GNG Electronics Ltd. ಖಾತೆಯ ಉಪಯುಕ್ತ ಮಾಹಿತಿ

2.12 Provisions:

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. Provisions are measured at
the best estimate of expenditure required to
settle the obligation at the reporting date and
are discounted where the effect of time value of
money is material.

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 in respective
expense.

2.13 Contingent liabilities and Contingent
Assets:

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 or a present obligation that is
not recognized because it is not probable that an
outflow of resources will be required to settle the
obligation.

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

Contingent Assets are not recognized, however,
disclosed in financial statement when inflow of
economic benefits is probable

Financial assets and financial liabilities are
recognized in the Company’s Balance Sheet when
the Company becomes a party to the contractual
provisions of the instruments. Financial assets
and financial liabilities are initially measured at
fair value, except for trade receivables that do not
have a significant financing component which are
measured at transaction price. Transaction costs
that are directly attributable to the acquisition
or issue of financial assets and financial liabilities
(other than financial assets and financial liabilities
at fair value through profit or loss) are added to
or deducted from the fair value of the financial
assets or financial liabilities, on initial recognition.
Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities
at fair value through profit or loss are recognised
immediately in profit or loss.

Financial assets

(i) On initial recognition, a financial asset is
classified as measured at

- Amortised Cost

- Fair value through profit and loss

(ii) A financial asset is measured at amortised
cost if it meets both of the following
conditions and is not designated as at Fair
Value Through Profit or Loss (FVTPL):

- The asset is held within a business
model whose objective is to hold assets
to collect contractual flows; and

- The contractual terms of the financial
asset give rise on specific dates to
cash flows that are solely payments of
principal and interest on the principal
amount outstanding.

(iii) All financial assets not classified as measured
at amortised cost as described above
are measured at FVTPL. This includes
all derivative financial assets. On initial
recognition, the Company may irrevocably

designate a financial asset that otherwise
meet the requirements to be measured
at amortised cost as at FVTPL if doing
so eliminates or significantly reduces an
accounting mismatch that would otherwise
arise.

All recognised financial assets are measured
subsequently in their entirety at either
amortised cost or fair value, depending on
the classification of the financial assets.

Subsequent Measurement

All recognised financial assets are measured
subsequently in their entirety at either amortised
cost or fair value, depending on the classification
of the financial assets.

Investments in equity instruments at
FVTOCI

On initial recognition, the Company may make
an irrevocable election (on an instrument-by
instrument basis) to designate investments in
equity instruments as at FVTOCI. Designation
at FVTOCI is not permitted if the equity
investment is held for trading or if it is contingent
consideration recognised by an acquirer in a
business combination. Investments in equity
instruments at FVTOCI are initially measured at
fair value plus transaction costs. Subsequently,
they are measured at fair value with gains
and losses arising from changes in fair value
recognised in other comprehensive income
and accumulated in a separate component
of equity. The cumulative gain or loss is not
reclassified to statement of profit and loss on
disposal of the equity investments, instead, it
is transferred to retained earnings. Dividends
on these investments in equity instruments are
recognised in profit or loss in accordance with Ind
AS 109, unless the dividends clearly represent a
recovery of part of the cost of the investment. The
Company designated all investments in equity
instruments that are not held for trading as at
FVTOCI on initial recognition.

The Company applies the expected credit loss
model for recognising impairment loss on
financial assets that are measured at amortised
cost, trade receivables and other contractual
rights to receive cash or other financial asset.

The amount of expected credit losses is updated
at each reporting date to reflect changes in credit
risk since initial recognition of the respective
financial instrument. The Company always
recognises lifetime expected credit losses (ECL)
for trade receivables. The Company recognizes
lifetime ECL when there has been a significant
increase in credit risk since initial recognition.
However, if the credit risk on the financial
instrument has not increased significantly since
initial recognition, the Company measures the
loss allowance for that financial instrument at an
amount equal to 12-month ECL.

Financial assets, other than those at FVTPL, are
assessed for indicators of impairment at the
end of each reporting period. In case of financial
assets, the Company follows the simplified
approach permitted by Ind AS 109 - Financial
Instruments - for recognition of impairment loss
allowance. The application of simplified approach
does not require the Company to track changes
in credit risk of trade receivable. The Company
calculates the expected credit losses on trade
receivables using a provision matrix on the basis
of its historical credit loss experience.

