Artemis Electricals and Projects Ltd. இன் கணக்கு குறிப்புகள்

(n) Provisions, contingent liabilities and contingent assets

i) Provisions are recognised when the Company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for future operating losses. Provisions are
measured at the present value of management''s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period.

Provisions (excluding retirement benefits) are discounted using pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. The increase in the provision
due to the passage of time is recognised as interest expense.

ii) 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. The Company does not recognize a contingent liability but discloses its existence in the financial
statements.

iii) Contingent assets are not recognized, but disclosed in the financial statements where an inflow of economic
benefit is probable.

(o) Warranties

Provisions for service warranties and returns are recognised when the Company has a present or constructive
obligation as a result of past events, it is probable that an outflow of resources will be required to settle the
obligation and the amount can be reliably measured.

(p) Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs that the Company incurs in connection with the
borrowing of funds and interest relating to other financial liabilities. Borrowing costs also include exchange
differences to the extent regarded as an adjustment to the borrowing costs.

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 asset. All
other borrowing costs are expensed in the period in which they occur.

(q) Leases

The Company has adopted Ind AS 116-Leases effective 1 April 2019, using the modified retrospective method. The
Company has applied the standard to its leases with the cumulative impact recognised on the date of initial
application ( 1 April 2019). Accordingly, previous period information has not been restated.

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

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease
and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognises a right-of-use asset ("ROU") and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve
months or less (short term leases) and leases of low value assets. For these short term and leases of low value
assets, the Company recognises the lease payments as an operating expense on a straight line basis over the term of
the lease.

3 A Significant accounting judgements, estimates and assumptions

The preparation of the Company''s financial statements in conformity with Ind AS requires management to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and
judgements are continuously evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable. Uncertainty about these assumptions and
estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. Revisions to accounting estimates are recognised in the period in which the
estimate is revised.

a) Fair value measurement of financial instruments

When the fair values 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 appropriate valuation techniques.
The inputs to these models are taken from observable markets where possible, but where this is not feasible, a
degree of judgement is required in establishing fair values. Judgements 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.

b) Taxes

The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to
scrutiny based on latest information available. For matters where it is probable that an adjustment will be made,
the Company records its best estimates of the tax liability in the current tax provision. The Management believes
that they have adequately provided for the probable outcome of these matters.

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.

c) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key
actuarial assumptions include discount rate, trends in salary escalation and attrition rate. The discount rate is
determined by reference to market yields at the end of the reporting period on government securities.

Notes:¬
* Mortgaged against the term loan and cash credit facility availed from the bank (Refer note 16 and 18).

# The Company held 11,600 shares of Mature Trading and investments Private Limited to acquire the right to occupy and use the office premises situated at 201-A, A Wing, 2nd Floor, Fortune - 2000,
Bandra Kurla Comples, Mumbai.

Note 4.1 - The Company has entered into a contract to supply and commission a Lithium-ion battery plant at its factory situated at Artemis Complex, Gala no. 105 & 108, National Express Highway,
Vasai (East), Thane - 401 208 with its related party "Electroforce (India) Private Limited ("EIPL")". Approval for such transaction has already been obtained from the shareholders of the Company in its
annual general meeting held on 24 September 2021. The company has already made some adhoc amount against the contract value to EIPL as on 31 March 2026 which is reflecting in Capital work in
progress.

The management envisages commissioning of the lithium-ion plant by March 2027.

Note - 36 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include trade and
other receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its
operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the
management of these risks. The Company''s senior management ensures that the Company''s financial risk activities are
governed by appropriate policies and procedures and that financial risks are identified, measured and managed in
accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing
each of these risks.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

i- Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market
factors. Financial instruments affected by market risk include borrowings, fixed deposits and refundable deposits.

a Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company is not exposed to the risk of changes in market interest rates as the funds borrowed
by the Company is at fixed ineterest rate.

b Foreign currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant
exposure in foreign currency.

ii- Credit risk

Credit risk is the risk that counterparty will not meet its obligations 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 security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as financial
conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings for
extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment track record
of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The Company
considers 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.

