Subsidiaries of Excel Industries Limited

ANNUAL REPORT 2023-24

 EXCEL INDUSTRIES LIMITED
SUBSIDIARY COMPANIES
2023-24

CONTENTS

KAMALJYOT INVESTMENTS LIMITED 2-27

EXCEL BIO RESOURCES LIMITED 30-65

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

DIRECTORS’ REPORT
To
The Members,
Your Directors have pleasure in presenting the 40th Annual Report together with the audited financial statements of the Company
for the year ended 31st March, 2024.
FINANCIAL RESULTS 2023-24 2022-23
(Amount in (Amount in
thousands) thousands)
Earnings before interest and tax (EBIT) 65,347.86 45,081.40
Less:
Interest paid 374.29 73.83
Profit before tax (A) 64,973.57 45,007.57
Tax expenses:
Current tax 10,907.86 7,412.96
Tax Adjustments for earlier years 104.71 (6.34)
Total tax expense (B) 11,012.57 7,406.62
Profit after tax for the year (A-B) 53,961.00 37,600.95

OPERATIONS
The Company’s principal activities are financing and investment holding. The book value of the Company’s portfolio in Non-current
investments, as on 31st March, 2024, was ` 3,33,130.94 thousands (Previous year: ` 295,152.79 thousands). The market value of
the quoted investments was ` 3,591,516.67 thousand as against ` 2,512,498.00 thousand in the previous year.

INVESTMENTS
During the year, the Company has made non-current investments of ` 36,891.36 thousand (Previous year: ` 47,603.44 thousand)
and current investments for FY 2023-24 were Nil (Previous year: ` 11,980.69 thousands).

SALE OF INVESTMENT
During the year, the Company has sold investments in equity shares having a carrying value of ` 916.92 thousands and
investments in mutual funds having carrying value of ` 6,016.14 thousands (Previous year: ` 5,841.35 thousands) during the
period under review.

MATERIAL CHANGES AFFECTING THE COMPANY

There have been no material changes and commitments affecting the financial position of the Company between the end of the
financial year and the date of this report. There has been no change in the nature of business of the Company.

DIVIDEND
No dividend has been recommended for the year under review.

AMOUNT TRANSFERRED TO RESERVE

The company has transferred ` 10,792.20/- thousands during the year to Statutory Reserve.

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

DIRECTORS
Mr. Ashwin C. Shroff, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible
offers himself for re-appointment. The Board recommends his re-appointment. The Director is not disqualified for appointment/
re-appointment under section 164 of the Companies Act, 2013.

FIXED DEPOSITS
The Company has not accepted Fixed Deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies
(Acceptance of Deposits) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Your Company has placed inter corporate deposits of ` 70 Lakhs with TML Industries Limited during the financial year 2023-24
and has given an unsecured loan of ` 189.10 Lakhs to M/s Excel Rajkot C& D Waste Recycling Pvt. Ltd. during the year 2023-24.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

ClimaCrew Private Limited (CCPL) was incorporated on 7th January, 2022, the Company, holds 33.33% equity share capital in
CCPL. CCPL aims to be a full-stack seaweed platform company for harnessing the economic, social, commercial, nutritional and
environmental benefits offered by seaweeds through the development of enabling platforms allowing to create and foster strategic
business partnerships seeking national and international scientific collaborations. CCPL has suffered a loss of ` 245.36 lakhs for
the year 2023-24.

NUMBER OF MEETINGS OF THE BOARD

During the FY 2023-24 8 (eight) meetings of the Board of Directors were held.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

No details as required under the provisions of Rule 5(1) and 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, are given, as the Company has no employees.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

All contracts/arrangements/transactions entered into by the Company during the financial year with related parties were in
the ordinary course of business and on an arm’s length basis. There were no transactions with related parties which could be
considered material by the Board. So disclosure in form AOC 2 is not provided.

RISK MANAGEMENT
There are no risks which in the opinion of the Board threaten the existence of the Company.

STATUTORY AUDITORS
The Company had appointed M/s. N. A. Shah Associates, LLP, Chartered Accountants, (FRN.: 116560W/W100149), as Statutory
Auditors of the Company for a period of five consecutive years from the conclusion of the 38th annual general meeting of the Company.

REPORTING OF FRAUDS BY AUDITORS

During the year under review, the Auditors have not reported any instance of fraud committed in the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO
The Company is not engaged in any manufacturing activities, hence, Rule 8(3) of the Companies (Accounts) Rules, 2014 is not
applicable to the Company.

MATERIAL ORDERS PASSED BY THE REGULATORY AUTHORITIES OR COURT / MATERIAL CHANGES OR COMMITMENTS
There are no significant material order passed by the regulators / courts which can impact the going concern status of the
Company and its future operations. There are no material changes or commitments occurring after 31st March, 2024 which may
affect the financial position of the Company.

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

INTERNAL FINANCIAL CONTROLS

The Company has adequate systems of internal financial controls to safeguard and protect its assets from unauthorized use or
misappropriation. All the financial transactions are properly authorized, recorded and reported to the Management. The Company
follows all the applicable Accounting Standards for proper maintenance of books of accounts for financial reporting.

DIRECTORS’ RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year
ended March 31, 2024, the Board of Directors hereby confirms that:
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation
relating to material departures;
(b) they had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit
and loss of the Company for that period;
(c) they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) they had prepared the annual accounts on a going concern basis;
(e) they had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate
and are operating effectively; and
(f) they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are
adequate and operating effectively.

EXPLANATION OR COMMENTS BY THE BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARK OR

DISCLAIMER MADE
The report of Statutory Auditors is free from any qualification, reservation or adverse remark or disclaimer.

COST RECORDS
The Company is not required to maintain Cost records under section 148 (1) of Companies Act, 2013.

PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE

Currently there are no employees. Hence, no details of Complaints received and resolved is provided.

INSOLVENCY AND BANKRUPTCY CODE

The requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable.

RESERVE BANK OF INDIA DIRECTIONS

The Company has complied with the provisions of Non-Banking Financial Companies (Reserve Bank of India) Directions, 1977, as
amended from time to time.

For and on behalf of Board of Directors

ASHWIN C. SHROFF
Director
DIN: 00019952
Place : Mumbai
Date : 23rd May, 2024

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

INDEPENDENT AUDITOR’S REPORT

To the Members of Kamaljyot Investments Limited
Report on the Audit of Financial Statements
Opinion
1. We have audited the accompanying financial statements of Kamaljyot Investments Limited (“the Company”) which
comprises the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss and Statement of Cash Flows for the
year then ended on that date, and a summary of significant accounting policies and other explanatory information (hereinafter
referred to as “financial statements”).
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial
statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true
and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company
as at March 31, 2024, and its profit and its cash flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our
responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Information Other than the financial statements and Auditor’s Report Thereon
4. The Company’s Board of Directors is responsible for the other information. The other information obtained at the date of this
auditor’s report is Director’s report but does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in
the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed on the other information obtained prior to the date of this report, we conclude that
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in
this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
5. The Company’s Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these financial statements that give a true and fair view of the financial position, financial performance, and
cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting
Standards (AS) prescribed under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Board of Directors are responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but
to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

Auditor’s Responsibilities for the Audit of the Financial Statements

6. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(i) of Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.
•  Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that achieves
fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, related safeguards.

