Notes to Accounts of Veritas (India) Ltd.

Mar 31, 2025

g) Provisions & Contingencies

Provisions are recognised when the Company has a present legal or constructive obligation as a result
of past events for which it is probable that an outflow of resources will be required to settle the obligation
and the amount can be reliably estimated as at the balance sheet date.

A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but will probably not, require an outflow of resources. Information on contingent liabilities is
disclosed in the notes to financial statements unless the possibility of an outflow of resources embodying
economic benefit is remote.

A contingent asset is neither recognised in the financial statements nor disclosed in the financial
statements.

h) Employee Benefit Expenses

(i) Short Term Employee Benefits

All Employee Benefits payable wholly within twelve month of rendering the service are classified
as Short Term Employee Benefits and they are recognised in the period in which the employee
renders the related service.

The undiscounted amount of short term employee benefits expected to be paid in exchange for
the services rendered by employees are recognised as an expense during the period when the
employees render the services.

(ii) Post Employment Benefits
Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company makes
specified monthly payments to Provident Fund Scheme and other Similar Schemes for all
applicable employees. The Company’s contribution is recognised as an expense in the Statement
of Profit and Loss during the period in which the employee renders the related service.

Defined Benefit Plans

Gratuity liability is a defined benefit obligation which is provided on the basis of an actuarial
valuation on Projected Unit cost method made at the end of each financial year. Actuarial gains/
(losses) are recognised directly in other comprehensive income. This benefit is presented according
to present value after deducting the fair value of the plan assets. The Company determines the net
interest on the net defined benefit liability (asset) in respect of a defined benefit by multiplying the
net liability (asset) in respect of a defined benefit by the discount rate used to measure the defined
benefit obligation as they were determined at the beginning of the annual reporting period.

Accumulated leave 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.

Re-measurement of defined benefit plans in respect of post-employment are charged to the Other
Comprehensive Income.

i) Tax Expenses

The tax expense for the period comprises Current and Deferred Tax. Tax is recognised in Statement of
Profit and Loss, except to the extent that it relates to items recognised in the comprehensive income or
in equity. In which case, the tax is also recognised in other comprehensive income or equity.

Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the
Balance sheet date.

Minimum Alternative tax (MAT) Credit is recognised as an asset only when and to the extent there is
convincing evidence that the company will pay Income Tax under the normal provisions during the
specified period, resulting in utilisation of MAT Credit. In the Year in which the MAT Credit becomes
eligible to be recognised as an asset in accordance with the recommendations contained in Guidance
Note issued by the Institute of Chartered Accountants'' of India, the said asset is created by way of a
credit to the Statement of Profit and Loss and shown as MAT Credit Entitlement. Company reviews the
same at each Balance Sheet date and writes down the carrying amount of MAT Credit Entitlement to
the extent there is no longer convincing evidence to the effect that the Company will utilise MAT Credit
during the specified period.

Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the standalone financial statements and the corresponding tax bases used in the computation
of taxable profit.

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

j) Foreign Currency

Functional and presentation currency

The financial statements of the Company are presented using Indian Rupee (INR) i.e. currency of the
primary economic environment in which the entity operates (‘the functional currency’).

Transactions and balances

Foreign currency transactions are translated into the respective functional currency using the exchange
rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation of monetary assets and liabilities denominated in foreign
currencies at year end exchange rates are recognised in profit or loss.

k) Revenue Recognition

The Company has recognised revenue pursuant to a contract (other than a contract listed in paragraph
5 of Ind AS 115) only if the counterparty to the contract is a customer. A customer is a party that has
contracted with an entity to obtain Goods and services that are an output of the entity’s ordinary activities
in exchange for consideration.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the
Company and the revenue can be reliably measured. Escalation and other claims, which are not
ascertainable/acknowledged by customers, are not taken into account. Revenue is measured at the fair
value of the consideration received or receivable, net of returns and allowances, trade discounts and
volume rebates.

Criteria for recognition of revenue are as under:

a) Sale of Goods

Revenue from the sale of goods is recognised when the goods are delivered and titles have
passed, at which time all the following conditions are satisfied:

(i) significant risks and rewards of ownership of the goods are transferred to the buyer;

(ii) Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;

(iii) it is probable that economic benefits associated with transaction will flow to the Company;
and

(iv) amount of revenue can be measured reliably;

b) Income from sale of electricity is recognized as per the terms and conditions of the agreement with
the Customer.

c) Interest income is recognized on a time proportion basis taking into account amount outstanding
and applicable interest rate.

d) Dividend is recognised when the company’s right to receive the payment is established, which is
generally when shareholders approve the dividend.

e) The Company has been appointed for implementing a Project won on a consortium with another
company to initiate formal proceedings for the Development, Implementation and maintenance of
a 3D city Model and change detection system using Geospatial technology for Mumbai City. The
Company has incurred expenses for implementation of the project for which there is no revenue
billed. The expenses incurred are accordingly shown as Project Expenses under Current Assets.

l) Financial Instruments

(i) Financial Instruments
Initial Recognition

Financial instruments i.e. Financial assets and financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the instruments. Financial instruments are initially
measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of
financial instruments (other than financial instruments at fair value through profit or loss) are added
to or deducted from the fair value of the financial instruments, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial instruments assets or financial
liabilities at fair value through profit or loss are recognised in Statement of profit or loss.

Subsequent Measurement

Financial assets

All recognised financial assets are subsequently measured at amortized cost except financial assets
carried at fair value through Profit and loss (FVTPL) or fair value through other comprehensive
income (FVOCI).

a) Equity investments (other than investments in subsidiaries, associates and joint venture)

All equity investments falling within the scope of Ind-AS 109 are mandatorily measured at
Fair Value Through Profit and Loss (FVTPL) with all fair value changes recognized in the
Statement of Profit and Loss.

Investments in equity shares of Subsidiaries, Joint Ventures & Associates are recorded at
cost and reviewed for impairment at each reporting date.

The Company has an irrevocable option of designating certain equity instruments as FVOCI.
Option of designating instruments as FVOCI is done on an instrument-by-instrument basis.
The classification made on initial recognition is irrevocable.