The Company uses provision matrix whereby trade receivables are considered doubtful based on past trends where such
receivables are outstandings for more than one year other than related parties.

b) Financial Instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, other
receivables and deposits, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum
exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The
Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers,
management does not expect any counterparty to fail in meeting its obligations.

iii. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company
monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its
financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from
operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The
objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The
Company''s objective is to maintain a balance between continuity of funding and borrowings. The Company manages
liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual
cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of
financial obligations.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital
management is to maximise the shareholders'' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by
total capital plus net debt.

Note - 39 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments 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 value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities,
approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as
interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for
the expected losses of these receivables.

b) Fair value hierarchy

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

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

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

Note - 41 Segment information

Disclosure under Ind AS 108 - ''Operating Segments'' could not be provided as sufficient information relating to the same was not
available with the management. Further the Company conducts its business in only one Geographical Segment, viz., India.
Information about Major Customers

Revenue from four customer amounted to ? 7,092.54 Lakhs (March 31st, 2025: four customer ? 7,096.55 Lakhs), arising from
Construction segment. No other customer contributed to more than 10% of revenues.

44 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

i Details of Crypto Currency or Virtual Currency: The Company has not traded or invested in crypto currency or

ii Details of Benami Property held: No proceedings have been initiated or are pending against the Company for holding any benami
property under the Prohibition of Benami Property Transactions Act, 1988 and the rules made thereunder.

iii Registration of Charges or Satisfaction with Registrar of Companies: Not applicable, as the Company has no borrowings requiring
creation, modification or satisfaction of charge during the year.

iv Relating to borrowed funds:

a) Wilful Defaulter: The Company has not been declared a wilful defaulter by any bank or financial institution or other lender.

b) Utilisation of borrowed funds & share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other source or
kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries), with the understanding, whether
recorded in writing or otherwise, that the intermediary shall 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 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 parties), with the
understanding, whether recorded in writing or otherwise, that the Company shall 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 provide any
guarantee, security or the like on behalf of the ultimate beneficiaries.

c) Borrowings Secured against Current Assets: Not applicable, as the Company does not have any borrowings from banks or
financial institutions secured on the basis of current assets at any point during the year.

d) Discrepancy in utilisation of borrowings

e) Current maturity of long term borrowings

iv Title deeds of Immovable Property: The title deeds of all immovable properties (other than properties where the Company is the
lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.

v Property, Plant and Equipment and Intangible Assets Revalued: The Company has not revalued its Property, Plant and Equipment
(including right-of-use assets) or Intangible assets during the year. Tangible and intangible assets are carried at historical cost less
accumulated depreciation/amortisation, as stated in Accounting Policies.

vi Intangible Assets under Development Ageing Schedule : Not applicable, as the Company does not have any intangible assets under
development.

vii Compliance with Number of Layers of Companies: The Company has complied with the provisions of Section 2(87) of the
Companies Act, 2013 read with the Companies (Restriction on Number of Layers) Rules, 2017, and the applicable provisions are
duly complied with..

viii Compliance with Approved Scheme(s) of Arrangements: No scheme of arrangement has been approved by the Competent Authority
in terms of Sections 230 to 237 of the Companies Act, 2013 during the year.

ix Undisclosed Income: There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income-tax Act, 1961, that has not been recorded in the books of account.

Note - 45 Particulars of Loans, Guarantees or Investments covered under Section 186(4) of the Companies Act, 2013

There are no loans granted, guarantees given and investments made by the Company under Section 186 of the Companies Act,
2013 read with rules framed thereunder except as stated under note 5 and 8 to the financial statement.

Note - 46

The manufacturing activities at the factory premises were closed / negligible. However the Management represented that the
manufacturing activities have commenced at very minimal / negligible level as the management is focusing more on projects and
project related works.

Note - 47

Pursuant to the notification issued by the Ministry of Corporate Affairs (MCA), effective April 1, 2023, it is mandatory for every
company maintaining its books of accounts using accounting software to ensure that the software includes an audit trail (edit log)
feature. This feature must record each and every transaction, log all changes made (including the date of such changes), and must
not allow the audit trail functionality to be disabled.

The Company is in compliance with the aforementioned requirement and currently uses Tally Edit Log, an accounting software
solution that fully supports audit trail functionalities. This software automatically records an edit log for every transaction, including
modifications, along with timestamps. Furthermore, the audit trail feature in Tally Edit Log cannot be disabled, ensuring the
integrity and traceability of the accounting data.