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in terms
of section 143(11) of the Act, we give in the Annexure “A”, a statement on the matters specified in paragraphs 3 and 4 of
the Order.
8. As required by section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow dealt with by this Report are in
agreement with the books of account;

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

(d) In our opinion, the aforesaid financial statements comply with the AS prescribed under Section 133 of the Act, read with
the Companies (Accounting Standards) Rules, 2021;
(e) On the basis of the written representations received from the directors as on March 31, 2024 and taken on record by
the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in
terms of Section 164(2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, refer to our separate report given in Annexure “B”. Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting;
(g) Since the company has not paid any remuneration to director and the question of reporting on the requirements of
Section 197(16) of the Act does not arise; and
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:
(i) There are no pending litigations and hence the question of disclosing the financial impact thereof in the financial
statements does not arise.
(ii) The Company does not have any long-term contracts including derivative contracts and hence the question of
making any provision, as required under any law or accounting standards, for material foreseeable losses does not
arise.
(iii) There are no amounts which were required to be transferred to the Investor Education and Protection Fund.
(iv) The management has represented that:
• no funds have been advanced or loaned or invested by the Company to or in any other person(s) or entities,
including foreign entities (“Intermediaries”), with the understanding that the intermediary shall whether directly
or indirectly lend or invest in other persons or entities identified in any manner by or on behalf of the Company
(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of ultimate beneficiaries.
• no funds have been received by the Company from any person(s) or entities including foreign entities
(“Funding Parties”) with the understanding that such Company shall whether, 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 guarantee, security or the like on behalf of the Ultimate beneficiaries.
• Based on the audit procedures performed as considered reasonable and appropriate in the circumstances,
nothing has come to our notice that causes us to believe that the above representations given by the
management contain any material misstatement.
(v) The Company has not declared or paid dividend during the year. Hence our comments on compliance with
section 123 of the Companies Act 2013 does not arise.
(vi) Based on our examination which included test checks, the company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our
audit we did not come across any instance of audit trail feature being tampered with.

For N. A. Shah Associates LLP

Chartered Accountants
Firm’s registration number: 116560W/ W100149

Dhaval Selwadia
Partner
Membership No: 100023
UDIN: 24100023BKCCCT6298
Place: Mumbai
Date: 23rd May, 2024

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

ANNEXURE ‘A’ TO THE INDEPENDENT AUDITORS’ REPORT

Annexure referred to in paragraph 1 of our report on Other Legal and Regulatory Requirements of even date
(i) The Company does not hold any fixed assets. Therefore, paragraph 3(i) of the Order is not applicable.
(ii) The Company is in the business of Investment holding and financing, consequently, does not hold any inventory. Therefore,
paragraph 3(ii) of the Order is not applicable.
(iii) During the year, the Company has made investments in, companies, which are, prima facie, not prejudicial to the Company’s
interest;
(iv) According to the information and explanations given to us and on the basis of representations made by the management,
in respect of loans, investments, guarantees, and security, the Company has complied with the provisions of section 185 of
the Companies Act, 2013.
The Company being a Non- Banking Financial Company engaged in the business of investment / financing, provisions of
section 186 of the Companies Act, 2013 are not applicable.
(v) In our opinion as explained to us, the Company being Non-Banking Financial Company, provisions of Section 73 to 76 of the
Companies Act, 2013 read with The Companies (Acceptance of Deposits) Rules, 2014 and other relevant provisions of the
Companies Act are not applicable. However, the Company has not accepted any public deposits.
(vi) The Company is not required to maintain cost records as specified by the Central Government under sub-section (1) of
section 148 of the Act. Thus, paragraph 3(vi) of the Order is not applicable.
(vii) The Company is regular in depositing the undisputed statutory dues of, income-tax, goods and service tax and other applicable
statutory dues with the appropriate authorities. Further, no undisputed amounts payable in respect of the said statutory dues
were in arrears as at March 31, 2024 for a period of more than six months from the date they became payable.
The Company does not have any disputed statutory dues. Thus, paragraph 3(vii)(b) of the Order is not applicable.
(viii) According to the information and explanations given by the management, and based on the procedures carried out during
the course of our audit there are no transactions not recorded in the books of account which have been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 and hence the question of
recording of previously unrecorded income in the books of account does not arise.
(ix) The Company did not have term loan and other borrowings during the year. Thus, paragraph 3(ix) of the Order is not applicable.
(x) (a) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments).
Therefore, paragraph 3(x)(a) of the Order is not applicable.
(b) According to the information and explanation given to us, the Company has not made any preferential allotment or
private placement of shares or convertible debentures (fully, partly or optionally convertible) during the year. Therefore,
paragraph 3(x)(b) of the Order is not applicable.
(xi) (a) During the course of our examination of the books of account and records of the Company, carried out in accordance
with generally accepted auditing practices in India and according to information and explanation given to us, no fraud
by the Company and no fraud on the Company has been noticed or reported during the year.
(b) In view of our comments in clause (a) above, no report under sub-section (12) of section 143 of the Act has been filed in
Form ADT-4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government,
during the year and upto the date of this report.
(c) The provisions of section 177(9) of the Act does not require Company to establish whistle-blower mechanism. Further,
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are also not applicable to the Company.
Therefore, paragraph 3(xi)(c) of the Order is not applicable.

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

(xii) According to the information and explanations given to us, the Company is not a nidhi company. Thus, paragraph 3(xii) of
the Order is not applicable.
(xiii) In our opinion, transactions with the related parties are in compliance with section 188 of the Act and the details of such
transactions have been disclosed in the financial statements as required by the applicable accounting standards. Provisions
of section 177 of the Act as regards Audit Committee are not applicable to the Company.
(xiv) Provisions of section 138 of the Act with regards to formal internal audit system are not applicable to the Company.
Therefore, of paragraph 3(xiv) of the Order is not applicable.
(xv) In our opinion and according to the information and explanations given to us, during the year, the Company has not entered
into non-cash transactions with directors or persons connected with them. Therefore, paragraph 3(xv) of the Order is
not applicable.
(xvi) (a) In our opinion and according to information and explanations given to us, the Company has obtained Certificate of
Registration (CoR) as required under section 45-IA of the Reserve Bank of India Act, 1934.
(b) In view of the above, the question of conducting any non-banking financial activities without a valid CoR from the
Reserve Bank of India does not arise.
(c) The Company is not a Core Investment Company (CIC) as defined in the Regulations made by the Reserve Bank
of India.
(d) Based on the information and explanations given to us, the Group does not have any CIC.
(xvii) The Company has not incurred any cash losses during the financial year ended 31st March 2024 and the immediately
preceding financial year. Therefore, the clause (xvii) of paragraph 3 of the Order is not applicable to the Company.
(xviii) There was no resignation of the Statutory Auditors during the year. Therefore, paragraph (xviii) of the Order is not applicable.
(xix) In our opinion and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and
payment of financial liabilities, other information accompanying the financial statements and our knowledge of the board of
directors and management plans, and based on our examination of the evidence supporting the assumption, nothing has
come to our attention, which causes us to believe that any material uncertainty exist as on the date of audit report indicating
that the Company is not capable of meeting its liabilities existing as at the date of balance sheet as and when they fall due
within a period of one year from the balance sheet. We however, state that this is not an assurance as to future viability of
the company. We further state that our reporting is based on the facts upto the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will
get discharged by the Company as and when they fall due.
(xx) The provisions of Section 135 of the Act relating to Corporate Social Responsibility are not applicable to the Company.
Therefore, paragraph (xx) of the Order is not applicable.