If the Company decides to classify an equity instrument as FVOCI, then all fair value changes
on the instrument are recognized in Statement of Other Comprehensive Income (SOCI).
Amounts from SOCI are not subsequently transferred to profit and loss, even on sale of
investment.

b) Derecognition

A financial asset is primarily derecognized when the rights to receive cash flows from the
asset have expired, or the Company has transferred its rights to receive cash flows from the
asset or has assumed an obligation to pay the received cash flows in full without material
delay to a third party under a pass-through arrangement; and with that a)the Company
has transferred substantially all the risks and rewards of the asset, or b) the Company has
neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.

c) Impairment of financial assets

The Company applies the expected credit loss model for recognising allowances for
expected credit loss on financial assets measured at amortised cost.

Financial Liabilities
Classification

Financial liabilities and equity instruments issued by the Company are classified according to the
substance of the contractual arrangements entered into and the definitions of a financial liability
and an equity instrument.

Subsequent Measurement

Loans and borrowings are subsequently measured at Amortised costs using Effective Interest Rate
(EIR), except for financial liabilities at fair value through profit or loss. Amortised cost is calculated
by taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. Amortisation is included as a part of Finance Costs in the Statement of Profit and
Loss

Financial liabilities recognised at FVTPL, shall be subsequently measured at fair value.

Derecognition

A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where
there is a legally enforceable right to offset the recognised amounts and there is an intention to
settle on a net basis or realise the asset and settle the liability simultaneously.

Re-classification of financial instruments

The Company determines classification of financial assets and liabilities on initial recognition. After
initial recognition, no reclassification is made for financial assets which are equity instruments and
financial liabilities. For financial assets which are debt instruments, a reclassification is made only if
there is a change in the business model for managing those assets. Changes to the business model
are expected to be infrequent. The Company’s senior management determines change in the
business model as a result of external or internal changes which are significant to the Company’s
operations. Such changes are evident to external parties. A change in the business model occurs
when the Company either begins or ceases to perform an activity that is significant to its operations.
If the Company reclassifies financial assets, it applies the reclassification prospectively from the
reclassification date which is the first day of the immediately next reporting period following the
change in business model. The Company does not restate any previously recognised gains, losses
(including impairment gains or losses) or interest. The Company has not reclassified any financial
asset during the current year or previous year.

m) Earnings per share

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

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

n) Cash and Cash Equivalents

The Group considers all highly liquid investments, which are readily convertible into known amounts of
cash that are subject to an insignificant risk of change in value to be cash equivalents. Cash and cash
equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

o) Segment Reporting

Based on “Management Approach” as defined in Ind AS 108 -Operating Segments, the Chief Operating
Decision Maker evaluates the Company’s performance and allocates The resources based on an
analysis of various performance indicators by business segments. The Company concludes that it
operates under two reporting segment viz Trading, Distribution and Development. The secondary
reporting segment is geographical segment based on location of customer viz domestic and overseas.

Unallocable items includes general corporate income and expense items which are not allocated to any
business segment.

Segment Policies

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. Common
allocable costs are allocated to each segment on an appropriate basis.

Key estimates and assumptions

The preparation of the financial statements in conformity with Ind AS requires the Management to make
estimates and assumptions that impact the reported amount of assets, liabilities, income, expenses
and disclosure of contingent liabilities as at the date of the financial statements. The estimates
and assumptions used in the accompanying financial statements are based upon management’s
evaluation of the relevant facts and circumstances as on the date of the financial statements. Actual
results may differ from the estimates and assumptions used in preparing the accompanying financial
statements. Difference between the actual and estimates are recognised in the period in which they
actually materialise or are known. Any revision to accounting estimates is recognised prospectively.
Management believes that the estimates used in preparation of Financial Statements are prudent and
reasonable.

Interest Rate Risk

The exposure of the Company’s borrowing to interest rate changes at the end of the reporting period is NIL.
Interest Rate Sensitivity

Impact of Interest Expenses for the year on 1% change in Interest Rate is NIL
Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company’s receivables from customers and loans
and advances.

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer and
the geography in which it operates. Credit risk is managed through credit approvals, establishing credit limits and
continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal
course of business.

a) Trade receivables

The Company individually monitors the sanctioned credit limits as against the outstanding balances.

The Company establishes an allowance for impairment that represents its estimate of expected losses in
respect of trade receivables. The Company uses a provision matrix to compute the expected credit loss for
trade receivables. The Company has developed this matrix based on historical data as well as forward looking
information pertaining to assessment of credit risk. Management exercises override in few receivables.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition
a large number of minor receivables are grouped into homogenous groups and assessed for impairment
collectively. The calculation is based on exchange losses historical data. 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 jurisdiction and Industries and operate largely in Independent
markets.

The Company exposure to top 5 Debtors is 98% of outstanding trade receivable as at March 31, 2025. There
is credit concentration and management is confident of full recovery.

b) Cash and cash equivalents

Cash and cash equivalents of INR Lakhs 21.88 at March 31, 2025 (March 31, 2024 : INR Lakhs 103.18). The
cash and cash equivalents are held with bank having good credit rating.

Liquidity Risk

The Liquid risk that the Company will encounter difficulty in meeting the obligation associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach of managing
liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are
due, under both normal and stressed conditions, without incurring unacceptable losses or risking damages to the
Company’s reputation.

Note No: 37 Operating Segments
Business Segments

The Company has identified business segments (industry practice) as its primary segment and geographic
segments as its secondary segment. Business segments are primarily Trading, Development of Software including
3D City Model and Distribution.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses
which are not directly identifiable to each reporting segment have been allocated on the basis of associated
revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to
segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable
segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably
among segments are not allocated to primary and secondary segments.

Description of reserves

(i) Securities premium

The amount received in excess of the par value of equity shares has been classified as securities premium.

(ii) Retained earnings

Retained earnings represent the amount of accumulated earnings of the Company.

(iii) Other components of equity

Other components of equity include remeasurement of net defined benefit liability / asset, equity instruments
fair valued through other comprehensive income, changes on fair valuation of investments and changes in
fair value of derivatives designated as cash flow hedges, net of taxes.

