hon''ble Supreme Court of India.

10. During the year the Company has recognised MAT credit as an asset on the basis of the consideration of prudence. The same has been shown under the head "Long term Loans and Advances" since there being a convincing, evidence of realisation of the asset in the specified period. Accordingly the Company has recognised MAT credit entitlement during the year amounting to Rs. 1,08,75,800/- (Including credit for earlier years Rs. 79,81,924/-)

11. In accordance with Accounting Standard- 28, "Impairment of Assets", notified under the Companies (Accounting Standard) Rules, 2006 (as amended), the Company has assessed the potential generation of economic benefits from its business units as on the balance sheet date is of the view that assets employed in continuing business are capable of generating adequate returns over their useful lives in the usual course of business; there is no indication to the contrary and accordingly, the management is of the view that no impairment provision is called for in these accounts.

12. The name of the Company has been changed from "Tinna Overseas Limited" to "Tinna Rubber and Infrastructure Limited" w.e.f 19.12.2012 vide fresh certificate of incorporation consequent upon change of name issued by the Registrar of the Companies, National Capital Territory of Delhi and Haryana during the year.

13. The Company has not declared any dividend during the previous/current year and hence no remittance in foreign currency has been made.

14. Figures of the previous year have been regrouped /reclassified /rearranged wherever necessary, to make them comparable with current year figures.

Notes 1 to 32 forms integral part of the Financial Statements.

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Mar 31, 2012

NOTE 1 : PROFILE OF COMPANY

Tinna Overseas Limited (the company) was incorporated on 4th March 1987. The Company is primarily engaged in the business of manufacturing of Crumb Rubber Modifier (CRM), Crumb Rubber Modfied Bitumen (CRMB), Polymer Modifed Bitumen (PMB), and Bitumen Emulsion. The products are primarily used for making / repair of road.

NOTE 2 : CONTINGENT LIABILITIES AND COMMITMENTS

1. Contingent liabilities:-

(A) Claims against the company not acknowledged as debt:

(Amount in Rs.)

Particulars As at 31.03.2012 As at 31.3.2011

i) Income Tax Matters, Pending decision on various 73,50,358 73,50,358 appeals made by the Company and by the Department (excluding interest)

ii) Value Added Tax Matter under dispute 6,69,560 8,58,635

iii) Compensation claimed filed by Ex-Directors / 1,33,33,658 1,20,83,658 Ex-Employees under dispute

iv) Other matters under dispute 17,76,558 17,76,558

(D) Commitments:

(i) Capital Commitment : Estimated amount of contracts remaining to be executed on capital account and not provided net of advances for Rs. 4,72,89,396 (Previous Year Rs. 3,23,92,497)

(ii) Foreign Letter of Credit : Rs. Nil (Previous Year Rs. 61,54,390)

(iii) Revenue Commitment : Figures could not be determined on account of open agreed order with various customers.

(C) Key management personnel and their relatives :

- Sh. Bhupinder Sekhri whole time Director

- Sh. Kapil Sekhri whole time Director

- Smt. Shobha Sekhri Executive

- Smt. Aarti Sekhri Executive

NOTE 3

a) In the opinion of the board, the current assets, loans and advances for which company holds only the personal security, have realizable value in the ordinary course of business at least equal to the amount at which they are stated.

b) Balance of Trade Payable, other current liabilities, long and short term advances, other non-current and current assets and trade receivable are subject to reconciliation and confirmation.

NOTE 4

Accounting for leases has been done in accordance with Accounting Standard-19 issued by the Institute of Chartered Accountants of India. The details of lease transactions are as under:

(a) Finance Lease:

The company does not have any finance lease arrangements.

(b) Operating Lease:

i. Lease rentals recognized as expenses in the profit and loss account for the period Rs. 30,00,708 (Previous year Rs. 25, 83,346)

ii. The company has entered into operating leases for factory buildings and leasehold lands that are renewable on a periodic basis and cancelable at company's option. The company has not entered into sub-lease agreements in respect of these leases.