For N. A. Shah Associates LLP

Chartered Accountants
Firm’s registration number: 116560W/ W100149

Dhaval Selwadia
Partner
Membership No: 100023
UDIN: 24100023BKCCCT6298
Place: Mumbai
Date: 23rd May, 2024

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(“the Act”)
We have audited the internal financial controls over financial reporting of Kamaljyot Investments Limited (“the Company”),
as of March 31, 2024, in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management and Board of Directors is responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(“the Guidance Note”), issued by the Institute of Chartered Accountants of India. These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable
financial information, as required under the Act.

Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the “Guidance Note”) issued by ICAI and the and the Standards on Auditing prescribed under Section 143(10) of the Companies
Act, 2013, to the extent applicable to an audit of internal financial controls with reference to financial statement. Those Standards
and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of
the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the Company’s assets that could have a material effect on the financial statements.

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting
and such internal financial controls over financial reporting were operating effectively as at March 31, 2024, based on the internal
control over financial reporting criteria established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

For N. A. Shah Associates LLP

Chartered Accountants
Firm’s registration number: 116560W/ W100149

Dhaval Selwadia
Partner
Membership No: 100023
UDIN: 24100023BKCCCT6298
Place: Mumbai
Date: 23rd May, 2024

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 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
Balance Sheet as at March 31, 2024
(All amounts in INR thousands, unless otherwise stated)

Particulars As at As at
Notes March 31, 2024 March 31, 2023
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital 3 19,998.20 19,998.20
(b) Reserves and surplus 4 3,67,095.54 3,13,134.54
3,87,093.74 3,33,132.74
Current liabilities
(a) Trade Payables 5
i.  total outstanding dues of micro enterprises and small
enterprises; and — —
ii.  total outstanding dues of creditors other than micro
enterprises and small enterprises 189.00 252.10
(b) Other current liabilities 6 24.75 14.80
(c) Short term provisions 7 1,517.92 2,953.84
1,731.67 3,220.74
TOTAL 3,88,825.41 3,36,353.48

ASSETS
Non-current Assets
(a) Non-current investments 8 3,33,130.94 2,95,152.79
(b) Long Term Loans and advances 9 — 366.63
3,33,130.94 2,95,519.42

Current Assets
(a) Current investments 10 26,016.14 25,841.35
(b) Cash and cash equivalents 11 2,558.47 1,153.51
(c) Short-term loans and advances 12 25,910.00 7,000.00
(d) Other current assets 13 1,209.86 6,839.20
55,694.47 40,834.06

TOTAL 3,88,825.41 3,36,353.48

Summary of significant accounting policies 2.1

The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the Board of Directors of
Kamaljyot Investments Limited
For N. A. Shah Assocaites LLP
Chartered Accountants
Firm Registration Number : 116560W/W100149
Dhaval Selwadia
Partner Ashwin. C. Shroff Ravi A. Shroff
Membership No : 100023 Director Director
DIN : 00019952 DIN : 00033505

Place: Mumbai Place: Mumbai Place: Mumbai

Date: May 23, 2024 Date: May 23, 2024 Date: May 23, 2024

12
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

Particulars Year ended Year ended

Notes March 31, 2024 March 31, 2023
INCOME
(a) Revenue from Operations 14 1,689.84 3,046.53
(b) Other Income 15 64,917.17 43,103.81

Total Income 66,607.01 46,150.34

EXPENSES
(a) Finance Cost 16 374.29 73.83
(b) Other Expenses 17 1,259.15 1,068.94

Total Expenses 1,633.44 1,142.77

Profit before tax 64,973.57 45,007.57

Tax expense
(a) Current tax 10,907.86 7,412.96
(b) Tax Adjustments for earlier years 104.71 (6.34)

Total tax expense 11,012.57 7,406.62

Profit after tax 53,961.00 37,600.95

Earnings per equity share [Nominal value per share ` 100 (March 31, 2024: ` 100)]
Basic & diluted (in `) 20 269.83 188.02

The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the Board of Directors of
Kamaljyot Investments Limited
For N. A. Shah Assocaites LLP
Chartered Accountants
Firm Registration Number : 116560W/W100149
Dhaval Selwadia
Partner Ashwin. C. Shroff Ravi A. Shroff
Membership No : 100023 Director Director
DIN : 00019952 DIN : 00033505

Place: Mumbai Place: Mumbai Place: Mumbai

Date: May 23, 2024 Date: May 23, 2024 Date: May 23, 2024

13
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
Cash Flow Statement for the year ended March 31, 2024
(All amounts in INR thousands, unless otherwise stated)

Particulars Year ended Year ended

March 31, 2024 March 31, 2023

A. CASH FLOW FROM OPERATING ACTIVITIES

Net Profit before Tax 64,973.57 45,007.57
Adjustments for:
Profit on sale of Investments (Net) (32,527.23) (18,546.43)
Reversal of provision for diminution in non current investments (2,365.43) (597.55)
Dividend received (30,022.70) (23,959.83)
(64,915.36) (43,103.81)
Operating Profit/ (Loss) before working capital changes 58.21 1,903.76
Adjustments for:
(Increase)/Decrease in Other Current Assets 5,629.35 (6,710.83)
Increase/(Decrease) in Trade Payables (63.10) (5.11)
Increase/(Decrease) in Other current liabilities 9.96 (5.70)
(Increase)/Decrease in Long term loans and advances 366.64 —
5,942.85 (6,721.64)
Cash generated from Operations 6,001.06 (4,817.88)
Direct taxes paid (Net) (12,448.49) (6,048.26)
Net cash from/(used in) Operating Activities (A) (6,447.43) (10,866.14)

B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of non current investments (36,891.36) (19,963.66)
Purchase of current investments (net) (366.13) (5,348.47)
Sale of non current investments 33,790.80 —
Sale of current investments 206.38 —
Dividend received 30,022.70 23,959.83
Loans and advances given (18,910.00) —
Net cash from/(used in) Investing Activities (B) 7,852.39 (1,352.30)