Note No. 45

In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current
assets, loans & advances, deposits, in the ordinary course of business will not be less than the value stated in
Balance Sheet. The liabilities on account of supply of goods & services are also not more than the value of liabilities
except liability written off on account of Shortage / Rate Difference / contract performance /Quality Issues etc.

The Company has recognized all the claim receivables / liabilities with various government authorities towards
Custom duty, VAT, Cess, Income-tax, GST, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and
shown under the head Loans & Advances and Current Liabilities respectively.

Note No. 48 Capital Management

The Company’s objective for Capital Management is to maximise share holder value, safeguard business continuity
and support the growth of the Company. The Company determines the Capital requirements based on annual
operating plans and long term and other strategic investment plans. The funding requirements are met through
equity and operating cash flows generated.

The Company has following reportable segments Trading, Distribution & Development and Power Generations.
The Company through its wholly-owned subsidiary, Veritas Polytime Private Limited has initiated a setup of the
integrated manufacturing complex at the Dighi Port in the state of Maharashtra, consisting of PVC manufacturing
plant, Polymerized Bitumen Plant and Gas Storage Tanks which has been identified as a reportable segment,
“Manufacturing”. The project has received the status of Ultra Mega Project by the government of Maharashtra. The
Company has initiated the process of seeking various approvals required to commence setting up of the plant.
The project is presently financed by the Company and would also be suitably financed subsequently through
appropriate means at appropriate time.

Note No. 50 Figure to the previous period have been regrouped / rearranged, wherever necessary.

As per our report of even date attached

For Shabbir and Rita Associates LLP For and on behalf of the Board of Directors

Chartered Accountants
Firm Regd. No.: 109420W

Paresh Merchant Virat Dantwala

Director Executive Director

DIN :00660027 DIN : 10750573

Shabbir S Bagasrawala Rajaram Shanbhag Arun Agrawal

Partner Chief Financial Officer Company Secretary

Membership No.: 039865

Place: Mumbai
Date: 29th May 2025

---

Mar 31, 2024

g) . Provisions & Contingencies

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events for which it Is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated as at the balance sheet date,

A disclosure for a contingent liability is made when there Is a possible obligation or a present obligation that may, but will probably not, require an outflow of resources. Information on contingent liabilities is disclosed in the notes to financial statements unless the possibility of an outflow of resources embodying economic benefit is remote.

A contingent asset is neither recognised in the financial statements nor disclosed in the financial statements,

h) . Employee Benefit Expenses

(i). Short Term Employee Benefits

All Employee Benefits payable wholly within twelve month of rendering the service are classified as Short Term Employee Benefits and they ere recognised in the period In which the employee renders the related service.

The undiscounted amount of shortterm employee benefits expected to be paid in exchange for the services rendered by employees are recognised as an expense during the period when the employees render the services.

(ii). Post Employment Benefits Defined Contribution Plans

A defined contribution plan is a post-employment benefit plan under which the Company makes specified monthly payments to Provident Fund Scheme and other Similar Schemes for all applicable employees, the Company''s Contribution is recognised as an expense in the Statement of Profit and Loss during the period in which the employee renders the related service.

Defined Benefit Plans

Gratuity liability is a defined benefit obligation which is provided on the basis of an actuarial valuation on Projected Unit cost method made at the end of each financial year. Actuarial gains/(losses) are recognised directly in Other comprehensive income. This benefit is presented according to present value after deducting the fair value of the plan assets, The Company determines the net interest on the net defined benefit liability (asset) in respect of a defined benefit by multiplying the net liability (asset) in respect of a defined benefit by the discount rate used to measure the defined benefit obligation as they were determined at the beginning of the annual reporting period.

Accumulated leave is treated as short-term employee henefit. 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.

Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive income.

i) . Tax Expenses

The tax expense for the period comprises Current and Deferred Tax. Tax is recognised in Statement of Profit and Loss, except to the extent that it relates to items recognised in the comprehensive income or in equity. In which case, the tax is also recognised in other comprehensive income or equity.

Current Tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.

Minimum Alternative tax (MAT) Credit is recognised as an asset only when and to the extent there is convincing evidence that the company will pay Income Tax under the normal provisions during the specified period, resulting in utilisation of MAT Credit. In the Year In which the MAT Credit becomes eligible to be recognised as an asset in accordance with the recommendations contained in Guidance Note issued by the institute of Chartered Accountants'' of India, the said asset is created by way of a credit to the Statement of Profit and Loss and shown as MAT credit Entitlement. Company reviews the same at each Balance Sheet date and writes down the carrying amount of MAT Credit Entitlement to the extent there Is no longer convincing evidence to the effect that the Company will utilise MAT Credit during the specified period,

Deferred Tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the standalone financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred t3x liabilities and assets are measured at the tax rates that are expected to epply in the period in which the liability is settled or the asset realised, based on tex rates (and tax laws) that have been enacted or substantively enected by the end of the reporting period. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each reporting period.

j) . Foreign Currency

Functional and presentation currency

The financial statements of the Company are presented using Indian Rupee (INR) i.e. currency of the primary economic environment in which the entity operates [''the functional currency'').

Transactions and balances

Foreign currency transactions are translated into the respective functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions end from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognised in profit or loss.

k) . Revenue Recognition

The Company has recognised revenue pursuant to a contract (other than a contract listed in paragraph 5 of Ind AS US) only If the counterparty to the contract is 3 customer. A customer is a party that has contracted with an entity to obtain Goods and services that are an output Df the entity''s ordinary activities in exchange for consideration.

Revenue is recognised to the extent that it Is probable thaL the economic benefits will flow to the company and the revenue can be reliably measured. Escalation and other claims, which are not ascertalnable/acknowledged by customers, are not taken into account. Revenue is measured at the fair value of the consideration received or receivable, net of returns and allowances, trade discounts and volume rebates.