*The above future minimum lease payments do not include rent paid of ` 6,88,888 (Previous year ` 5,39,826) for residence of employees of the company for which no formal written lease arrangements exist under cancelable at the option of the company. Company had long term lease of Agriculture land at Tuljapur, Dist. Osmanabad (Maharashtra) for the period of 15 years (from 01/04/2007 to 31/03/2022).Company had used the same for Jatropha Plantation. Considering no potential company has surrendered the lease and the agreement has been cancelled during the year 2011-12.

NOTE 5 : The Company has not made any remittance in foreign currency on account of dividend.

NOTE 6 : Figures of the previous year have been regrouped / reclassified / rearranged wherever necessary.

Notes : 1 to 42 forms integral part of the Financial Statements.

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Mar 31, 2010

1. Contingent liabilities :-

(Amount in Rs.)

31.03.2010 31.03.2009

i) Bond executed in favour of Asstt. Commissioner of Central Excise, New Delhi. Shoes division. 1,25,00,000/- 1,25,00,000/-

ii) Bank guarantee

(Margin money held at Rs. 1,03,99,394/-) 5,56,94,270/- 7,91,41,320/- (Previous Year Rs. 1,01,85,332/-)

iii) Surety with Sale Tax/ Vat (Margin) money 55.000/- 57,500/- as FDR Of ? 66,736/- (P. Y Rs. 68,079/-

iv) Claim against the company / disputed liability not acknowledged as debts ( Jai Bharat Tanners ) 17,76,558/- 17,76,558/-



The footwear unit situated at A - 151, Mayapuri Industrial Area, Phase - II, New Delhi is closed and disposed off; hence the company has applied for release of the bond.

v) A notice dated 26/04/2010 has been served on the company by Cess Department, Navi Mumbai Municipal Corporation for non- payment of cess charges of Rs. 32,40,000/-(approx) exclusive of interest and penalty on purchase of goods from outside Navi Mumbai area from financial year 2002-03 to 2008-09 and pending decision.

vi) As per Company Law Board (CLB) Order dated 9th June, 2009 effective from 5th January, 2009 company is liable to pay 50% of USD 8,19,983. 16 together with interest @ 7% p.a. from 01.10.1995 to 19.11.1998 which works out to be USD 1,80,059.32 relating to claim of M/s National Ability filed against M/s Tinna Finex Limited (TFL) and also in lien of taxation cost in the same matter, company is liable to pay GBP 2,05,805.31 together with interest @ 7% p.a. from 19.11.1998 until the day of final payment to M/s National Ability.

The claimant has filed a petition dt 07/08/1998 in the High Court of Delhi to make Arbitration Award as a rule of this court. The other company (TFL) has contested the same & the matter is under consideration of High Court of Delhi, whereas it has been decided in favour of M/s. National Ability. The other company Tinna Finex Limited (TFL) has filed Special Leave Petition (SLP) in Honble Supreme Court & pending decision.

2. During the financial year 2008-09, the company has allocated / assigned the under mentioned Assets & Liabilities as per order dated 09.06.2009 effective from 05/01/09 of Company Law Board, New Delhi with Reference to Petition No. 17/2008 dated 14.05.2008 filed under sec. 397, 398, 402 & 403 of Companies Act 1956, to petitioners and respondents and the manner in which to be dealt with in the financial statements of the company. The Note specify the adoption in the figure of previous year duly forming composite part of the year ending 31st March, 2010

3. Investments include : -

i) Advance for Shares include :

a) M/s B. G. K. inlrastructure Dev.(P) Ltd. Rs. 1,72,00,000/- (Advance & applied during- Financial year 2009-10)

b) M/s Fertalli Wines (P) Ltd. Rs. 52,00,000/- (Advanced & applied during Financial year 2009-10)

All aforesaid investments are confirmed & pending allotment. Such advances are considered as unquoted investments.

4. Loan and advances include interest free advance of Rs. 13.10 Lacs to Ms. Monica Kanungo.

5. Disclosure on Employee Benefits

The disclosure required under Accounting Standard 15, "Employee Benefits" (Revised) notified in the Companies (Accounting Standards) Rules 2006, are given below:-

Defined Contribution Plan

Contribution to Defined Contribution Plan, paid during the year is as under:-

(Amount in Rs.)