C. CASH FLOW FROM FINANCING ACTIVITIES

Dividend paid — (3,999.64)
Net cash from/(used in) Financing Activities (C) — (3,999.64)
Net increase / (decreaes) in cash and cash equivalents [A+ B + C] 1,404.96 (16,218.08)
Cash and cash equivalents at the beginning of the year (Refer note 11) 1,153.51 17,371.59
Cash and cash equivalents at the end of the year (Refer note 11) 2,558.47 1,153.51
As per our report of even date. For and on behalf of the Board of Directors of
Kamaljyot Investments Limited
For N. A. Shah Assocaites LLP
Chartered Accountants
Firm Registration Number : 116560W/W100149
Dhaval Selwadia
Partner Ashwin. C. Shroff Ravi A. Shroff
Membership No : 100023 Director Director
DIN : 00019952 DIN : 00033505

Place: Mumbai Place: Mumbai Place: Mumbai

Date: May 23, 2024 Date: May 23, 2024 Date: May 23, 2024

14
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024

1. Company background
Kamaljyot Investments Limited is a public company domiciled in India and incorporated under the provisions of the Companies Act. It is primarily engaged in
activities of Investment Holding and Financing.
The Company received the Certificate of Registration on February 26, 1998 from Department of non-banking supervision (DNBS) of Reserve Bank of India
(RBI) to commence/carry on the business of non-banking financial institution.
2. Basis of preparation
These Financial statements are prepared in accordance with Generally Accepted Accounting Principles in India (Indian GAAP) under the historical cost
convention on the accrual basis. GAAP comprises mandatory accounting standards as prescribed under section 133 of the Companies Act, 2013 (‘Act’) read
with Rule 7 of the Companies (Accounts) Rules, 2014, the provisions of the Act (to the extent notified) and Reserve Bank of India Regulations in relation to
Non-Banking Finance Companies to the extent applicable to the company. The financial statements have been prepared on an accrual basis and under the
historical cost convention.
The accounting policies adopted in the preparation of financial statements are consistent with those of previous year except for the change in accounting
policy explained below.
All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle (twelve months) and other criteria set
out in the Schedule III to the Act.
2.1 Summary of Significant Accounting Policies
(a) Use of Estimates
The preparation of financial statements in conformity with Indian GAAP requires the management to make judgments, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the end
of the reporting period. Although these estimates are based on the management’s best knowledge of current events and actions, uncertainty
about these assumptions and estimates could result in the outcomes requiring a material adjustment to the carrying amounts of assets or
liabilities in future periods.
(b) Revenue recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably
measured. The following specific recognition criteria must also be met before revenue is recognized:
Dividend income is recognized when the Company’s right to receive dividend is established by the reporting date.
Interest income and income from security lending borrowing is recognized on accrual basis and based on time proportion, taking into account
the amount outstanding and the rate applicable.
(c) Investments
Investments, which are readily realizable and intended to be held for not more than one year from the date on which such investments are made,
are classified as current investments. All other investments are classified as long-term investments.
On initial recognition, all investments are measured at cost. The cost comprises purchase price and directly attributable acquisition charges such
as brokerage, fees and duties. If an investment is acquired, or partly acquired, by the issue of shares or other securities, the acquisition cost is
the fair value of the securities issued.
Current investments are carried in the financial statements at lower of cost and fair value determined on an individual investment basis. Long-term
investments are carried at cost. However, provision for diminution in value is made to recognize a decline other than temporary in the value of the
investments, determined separately for each investment. Such diminution or reversal thereof are charged or credited to Statement of Profit and Loss.
On disposal of an investment, the difference between its carrying amount and net disposal proceeds is charged or credited to the statement of
profit and loss.
(d) Option Derivatives
All derivatives are measured using the mark-to-market principle with the resulting gains/losses thereon being recorded in the statement of
profit and loss. For derivatives which are outstanding as on the reporting date, the Company adopts a conservative approach and ignores the
anticipated profit on such transactions and no credit is taken in the statement of profit and loss.
On the final settlement or squaring up of contracts for equity index/stock futures, the profit or loss is calculated as difference between settlement/
squared up price and contract price and disclosed in the statement of income from future & options.
(e) Earnings per Share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting
attributable taxes) by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted
average number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
(f) Income taxes
Tax expense comprises current and deferred tax. Current income-tax is measured at the amount expected to be paid to the tax authorities
in accordance with the Income-tax Act, 1961 enacted in India and tax laws prevailing in the respective tax jurisdictions where the Company
operates. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.
Current income tax relating to items recognized directly in equity is recognized in equity and not in the statement of profit and loss.

15
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024

2.1 Summary of Significant Accounting Policies (Contd.)

Deferred income taxes reflect the impact of timing differences between taxable income and accounting income originating during the current
year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively
enacted at the reporting date. Deferred income tax relating to items recognized directly in equity is recognized in equity and not in the statement
of profit and loss.
Deferred tax liabilities are recognized for all taxable timing differences. Deferred tax assets are recognized for deductible timing differences only
to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can
be realized. In situations where the Company has unabsorbed depreciation or carry forward tax losses, all deferred tax assets are recognized
only if there is virtual certainty supported by convincing evidence that they can be realized against future taxable profits.
Minimum alternate tax (MAT) paid in a year is charged to the statement of profit and loss as current tax. The Company recognizes MAT credit
available as an asset only to the extent that there is convincing evidence that the Company will pay normal income tax during the specified
period, i.e., the period for which MAT credit is allowed to be carried forward. In the year in which the Company recognizes MAT credit as an asset
in accordance with the Guidance Note on Accounting for Credit Available in respect of Minimum Alternative Tax under the Income-tax Act, 1961,
the said asset is created by way of credit to the statement of profit and loss and shown as “MAT Credit Entitlement.” The Company reviews the
“MAT credit entitlement” asset at each reporting date and writes down the asset to the extent the Company does not have convincing evidence
that it will pay normal tax during the specified period.
(g) Provisions
A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation, in respect of which, a reliable estimate can be made of the amount of the
obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation
at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
(h) Cash and cash equivalents
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an
original maturity of three months or less.
(i) Contingent liabilities
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 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. A contingent liability also arises in extremely rare cases where
there is a liability that cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent liability but
discloses its existence in the financial statements.
(j) Cash Flows
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.

