3. SIGNIFICANT ACCOUNTING POLICIES:3.01 Property, Plant & Equipment (PPE)

Initial Recognition and measurement

Property, plant and equipment (PPE) are tangible items
that are held for use in the production or supply of goods
or services, for rental to others, or for administrative
purposes; and are expected to be used during more than
one period.

Items of property, plant and equipment shall be recognized
as an asset if it is probable that future economic benefits
associated with the item will flow to the entity; and the
cost of the item can be measured reliably.

Property, Plant & Equipment are initially recognized at
their cost of acquisition. The cost of acquisition includes
freight, installation cost, duties & taxes (other than
those subsequently recoverable from taxing authorities
such as the Goods and Services Tax for which Input Tax
Credit is availed by the Company) including borrowing
costs for qualifying assets, if capitalization criteria are
met, and other incidental expenses, identifiable with the
asset, incurred during the installation/construction stage
in order to bring the assets to their working condition
for intended use. Any trade discount and rebates are
deducted in arriving at the purchase price.

Cost incurred subsequent to putting an item of PPE into
operation such as repair and maintenance costs are usually
recognized in statement of profit or loss as incurred.
Subsequent costs are included in the asset’s carrying
amount or recognized as a separate asset, as appropriate,

only when it is probable that future economic benefits
associated with the item will flow to the Company.

Property, Plant and Equipment are classified to
appropriate categories and are stated at cost less
accumulated depreciation and impairment losses, if any.
Freehold Land, if any, is not depreciated.

Subsequent Expenditure

Subsequent expenditure is recognized in the carrying
amount of asset when it is probable that future economic
benefits deriving from the cost incurred will flow to the
company and the cost of the item can be measured
reliably.

Depreciation

Depreciation is recognized so as to write-off the cost of
assets less their residual values over their useful lives.
Depreciation on property, plant and equipment has
been provided using straight line method using rates
determined based on management’s assessment of
useful economic lives of the asset.

Followings are the estimated useful lives of various
category of assets used which are aligned with useful
lives defined in schedule II of Companies Act, 2013:

The residual value of assets is estimated to be 5 % of
original cost. The residual values, useful lives and methods
of depreciation of property, plant and equipment
are reviewed at each financial year end and adjusted
prospectively, if appropriate.

Depreciation on subsequent expenditure on PPE arising
on account of capital improvement or other factors is
provided for prospectively over the remaining useful life.
Depreciation on additions/deletions during the year is
provided for on a pro-rata basis with reference to the date
of additions/deletions.

Derecognition

An item of property, plant and equipment and any
significant part initially recognized is de-recognized
upon disposal or when no future economic benefits are
expected from its use or disposal. Any gain or loss arising
on de-recognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying

amount of the asset) is recognized in the statement of
profit and loss, when the asset is de-recognized.

3.02 Capital Work-in-Progress

Projects under which tangible fixed assets are not yet
ready for their intended use are carried at cost, comprising
direct cost, related incidental expenses, and attributable
borrowing costs, and are disclosed as Capital Work-in¬
Progress. These assets are transferred to the respective
category of Property, Plant, and Equipment when they are
ready for their intended use.

3.03 Intangible assets

Initial Recognition and Measurement

Intangible assets are recognized when the asset is
identifiable, is within the control of the company, it
is probable that the future economic benefits that are
attributable to the asset will flow to the company and cost
of the asset can be reliably measured.

Intangible assets acquired by the Company that have finite
useful lives are measured at cost. The cost comprises the
purchase price and any directly attributable incidental
expenses necessary to make the asset ready for its
intended use.

Subsequent expenditure is capitalized only when it
increases the future economic benefits embodied in the
specific asset to which it relates.

Subsequent presentation (Amortization and useful
lives)

Intangible assets are stated at their cost less accumulated
amortization and any accumulated impairment losses.
Intangible assets with indefinite useful lives are not
amortized, but are tested for impairment annually, either
individually or at the cash-generating unit level.

Amortization

Amortization is calculated over the cost of the asset, or
other amount substituted for cost, less its residual value.
Amortization is recognized in statement of profit and loss
on a straight-line basis over the estimated useful lives of
intangible assets from the date that they are available
for use, since this most closely reflects the expected
pattern of consumption of the future economic benefits
embodied in the asset.