Employers Contribution to Provident Fund 11,16,964/-

Employers Contribution to Family Pension Fund 25,35,234/-

6. Tne companys public Issue of 21,63.600 equity sharesof Rs. 10/- each for cash at a premium of Rs. 85/- pet share aggregating to Rs.2,055.42 lacs and firm allotment of 1,50.000 equity shares of Rs. 10/- each for cash at a premium of Rs. 100/- per share aggregating to Rs. 165.00 Iacs to NRIs /OCBs opened (for subscription on 20th March, 1995 was oversubscribed. Allotment was made on 23rd May,1995 and allotment money f final call was made on 27.05.95. Amount recelvable on account of calls in arreans have been apportioned between share capital and share premium account In the ratio of one to eight.

7. Calls in arrears are subject to feconclliation and confirmation, however no Interest has been provided thereon.

8. FDRs Rs 1,04,66,130/- (Previous Year 71,02,53,411/-) including accrued interest, are charged against bank guarantees and same are under the lien of various bankers

9. The company had a policy to account for revenue expenses of Jatropha (Tuijapur) unit as miscellaneous expenses pending capitalisation and to be capitalised on completion of project, However, company has opted to consider the same as part of fixed assets and considered the same capital expenditure pending allocation in the financial statements,

10. Computation of net profits in accordance with Section 196 of the Companies Act, 1956 in respect of commission/ remuneration payable to Chairman:

11. ii) The company has adequate profits to pay remuneration by way of salary, bonus, perquisites, commission and other allowances to director, managing director and chairman, therefore computation of net profit in accordance with Section 349 of the Companies Act, 1956 is not applicable to the company.

12. Related Party Disclosure:

As per AS - 18 issued by 1CAI, the Companys related parties and transactions with them are disclosed as under

(A) Enterprises that control or are under common control

Under same management u/s 372A of the Companies Act 1956

- M/s Tinna Viterra Trade Pvt.Ltd.

(B) Enterprises that are associates of the company or in respect of which company is an association: NA

(C) Key management personnel and their relatives :-

- Sh. Bhupinder Sekhri whole time Director

- Sh. Kapil Sekhri whole time Director

- Sh. Gaurav Sekhri Director

- Sh. D.P.L.Nanda Director

- Smt. Shobha Sekhri Executive

- Smt. Pooja Sekhri Executive

- Smt. Aarti Sekhri Executive

13. Companys main business is with various units of M/s. Indian Oil Corporation Ltd. and M/s, Chennai Petroleum Corporation Ltd-, Chennai. Company has neither received account statements ever since its business started with them, nor has reconciled.

14. (a) In the opinion of the board, the current assets, loans and advances for which company holds only the personal security, have realizable value in the ordinary course of business at least equal to the amount at which they are stated.

(b) Sundry debtors include:-

Suit for recovery against ONT LTD. was decreed for and in favour of company by way at judgment dated 10.08.2005 for Rs 46,82,457.40 along with interest and costs. The decree is under executive process. The ONT Ltd. has offered $ 32,010 USD to the company for the settlement of the same on 14/07/2010 through the Superior Court of Justice, Ontario. The approval of the same is pending with company.

(c) Other current assets:-

i) Claim receivable ? 2,75,44,112/- from M/s. F.C.I and M/s F.E.C for which the company the filed suits for recovery along with interest @ 12% and Is hopeful of recovery However , as per order of Company Law Board dated 9th June, 2009 with effect from 5th Jannuary , 2009. if any amount is received, the amount to the extent of 50% will be paid to petitioner viz. Sh Vijay Kumar Sekhri & others and Sh. Anil Kumar Sekhri & others.

ii) Loan and advances includes Rs 4,51,968/- recoverable from KHM International (Shoe) for wnich the company has succeeded in the High court vide Order dated 28.05.2010 against the order of lower court regarding dismissing of appeal on limitation of period. The case is pending with learned trial court and company is hopeful of recovery

15. Balance of debtors / creditors, loans & advances are subject to reconciliation and confirmation.

16. The company has requested its suppliers to intimate whether they are registered under "The Micro, Small and Medium Enterprises Development Act, 2006. Pending receipt of intimation from suppliers, the amount due to the supplier under the said law could be / not determined. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be materia!.