16
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

3. SHARE CAPITAL
Particulars As at As at
March 31, 2024 March 31, 2023
AUTHORISED SHARES
499,982 (March 31,2023: 499,982) Equity Shares of ` 100 each 49,998.20 49,998.20
18 (March 31, 2023: 18) Redeemable Preference Shares of ` 100 each 1.80 1.80

50,000.00 50,000.00

Issued, Subscribed & Fully Paid Shares

199,982 (March 31, 2023: 199,982) Equity Shares of ` 100 each 19,998.20 19,998.20

19,998.20 19,998.20

(a) Reconciliation of the equity shares outstanding at the beginning

and at the end of the reporting period
As at March 31, 2024 As at March 31, 2023
Nos. (`) Nos. (`)
At the beginning of the period 1,99,982 19,998.20 1,99,982 19,998.20
Add : Issued during the period — — — —
Outstanding at the end of the period 1,99,982 19,998.20 1,99,982 19,998.20

(b) Terms / Rights attached to Equity Shares

The company has only one class of equity shares having par value of
` 100/- per share. Each equity share carries one vote and is entitled to
dividend that may be declared by the Board of Directors, which is subject to
the approval of the shareholders in the Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will
be entitled to receive remaining assets of the company, after distribution of
all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.

(c) Shares held by Holding Company

As at March 31, 2024 As at March 31, 2023
Nos. % holding Nos. % holding
Excel Industries Limited and its Nominees 1,99,982 100% 1,99,982 100%

(d) Details of Shareholders holding more than 5% shares in the Company

As at March 31, 2024 As at March 31, 2023
Nos. % holding Nos. % holding
Equity shares of ` 100 each fully paid
Excel Industries Limited and its Nominees 1,99,982 100% 1,99,982 100%

(e) Details of shares held by promoters in the company

Promoter name Opening no. of Closing no. of % of % Change
shares held shares held total shares during the
year
As at March 31, 2024
Excel Industries Limited 1,99,982 1,99,982 100% —

As at March 31, 2023

Excel Industries Limited 1,99,982 1,99,982 100% —

17
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

4. RESERVES AND SURPLUS As at As at

Particulars March 31, 2024 March 31, 2023
Capital Redemption Reserve
Balance as per last financial statements 1.80 1.80
Statutory Reserve (as per Sec 45IC (1) of RBI Act, 1934) 60,230.61 52,710.42
Add : Appropriations for Statutory Reserve 10,792.20 7,520.19
71,022.81 60,230.61
General Reserve
Balance as per last financial statements 5,000.00 5,000.00
Surplus in the Statement of Profit and Loss
Balance as per last financial statements 2,47,902.13 2,21,821.01
Add: Profits for the year 53,961.00 37,600.95
Net surplus in the statement of profit and loss 3,01,863.13 2,59,421.96
Less : Appropriations for Statutory Reserve 10,792.20 7,520.19
Less : Dividend paid — 3,999.64
Net surplus in the statement of profit and loss after appropriation 2,91,070.93 2,47,902.13
3,67,095.54 3,13,134.54

5. TRADE PAYABLE As at As at
Particulars March 31, 2024 March 31, 2023
Total outstanding dues of micro enterprises and small enterprises; and (Refer Note 22) — —
Total outstanding dues of creditors other than micro enterprises and small enterprises 189.00 246.44
189.00 246.44

5.1 TRADE PAYABLES AGEING AS OF MARCH 31, 2024 Outstanding for

Particulars Unbilled Less than 1 year
(i) MSME — —
(ii) Others 189.00 —
(iii) Disputed dues - MSME — —
(iv) Disputed dues - Others — —

5.2 TRADE PAYABLES AGEING AS OF MARCH 31 2023 Outstanding for

Particulars Unbilled Less than 1 year
(i) MSME — —
(ii) Others 208.50 37.94
(iii) Disputed dues - MSME — —
(iv) Disputed dues - Others — —

6. OTHER CURRENT LIABILITIES As at As at

Particulars March 31, 2024 March 31, 2023
Statutory dues 24.75 14.80
Other Payable — 5.66
24.75 20.46

7. SHORT TERM PROVISIONS As at As at

Particulars March 31, 2024 March 31, 2023
Provision for Income Tax (Net of Advance Tax) 1,517.92 2,953.84
1,517.92 2,953.84

18
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

8. NON-CURRENT INVESTMENTS
Face Face
Value As at March 31, 2024 Value As at March 31, 2023

Name of the Company Number Cost Diminution Carrying Number Cost Diminution Carrying
Amount Amount
(`) (`) (`) (`) (`) (`) (`) (`)
Non Trade Investments (valued at cost
unless otherwise stated)
Quoted Investments
Investments in equity instruments
FULLY PAID-UP EQUITY SHARES OF:
Aimco Pesticides Limited 10 6,198 62.72 — 62.72 10 6,198 62.72 — 62.72
Transpek Industry Limited 10 7,02,703 85,789.92 — 85,789.92 10 7,02,703 85,789.92 — 85,789.92
Bayer Cropscience Limited 10 14 3.25 — 3.25 10 14 3.25 — 3.25
Birla Precision Technologies Ltd @ 2 40 0.00 — 0.00 2 40 0.01 — 0.01
Elgi Rubber International Limited 1 3,500 195.85 25.75 170.10 1 3,500 195.85 102.75 93.10
Gujarat State Financial Corporation 10 4,700 94.00 94.00 10 4,700 94.00 77.03 16.97
GTL Infra Limited 10 50,000 200.48 120.48 80.00 10 50,000 200.48 164.98 35.50
Hindalco Industries Limited 1 1,000 183.53 — 183.53 1 1,000 183.53 — 183.53
Indokem Limited 10 100 2.10 — 2.10 10 100 2.10 — 2.10
Navin Fluorine International Limited 2 1,01,625 12,274.78 — 12,274.78 2 1,02,975 12,437.84 — 12,437.84
Tanfac Industries Ltd 10 10,21,899 1,10,228.57 — 1,10,228.57 10 10,32,241 1,11,344.12 — 1,11,344.12
Uniphos Enterprises Limited 2 100 0.52 — 0.52 2 100 0.52 — 0.52
Alkyl Amines Chemicals Ltd 2 1,505 264.23 — 264.23 2 1,505 264.23 — 264.23
Cosmo Films Ltd 10 375 76.92 — 76.92 10 375 76.92 — 76.92
Daikaffil Chemicals (India) Ltd 10 27,409 1,811.39 1,811.39 10 27,409 1,811.39 1,230.04 581.35
Deep Energy Resources 10 500 — — — 10 500 — — —
Deepak Nitrite 2 500 103.82 — 103.82 2 500 103.82 — 103.82
Mangalam Organics Ltd 10 448 91.60 — 91.60 10 448 91.60 — 91.60
Sadhana Nitro Chem Limited 1 10,500 99.95 — 99.95 1 10,500 99.95 — 99.95
Talwalkars Better Value Fitness Limited 10 100 15.29 15.15 0.14 10 100 15.29 15.15 0.14
Talwalkars Healthclubs Limited 10 100 15.29 15.20 0.09 10 100 15.29 15.20 0.09
Thirumalai Chemicals Ltd 1 2500 414.35 — 414.35 1 2500 414.35 905.70 (491.35)
Tinna Rubber and Infrastructure Ltd 10 2,500 123.15 123.15 10 2,500 123.15 31.15 92.00
Tinna Trade Ltd 10 2,050 28.16 28.16 10 2,050 28.16 — 28.16
Universal Starch - Chem Allied Ltd 10 1,500 41.60 41.60 10 1,500 41.60 — 41.60
Jiya Eco-Products 10 50,000 2,511.67 2,331.18 180.49 10 50,000 2,511.69 2,331.18 180.51
Samrat Pharmachem Limited 10 8,000 2,823.71 2,823.71 — — — — —
(A) 2,17,456.86 2,507.76 2,14,949.10 2,15,911.78 4,873.18 2,11,038.60