The estimated useful lives for current and comparative
periods are as follows:

Software 10 Years

3.04 Intangible Assets under Development

Intangible Assets under Development comprise costs
incurred on intangible assets that are not yet ready for
their intended use as at the reporting date. Once the
asset is available for use-meaning it is in the condition

necessary for it to be capable of operating in the manner
intended by management—the accumulated costs are
transferred to the appropriate category of Intangible
Assets, and amortization commences.

3.05 Impairment of Non-Financial Assets

At each reporting date, the Company reviews the carrying
amounts of its non-financial assets (other than Inventories
and Deferred Tax assets) to determine whether there is
any indication of impairment. If any such indication of
impairment exists, then the asset’s recoverable amount
is estimated in order to determine the impairment loss.
Recoverable amount is the higher of Fair Value less costs
of disposal and value in use.

When it is not possible to estimate the recoverable
amount of an individual asset for impairment testing,
assets are grouped together into the smallest group of
assets that generates cash inflows from continuing use
that are largely independent of the cash inflows of other
assets or cash-generating units (CGUs). The recoverable
amount of an asset or CGU is the greater of its value in use
and its fair value less costs of disposal.

Value in use is based on the estimated future cash flows,
discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time
value of money and the risks specific to the asset or CGU.

An impairment loss is recognized if the carrying amount
of an asset or CGU exceeds its estimated recoverable
amount. Impairment losses are recognized in the
Statement of Profit and Loss.

An impairment loss is reversed if there has been a change in
the estimates used to determine the recoverable amount.
Such a reversal is made only to the extent that the asset’s
carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or
amortization, if no impairment loss had been recognized.
Reversal of impairment loss is recognized immediately in
the Statement of Profit and Loss.

3.06 Leases

The Company determines whether an arrangement
contains a lease at the inception of the contract by
assessing whether the fulfillment of a transaction is
dependent on the use of a specific identified asset and
whether the transaction conveys the right to control the
use of that asset for a period of time in exchange for
consideration.

The Company as lessee

For contracts entered into, or modified, that contain a
lease, the Company generally recognizes a right-of-use
asset and a corresponding lease liability at the lease
commencement date.

However, the Company has elected to apply the short¬
term lease recognition exemption to its short-term leases
(i.e., those leases that have a lease term of 12 months or
less from the commencement date and do not contain a
reasonably certain purchase option prior to the end of
that term). The Company also applies the lease of low-
value assets recognition exemption to leases that are
considered to be of low value.

Lease payments associated with short-term leases and
leases of low-value assets are recognized as an operating
expense in the Statement of Profit and Loss on a straight¬
line basis over the lease term.

The Company as lessor

Leases in which the Company does not transfer
substantially all the risks and rewards incidental to
ownership of an asset (such as the rental of machinery)
are classified as operating leases. Rental income arising
from operating leases is accounted for on a straight-line
basis over the lease terms and is included in revenue or
other income in the Statement of Profit and Loss. Initial
direct costs incurred in negotiating and arranging an
operating lease are added to the carrying amount of the
leased asset and recognized over the lease term on the
same basis as rental income.

1. GENERAL INFORMATION OF THE COMPANY

The Company was originally incorporated in the November
2006 as Bravil Powercore Private Limited with the principal
objects of dealing in Transformer Lamination and Cores.
Subsequently, before commencement of business, the
Company changed its name to Vilas Transcore Private
Limited on 15/03/2007. The Company then took over the
running business of M/s. Vilas Transcore, a proprietory
concern, of current Managing Director, Mr. Nilesh Patel,
w.e.f. 01.04.2007.

Thereafter pursuant to shareholder resolution dated
22^nd Feb 2011 the Company was converted to a "Limited"
Company with fresh Certificate of Incorporation received on
9^th April 2011. Since then the Company has been functioning
as a Limited Company.

The Company is at present mainly engaged in business of
manufacturing of CRGO Laminations, Cores and Coils. The
Company has been consistently grossing more than '' 100
Crores since past many years and has broken the '' 300
Crores mark also. It has a healthy profitability record over
the years.