In addition to the use of compliant software, and to mitigate risks associated with unauthorized direct changes at the database
level, the Company has established and implemented appropriate alternate mitigating controls. These controls are designed to
detect, prevent, and address any potential deviations from standard accounting practices, thereby ensuring comprehensive
compliance with the MCA guidelines.

Note - 48

Debit and Credit balances are subject to confirmation and reconciliation if any.

Note - 49

Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.

(n) Provisions, contingent liabilities and contingent assets

i) Provisions are recognised when the Company has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for future operating losses. Provisions are
measured at the present value of management''s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period.

Provisions (excluding retirement benefits) are discounted using pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. The increase in the provision
due to the passage of time is recognised as interest expense.

ii) 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. The Company does not recognize a contingent liability but discloses its existence in the financial
statements.

iii) Contingent assets are not recognized, but disclosed in the financial statements where an inflow of economic
benefit is probable.

(o) Warranties

Provisions for service warranties and returns are recognised when the Company has a present or constructive
obligation as a result of past events, it is probable that an outflow of resources will be required to settle the
obligation and the amount can be reliably measured.

(p) Borrowing Costs

Borrowing costs consist of interest, ancillary and other costs that the Company incurs in connection with the
borrowing of funds and interest relating to other financial liabilities. Borrowing costs also include exchange
differences to the extent regarded as an adjustment to the borrowing costs.

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 asset. All
other borrowing costs are expensed in the period in which they occur.

(q) Leases

The Company has adopted Ind AS 116-Leases effective 1 April 2019, using the modified retrospective method. The
Company has applied the standard to its leases with the cumulative impact recognised on the date of initial
application ( 1 April 2019). Accordingly, previous period information has not been restated.

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

(i) the contract involves the use of an identified asset

(ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease
and

(iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognises a right-of-use asset ("ROU") and a
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve
months or less (short term leases) and leases of low value assets. For these short term and leases of low value
assets, the Company recognises the lease payments as an operating expense on a straight line basis over the term of
the lease.

3 A Significant accounting judgements, estimates and assumptions

The preparation of the Company''s financial statements in conformity with Ind AS requires management to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and
liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and
judgements are continuously evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable. Uncertainty about these assumptions and
estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods. Revisions to accounting estimates are recognised in the period in which the
estimate is revised.

a) Fair value measurement of financial instruments

When the fair values 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 appropriate valuation techniques.
The inputs to these models are taken from observable markets where possible, but where this is not feasible, a
degree of judgement is required in establishing fair values. Judgements 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.

b) Taxes

The Company periodically assesses its liabilities and contingencies related to income taxes for all years open to
scrutiny based on latest information available. For matters where it is probable that an adjustment will be made,
the Company records its best estimates of the tax liability in the current tax provision. The Management believes
that they have adequately provided for the probable outcome of these matters.

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.

c) Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial assumptions. Key
actuarial assumptions include discount rate, trends in salary escalation and attrition rate. The discount rate is
determined by reference to market yields at the end of the reporting period on government securities.

Note - 36 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include trade and
other receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its
operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the
management of these risks. The Company''s senior management ensures that the Company''s financial risk activities are
governed by appropriate policies and procedures and that financial risks are identified, measured and managed in
accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing
each of these risks.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

^i. Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future
cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market
factors. Financial instruments affected by market risk include borrowings, fixed deposits and refundable deposits.

^a Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company is not exposed to the risk of changes in market interest rates as the funds borrowed
by the Company is at fixed ineterest rate.

b Foreign currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant
exposure in foreign currency.

ii- Credit risk

Credit risk is the risk that counterparty will not meet its obligations 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 security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as financial
conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings for
extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment track record
of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The Company
considers 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.

The Company uses provision matrix whereby trade receivables are considered doubtful based on past trends where such
receivables are outstandings for more than one year other than related parties.

b) Financial Instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, other
receivables and deposits, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum
exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The
Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers,
management does not expect any counterparty to fail in meeting its obligations.

iii. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company
monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its
financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from
operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The
objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The
Company''s objective is to maintain a balance between continuity of funding and borrowings. The Company manages
liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual
cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of
financial obligations.