17. The company has given unsecured loan to M/s Tinna - Vitera Trade Private Limited of Rs 50,00,000/- on 18/ 01/2010 in contravention of Provisions of Sec. 295 of the Companies Act, 1956. The same was recovered on 04/04/2010 along with interest of Rs 74,438/-

18. Segment Information:

The following table presents segment revenues, results, assets & liabilities in accordance with AS-17 issued by Institute of Chartered Accountant of India.

19. Accounting for leases has been done in accordance with Accounting Standard-19 issued by the Institute of Chartered Accountants of India. The details of lease transactions are as under:-

(a) Finance Lease:

The company does not have any finance lease arrangements.

(b) Operating Lease:

i. Lease rentals recognized as expenses in the profit and loss account tor the period Rs 14,28,908/- ( Rs 14,25,949/-).

ii. The company has entered into operating leases for factory buildings that are renewable on a periodic basis and cancelable at companys option. The company has not entered into sub- lease agreements in respect of these leases.

iii. The total of future minimum lease payments under no cancelable leases are as follows.:

20. In accordance with the accounting standard 22 issued by the ICAI, the company is having a deferred tax liability of Rs 155.12 lacs (Rs 169.43 lacs) on timing difference as on 31st March, 2010.

21. All financial adjustments and effect of CLB order was implemented and incorporate in the financial statement for the year ending 31st March, 2009, where as the documentation such as transfer of shares/ vehicles etc. are pending execution company is in the process of completion of legal documentation except assets as per Schedule C(i) and D of Note No.2 of Notes of Accounts.

22. Additional information pursuant to paragraphs 3, 4C & 4D of the part II of Schedule V! of the Companies Act, 1956, (as certified by the management).

23. The company has not made any remittance in foreign currencies on account of dividend

24. a) Figures for the previous period have been regrouped / reclassified / rearranged wherever necessary. b) Figures have been rounded off to the nearest rupee.

25. Schedule A to O form integral part of the Balance sheet as at 31st March, 2010.

---

Mar 31, 2009

1. Contingent liabilities :-

31.03.2009 31.3.2008 Rs. Rs.

i) Bond executed in favour of Asstt.Commissioner of Central Excise, New Delhi. Shoes division. * 1, 25,00,000/- 1,25,00,000/-

i) Bank guarantee (Margin money held at Rs.1,01,85,332/-) 7,91,41,320/- 7,56,80,895/- (Previous Year Rs.1,83,83,518/-)

Bi) Claim against the company / disputed liability not acknowledged as debts ( Jai Bharat Tanners ) 17,76,558/- 17,76,558/-



* The footwear unit situated at A - 151, Mayapuri Industrial Area, Phase - II, New Delhi is closed and disposed off; hence the company has applied for release of the bond.

iv) As per Company Law Board (CLB) Order dated 9th June, 2009 effective from 5lh January, 2009 company is liable to pay 50% of USD 8,19,983.16 together with interest @ 7% p.a. from 01.10.1995 to 19.11.1998 which works out to be USD 1,80,059.32 relating to claim of M/s National Ability filed against M/s Tinna Finex Limited and also in lien of taxation cost in the same matter, company is liable to pay GBP 2,05,805.31 together with interest @ 7% p.a. from 19.11.1998 until the day of final payment to M/s National Ability.

The claimant has filed a petition dt. 07/08/1998 in the High Court of Delhi to make Arbitration Award as a rule of this court. The other company (TFL) has contested the same & the matter is under consideration of High Court of Delhi.