The Company made an Initial Public Offer (IPO) of 64,80,000
Equity Shares of face value of '' 10 each at an issue price of
'' 147/- per share (Including share premium of '' 137/- per
share) amounting to '' 9,525.60 Lakhs which was completed
in May 2024. The Equity Shares of the Company were listed
on NSE Emerge Platform on 03^rd June 2024.

The Company has now broken the '' 350 Crores mark
in terms of topline and also achieved its highest ever
profitability for FY 2024-25. The deployment of funds of IPO
for a major expansion had been initiated and the same is
expected to be completed in coming year. The Company
expects even higher revenues and profits as the expanded
capacity starts getting utilized from the coming year.

2. SIGNIFICANT ACCOUNTING POLICIES

I. Method of Accounting:

The Financial Statements are prepared on accrual basis
of accounting, following historical cost convention, in
accordance with the provisions of the Companies Act, 2013
(''the Act''), accounting principles generally accepted in India
and comply the accounting standards specified under
Section 133 of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014. The Accounting Policies have been
consistently applied by the Company and are consistent
with those used in the previous year.

II. Use of Estimates:

The preparation of financial statements in conformity with
Indian GAAP requires the management to make estimates
and assumptions that affects the reported amount of
assets and liabilities on the date of the financial statements

and the reported amount of revenues and expenses during
the reporting period. Differences between the actual results
and estimates are recognized in the period in which the
results are known/materialized.

III. Property, Plants and Equipment''s:

• Property, Plants and Equipment''s are stated at their cost
of acquisition less accumulated depreciation. The cost
of acquisition includes freight, installation cost, duties,
taxes and other incidental expenses, identifiable with
the asset, incurred during the installation/construction
stage in order to bring the assets to their working
condition for intended use, including borrowing costs
capitalized, if any, but are net of Input Tax Credits
(CENVAT, GST ITC and VAT) availed for the relevant
element in the Cost.

• Depreciation on assets is being provided on the
Straight-Line Method on the basis of useful lives
specified in Part C of Schedule II to the Companies Act,
2013.

• In case of those assets which were fully depreciated
following the provisions of the Companies Act, 1956 and
where such assets are in usable condition, the residual
values of the said respective assets are considered at
the maximum rate of 5%.

IV. Inventories:

• Raw Materials are valued ''at Cost'' or Net Realisable
Value, whichever is lower on FIFO basis. ''Cost'' includes
all duties, taxes & other expenses incurred to bring the
inventories to their present location and condition.

• Finished products are valued at lower of cost or net
realizable value.

• Semi-Finished goods have been valued at Raw Material
cost increased by a proportion of overheads in
consonance with the stage of completion as certified
by the management.

• Stock of Scrap is value at its net realizable value.

V. Employee Benefits:

• Employee Benefits comprise short term as well as long
term defined benefit as well as defined contribution
plans.

• Contributions to Provident Fund and Employee State
Insurance are defined contributions. The Company''s
Contributions are charged to the Statement of Profit
and Loss of the year when the contributions to
the respective funds are due. There are no further
obligations beyond the periodic contributions.

• Retirement Benefits in form are Gratuity are defined
benefit obligations and are provided for on the basis of
actuarial valuation using projected unit credit method
as at the balance sheet date. Actuarial gain/losses are
immediately taken to the Statement of Profit and Loss
and are not deferred.

• Leave Encashment, though a defined benefit obligation,
falls under short-term compensated absences in terms
of the policy of the Company and is provided for based
on the leave standing to the credit of the employees as
at the end of the year.

VI. Sales/Turnover and Income Recognition:

• Revenue is recognized on transfer of property in
goods or on transfer of significant risks and rewards
of ownership to the buyer, for a consideration, without
the seller retaining any effective control over the goods.

• Sales are accounted on dispatch of goods (which
generally coincides with the transfer of ownership) and
are exclusive of GST.

• Other items of income including Interest, Rent, Discount
etc. are accounted on accrual basis (depending on
certainty of realization) and disclosed under the head
"Other Income".

VII. GST and Input Tax Credit:

• Purchases and Sales are accounted exclusive of GST
and net of recoveries, if any.

• GST is a destination-based tax and is levied at the point
of supply. It is collected on sale of goods and services
on behalf of Government and is remitted by way of
payment or adjustment of credit on input goods or
services.

• Accordingly, Purchases & Sales are accounted net of
GST. Similarly, other items of expenditure on which
credit for GST is available ore items or revenue on
which GST is chargeable are also accounted net of GST
elements.