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual undiscounted
payments:

44 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

i Crypto Currency or Virtual Currency
iv Relating to borrowed funds:

a) Wilful defaulter

b) Utilisation of borrowed funds & share premium

c) Discrepancy in utilisation of borrowings

Note - 45 Particulars of Loans, Guarantees or Investments covered under Section 186(4) of the Companies Act, 2013

There are no loans granted, guarantees given and investments made by the Company under Section 186 of the Companies Act,
2013 read with rules framed thereunder except as stated under note 5 to the financial statement.

Note - 46

The manufacturing activities at the factory premises were closed / negligible. However the Management represented that the
manufacturing activities have commenced at very minimal / negligible level as the management is focusing more on projects and
project related works.

Note - 47

Pursuant to the notification issued by the Ministry of Corporate Affairs (MCA), effective April 1, 2023, it is mandatory for every
company maintaining its books of accounts using accounting software to ensure that the software includes an audit trail (edit log)
feature. This feature must record each and every transaction, log all changes made (including the date of such changes), and must
not allow the audit trail functionality to be disabled.

The Company is in compliance with the aforementioned requirement and currently uses Tally Edit Log, an accounting software
solution that fully supports audit trail functionalities. This software automatically records an edit log for every transaction, including
modifications, along with timestamps. Furthermore, the audit trail feature in Tally Edit Log cannot be disabled, ensuring the
integrity and traceability of the accounting data.

In addition to the use of compliant software, and to mitigate risks associated with unauthorized direct changes at the database
level, the Company has established and implemented appropriate alternate mitigating controls. These controls are designed to
detect, prevent, and address any potential deviations from standard accounting practices, thereby ensuring comprehensive
compliance with the MCA guidelines.

Note - 48

Debit and Credit balances are subject to confirmation and reconciliation if any.

Note - 49

Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.

As per our report of even date

For Agarwal Tibrewal & Co For and on behalf of the Board

Chartered Accountants
Registration No. 328977E

Amit Agarwal Shivkumar Chhangur Singh Saideep Shantaram Bagale

p_artner Whole time Director & Chief Financial

^Partner _{Officer Director}

M. No. 303411 DIN - 07203370 DIN - 07196456

Sonal Jain

Place: Mumbai Company Secretary

Date: 28/05/2025

Trade receivables

The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risks on an ongoing basis throughout each reporting period. The average credit period allowed to the customers is in the range of 120-180 days.

* The members of the Company, at their Annual General Meeting held on September 30th, 2022, approved the sub-division of equity shares of the Company from existing face value of ? 10 each to face value of ? 1 each (i.e. split of 1 equity share of ? 10 each into 10 equity shares of ? 1 each). Thus, Authorised Share Capital of the Company shall be Rs. 26,00,00,000 (Rupees Twenty Six only) divided into 26,00,00,000 (Twenty Six Crore) Equity Shares of ? 1 (Rupees one Only). Further comparative corresponding outstanding number has been adjusted to give the effect of sub-division of equity shares.

(ii) Terms/rights attached to equity shares:

The Company has a single class of equity shares. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Company has neither issued any shares for consideration other than cash including bonus shares nor has there been any buy back of shares apart from the above stated issue of bonus shares during the period of five years immediately preceding 31 March 2024.

Details of terms of repayment for the borrowings and security provided in respect of the secured borrowings:

a) Term Loan from Federal Bank Limited

On 19th December, 2017, the Company was sanctioned term loans of'' 7.40 Crores by The Federal Bank Limited. This loan is secured by equitable mortgage of office premises No. 201, bearing Plot No. C-3, C.T.A. No. 4207 on Second Floor in A Wing of Building Fortune 2000, G Block, situated at Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 admeasuring super built up area 3305 Sq. Ft. along with one basement parking and three open parking puchased in the name of M/s. Artemis Electricals Limited. The loans are repayable in 120 equal monthly instalments commencing from January, 2018 along with interest of 8.80% per annum. The Company used EIR @ 9.12% for the purpose of discounting of financial instruments.

The employees'' gratuity fund scheme (unfunded) is a defined benefit plan. During the year the Company has made provision of gratuity of'' 1.06 lakhs. The Company has done acturial valuation of the same and disclosure as required by the Ind AS 19 - ''Employee Benefits'' has been given in Note - 33.