2. As per order dated 09.06.2009 effective from 05/01/09 of Company Law Board, New Delhi with Reference to Petition No. 17/2008 dated 14.05.2008 filed under sec. 397, 398, 402 & 403 of Companies Act 1956, the under mentioned Assets & Liabilities are to be allocated / assigned to petitioners and respondents and the manner in which to be dealt with in the financial statements of the company

3. Investments include :

i) Advance for Shares include :

a) M/s Sky Merchants (P) Ltd. Rs. 15,00,000/- (Advanced & applied during- Financial year. 2004-05)

b) M/s Hydramech Engineers (P) Ltd. Rs. 20,00,000/- (Advanced & applied during Financial year 2004-05)

c) Gee Ess Pee Land Developers P. Ltd. Rs.35,00,000/- (Advanced & applied during Financial year 2008-09)

d) M/s. Nova Cements Ltd. Rs.2,52,60,181/- (Advanced & applied during Financial year 2008-09)



All aforesaid investments are confirmed except (a) & (b) pending allotment. Such advances are considered as unquoted investments.

4. Loan and advances include interest free advance of Rs.35 lacs given to M/s. Amazone Exports (P) Ltd. since 31s1 May, 2004 and Rs.10 lacs to M/s. P.I Industries Limited since 1s1 November, 2007.

5. The companys public issue of 21,63,600 equity shares of Rs. 10/- each for cash at a premium of Rs. 85/- per share aggregating to Rs.2,055.42 lacs and firm allotment of 1,50,000 equity shares of Rs.10/-each for cash at a premium of Rs.100/- per share aggregating to Rs. 165.00 lacs to NRIs/OCBs opened for subscription on 20th March, 1995 was oversubscribed. Allotment was made on 23rd May,1995 and allotment money / final call was made on 27.05.95.Amount receivable on account of calls in arrears have been apportioned between share capital and share premium account in the ratio of one to eight.

6. Calls in arrears are subject to reconciliation and confirmation, however no interest has been provided thereon.

7. FDRs include Rs 1,01,85,332/- (Previous Year Rs. 1,83,83,518/-) including accrued interest, are charged against bank guarantees and same are under the lien of various bankers.

8. The company has deposited Rs. 14,47,200/- (Rs. 14,47,200/-) with HSIDC towards external development charges (E D C) for the property at DP-189, Udyog Vihar, Gurgaon, Haryana. Udyog Vihar Industries Association, Gurgaon, of which the company is a member, however association has filed a suit for its waiver.

9. The company had a policy to account for revenue expenses of Jatropha (Tuljapur ) unit as miscellaneous expenses pending capitalisation and to be capitalised on completion Of project. However, company has opted to consider the same as part of fixed assets and considered the same capital expenditure pending allocation in the financial statements.

91.03.2009 31.03.2008

10. i) Remuneration/ commission paid to directors Rs.63,59,017/- Rs.22,50,000/-

Provident Fund Rs. 2,77,200/- Rs. 2,70,000/-

ii) The company has adequate profits to pay remuneration by way of salary, bonus, perquisites, commission and other allowances to managing director and chairman, therefore computation of net profit in accordance with Section 349 of the Companies Act, 1956 is not applicable to the company.

11. Companys main business is with various units of M/s. Indian Oil Corporation Ltd., M/s. Chennai Petroleum Corporation Ltd., Chennai and M/s. Bharat Petroleum Corporation Ltd., Mumbai. Company has neither received account statements ever since its business started with them, nor has reconciled.

12. (a) In the opinion of the board, the current assets, loans and advances for which company holds only the personal security, have realizable value in the ordinary course of business at least equal to the amount at which they are stated.

(b) Sundry debtors include:-

Rs. 45.92 lacs receivable from ONT Ltd., Ontario. The suit for recovery was decreed for and in favour of company by way of judgment dated 10.08.2005 for Rs.46,82,457.40 along with interest and costs. The decree is under execution process.