De-recognition of Financial Assets:

The Company de-recognises a financial asset
when the contractual rights to the cash flows
from the asset expire, or when it transfers the
financial asset and substantially all the risks and
rewards of ownership of the asset to another
party. If the Company neither transfers nor
retains substantially all the risks and rewards
of ownership and continues to control the
transferred asset, the Company recognises its
retained interest in the asset and an associated
liability for amounts it may have to pay. If the

Company retains substantially all the risks and
rewards of ownership of a transferred financial
asset, the Company continues to recognize the
financial asset and also recognises an associated
liability.

On de-recognition of a financial asset, the
difference between the asset’s carrying amount
and the sum of the consideration received and
receivable and the cumulative gain or loss that
had been recognised in Other Comprehensive
Income and accumulated in other equity is
recognised in statement of profit and loss.

Cash and cash equivalents:

Cash comprises cash on hand and demand
deposits with banks. Cash equivalents are short¬
term balances (with an original maturity of three
months or less from the date of acquisition), highly
liquid investments that are readily convertible
into known amounts of cash and which are
subject to insignificant risk of changes in value.

Financial liabilities and equity instruments

Classification as Debt or Equity:

Debt or equity instruments issued by the
Company, are classified as either financial
liabilities or as equity in accordance with the
substance of the contractual arrangements and
the definitions of a financial liability and an equity
instrument.

Equity Instruments:

An equity instrument is any contract that
evidences a residual interest in the assets of
the Company after deducting all of its liabilities.
Equity instruments issued by the Company are
recognised at the proceeds received, net of direct
issue costs.

Financial Liabilities:

Financial liabilities that are not held-for-trading
and are not designated as at FVTPL are measured
at amortised cost at the end of subsequent
accounting periods. The carrying amounts
of financial liabilities that are subsequently

measured at amortised cost are determined
based on the effective interest method. Interest
expenses are included in the ‘Finance cost’ line
item.

The effective interest method is a method of
calculating the amortised cost of a financial
liability and of allocating interest expense over
the relevant period. The effective interest rate is
the rate that exactly discounts estimated future
cash payments (including all fees and points
paid or received that form an integral part of the
effective interest rate, transaction costs and other
premiums or discounts) through the expected life
of the financial liability, or (where appropriate) a
shorter period, to the amortised cost of a financial
liability.

Financial liabilities are classified, at initial
recognition and measured at amortising cost
using effective interest method:

Loans and borrowings

Payables

All financial liabilities are recognised initially at
fair value and in the case of loans and borrowings
and payables, are recognised net of directly
attributable transaction costs. The Company’s
financial liabilities include trade and other
payables, loans and borrowings including bank
overdrafts, financial guarantee contracts and
derivative financial instruments through the
expected life of the financial liability, or (where
appropriate) a shorter period, to the amortised
cost of a financial liability.

De-recognition of Financial Liabilities:

The Company de-recognises financial liabilities
when and only when, the Company’s obligations
are discharged, cancelled or have expired. The
difference between the carrying amount of
the financial liability de-recognised and the
consideration paid and payable is recognised in
statement of profit and loss.

Offsetting of Financial Instruments:

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet, if there is a currently enforceable legal
right to offset the recognised amounts and there
is an intention to settle on a net basis, to realise
the assets and settle the liabilities simultaneously.

Derivative financials instruments:

The Company uses foreign currency forward
contracts to hedge its risks associated with
foreign currency fluctuations relating to certain
firm commitments and highly probable forecast
transactions. The Company does not use
derivative financial instruments for speculative
purposes.

Forward contracts are initially recognised at fair
value on the date the contract is entered into
and are subsequently remeasured at fair value at
each reporting date. The resulting gain or loss is
recognised in the statement of profit and loss.

Fair value measurement

Some of the Company’s accounting policies
or disclosures require the measurement of fair
value for both financial and non-financial assets
and liabilities. Fair value is the price that would
be received to sell an asset or paid to transfer a
liability in an orderly transaction between market
participants at the time of measurement. The fair
value measurement is based on the presumption
that the transaction to sell the asset or transfer
the liability takes place either:

i. In the principal market for the asset or
liability,

or

ii. In the absence of a principal market, in the
most advantageous market for the asset or
liability.

iii. The principal or the most advantageous
market must be accessible by the Company.

All assets and liabilities (for which fair value is
measured or disclosed in the financial statement)
are categorised within the fair value hierarchy,
described as follows, based on the lowest
level input that is significant to the fair value
measurement as a whole:

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

Level 2 - Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is directly or indirectly
observable other than quoted prices included in
Level 1.

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

At each reporting date, management analyses
the movements in the values of assets and
liabilities which are required to be re-measured
or reassessed as per the Company’s accounting
policies. For this analysis, the management
verifies the major inputs applied in the latest
valuation by agreeing the information in the
valuation computation to contracts and other
relevant documents.