The provision for warranty claims represents the estimated future outflow of economic benefits that will be required to settle the Company''s obligations for warranties. This has been made mainly on the basis of historical warranty trends.

The Company has communicated to the suppliers related to categorisation of MSME parties, on the basis of the information available with the Company. The Company has classify outstanding dues of Micro and small enterprise and outstanding dues of creditors other than Micro and Small Enterprises. Further the Company has not provided the interest on the same as reconciliation and settlement was pending with the parties.

Note - 36 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include trade and other receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management ensures that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

^i. Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial instruments affected by market risk include borrowings, fixed deposits and refundable deposits.

a Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to the risk of changes in market interest rates as the funds borrowed by the Company is at fixed ineterest rate.

b Foreign currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant exposure in foreign currency.

ii- Credit risk

Credit risk is the risk that counterparty will not meet its obligations 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 security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as financial conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings for extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment track record of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The Company considers 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.

The Company uses provision matrix whereby trade receivables are considered doubtful based on past trends where such receivables are outstandings for more than one year other than related parties.

b) Financial Instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, other receivables and deposits, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

iii. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company''s objective is to maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations.

The table below summarises the maturity profile of the Company''s financial liabilities based on contractual undiscounted payments:

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholders'' value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

Note - 39 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments 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 value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.

44 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

i Crypto Currency or Virtual Currency iv Relating to borrowed funds:

a) Wilful defaulter

b) Utilisation of borrowed funds & share premium

c) Discrepancy in utilisation of borrowings

Note - 45 Particulars of Loans, Guarantees or Investments covered under Section 186(4) of the Companies Act, 2013

There are no loans granted, guarantees given and investments made by the Company under Section 186 of the Companies Act, 2013 read with rules framed thereunder except as stated under note 5 to the financial statement.

Note - 46

The manufacturing activities at the factory premises were closed / negligible. However the Management represented that the manufacturing activities have commenced at very minimal / negligible level as the management is focusing more on projects and project related works.

Note - 47

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note - 48

Debit and Credit balances are subject to confirmation and reconciliation if any.

Note - 49

Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.

The members of the Company, at their Annual General Meeting held on September 30th, 2022, approved the sub-division of equity shares of the Company from existing face value of ? 10 each to face value of ? 1 each (i.e. split of 1 equity share of ? 10 each into 10 equity shares of ? 1 each). Thus, Authorised Share Capital of the Company shall be Rs. 26,00,00,000 (Rupees Twenty Six only) divided into 26,00,00,000 (Twenty Six Crore) Equity Shares of ? 1 (Rupees one Only). Further comparative corresponding outstanding number has been adjusted to give the effect of sub-division of equity shares.

(ii) Terms/rights attached to equity shares:

The Company has a single class of equity shares. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Details of terms of repayment for the borrowings and security provided in respect of the secured borrowings:

a) Term Loan from Federal Bank Limited

On 19th December, 2017, the Company was sanctioned term loans of'' 7.40 Crores by The Federal Bank Limited. This loan is secured by equitable mortgage of office premises No. 201, bearing Plot No. C-3, C.T.A. No. 4207 on Second Floor in A Wing of Building Fortune 2000, G Block, situated at Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 admeasuring super built up area 3305 Sq. Ft. along with one basement parking and three open parking puchased in the name of M/s. Artemis Electricals and Projects Limited. The loans are repayable in 120 equal monthly instalments commencing from January, 2018 along with interest of 8.80% per annum. The Company used EIR @ 9.12% for the purpose of discounting of financial instruments.

Cash Credit Facility

A) This cash credit facility is secured by following collateral security:

1. Office premise No. 201, bearing Plot No. C-3, C.T.A. No. 4207 on Second Floor in A Wing of Building Fortune 2000, G Block, situated at Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 admeasuring super built up area 3305 Sq. Ft. along with one basement parking and three open parking in the name of M/s. Artemis Electricals Limited.

2. Row House No. D, Garuda House, Malad (E), Near Cheerpanjal Mehta Road, Upper Govind Nagar, Mumbai - 400 097 in the name of Mrs. Jyotsna Agarwal.

3. Hypothecation of stock and movable properties including book debts of the Company.

B) Quarterly / Monthly statement of current assets filed with banks during the year are in agreement with the books of accounts.