19
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

8. NON-CURRENT INVESTMENTS (Contd.)

Face Face
As at March 31, 2024 As at March 31, 2023
Value Value
Name of the Company Number Cost Diminution Carrying Number Cost Diminution Carrying
Amount Amount
(`) (`) (`) (`) (`) (`) (`) (`)
Unquoted Investments (continue..)
Investments in equity instruments
FULLY PAID-UP EQUITY SHARES OF:
Alpic Finance Limited 10 1,000 100.00 100.00 — 10 1,000 100.00 100.00 —
Ashok Organic Industries Limited 10 4,900 784.00 784.00 — 10 4,900 784.00 784.00 —
Syngenta India Limited 5 5 0.61 0.61 — 5 5 0.61 0.61 —
TML Industries Limited 10 31,750 974.73 974.73 — 10 31,750 974.73 974.73 —
Lloyds Finance Limited 10 420 16.66 16.66 — 10 420 16.66 16.66 —
MobiTrash Recycle Ventures Private Limited 10 1,999 19.99 19.99 10 1,999 19.99 — 19.99

NSE India Ltd 1 25,000 26,475.00 — 26,475.00 1 25,000 26,475.00 — 26,475.00

ClimaCrew Private Limited 10 10,61,065 10,610.65 — 10,610.65 10 4,94,900 4,949.00 — 4,949.00
Batx Energies Private Limited 10 1,068 29,145.18 — 29,145.18 10 948 22,545.18 — 22,545.18
Jaro Institute of Technology Management
and Research Limited 10 3,300 2,475.00 2,475.00 — — — — —

Investments in Compulsory Convertible

Preference Shares
Bintix Waster Research Private Limited 10 17,149 20,119.26 — 20,119.26 10 17,149 20,119.26 — 20,119.26
Ishitva Robotic Systems Pvt. Ltd. 10 866 10,005.76 — 10,005.76 10 866 10,005.76 — 10,005.76
Investment in Compulsory Convertible
Debentures
Batx Energies Private Limited 1,000 6,831 6,831.00 — 6,831.00 — — — — —
Investment in Convertible Note
Ishitva Robotic Systems Pvt. Ltd. 25,00,000 1 2,500.00 2,500.00 — — — — —
Exposome Pvt Ltd 1,00.00,000 1 10,000.00 10,000.00 — — — — —

B 1,17,557.85 1,876.00 1,18,181.85 85,990.19 1,876.00 84,114.19

TOTAL (A+B) 3,35,014.69 4,383.76 3,33,130.94 3,01,901.96 6,749.18 2,95,152.79

Particulars As at As at
March 31, 2024 March 31, 2023
(a) Aggregate of Quoted Investments:
Cost 2,17,456.86 2,15,911.78
Market Value 35,93,870.60 25,12,498.00
(b) Aggregate of Unquoted Investments:
Cost 1,17,557.85 85,990.19
(c) Aggregate provision for diminution in value of investments 4,383.76 6,749.18

20
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

9. LONG-TERM LOANS AND ADVANCES

Year ended Year ended
Particulars March 31, 2024 March 31, 2023

Advance Income -tax (net of provision for tax) — 366.63

— 366.63

10. CURRENT INVESTMENTS

Year ended Year ended
Particulars March 31, 2024 March 31, 2023
INVESTMENT IN MUTUAL FUND (COST OR FAIR VALUE, WHICHEVER IS LOWER)

(a) Quoted Mutual Funds

(i) Nippon India ETF Liquid BeES 1.11 192.45
1.111 units (Previous Year: 192.45 units)
(ii) Nippon India ETF Nifty 1D rate Liquid BEES 6,012.92 5,648.90
6,012.45 units (Previous Year: 5,648.908 units)
(iii) Nippon India ETF Nifty Bank BEES 2.11 —
2.11 units ( Previous Year: Nil units)
(A) 6,016.14 5,841.35
(b) Unquoted Mutual Funds
(i) ASK India 2025 Equity Fund 10,000.00 10,000.00
10,403.007 units (Previous Year: 10,403.007 units)
(ii) IIFL Equity Opportunities Fund - Class A 10,000.00 10,000.00
9,99,950 units (Previous Year: 9,99,950 units)
(B) 20,000.00 20,000.00
Total (A+B) 26,016.14 25,841.35
Less: Adjustments to the carrying amount of investments — —

Total 26,016.14 25,841.35

Aggregate amount of quoted investments :
Cost 6,016.14 5,841.35
Market 6,016.14 5,841.35
Aggregate amount of unquoted investments 20,000.00 20,000.00
Aggregate amount of diminution in value — —

11. CASH AND CASH EQUIVALENTS

Year ended Year ended
Particulars March 31, 2024 March 31, 2023

Balances with banks:

In current account 2,558.47 1,153.51
2,558.47 1,153.51

21
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

12. SHORT TERM LOANS AND ADVANCES

Year ended As at
Particulars March 31, 2024 March 31, 2023
Other Loans and Advances
Unsecured, considered good;
Inter-corporate Deposits (Refer Note below) 7,000.00 7,000.00
Unsecured loan given Excel C & D Rajkot Recycling Pvt Ltd (Refer Note 19) 18,910.00 —
25,910.00 7,000.00

Note: Given to related party TML Industries Ltd and Excel Rajkot C&D Waste Recycling Private Limited for business
purpose (Refer Note 19)

13. OTHER CURRENT ASSETS

Year ended Year ended
Particulars March 31, 2024 March 31, 2023
Interest Accrued on Loans & Advances 1,191.52 506.03
Prepaid Profession Tax 4.59 —
Other Receviable 3.75 6,323.17
Deposit - NSDL 10.00 10.00
1,209.86 6,839.20

14. REVENUE FROM OPERATIONS

Year ended Year ended
Particulars March 31, 2024 March 31, 2023
Interest from Inter-corporate Deposits 1,323.91 840.00
(Loss)/Income from Future and Option (177.13) 1,575.03
Income from Securities Lending 543.06 631.50
1,689.84 3,046.53