Criteria for recognition of revenue are as under:

a) sale of Goods

Revenue from the sale of goods is recognised when the goods are delivered and titles have passed, at which time all the following conditions are satisfied;

(i) significant risks and rewards of ownership of the goods are transferred to the buyer;

(ii) Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

(iii) it is probable that economic benefits associated with transaction will flow to the Company; and (lv| amount of revenue can be measured reliably;

b) Income from sale of electricity is recognized as per the terms and conditions of the agreement with the Customer.

c) Interest income is recognised on a time proportion basis taking into account amount outstanding and applicable Interest rate.

d) Dividend is recognised when the company''s right to receive the payment Is established, which is generally when shareholders approve the dividend.

I). Financial instruments

(i), Financial Instruments

Initial Recognition

Financial instruments i.e. Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments, Financial instruments are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or Issue of financial Instruments (other than financial instruments at fair value through profit or loss] are added to or deducted from the fair value of the financial instruments, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial instruments assets or financial liabilities at fair value through profit or loss are recognised in Statement of profit or loss.

Subsequent Measurement Financial assets

All recognised financial assets are subsequently measured at amortized cost except financial assets carried at fair value through Profit and loss (FVTPL) or fair value through other comprehensive income (FVDCI).

a) Equity investments (nther than investments In subsidiaries, associates and joint venture)

All equity investments falling within the scope of Ind-AS 109 are mandatory measured at Fair Value Through Profit and Loss (FVTPL) with all fair value changes recognized in the Statement of Profit and Loss.

Investments in equity shares of Subsidiaries, Joint Ventures St Associates are recorded at cost and reviewed for impairment at each reporting date

The Company has an irrevocable option of designating certain equity Instruments as FVOCI. Option of designating instruments as FVOCI is done on an instrumcnt-by-instrument basis. The classification made on initial recognition Is irrevocable.

If the Company decides to classify an equity instrument as FVOCI, then all fair value changes on the instrument are recognized in Statement of Other Comprehensive Income (SOCI), Amounts from SOCI are not subsequently transferred to profit and loss, even on sale of Investment.

clVT A A S_ cwvv

b) Derecognition

A financial asset is primarily derecognised when the rights to receive cash Tows from the asset have expired, or the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a pass-through arrangement; and with that a)the Company has transferred substantially all the risks and rewards of the asset, or b| the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

c) Impairment of financial assets

The Company applies the expected credit loss model for recognising allowances for expected credit loss on financial assets measured at amortised cost.

Financial Liabilities Classification

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered Into and the definitions of a financial liability and an equity instrument.

Subsequent Measurement

Loans and borrowings are subsequently measured at Amortised costs using Infective Interest Rate (EIR), except for financial liabilities at fair value through profit or loss. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs Lhat are an integral parL of the ElR. Amortisation is included as a part of Finance Costs in the Statement of Profit and Loss

Financial liabilities recognised at FVTPL, shall be subsequently measured at fair value.

Derecognition

A financial liability is derecognised when the obligation under the liability Is discharged or cancelled or expires.

Offsetting financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an Intention to settle on a net basis or realise the asset and settle the liability simultaneously.

Re-classification of financial instruments

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only If there Is a change In the business model for managing those assets, Changes to the business model are expected to be infrequent The Company''s senior management determines change in the business model as a result of external or internal changes which are significant to the Company''s operations. Such changes are evident to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity that Is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change In business model. The Company does not restaLeany previously recognised gains, tosses (including impairment gains or losses) or interest, The Company has not reclassified any financial asset during the current year or previous year.

m). Earnings per share

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

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

n) . Cash and Cash Equivalents

The Group considers all highly liquid investments, which are readily convertible into known amounts of cash that are subject to an insignificant risk ot change in value to be cash equivalents. Cash and cash equivalents consist of balances with banks which ate unrestricted for withdrawal and usage.

o) . Segment Reporting

Eased on "Management Approach" as defined In Ind AS ina -Operating Segments, the Chief Operating Decision Maker evaluates the Company’s performance and allocates The resources based on an analysis of various performance indicators by business segments. The Company concludes that it ojaerates under Lwo reporting segment viz (a) Trading, Distribution and Development and (b) Wind power genration. The secondary reporting segment is geographical segment based on location of customer vr domestic and overseas,

Unallocable items includes general corporate income and expense Items which are not allocated to any business segment.

Segment Policies

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. Common allocable costs are allocated to each segment on an appropriate basis.

Key estimates and assumptions

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates and assumptions that impact the reported amount of assets, liabilities, income, expenses and disclosure of contingent liabilities as at the date of the financial statements. The estimates and assumptions used In the accompanying financial statements are based upon management''s evaluation of Lhe relevant facts and circumstances as on the date of the financial statements. Actual results may differ from the estimates and assumptions used In preparing the accompanying financial statements. Difference between the actual and estimates are recognised in the period In which they actually materialise or are known. Any revision to accounting estimates is recognised prospectively. Management believes that the estimates used in preparation of Financial Statements are prudent and reasonable,

Note No, 4G

the Company has recognized all the claim receivable* / liabilities with various government authorities towards Custom duty, VAT. Cass, IneGma-tax, SAP. Unutilized CENVAT credit and Insurance claim etc, on accrual basis and sho*n under the head Loans & Advances and Current Liabilities respectively. During the ye««r, the company has made application with the Authorized Dealer |AD) far settlement of Export & Import Outstanding of same party The accounting treatment Of the Sard settlement is already accounted in books of account? on dar* or application to AD.

Note Mo. 4? Capital Management

The Company''s objective for Capital Management I? to maximise shfcfe holder value, sofeguard business continuity and support the growth of the Company, The Company determines the Capital requirements based on annual operating plans and long term and other strategic Investment plans. The funding requirements are met through equity and operating cash flows generated.

Nate No. 4H

The Company has following reportable segments Trading, Distribution St Development and Power Generations. The Company through Its wholly-owned subsidiary, Veritas Polytime Private Limited has initiated a setup or the integrated manufacturing complex at the Dighi Port in the state of Maharashtra, consisting of PVC manufacturing plant. Polymerized Bitumen Plant and Gas Storage Tanks which has been identified as a reportable segment, "Manufacturing", The project has received the status of Ultra Mega Project by the government Of Maharashtra. The Company ha* Initiated thn process of seeking Various approvals required to commence setting up of the plant. The project is presently financed by the Company and would also be suitably financed subsequently thtOUgh appropriate means at appropriate time.