• GST Accounts are created under Balance Sheet
Groupings for liability towards GST collected on
Sales/Other Revenue and asset towards GST paid on
purchases or other expenditure for which credit is
available. For Each month/quarter, as applicable, the
GST liability is worked out after offsetting the credit
available against the GST collected.

• The Net GST Account appears in the Balance Sheet as a
Liability under Current Liabilities - Statutory Liabilities,
if any amount is payable as at the year-end after
offsetting the available credit and as an Asset under
Loans & Advances - Indirect Taxes Recoverable from
Statutory Authorities if credits remain unutilized after
adjusting the amount payable.

VIII. Foreign Currency Transactions:

Transactions in foreign currency, to the extent not covered

by forwards contracts, are recorded in Indian Rupees at the

exchange rate prevailing on the date of the transactions.
Exchange gains or losses on settlement, if any, are treated
as income or expenditure respectively in the Statement
of Profit and Loss. Liabilities in foreign currency as well as
receivables in foreign currency as on the date of the Balance
Sheet have been restated into Indian rupees at the rates of
exchange prevailing as on the date of Balance Sheet.

VIII. Derivatives:

• The Company is exposed to foreign currency fluctuations
on foreign currency assets and forecasted cash flows
denominated in foreign currency. The Company tries
to limit the effects of foreign exchange rate fluctuations
by following risk management policies including use of
derivatives. For this the Company enters into forward
exchange contracts, where the counter-party is a Bank.
Theses forward contracts are not used for trading or
speculation purposes.

• In case of forward contracts, the gain or loss arising
on exercise of option or settlement or cancellation
are recognized in the Statement of Profit and Loss for
the period as Exchange Rate Difference. The forwards
contracts outstanding as at the balance sheet date,
if any, are marked-to-market and corresponding
exchange gain or loss recognized on the same as
Exchange Rate Difference.

• In case of derivative transactions in currency futures,
the net gain or loss is recognized in the Statement of
Profit and Loss on settlement. In case of outstanding
contracts as at the balance sheet date, the same are
also marked-to-market and corresponding gain/loss
recognized on the same as Exchange Rate Difference.

IX. Borrowing Costs:

According to AS-16, the borrowing costs directly attributable
to the acquisition of qualifying assets are to be capitalized
for the period until the asset is ready for its intended use.
A qualifying asset being, an asset that necessarily takes a
substantial period of time to get ready for its intended use.
Other borrowing costs are to be recognized as an expense
in the period in which they are incurred.

X. Impairment of Assets:

Assessment of Impairment of Assets (as covered under
AS-28 Impairment of Assets) is done as at the Balance
Sheet Date considering external and internal impairment
indicators. If there is an indication that an asset may be
impaired, its recoverable amount is estimated and the
impairment loss duly provided for.

XI. Leases:

Leases are classified as operating leases where the lesser
effectively retains substantially all the risks and benefits
of the ownership of the leased assets. Operating lease
payments and/or receipts are recognized as an expense
and/or income in the Statement of Profit and Loss on
accrual basis.

XII. Accounting for Taxes on Income:

• Provision for taxation for the year under report includes
provision for current tax as well as deferred tax.

• Provision for Current tax is made, based on tax
estimated to be payable as computed under the
various provisions of the Income Tax Act, 1961.

• Deferred tax is recognized, subject to prudence,
on timing differences between taxable income and
accounting income that originate during the year
and are capable of being reversed in one or more
subsequent periods.

Deferred tax assets are recognized only to the extent that
there is a reasonable certainty that future taxable income
will be available against which such deferred tax assets can
be realized. Deferred Tax Liabilities/Assets are quantified
using the tax rates and tax laws enacted or substantively
enacted as on the balance sheet date.

1. GENERAL INFORMATION OF THE COMPANY

The Company was originally incorporated in the November 2006 as Bravil Powercore Private Limited with the principal objects of dealing in Transformer Lamination and Cores. Subsequently, before commencement of business, the Company changed its name to Vilas Transcore Private Limited on 15/03/2007. The Company then took over the running business of M/s. Vilas Transcore, a proprietory concern, of current Managing Director, Mr. Nilesh Patel, w.e.f. 01.04.2007.