15. OTHER INCOME

Year ended Year ended
Particulars March 31, 2024 March 31, 2023
Investment income
Profit on sale of Investments
On Current Investments (Mutual Funds) 15.04 18,546.43
On Non Current Investments (Long term investments) 32,512.19 —
Dividend Income
On Current Investments (Mutual Funds) 363.63 204.98
On Long-term Investments (Shares) 29,659.07 23,754.85
Other Income
Interest on IT Refund 1.81 —
Reversal of provision for diminution in the value of investments in quoted share 2,365.43 597.55
64,917.17 43,103.81

22
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

16. FINANCE COST

Year ended Year ended
Particulars March 31, 2024 March 31, 2023
Interest on shortfall of advance tax 374.29 73.83
374.29 73.83

17. OTHER EXPENSES

Year ended Year ended
Particulars March 31, 2024 March 31, 2023
Legal and professional fees 533.25 469.19
Payments to Statutory Auditor (Refer Note below) 457.96 424.40
Transaction charges 23.45 116.30
Miscellaneous Expenses 244.49 59.05
1,259.15 1,068.94

Year ended Year ended

Payments to Statutory Auditors* March 31, 2024 March 31, 2023
As Auditor
— Audit fees 150.00 150.00
— Other Services (including certification) 230.00 215.00
— GST on above & Reimbursement 77.96 59.40
457.96 424.40

18. SEGMENT INFORMATION

T he Company operates under single business segment pertaining to investments and other fund based activities. Further, all the transactions and the assets
of the Company are recorded and located in India.


Since the Company’s current business activity primarily falls within a single business and geographical segment, no additional disclosure is to be provided
under Accounting Standard 17 – Segment Reporting, other than those already provided in the financial statements.

19. RELATED PARTY DISCLOSURES

R elated Party Disclosures as required by Accounting Standard (AS) – 18 “Related Party Disclosures”, notified by Companies (Accounting Standard) Rules,
2006 (as amended), are given below:
Names of related parties
(a) Parent entities
The group is controlled by the following entity:

Name Type Place of incorporation Ownership interest as at

31-Mar-24 March 31, 2023
Excel Industries Immediate Holding Company India 100.00% 100.00%
Limited

(b) Associate entities

Climacrew Private Limited
Mobitrash Recycle Ventures Private Limited

(c) Fellow subsidiary

Excel Rajkot C&D Waste Recycling Private Limited

23
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

(d) Key Management Personnel (KMP)

Mr. Ashwin C. Shroff (Director)
Mr. Ravi Ashwin Shroff (Director)
Mr. Ranjit Shroff (Director) (upto 05/08/2023)
Mr. Hrishit Ashwin Shroff (Director) (with effect from 01/08/2023)

(e) Enterprise over which KMP or their relative have significant influence and transactions have taken place:
TML Industries Limited
Transpek Industry Limited

Transactions with related parties

(a) Loans and advances in the nature of loans to related parties:

Particulars Purpose of Loan As at As at

March 31, 2024 March 31, 2023
TML Industries Limited
Balance as at year end Business Purpose 7,000.00 7,000.00
Maximum amount outstanding at any time during the year 7,000.00 7,000.00
Excel Rajkot C&D Waste Recycling Private Limited
Balance as at year end Business Purpose 18,910.00 —
Maximum amount outstanding at any time during the year 18,910.00 —

(b) Transactions carried out with related parties referred in 1 above, in ordinary course of business:

As at March 31, 2024 As at March 31, 2023

Name of Related Party
Transaction Balance Transaction Balance
outstanding outstanding
TML Industries Limited - Interest Received 840.00 756.00 840.00 499.00
Excel Rajkot C&D Waste Recycling Private Limited - Interest
Received 483.91 435.52 — —
Climacrew Private Limited - Investment Made 5,662.00 10,611.00 4,939.00 4,949.00
Transpek Industry Limited - Dividend Income 19,324.33 — 15,810.82 —
Transpek Industry Limited - Investment Made — 85,789.92 — 85,789.92
Mobitrash Recycle Ventures Priavte Limited — 19.99 — 19.99

20. EARNINGS PER SHARE (‘EPS’)

Particulars For the year ended For the year ended

March 31, 2024 March 31, 2023
(1) Profit after tax: 53,961.00 37,600.95

Profit attributable to equity shareholders (A): 53,961.00 37,600.95

(2) Weighted average number of equity shares outstanding (B) 199.98 199.98

(3) Earning per share (A) / (B) 269.83 188.02

(4) Nominal value of equity shares 100.00 100.00

24
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

21. 
DEFERRED TAX AND MAT CREDIT

The company has deferred tax asset and Mat credit as of year-end. However, as a matter of prudence, the management of the Company has decided not to
recognize such deferred tax asset and Mat credit in these financial statements, in view of non-regularity of future taxable income.

22. 
MSME DISCLOSURE

Details of dues to micro and small enterprises as defined under the MSMED Act, 2006
Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprise under “The Micro, Small and
Medium Enterprises Development Act, 2006” as at March 31, 2024.

Particulars As at As at
March 31, 2024 March 31, 2023

(a) The principal amount and the interest due thereon remaining unpaid to any supplier as at the end NIL NIL
of each accounting year

(b) The amount of interest paid by the buyer in the terms of Sec.16 of the Micro, Small and Medium NIL NIL
Enterprises Development Act, 2006 along with the amount of payment made to the supplier beyond the
appointed day during each accounting year.

(c) The amount of interest due and payable for the period of delay in making payment (Which have NIL NIL
been paid but beyond the appointed day during the year) without adding the interest specified
under the Micro, Small and Medium Enterprises Development Act, 2006.

(d) The amount of interest due accrued and remaining unpaid at the end of each accounting year. NIL NIL

(e) The amount of further interest remaining due and payable even in the succeeding years, until such NIL NIL
date when the interest dues as above are actually paid to the small enterprise, for the purpose of
disallowance as deductible expenditure u/s 23 of Micro, Small, Medium Enterprises Development
Act, 2006

23. The Directors have waived the sitting fees for meetings attended by them during the year.

24. Contingent Liability

Contingent liabilities not provided for March 31, 2024 Nil, (March 31, 2023 ` Nil)
25. Amounts of contracts remaining to be executed on capital investment as at March 31, 2024 is Nil (March 31, 2023: Nil).
26. The Directions under Chapter IV, Paragraph 70, and Chapter V of Master Directions - Non Banking Financial Company - Non Systematically Important Non
Deposit taking Company (Reserve Bank) Directions, 2016 issued by the Reserve Bank of India on September 1, 2016 and as updated on February 17,
2020, is not applicable to Kamaljyot Investments Limited (“the company”) since it has not accessed any public Funds and does not have any customer
Interface. Hence, in our opinion the company need not comply with the prudential norms relating to income recognition, accounting standards, asset
classification and provisioning for bad and doubtful debts as applicable in terms of Non-Banking financial company- Non Systematically important Non
Deposit taking Company (Reserve Bank) Directions, 2016.
Accordingly, the company has not appended to its balance sheet, schedule to balance sheet given in Para 18 under Chapter IV of the said master directions.
Furthermore, the Company is not required to make provision for standard assets at 0.25 percent of the outstanding loan as at March 31, 2024, given in
para 14 under Chapter IV of the said master directions.