Note No, 49 Figure to the previous period have been regrouped / rearranged, wherever necessary.

As pgr our report of 4ven date attached f. a

For $habhlr and Itlta Associate* UP For and on bnhalf ofltne Board of Directors I

Chartered Accountants _ I II fj [ *-

Firm Rcgd. No.: 109420W „ :> \ I .^J J,| I/~N^ jJ | *

^ {/''_''¦/ Paraft Merchapl^"" Vlvfik Merchant

f^r?$L \*io\ ¹ _T,,m Alls''ll DtreptOJ^" Director

sis'' ^ I ... \e»\\ I''l , | .''77 JI I3wTSog£o37 DIN ; 06389079

‘ MUMBAI p \ ", fJ - \\ TO

Membership No „¦ ujmss ,9V r /*// X, -k JF. \

Place. Momboi ^ --'' RaJ*ftm Shanbhag

Date: 29-01-2024 Chief Financial Officer

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Mar 31, 2023

12.3 Rights, preference; and restrictions attached to Equity shores

The Company lias issued only one etas; of equity shares having j par value of INR 1 each, Each equity shareholder Is entitled to one; vote per sham. The Company declares and pays dividend In Indian Rupees The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting,

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

12.4 Proposed Dividend

The Board of Directors of the Company has proposed dividend at Hi 0.05 prr equity share for the financial year 2022-2023, which Would have been declared In the Annual General meaetlng.

As per Section 135 pf Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on Corporate Social Responsibility (C5R) activities. The areas of CSR activities are donation to Prime Minister National Relief Fund, National Mission for Clean Ganga, Medical / Educational / Charitable purposes / Animal Care, The Funds were primarily Utillied through year on these activities which are specified in schedule Vll of the Companies Act, 2013:

Credit Risk

Credit risk is the risk ol financial loss to lho Company If a customer or counterparty to a fmfmtial Instrument fniMo meet Its contractual obligations, and .irlaui principally from the Company''s f ecelvebles from cuiiumm jnd |cmj pnd advances,

Th* Cpmpany''j exposure tr. credit risk Is Influenced mainly by the individual charaderfstics of each customer and the geography in which It operates, Credit risk Is managed though credit approval*, ostebiishlng credit limits and continuously monitoring the creditworthiness of customers is which the Company (rents credit terms In the normal course of bUkineu.

a] Trade receivables

The Company Individually monitors the aenetinmjd credit limits as ugairm the outstanding balances.

The Company establishes an allowance for impairment that reprints iti estimate of expected losses in respect of trade receivable;. The Company uses a provlnun matrix to compute the expected credit loss for trade receivable*, The Company has develop this main* bat«d on hltlerfeal data ai well 01 foiward looking information peitnlnlnj to assessment ot credit risk. Management nxerclaoi override in few receivables.

An Impairment analysis Is perfermnd at each reporting date on an Individual basis far major clients, In addition a large number of minor receivables urn (rouped into homogenous groups and assessed far Impairment collectively, The calculation Is based on ftHChantf# kmut historical dote, The maximum expoiuie to credit risk at the reporting date is the carrying value of each dess of (inand*! n»!i, Th# Company does not hold collateral as security, The Company evaluates the concentration of risk with rolpttt 1* trade receivables as low, as its customers ere bcaiml In Hverel jurisdiction and Industries and operate lively In I ndependvnt mtrbfltii

b) lash and cash equivalents

C#!h and c#Th equivalents of INR SS.51 Lakhs at March 31,3029 (March 41, 29ZZ : INF! 33.96 lakhs). The cash tmd ea.h iqtMinic w held with bank having rising,

Liquidity Risk

The Liquid risk that the Company will enttiuntar difficulty in meeting the obligation assoclat nd with tip financial tlahilitlei that are Battled by delivering cash or another financial asset. The Company''s approach of rrtnm»r.wg liquidity If to ensure, as fur as passible, that it will have tufftalent liquidity to meet its liabilities •whin limy are due. under both normal and stressed ce.hditid.ni, without incurring unacceptable losses or risklngdArrtai*i to the ComBeny''s reputation.

Note No: 36 Operating Srgrrtmiit huslncss Segments

The Company h?* identified business segments |Industry practical at iti primary segment and geographic svgniuriis as its secondary segment, business segments are primarily Trading, Dnvnlapment o( Software and Distribution St Wind Powor cienaratian etc.

flDVDhuoj nnd*xp*r«i* directly attributable io segments ere tepnrtod under each reportable segment. Expenses which are not directly identifiable to each reporting segment have boor ollnrjiN.fl nn the basis ot associated revam.es of the iogmnnt and manpower efforts, Ail other expenses which rot attributable or ellacible to segments have been disclosed ei unallocable expenses.

Assets and (labilities that ex* directly attributed* or allocable to segments am dlaebrod unrim each reportable sngmont All other assets and lieblliilet arn disclosed as unallocable Fixed assets that are used inia reha neatly among segments art not allocated t* primary aruj secondary segments.

---- • - -.

NoteNo.^2 OTHEftCqUIT^ fhjicription of rciorvan (l)$«surltics premium

The amount received In ewes* of the par value of equity Shinn has boon d.mifa»d n securities premium.

(Ill Retained eamlriits

Ritalned earnings represent the amount of 9{cumulated tarnlngi of the Company.

(iII]Other components of equity

other Components Of eqyity include re measurement ol net defined benefit (lability / asset, equity Instruments fair valued through other comprehensive Income, changes oti faii valuation bf JhVWlminti and changes in fair value of derivative & dnugnntpd a? cash flow hedges, net of lanes.