Thereafter pursuant to shareholder resolution dated 22^th Feb 2011 the Company was converted to a "Limited" Company with fresh Certificate of Incorporation received on 9^th April 2011. Since then the Company has been functioning as a Limited Company.

The Company is at present mainly engaged in business of manufacturing of CRGO Laminations, Cores and Coils. The Company has been consistently grossing more than '' 100 Crores since past many years and has now broken the '' 300 Crores mark also. It has a healthy profitability record over the years.

The Company filed a Draft Red Herring Prospectus on 31^st January, 2024 for its proposed Initial Public Offer (IPO) on the MSME Platform of NSE. The approval of the same was received from NSE in May, 2024 and subsequently the Company completed its Initial Public Offer (IPO) of 100% fresh issue of 64,80,000 equity shares of Face Value of '' 10 each at issued at a price of '' 147 per share aggregating to '' 9525.60 lacs. The IPO was fully subscribed in the IPO and the Equity Shares of the Company were listed on NSE Emerge Platform on 3^rd June, 2024. The Company has completed its Initial Public Offer (IPO) and accordingly the Company''s equity shares are listed on NSE Emerge Portal on 03^rd June 2024.

2. SIGNIFICANT ACCOUNTING POLICIES

I. Method of Accounting:

The Financial Statements are prepared on accrual basis of accounting, following historical cost convention, in accordance with the provisions of the Companies Act, 2013 (''the Act''), accounting principles generally accepted in India and comply the accounting standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. The Accounting Policies have been consistently applied by the Company and are consistent with those used in the previous year.

II. Property, Plants and Equipment''s:

• Property, Plants and Equipment''s are stated at their cost of acquisition less accumulated depreciation. The cost of acquisition includes freight, installation cost, duties, taxes and other incidental expenses, identifiable with the asset, incurred during the installation/construction stage in order to bring the

assets to their working condition for intended use, including borrowing costs capitalized, if any, but are net of Input Tax Credits (CENVAT, GST ITC and VAT) availed for the relevant element in the Cost.

• Depreciation on assets is being provided on the Straight-Line Method on the basis of useful lives specified in Part C of Schedule II to the Companies Act, 2013.

• In case of those assets which were fully depreciated following the provisions of the Companies Act, 1956 and where such assets are in usable condition, the residual values of the said respective assets are considered at the maximum rate of 5%.

III. Inventories:

• Raw Materials are valued ''at Cost'' or Net Realisable Value, whichever is lower on FIFO basis. ''Cost'' includes all duties, taxes & other expenses incurred to bring the inventories to their present location and condition.

• Finished products are valued at lower of cost or net realizable value.

• Semi-Finished goods have been valued at Raw Material cost increased by a proportion of overheads in consonance with the stage of completion as certified by the management.

• Stock of Scrap is value at its net realizable value.

IV. Employee Benefits:

• Employee Benefits comprise short term as well as long term defined benefit as well as defined contribution plans.

• Contributions to Provident Fund and Employee State Insurance are defined contributions. The Company''s Contributions are charged to the Statement of Profit and Loss of the year when the contributions to the respective funds are due. There are no further obligations beyond the periodic contributions.

• Retirement Benefits in form are Gratuity are defined benefit obligations and are provided for on the basis of actuarial valuation using projected unit credit method as at the balance sheet date. Actuarial gain/losses are immediately taken to the Statement of Profit and Loss and are not deferred.

• Leave Encashment, though a defined benefit obligation, falls under short-term compensated absences in terms of the policy of the Company and is provided for based on the leave standing to the credit of the employees as at the end of the year.

V. Sales/Turnover and Income Recognition:

• Revenue is recognized on transfer of property in goods or on transfer of significant risks and rewards of ownership to the buyer, for a consideration, without the seller retaining any effective control over the goods.

• Sales are accounted on dispatch of goods (which generally coincides with the transfer of ownership) and are exclusive of GST.

• Other items of income including Interest, Discount etc. are accounted on accrual basis (depending on certainty of realization) and disclosed under the head "Other Income".

VI. GST and Input Tax Credit:

• Purchases and Sales are accounted exclusive of GST and net of recoveries, if any.

• GST is a destination-based tax and is levied at the point of supply. It is collected on sale of goods and services on behalf of Government and is remitted by way of payment or adjustment of credit on input goods or services.

