s) Provisions, Contingent liabilities, Contingent assets and Commitments:

Provisions are recognised 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. The
expense relating to a provision is presented in the statement of profit and loss.

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

Contingent liability is disclosed in the case of:

• A present obligation arising from past events, when it is not probable that an
outflow of resources will be required to settle the obligation;

• A present obligation arising from past events, when no reliable estimate is
possible;

• A present obligation arising from past events, unless the probability of
outflow of resources is remote.

Commitments include the amount of purchase order (net of advances) issued to
parties for completion of assets.

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

t) Employee Benefits

Retirement benefit in the form of provident fund, pension fund and
superannuation fund are defined contribution schemes. The Company has no
obligation, other than the contribution payable to such schemes. The Company
recognises contribution payable to such schemes as an expense, when an
employee renders the related service. If the contribution payable to the schemes
for service received before the balance sheet date exceeds the contribution
already paid, the deficit payable to the schemes is recognised 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 excess is recognised as an asset to the extent that the pre-payment
will lead to, for example, a reduction in future payment or a cash refund.

The Company operates a defined benefit gratuity plan, which requires
contributions to be made to a separately administered fund. The cost of
providing benefits under the defined benefit plan is determined using the
projected unit credit method. Liability for gratuity as at the year-end is
provided on the basis of actuarial valuation.

Remeasurements, comprising of actuarial gains and losses and the return on
plan 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. Remeasurements are not reclassified to profit or loss in
subsequent periods.

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:

• Service costs comprising current service costs; and

• Net interest expense or income

Accumulated leave, which is expected to be utilised within the 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.

u) Financial instruments

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

i. Financial assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of
financial assets not recorded at fair value through profit or loss, transaction
costs that are attributable to the acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in
four categories:

• Financial assets at amortised cost.

• Financial assets at fair value.

When assets are measured at fair value, gains and losses are either recognised
entirely in the statement of profit and loss (i.e. fair value through profit or loss),
or recognised in other comprehensive income (i.e. fair value through other
comprehensive income).

A financial asset that meets the following two conditions is measured at
amortised cost (net of any write down for impairment) unless the asset is
designated at fair value through profit and loss under fair value option.

• Business model test: The objective of the Company’s business model is to
hold the financial asset to collect the contractual cash flows (rather than to
sell the instrument prior to its contractual maturity to realize its fair value
changes).

• Cash flow characteristics test: The contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

A financial asset that meets the following two conditions is measured at fair
value through other comprehensive income unless the asset is designated at
fair value through profit and loss under fair value option.

• Business model test: The financial asset is held within a business model
whose objective is achieved by both collected contractual cash flows and selling
financial instruments.

• Cash flow characteristics test: The contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

Derecognition

When 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; it
evaluates if and to what extent it has retained the risks and rewards of
ownership.

A financial asset (or, where applicable, a part of a financial asset or part of a
Company of similar Financial assets) is primarily derecognised when:

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

• Based on above evaluation, either (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.

When it has neither transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the Company
continues to recognise the transferred asset to the extent of the Company’s
continuing involvement. In that case, the Company also recognises an
associated liability. The transferred asset and the associated liability are
measured on a basis that reflects the rights and obligations that the Company
has retained.

Continuing involvement that takes the form of a guarantee over the transferred
asset is measured at the lower of the original carrying amount of the asset and
the maximum amount of consideration that the Company could be required to
repay.

Impairment of financial assets

In accordance with Ind AS 109, the Company applies expected credit loss (ECL)
model for measurement and recognition of impairment loss on the following
financial assets and credit risk exposure:

a) Trade receivables that result from transactions those are within the scope of
Ind AS 18.

The application of simplified approach does not require the Company to track
changes in credit risk. Rather, it recognises impairment loss allowance based
on lifetime ECLs at each reporting date, right from its initial recognition.

(F