Note No, 43

In the opinion of the Board and la the hast of their knowledge and belief, (he value on realisation of the current assets, loans & advances, diipmiti, |n the ordinary course of business will not be less than the vahin itntnd in balance Sheet. The liabilities on account of supply of goods ft services are also not main than the valun uf Ihj biliti’ui except liability written off an account flf Shortage / Rate D Ufa re n«/contract performance /Quality Issues btb,

Note No.

s^afi Energy Limited (the ''Acquirorf hii entered Into a Share Purchase Agreement ("SPA”) dated May 20, 502J with the current promoters of the Company by which iho Acquirer lui agreed to acquire 5S 0094 of the equity share capital af the Company, The Acquirer has mode an Open 011mr |n Regulations 3(1) ft 4 of the SEBI |5A$TJ Regulations. Purauaru to the SPA and Open Offer, the Acquirer will hive substantial stake & control over tha Company and ihail become the Promoter of the Company, lubjed to receipt of necessary approvals required In terms of the SEfll (LQDR) Regulation! und condition! prescribed therein, The ubov* iiunMctlen h=ts gone through.

Note No. 46

the Company has receipted all tha claim rewlweblei f liabilities with various government authorities towards Custom duty. VAT, Cm, income-tax, SAD, Unutilized CEnVAT credit end Insurance claim ate. cn accrual bens »nd shown under tho head Loan* ft Advances and Current Liabilities respetiwoly During the year, the company h»! madq application with the Authorized Dealer |AD) for peitlamert of Export 4 Import Oimtandlng of i*me party, Tho accounting treatment af the mid settlgmvht Is already accounted In bocks of accounts or date of a pplitnilun to AD,

Note No. 47 Capital Management

Thf Company''s objective for Caplmf Management H to maximise share holder value, itfeguurd business continuity and support the growth of the Company The CDmpnnv ijiloinirnv. In, Cunltjl nqulrinirt* Ul.d art IfMUtl apimtlni plans inii lonri MWtlftdeihir t>n>|lc Invwimnt mini. TM und(h| niqul.u, ™ *T, ml

though equity arid Operating enih flows generated.

Note No 4B

The Company h«following reportable iegm«nU Trading, Dlstrltjutlori ft Develupment and Power 4en*retlons. Tho Company through Hi wholly-owned subsidiary, vqiitiif Polytlme Privets Limited has Initiated a lot up of the integrated manufacturing campion at thy fright Port In the state of Maharashtra, consisting of PVt manufacturing plant. Polymerized Bitumen Plant and Gas Storage Tanks which has been Identified ai a reportable segment, "Manufacturing" The project hey received the status of Ultra Meg* Projoct by the government of Mahamlitn. The Company b« Initiated tho process of eeeklhg verbus approvals required to commence setting up of the plant. The projeet Is presently financed by th* Company and would also be suitably financed subsequently through appropriate means at appropriate time.

Note No. 49 Figure to the previous period have been regrouped / rearranged, wherever necessary.

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Mar 31, 2018

1 Corporate Information

Veritas (India} limited (“The Company”) is a Listed Public entity incorporated in India. The*company is in the business of international Trade & Distribution of Polymers, Paper & Paper Boards, Rubber, Heavy Distillates, Chemicals, Development of Software, Manufacture of Ceramic products, etc, The Company is also engaged in generation of Wind Energy.

2.1 Rights, preferences and restrictions attached to Equity shares

“The Company has Issued only one class of equity shares having a par value of INR 1 each. Each equity shareholder is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

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

2.2 Proposed Dividend .

The Board of Directors of the Company has proposed dividend at X 0.05 per equity share for the financial year 2017-2018, which would have been declared in the Annua! General meeeting.

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Mar 31, 2015

1. Related Party Disclosures:

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below: a) Related Parties:

(i) Subsidiary Company

- Veritas Global PTE Limited

- Hazel International FZE

- Veritas International FZE

- Kudrat Farming Private Limited

- Dhami Farming Private Limited

- Veritas Agro Venture Private Limited

- GV Investment Finance Company limited. (ii) Associates: NiL

(iii) Key Managerial Personnel (KMP)

- Nttin Kumar Didwanta - Director

- Saurabh Sanghvi - Whole time Director

- Rajaram Shanbhag- Chief Financial Officer

- Mukesh Tank- Company Secretary

(iv} Enterprise over which Key Managerial Personnel are able to exercise significant influence

- Veritas investment Limited

- Diva Trade Impex private Limited

- Sears Real estate Private Limited

- Clairvoyant Trade impex Private Limited

- Veritas Housing Development Private Limited

- Haze! Logistic Private Limited

- Hazel Mercantile Limited

- Sanman Trade impel private Limited

Dubai, Profit arises on disposal of the same i.e. difference between Sale Price and Investment, for 866,660,500/- is shown under the head "Other Income".

2. During the year, the Company have acquired 100% shareholding in M/s. "Dharni Farming Private Limited" as a Wholly Owned Subsidiary Company. Further M/s. "Veritas Agro Venture Private Limited", Step-down Subsidiary of the Company has been merged with M/s. "Vidhata Farming Private Limited", another Step-down Subsidiary and the name of the M/s. "Vichada Farming Private Limited" has been changed to M/s. "VERITAS Agro Ventures Private Limited".

3. The company does not have any dues payable to any micro small and medium enterprises as at the year end. The identification of the micro, smali & medium enterprises is based on management's knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006.

4. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

5. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, bans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet. The liabilities on account of supply of goods & services are also not more than the value of liabilities except liability written off on account of Shortage / Rate Difference / contract performance /Quality Issues etc. 38, Leases:

a) The Company has taken commercial spaces on an operating lease basis. The lease rentals are payable by the Company on a monthly / quarterly basis.

b) Future minimum lease rentals payable as at 31a March, 2015 as per the lease agreements:

6. The Company has recognized all the claim receivables / liabilities with various government authorities towards Custom duty, VAT, Cess, Income-tax, SAD, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and shown under the head Loans & Advances and Current Liabilities respectively.

7. Previous year comparatives:

Previous years' figures have been regrouped, reclassified wherever necessary to correspondence with the current year's classification / disclosures,

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Mar 31, 2014

1. Corporate Information:

The Company is in the business of International Trade & Distribution of Chemicals - Petrochemicals / Polymers / Paper & Paper Boards / Rubber / Heavy Distillates etc.,. The Company is also engaged in generation of wind energy.