The members of the Company, at their Annual General Meeting held on September 30th, 2022, approved the sub-division of equity shares of the Company from existing face value of ? 10 each to face value of ? 1 each (i.e. split of 1 equity share of ? 10 each into 10 equity shares of ? 1 each). Thus, Authorised Share Capital of the Company shall be Rs. 26,00,00,000 (Rupees Twenty Six only) divided into 26,00,00,000 (Twenty Six Crore) Equity Shares of ? 1 (Rupees one Only). Further comparative corresponding outstanding number has been adjusted to give the effect of sub-division of equity shares.

Note - 36 Financial risk management objectives and policies

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to finance and support Company''s operations. The Company''s principal financial assets include trade and other receivables, cash and cash equivalents, other bank balances and refundable deposits that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company''s senior management oversees the management of these risks. The Company''s senior management ensures that the Company''s financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company''s policies and risk objectives. The Board of Directors reviews and agrees policies for managing each of these risks.

Financial risk management

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

(ii) Credit risk and

(iii) Liquidity risk

^i. Market risk

Market risk arises from the Company''s use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial instruments affected by market risk include borrowings, fixed deposits and refundable deposits.

a Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to the risk of changes in market interest rates as the funds borrowed by the Company is at fixed ineterest rate.

b Foreign currency risk

Currency risk is not material, as the Company''s primary business activities are within India and does not have significant exposure in foreign currency.

ii. Credit risk

Credit risk is the risk that counterparty will not meet its obligations 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 security deposits, loans to employees and other financial instruments.

a) Trade receivables

The Company extends credit to customers in the normal course of business. The Company considers factors such as financial conditions / market practices, credit track record in the market, analysis of historical bad debts and past dealings for extension of credit to customers. Individual credit limits are set accordingly. The Company monitors the payment track record of the customers and ageing of receivables. Outstanding customer receivables are regularly monitored. The Company considers 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.

The Company uses provision matrix whereby trade receivables are considered doubtful based on past trends where such receivables are outstandings for more than one year other than related parties.

b) Financial Instrument and cash deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, other receivables and deposits, the Company''s exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed by Company''s treasury in accordance with the Company''s policy. The Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

iii. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its risk to a shortage of funds using a recurring liquidity planning tool. This tool considers the maturity of both its financial investments and financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of Company is monitored under the control of Treasury team. The objective is to optimize the efficiency and effectiveness of the management of the Company''s capital resources. The Company''s objective is to maintain a balance between continuity of funding and borrowings. The Company manages liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses, including the servicing of financial obligations.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital, share premium and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company''s capital management is to maximise the shareholders'' value.

Note - 39 Fair value measurement

The fair value of the financial assets are included at amounts at which the instruments 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 value:

(a) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, approximate their carrying amounts largely due to the short-term maturities of these instruments.

(b) Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for the expected losses of these receivables.

Note - 44 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

i Crypto Currency or Virtual Currency

ii Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

iii Registration of charges or satisfaction with Registrar of Companies

iv Relating to borrowed funds:

a) Wilful defaulter

b) Utilisation of borrowed funds & share premium

c) Discrepancy in utilisation of borrowings

Note - 45 Particulars of Loans, Guarantees or Investments covered under Section 186(4) of the Companies Act, 2013

There are no loans granted, guarantees given and investments made by the Company under Section 186 of the Companies Act, 2013 read with rules framed thereunder except as stated under note 8 to the financial statement.

Note - 46

The management''s assessment of the effect of COVID-19 on its business including but not limited to liquidity and going concern assumptions, recoverable values of its financial and non-financial assets and its increased efforts for their recovery and impact on revenues and costs for the quarter and Year to date 31 March 2023 and based on its internal and external sources of information, sensitivity analysis of the assumptions used and its current estimates, the company''s expectation to recover its carrying amount of the aforesaid assets. The manufacturing activities at the factory premises were closed however the Management informed that the manufacturing activities are commenced at very minimal /negligible level and the management is focusing more on projects and project related works.

Note - 47

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated as realizable in the ordinary course of business and the provision for all known liabilities are adequate.

Note - 48

Debit and Credit balances are subject to confirmation and reconciliation if any.

Note - 49

Previous year figures have been regrouped / reclassified, wherever necessary, to correspond with current year classification.