2.15 Earnings Per Share

Basic EPS are calculated by dividing Profit for
the year by the closing number of equity shares
and Diluted EPS are calculated by dividing profit
for the year by the weighted average number of
Equity shares outstanding during the year.

For the purpose of calculating Diluted Earnings
per share, the net profit or loss for the period
and the weighted average number of shares
outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.

2.16 Cash Flows Statement

Cash flows are reported using the indirect
method, where by net profit before tax is adjusted
for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future
operating cash receipts or payments and item
of income or expenses associated with investing
or financing cash flows. The cash flows from
operating, investing and financing activities are
segregated.

2.17 Lease Liability

At inception of a contract, the Company assesses
whether 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.

As a lessee

The Company recognises a right-of-use asset and
a lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made
at or before the commencement date, plus any
initial direct costs incurred and an estimate of
costs to dismantle and remove the underlying
asset or to restore the underlying asset or the site
on which it is located, less any lease incentives
received.

The right-of-use asset is subsequently
depreciated using the straight-line method
from the commencement date to the end of the
lease term, unless the lease transfers ownership
of the underlying asset to the Company by the
end of the lease term or the cost of the right-of-
use asset reflects that the Company will exercise
a purchase option. In that case the right-of-use
asset will be depreciated over the useful life of
the underlying asset, which is determined on
the same basis as those of property, plant and

equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any,
and adjusted for certain re-measurements of the
lease liability.

The lease liability is initially measured at the
present value of the lease payments that are not
paid at the commencement date, discounted
using the Company’s incremental borrowing rate.

The Company determines its incremental
borrowing rate by obtaining interest rates from
various external financing sources that reflects
the terms of the lease and type of the asset leased.
Lease payments included in the measurement of
the lease liability comprise the following:

fixed payments, including in-substance fixed
payments;

variable lease payments that depend on an
index or a rate, initially measured using the
index or rate as at the commencement date;

amounts expected to be payable under a
residual value guarantee; and

the exercise price under a purchase option
that the Company is reasonably certain
to exercise, lease payments in an optional
renewal period if the Company is reasonably
certain to exercise an extension option, and
penalties for early termination of a lease
unless the Company is reasonably certain
not to terminate early.

The lease liability is measured at amortised cost
using the effective interest method. It is re¬
measured when there is a change in future lease
payments arising from a change in an index
or rate, if there is a change in the Company’s
estimate of the amount expected to be payable
under a residual value guarantee, if the Company
changes its assessment of whether it will exercise
a purchase, extension or termination option
or if there is a revised in substance fixed lease
payment.

When the lease liability is re-measured in this
way, a corresponding adjustment is made to
the carrying amount of the right-of-use asset, or
is recorded in statement of profit and loss if the
carrying amount of the right-of-use asset has
been reduced to zero.

The Company presents right-of-use assets and
lease liabilities separately on the face of the
balance sheet.

Short-term leases

The Company has elected not to recognise
right of use assets and lease liabilities for short¬
term leases. The Company recognises the lease
payments associated with these leases as an
expense on a straight-line basis over the lease
term.

2.18 Segment reporting

As per Ind AS 108 -Operating Segments, the
Chief Operating Decision Maker evaluates
the Company’s performance and allocates
the resources based on geographic segment.
Segment revenue, segment expenses, segment
assets and segment liabilities have been identified
to segments based on their relationship to the
operating activities of the segment. Revenue,
expenses, assets and liabilities which relate to
the as a whole and are not allocable to segments
on a reasonable basis have been included
under "unallocated revenue / expenses / assets /
liabilities”.

2.19 Warranty Provision

The Company provides warranties on certain
products sold to customers. Assurance-type
warranties, which provide assurance that the
products comply with agreed-upon specifications,
are not accounted for as separate performance
obligations. In accordance with Ind AS 115 -
Revenue from Contracts with Customers, the
expected costs of meeting warranty obligations
are recognized as a provision in accordance with
Ind AS 37 - Provisions, Contingent Liabilities and
Contingent Assets.

The warranty provision is recognized at the time
of sale of the product and is measured at the best
estimate of the expenditure required to settle
the present obligation at the reporting date, as
required by Ind AS 37. The provision is determined
based on historical warranty claim experience,
expected future claim rates, and management’s
estimate of costs likely to be incurred in fulfilling
warranty obligations.