2 Primary Security

Equitable mortgage of property being the land at Survey no.21, Rameshwar Wadi Village, Khatav Taluk, Satara district in the state of Maharashtra and hypothecation of 2 nos. 600 kw Wind Electric Generator consisting each of tower, 1 set of blades, nacelle, control panei, transformer and internal cables.

2.1 Collateral

Personal guarantee of the Promoter Director Mr. Nitin Kumar Didwania.

2.2 The above term loan exclude Rs.100.79 Lacs (P.Y. Rs.100.79 Lacs) falling due for payment within one year, which is shown as Other Current Liabilities. Term Loan for Windmill is repayable in 28 Quarterly Installments starting from june 2010. The rate of interest for oustanding loan is base rate plus 2%.

2.3 Secured Loan includes Rs.14.01 Lacs (P.Y. Rs.19.96 Lacs) loan against hypothecation of Car. The Amount is payable in 60 monthly instalments from the date of purchase. The rate of interest for the outstanding vehicle loan is 11%.

(i)Includes Advance given against equity subscription Rs.Nil (P.Y. Rs. 2,229.26 Lacs)

3. Contingent liabilities and Commitments:

Contingent Liabilities:

(Figures in Lacs)

For the year ended For the year ended Particulars : 31st March, 2014 31st March, 2013

Stand by letter of Credit 10,517.50 9,382.28

Income Tax demand pending Appeal 2755.43 NIL

Total 13,272.93 9,382.28

4. Segment Information:

i) Business Segment:

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading and Distribution & Wind Power Generation etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reporting segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

5. Related Party Disclosures:

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below: a) Related Parties:

(i) Subsidiaries:

- Veritas Global PTE Limited

- Veritas FZE

- Veritas International FZE

- Kudrat Farming Private Limited

- Vidhata Farming Private Limited

- Veritas Agro Venture Private Limited

(ii) Associates: NIL

(iii) Key Managerial Personnel (KMP)

- Nitin Kumar Didwania - Director

- Saurabh Sanghvi - Whole time Director

(iv) Enterprise over which Key Managerial Personnel are able to exercise significant influence

- Veritas Investment Limited

- Diva Trade Impex private Limited

- Sears Real estate Private Limited

- Clairvoyant Trade Impex Private Limited

b) Transactions with related parties and the status of outstanding balances as at March 31,2014:

During the year one of wholly owned Subsidiary of the Company has refunded advance against equity & the difference due to foreign exchange rate fluctuation has been credited to Capital Reserve Account.

6. The Company has recognized all the claim receivables / liabilities with various government authorities towards Custom duty, VAT, Cess, Income-tax, SAD, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and shown under the head Loans & Advances and current Liabilities respectively.

7. Leases

a) The Company has taken commercial spaces on an operating lease basis. The lease rentals are payable by the Company on a monthly / quarterly basis.

b) Future minimum lease rentals payable as at 31st March, 2014 as per the lease agreements:

8. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

9. The company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management''s knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006.

10. During the year, the Company has acquired 100% shares in "Kudrat Farming Pvt Ltd" consequently M/s "Vidhata Farming Pvt Ltd" 100% subsidiary of "Kudrat Farming Pvt Ltd"and M/s "Veritas Agro Venture Private Limited" 100% subsidiary of "Vidhata Farming Pvt Ltd" has become subsidiaries of the Company.

11. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of thecurrent assets, loans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet. The liabilities on account of supply of goods & services are also not more than the value of liabilities except liability written off on account of Shortage / Rate Difference / contract performance /Quality Issues etc."

12. The Ministry of Corporate Affairs, Government of India, vide General Circular No.2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular.

The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

13. Previous year comparatives:

Previous years'' figures have been regrouped, reclassified wherever necessary to correspondence with the current year''s classification / disclosures.

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Mar 31, 2013

1. Corporate Information:

The Company is in the business of International Trade & Distribution of Chemicals - Petrochemicals / Polymers / Paper & Paper Boards / Rubber/ Heavy Distillates. The Company is also engaged in generation of wind energy.

2. Segment Information: i) Business Segment:

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading and Distribution & Wind Power Generation etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment. Expenses which are not directly identifiable to each reporting segment have been allocated on the" basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallowable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallowable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments.

3. Related Party Disclosures ;

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

a) Related Parties:

(i) Subsidiary Company

Veritas Global PTE Limited .

Veritas FZE

Veritas International FZE

(ii) Associates : NIL .

(iii) Key Managerial Personnel (KMP) ''

Nitin Kumar - Director

Saurabh Sanghvi - Whole time Director

(iv) Enterprise over which Key Managerial Personnel are able to exercise significant influence

* Veritas Investment Limited

- Diva Trade Impex private Limited .

4. The Company has recognized all the claim receivables / liabilities with various government authorities towards Custom duty, VAT, Cess, Income-tax, SAD, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and shown under the head Loans & Advances and Current Liabilities respectively.

5. Leases

a) The Company has taken commercial spaces on an operating lease basis. The lease rentals are payable by the Company on a monthly / quarterly basis.

b) Future minimum lease rentals payable as at 31st March, 2013 as per the lease agreements:

6. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

7. The company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management''s knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under

8. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, loans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet. The liabilities on account of supply of goods & services are also not more than the value of liabilities except liability written off on account of Shortage / Rate Difference / contract performance /Quality Issues etc.

9. The Ministry of Corporate Affairs, Government of India, vide General Circular No,2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular.

The Company has satisfied the conditions stipulated in the circular,and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

10. Previous year comparatives:

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous years'' figures have been regrouped, reclassified wherever necessary to correspondence with the current year''s classification / disclosures.

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Mar 31, 2012

1. Corporate information:

The Company is in the business of Imports, Trading and Distribution of Chemicals, Metals and Machinery. The Company is also engaged in generation of wind energy in the state of Maharashtra and Tamil Nadu.

2. Retirement benefit plans:

a) Defined contribution plans

The Company makes Provident Fund contributions to defined contribution retirement benefit plans for qualifying employees. Under the schemes, the Company is required to contribute on monthly basts a specified percentage of the payroll costs to fund the benefits. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes. '

b) Defined benefit plans

The Company makes annual contributions to the Employees' Group Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of India, a funded defined benefit plan for qualifying employees. The scheme provides for iump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount.