(c) Other current assets:-

i) Claim receivable Rs. 2,75,44,112/- from M/s. F.C.I and M/s P.E.C for which the company has filed suits for recovery (Rs.2,75,44,112/-) and is hopeful of recovery. However, as per order of Company Law Board dated 9* June, 2009 with effect from 5th January, 2009, if any amount is received, the amount to the extent of 50% will be paid to petitioner viz. Sh Vijay Kumar Sekhri & others and Sh. Anil Kumar Sekhri & others.

ii) Loan and advances Rs. 4,51,988/- Lacs from party KRM International (Shoe) for which company has filed appeal in the High court against the order of lower court and the company is hopeful of recovery

13. Balance of debtors / creditors, loans & advances are subject to reconciliation and confirmation.

14. Advances to others:

31.03.2009 31.03.2008

under same management: -

Nova Cements Ltd.

Outstanding Nil 2,52,60,181/-

Maximum Outstanding 2,52,60,181/- (2,52,60,181/-)



15. Segment Information:

The following table presents segment revenues, results, assets & liabilities in accordance with AS-17 issued by Institute of Chartered Accountant of India.

16. The company has requested its suppliers to intimate whether they are registered under The Micro, Small and Medium Enterprises Development Act, 2006. Pending receipt of intimation from suppliers, the amount due to the supplier under the said law could be / not determined. However, in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material.

17. Related Party Disclosure:

As per AS - 18 issued by ICAI, the Companys related parties and transactions with them are disclosed as under

(A) Enterprises that control or are under common control

Under same management u/s 370 of the Companies Act 1956

M/s Chin Min Impex Ltd. (Amount in Rs.) (Amount in Rs.)

Nature of Transaction Current period Previous year

Other Income / Rent - 58,184/- Outstanding balance at the end of the year:

Receivables - 13,68,470/-

(B) Enterprises that are associates of the company or in respect of which company is an association: NA

(C) Key management personnel and their relatives :

Sh. Bhupinder Sekhri whole time Director

Sh. Kapil Sekhri whole time Director

Sh. Gaurav Sekhri Director

Sh. Anil Kumar Sekhri Directors Brother

Sh. Vijay Kumar Sekhri Directors Brother

Smt. Rooma Sekhri Ex-Directors Wife

Smt. Shobha Sekhri Executive

Smt. Pooja Sekhri Executive

Smt. Aarti Sekhri Executive

Smt. Raman sekhri Ex-Directors Wife

Sh. Karan Sekhri Son of Ex- director

Sh. Ronak Sekhri Son of Ex- director

Nature of Transaction Current Year Previous year

Remuneration / Salary Rs. 1,17,76,217/- Rs. 45,00,000/-

(D) Enterprises over which key management personnel is able to exercise significant influence:

- M/s Tinna Oils & Chemicals Ltd.

- M/s Gautam Overseas Ltd.

(Amount in Rs.) (Amount in Rs.)

Nature of Transaction Current period Previous year

Other Income (Rent) Rs. 3,60,000/- Rs. 2,70,900/-

Outstanding at the

end of the year:

Receivables Rs. 2,22,035/- Rs. 2,52,630/-

Payable - Rs. 12,440/-



18. Accounting for leases has been done in accordance with Accounting Standard-19 issued by the Institute of Chartered Accountants of India. The details of lease transactions are as under:-

(a) Finance Lease:

The company does not have any finance lease arrangements.

(b) Operating Lease:

i. Lease rentals recognized as expenses in the profit and loss account for the period Rs. 14,25,949/- (Rs. 11,00,696/-).

ii. The company has entered into operating leases for factory buildings that are renewable on a periodic basis and cancelable at companys option. The company has not entered into sub-lease agreements in respect of these leases.

19. Ail financial adjustments and effect of CLB order was implemented and incorporate in the financial statement for the year ending 31" March,2009, where as the documentation such as transfer of shares/ vehicles etc. are pending execution company is in the process of completion of legal documentation

20. Additional information pursuant to paragraphs 3, 4C & 4D of the part II of Schedule VI of the Companies Act, 1956. (as certified by the management).

21. The company has not made any remittance in foreign currencies on account of dividend

26. a) Figures for the current period are for the year and for the previous period are of nine months hence the same are not comparable with each other. Figures for the previous period have been regrouped / reclassified / rearranged wherever necessary.

b) Figures have been rounded off to the nearest rupee.

22. Schedule A to O form integral part of the Balance sheet as at 31st March, 2009.