Where the Company provides extended
warranties or warranties that include services in
addition to assuring that the product complies
with agreed specifications, such warranties are
treated as a separate performance obligation
in accordance with Ind AS 115. A portion of the
transaction price is allocated to the warranty
service based on its standalone selling price and
recognized as revenue over the period during
which the warranty services are provided.

2.20Contingencies and Commitments

Except for the ongoing business obligations
which are under normal course of business
against which no loss is expected, there has
been no other known contingent liability or
commitment on entity’s financial statements as
of financial position Date.

2.21 Exceptional items

Exceptional items are those items of income or
expense, including tax items, within the statement
of profit and loss from ordinary activities which
are non-recurring and are of such size, nature
or incidence that their separate disclosure is
considered necessary to explain the performance
of the Company.

Terms / rights attached to equity shares:

The Company has one class of equity shares having a par value of '' 2 per share (PY '' 2 per share). Each
shareholder is eligible for one vote per share held. The equity shareholders are entitled to receive dividend in
INR as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval
of the shareholders at the ensuing Annual General Meeting, except in the case of any interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after
the distribution of all preferential amounts, in proportion to their shareholding.

The Company has issued shares issued to Amiable Electronics Pvt. Ltd. which were issued other than cash
for transfer of Business acquired vide ‘Business Transfer Agreement’ dated 17/02/2020 for acquiring trading
business by the Company. Additionally, there has been no buy-back of shares since the incorporation of the
Company.

Issued Share Capital includes 9,69,40,000 shares issued other than cash on December 4, 2024 as Bonus shares.

a. Dues to micro and small enterprises pursuant to section 22 of the Micro, Small and Medium
Enterprises Development Act (MSMED), 2006

Amount due to Micro enterprises and small enterprises under Micro, Small and Medium Enterprises
Development Act 2006 & SSI has been segregated on the basis of Confirmation obtained from Suppliers
who have registered themselves under the Small and Medium Enterprises Development Act 2006 and
based on the information available with the company for the purpose of ascertaining the liability, if any. No
interest in terms of section 16 of Micro, Small and Medium Enterprises Development Act 2006 or otherwise
has either been paid or payable or accrual and remaining unpaid as at March 31st, 2026 and March 31st 2025

Note 36 Capital management

The Company manages it’s capital to ensure that the Company will be able to continue as going concern, while
maximising the return to stake holders through efficient allocation of capital towards expansion of business,
optimisation of working capital requirements and deployment of surplus funds into various investment options.
The Company’s funding requirements are met through equity infusions and term loan from banks.

Note 37 Disclosure in respect of Indian Accounting Standard 24 “Related Parties Disclosures”
Related party transactions

i) List of related parties

In accordance with the requirements of Indian Accounting Standard (Ind AS) - 24 ‘Related Party Disclosures’
the names of the related party where control exists/able to exercise significant influence along with the
aggregate transactions and year-end balance with them in the ordinary course of business and are given
below:

Note 38 Segment Information

The Chief Operating Decision Maker (‘CODM’) evaluates the Group’s performance and allocates resources based
on an analysis of Various performance indicators by reportable segments. The Group’s reportable segments are
as follows:

1. India

2. Outside India

2. Defined Benefit Plans

Gratuity: In accordance with the applicable laws, the Company provides for gratuity, a defined benefit
retirement plan ("The Gratuity Plan”) covering eligible employees. The Gratuity Plan provides for a lump
sum payment to vested employees on retirement (subject to completion of five years of continuous
employment), death, incapacitation or termination of employment that are based on last drawn salary and
tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation on
the reporting date and the Company’s Gratuity plan is funded.

The sensitivity analyses above have been determined based on reasonably possible changes of the
respective assumptions occurring at the end of the reporting year and may not be representative of
the actual change. It is based on a change in the key assumption while holding all other assumptions
constant. When calculating the sensitivity to the assumption, the same method used to calculate the
liability recognized in the balance sheet has been applied. The methods and types of assumptions
used in preparing the sensitivity analysis did not change compared with the previous year.

Furthermore, in presenting the above sensitivity analysis, the present value of the Defined Benefit
Obligation has been calculated using the projected unit credit method at the end of the reporting
year, which is the same method as applied in calculating the Defined Benefit Obligation as recognised
in the balance sheet.

Fair value hierarchy :

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

Financial assets and financial liabilities measured at fair value in the balance sheet are divided into three levels
of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the
measurement, as follows:

Level 1 - Quoted prices (unadjusted) in active markets for financial instruments.

Level 2 - The fair value of financial instruments that are not traded in an active market is determined using
valuation technique which maximise the use of observable market data and rely as little as possible on entity
specific estimates.

Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is
included.