The present value of the defined benefit obligation and the related current service cost were measured using the Projected Unit Credit Method, with actuarial valuations being carried out at each balance sheet date.

Disclosure as required by Accounting Standard 15 (Revised) on Employee Benefits:' In respect of gratuity, a defined benefit scheme (based on actuarial valuation) are given below:-

3. Segment Information:

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading and Distribution & Wind Power Generation etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment.

Expenses which are not directly identifiable to each reporting segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary ~

4. Related Party Disclosures :

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are giver, below:

a) Related Parties:

(i) Subsidiary Company

- Veritas Globai PTE Limited

- Veritas FZE

(ii) Key Managerial Personnel (KMP)

- Nitin Kumar-Director

- Saurabh Sanghvi - Whole Time Director

(iii) Enterprise over which Key Managerial Personnel are able to exercise significant influence

- Veritas Investments Limited

- Arbitrium Fincap Private Limited

5- Earnings per Equity Share /EPS);

The Company -reports basic anti diluted Earnings Per share (EPS) in accordance with Accounting Standard 20 on Earnings Per Share. Basic EPS is computed by the net profit or loss for the year by the weighted average no of equity shares outstanding during the year.

6. There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Industrial undertakings Act, 1993.

7. The Company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management's knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006. Hence, disclosures, if any, relating to amounts unpaid as at the year end, together with interest paid / payable as required under the said act have not been given.

8. Remittance in Foreign Currencies for Dividends:

The Company has remitted Rs. Nil (March 31, 2011: Rs, Nil) in foreign currencies on account of dividends during the year. The particulars of dividends declared and paid to non-resident shareholders for the year 2010-11 are as under:

9. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, loans & advances, deposits, in the ordinary course of business will not be less than the value stated in Balance Sheet.

10. Balances in respect of some of the debtors, creditors, advances and deposits are subject to confirmation.

11. The Ministry of Corporate Affairs, Government of India, vide General Circular No.2 and 3 dated 8th February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated tn the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

12. Previous year comparatives:

These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956. Previous years' figures have been recast / restated.

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Mar 31, 2011

(a) Description of Business:

The Company is in the business of Imports, Trading and Distribution of Chemicals, Metals and Machinery. The Company is also engaged in generation of wind energy in the State of Maharashtra and Tamil Nadu.

(b) Contingent liabilities:

Contingent liabilities in respect of outstanding corporate guarantees given to bank on behalf of subsidiaries are as under:

(Figures in Rs.)

Particulars For the year ended For the year ended March 31,2011 March 31, 2010

Guarantees given to banks on behalf 558,125,000 Nil of the Subsidiary Company

Total 558,125,000 Nil

(c) In the opinion of the Board and to the best of their knowledge and belief, the value on realization of the current assets, loans & advances, deposits, in the ordinary- course of business will not be less than the value stated in Balance Sheet.

(d) Balances in respect of some of the debtors, creditors, advances and deposits are subject to confirmation.

(f) There are no specific claims from suppliers under interest on delayed payments covered under Small Scale & Ancillary Act, 1993.

(g) The company does not have any dues payable to any micro, small and medium enterprises as at the year end. The identification of the micro, small & medium enterprises is based on management's knowledge of their status. The Company has not received any intimation from the suppliers regarding their status under the MSMED Act 2006. Hence, disclosures, if any, relating to amounts unpaid as at the year end, together with interest paid / payable as required under the said act have not been given.

(o) Related Party Disclosures :

As per Accounting Standard 18, the disclosures of transactions with the related parties as defined in the Accounting Standard are given below:

1. Related Parties:

(i) Subsidiary Company

- Veritas Global PTE Limited

- Veritas FZE

(ii) Associates: NIL

(iii) Key Managerial Personnel

- Nitin Kumar Didwania - Director

- Girish Zaveri - CFO

(q) Earnings Per Share (EPS) as per Accounting Standard 20:

The Company reports basic and diluted Earnings Per Share (EPS) in accordance with Accounting Standard 20 on Earnings Per Share. Basic EPS is computed by the net profit or loss for the year by the weighted average no of equity shares outstanding during the year.

(r) The Ministry of Corporate Affairs, Government of India, vide General Circular No 2 and 3 dated 8 February 2011 and 21st February 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfillment of conditions stipulated in the circular. The Company has satisfied the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated Financial Statements.

{s) Previous year comparatives:

Previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in relation to the amounts and other disclosures relating to the current year.

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Mar 31, 2010

1. DESCRIPTION OF BUSINESS

The Company is in the business of Imports, Trading and Distribution of Chemicals, Metals and Machinery. The Company is also engaged in generation of wind energy in the State of Maharashtra and Tamil Nadu.

2. CONTINGENT LIABILITIES

There are no liabilities of contingent nature and hence not disclosed.

3. Sundry Debtors, Sundry Creditors and Loans and Advances are subject to reconciliation with the respective parties. Necessary adjustments in accounts shall be made in the year in which discrepancy if any may be noticed.

4. Sundry Loans and Advances and other Assets are in the opinion of the management stated at the amount realizable in the ordinary course of the business and provisions for all known and determined liabilities are adequate and not in excess of amount reasonably required.

5. Previous Year figures have been regrouped or reclassified wherever necessary.

6. Term Loan availed from Punjab National Bank for Wind Mill Power Projects is secured by way of creation of first charge on it and car loan availed from Kotak Mahindra Prime Limited Mumbai.

7. During the year sundry balances written off consists of items of discounts & differences which are irrecoverable /not payable in the opinion of management.

8. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (P.Y. Rs. 22.13 Million).

9. Other information required by the schedule VI to the Companies Act 1956 has been given only to the extent applicable.

10. Accounting standard - 17 on segment reporting is applicable to the company, as it is engaged in Trading & Distribution business and Wind Power Generation activity

11. A statement pursuant to Section 212 of the Companies Act, 1956 related to the subsidiary Company is annexed. The audited statements of accounts, along with the report of the Board of Directors relating to the Companys subsidiary and the Auditors report thereon for the year ended 31st March, 2010 are annexed.