• Accordingly, Purchases & Sales are accounted net of GST. Similarly, other items of expenditure on which credit for GST is available or items of revenue on which GST is chargeable are also accounted net of GST elements.

• GST Accounts are created under Balance Sheet Groupings for liability towards GST collected on Sales/Other Revenue and asset towards GST paid on purchases or other expenditure for which credit is available. For Each month/quarter, as applicable, the GST liability is worked out after offsetting the credit available against the GST collected.

• The Net GST Account appears in the Balance Sheet as a Liability under Current Liabilities - Statutory Liabilities, if any amount is payable as at the year-end after offsetting the available credit and as an Asset under Loans & Advances - Indirect Taxes Recoverable from Statutory Authorities if credits remain unutilized after adjusting the amount payable.

VII. Foreign Currency Transactions:

Transactions in foreign currency, to the extent not covered by forwards contracts, are recorded in Indian Rupees at the exchange rate prevailing on the date of the transactions. Exchange gains or losses on settlement, if any, are treated as income or expenditure respectively in the Statement of Profit and Loss. Liabilities in foreign currency as well as receivables in foreign currency as on the date of the Balance Sheet have been restated into Indian rupees at the rates of exchange prevailing as on the date of Balance Sheet.

VIII. Derivatives:

• The Company is exposed to foreign currency fluctuations on foreign currency assets and forecasted cash flows denominated in foreign currency. The Company tries to limit the effects of foreign exchange rate fluctuations by following risk management policies including use of derivatives. For this the Company enters into forward exchange contracts, where the counter-party is a Bank. Theses forward contracts are not used for trading or speculation purposes.

• In case of forward contracts the gain or loss arising on exercise of option or settlement or cancellation are recognized in the Statement of Profit and Loss for the period as Exchange Rate Difference. The forward contracts outstanding as at the balance sheet date, if any, are marked-to-market and corresponding exchange gain or loss recognized on the same as Exchange Rate Difference.

• In case of derivative transactions in currency futures, the net gain or loss is recognized in the Statement of Profit and Loss on settlement. In case of outstanding contracts as at the balance sheet date, the same are also marked-to-market and corresponding gain/loss recognized on the same as Exchange Rate Difference.

IX. Borrowing Costs:

According to AS-16, the borrowing costs directly attributable to the acquisition of qualifying assets are to be capitalized for the period until the asset is ready for its intended use. A qualifying asset being, an asset that necessarily takes a substantial period of time to get ready for its intended use. Other borrowing costs are to be recognized as an expense in the period in which they are incurred.

X. Impairment of Assets:

Assessment of Impairment of Assets (as covered under AS-28 Impairment of Assets) is done as at the Balance Sheet Date considering external and internal impairment indicators. If there is an indication that an asset may be impaired, its recoverable amount is estimated and the impairment loss duly provided for.

XI. Accounting for Taxes on Income:

• Provision for taxation for the year under report includes provision for current tax as well as deferred tax.

• Provision for Current tax is made, based on tax estimated to be payable as computed under the various provisions of the Income Tax Act, 1961.

• Deferred tax is recognized, subject to prudence, on timing differences between taxable income and accounting income that originate during the year and are capable of being reversed in one or more subsequent periods.

Deferred tax assets are recognized only to the extent that there is a reasonable certainty that future taxable income will be available against which such deferred tax assets can be realized. Deferred Tax Liabilities/Assets are quantified using the tax rates and tax laws enacted or substantively enacted as on the balance sheet date.

XII. Leases:

Leases are classified as operating leases where the lesser effectively retains substantially all the risks and benefits of the ownership of the leased assets. Operating lease payments are recognized as an expense in the Statement of Profit and Loss on accrual basis.

XIII. Contingencies/Provisions:

Provisions requiring a substantial degree of estimation in measurement are recognized, if in the opinion of the Management, there is a probability that a present obligation as a result of past events will result in an outflow for the Company in the future. Contingencies, the outcome of which is not certain, have been disclosed in these notes as Contingent Liabilities. Contingent Assets are neither recognized nor disclosed in the financial statements.

XIV. Prior Period and Extra Ordinary items and Changes in Accounting Policies, having a material bearing on the financial affairs of the Company are disclosed separately.