Valuation process and technique used to determine fair value

(i) The fair value of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the
issuers of these mutual fund units in the published statements as at each reported date. NAV represents
the price at which the issuer will issue further units of mutual fund and the price at which issuers will
redeem such units from the investors.

(ii) Investment in Equity shares of subsidiaries are measured at cost.

Fair value of financial assets and liabilities measured at amortised cost:

The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other current financials
assets and liabilities are considered to be the same as their fair values, due to their short-term nature. For non¬
current financial assets and lease liabilities, carrying amount is a reasonable approximation of fair value.

Note 42 Financial risk management objectives and policies

The Company’s financial risk management is an integral part of how to plan and execute its business strategies.
The Company’s activity expose it to market risk, liquidity risk, and credit risk. The Company’s board of directors
has overall responsibility for the establishment and oversight of the Company’s risk management framework.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and
the related impact in the financial statements.

i) Credit risk

Credit risk is the risk that a counterparty fails to discharge an obligation to the Company. The Company is
exposed to this risk for various financial instruments, for example trade receivables to customers, deposits,
etc. The Company’s maximum exposure to credit risk is limited to the carrying amount of following types of
financial assets.

- cash and cash equivalents,

- bank balances other than cash and cash equivalents

- trade receivables, and

- other financial assets

Credit risk on cash and cash equivalents and bank deposits and other financial assets is limited as the
Company generally invests in deposits with banks with high credit ratings assigned by domestic credit
rating agencies. Other financial assets measured at amortised cost includes security deposits and trade
receivables. Credit risk related to trade receivable and other financial assets is managed by monitoring the
recoverability of such amounts continuously and monitoring the credit worthiness of the counterparties.

ii) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become
due. The Company’s objective is to, at all times maintain optimum levels of liquidity to meet its cash and
collateral obligations. Ultimate responsibility for liquidity risk management rests with the Board of Directors.
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve
borrowing facilities, by continuously monitoring forecast and actual cash flows. The following table shows
the maturity analysis of financial liabilities of the Company based on contractually agreed undiscounted
cash flows as at the Balance Sheet date:

iii) Market risk - Price risk

The Company’s exposure to price risk arises from investments held and classified in the financials
statements at fair value through profit or loss. To manage the price risk arising from investments, the
Company diversifies its portfolio of assets.

Sensitivity Analysis

The table below summarises the impact of increase/decrease of the index on the Company’s profit for the
year :

Market risk - Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because
of changes in foreign exchange rates. The Company is exposed to foreign exchange risk through its services
from its group companies in foreign currencies.

Notes:-

1. No provision has been made for disputed claims against the company not acknowledged as debts,as the
management is hopeful of successfully contesting the same in appeal.

2. Future cash outflows In respect of the above matters are determinable only on receipt of judgements/
decision pending at various forums/authorities. The company does not expect the outcome of matters
stated above to have material adverse impact on the company’s financial condition,results of operation or
cash flow,The company doesn’t envisage any likely reimbursement in respect of the above.

Reason for Variance more than 25%

i) Current Ratio: Impact of IPO proceeds utilised towards Repayment of Short term borrowings leads to
increase in working capital

ii) Debt Equity Ratio: Impact of IPO proceeds utilised towards Repayment of Short term borrowings.

iii) Debt Service coverage ratio: Impact of IPO listing payout during the year leads to decrease in Debt

iv) Return on Equity: Impact of Increase in shareholders Equity due to fresh issue of shares

v) Trade Payable Turnover ratio: Impact due to increase in growth in current year.

vi) Net Capital Turnover ratio: Impact due to increase in current ratio.

vii) Net profit Ratio: Impact due to increase in growth in current year.

Note 45

During the year ended March 31, 2026 the Company has completed IPO comprising of fresh issue of 1,68,77,637
equity shares of face value ^ 2/- each at an issue price of ^237/- per share for cash consideration aggregating to
^ 4000 millions. Pursuant to IPO, equity shares of the Company were listed on BSE Limited and National Stock
Exchange (hereinafter referred to as "Stock Exchanges”) w.e.f. July 30, 2025.

The Company has received an amount of ^ 4000 millions from proceeds out of fresh issue of equity shares. The
utilisation of net IPO proceeds is summarised below.

Note 46 Other Statutory Information
Applicable to Company incorporated in India

i) The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.

ii) The Company does not have any transactions with companies struck off.

iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period,

iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries), with the understanding that the Intermediary shall:

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

b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

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

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

b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

vii) The Company has not entered into any such transaction which is not recorded in the books of accounts
that has been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.