27. UTILISATION OF BORROWED FUNDS

The Company has not advanced any funds or loaned or invested by the Company to or in any other person(s) or entities, including foreign entities
(“Intermediaries”), with the understanding that the intermediary shall whether directly or indirectly lend or invest in other persons or entities identified in
any manner by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of ultimate beneficiaries.
The Company has not received any funds from any person(s) or entities including foreign entities (“Funding Parties”) with the understanding that such
Company shall whether, 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 guarantee, security or the like on behalf of the ultimate beneficiaries.

25
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

28. The disclosure on the following matters required under Schedule III as amended not being relevant or applicable in case of the Company,

a) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. same are not covered such as :

b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

c) There is no transaction with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

d) The Company has not entered into any scheme of arrangement.

e) The Company has not traded or invested in crypto currency or virtual currency during the financial year.

f) There are no transaction which have not been recorded in the books.

g) The company has not revalued its Property, Plant & equipment’s during the year.

h) The company has no capital work-in progress & intangible assets under development.

i) The title deeds of immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in
the favour of lessee) are held in name of the Company.

j) The company has not taken any borrowing from financial institutions during the year.

k) The company does not have any charges or satisfaction yet to be registered with the registrar of companies(ROC) beyond the statutory period as
at March 31, 2024.

29. In the opinion of the Board of Directors, other current assets have a value on realisation in the ordinary course of the company’s business, which they are
stated in the balance sheet.

30. Additional information as required by para 5 of General Instructions for preparation of Statement of Profit and Loss (other than already disclosed above)
are either nil or not applicable.
31. Disclosure of ratios
Sr. Particulars Formula's used Ratios Variance Reason for
no. variance
As at As at
March 31, 2024 March 31, 2023
Current assets Increase in current
assets due to
1 Current ratio (in times) 32.16 12.68 154%
Current liabilities deposit of advance
tax and TDS
Total debt
2 Debt equity ratio NA NA NA NA
Share capital
Earning available for debt services
3 Debts services coverage ratio NA NA NA NA
Debt services
Net profit after taxes -Preference Increase in profit
4 Return on equity (in %) dividend (if any) 269.83% 188.02% 44% due to sale of
Average Shareholder’s Equity investments

Cost of goods sold or Sales

5 Inventory turnover ratio NA NA NA NA
Average inventory

Trade receivable turnover ratio Net credit sales

6 NA NA NA NA
(in times) Average accounts receivables

Trade payable turnover ratio Net credit purchase

7 NA NA NA NA
(in %) Average trade payable

26
 KAMALJYOT INVESTMENTS LIMITED
CIN: U65990MH1983PLC030597
NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2024
(All amounts in INR thousands, unless otherwise stated)

Sr. Particulars Formula's used Ratios Variance Reason for

no. variance
As at As at
March 31, 2024 March 31, 2023

Net capital turnover ratio Net sales

8 NA NA NA NA
(in times) Working capital
Net profit (after tax)
9 Net profit ratio (in %) 81.02% 81.47% -1% NA
Net sales
Earning before interest and taxes
Return on capital employed
10 Average Capital Employed = 17.94% 14.25% 26% NA
(in %) Tangible Net Worth + Total Debt
(if any)
Income from invested funds Increase in profit
11 Return on investment 19% 15.17% 26% due to sale of
Average invested funds investments

32. The Figures of previous year have been regrouped and reclassified, wherever necessary, to make them comparable with current year’s figures.

As per our report of even date For and on behalf of the Board of Directors of
Kamaljyot Investments Limited
For N. A. Shah Assocaites LLP
Chartered Accountants
Firm Registration Number : 116560W/W100149
Dhaval Selwadia
Partner Ashwin C. Shroff Ravi A. Shroff
Membership No : 100023 Director Director
DIN : 00019952 DIN : 00033505

Place: Mumbai Place: Mumbai Place: Mumbai

Date: May 23, 2024 Date: May 23, 2024 Date: May 23, 2024

27
 l a n k
e ft B
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EXCEL BIO RESOURCES LIMITED

29
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

DIRECTORS’ REPORT
To
The Members,
Your Directors have pleasure in presenting the 16th Annual Report together with the audited financial statements of the Company
for the year ended 31st March, 2024.
Key Financial Highlights and Operations
The Company has accounted ` 9.61 Lakhs (Previous year ` 8.57 Lakhs) towards total revenue during the year under review and
registered a net Loss of (10.24) Lakhs (Previous year: net profit of ` 2.38 lakhs) which is carried to the Balance Sheet.
The Company has acquired a chemical manufacturing unit of Good Rasayan Pvt. Limited (GRL) located at B-96, MIDC, Lote on a
slump sale basis at a consideration of ` 1.9 crores, subject to working capital adjustments, in the month of March, 2024.
Share Capital
The Company has allotted 20,00,000 Equity Shares of ` 10/- each aggregating to ` 2,00,00,000/- on 11th April, 2024 to its
shareholders on right basis, The revised Paid up share capital of the Company with effect from 11th April, 2024 is 25,10,000 Equity
Shares of ` 10/- each aggregating to ` 2,51,00,000/-.
Dividend
No dividend has been recommended by the Directors for the year under review.
Amount Transferred to General Reserve
No amount has been transferred to General Reserve during the year.
Material Changes Affecting the Company
There have been no material changes and commitments affecting the financial position of the Company between the end of the
financial year and the date of this report. There has been no change in the nature of business of the Company.
Directors
Mr. Surendra K. Singhvi (Din: 01312348) and Mr. Prakash V. Gagangras (DIN: 00109883), were appointed as Directors of the
Company with effect from 06th February, 2024. The Members have approved their appointment vide ordinary resolution passed at
Extra Ordinary General Meeting held on 05th April, 2024.
Mr. Ashwin C. Shroff, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible
offers himself for re-appointment. The Board recommends his re-appointment. The Director is not disqualified for appointment/
re-appointment under section 164 of the Companies Act, 2013.
Fixed Deposits
The Company has not accepted any Fixed Deposits within the meaning of Section 73 of the Companies Act, 2013 and the
Companies (Acceptance of Deposits) Rules, 2014.
Particulars of Loans, Guarantees and Investments
Your Company has placed inter corporate deposits of ` 30 Lakh with TML Industries Limited during the financial year 2023-24.
Subsidiaries, Joint Ventures and Associate Companies
The Company does not have any Subsidiaries, Joint ventures or Associate Companies.
Number of Meetings of the Board
During the FY 2023-24 Six (6) meetings of the Board of Directors were held.
Particulars of Employees
No details are required to be provided under the provisions of Rule 5(1) and 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, as the Company is an unlisted public company and has no employees falling under the said criteria.
Particulars of Contracts or Arrangements made with related Parties
All contracts/arrangements/transactions entered into by the Company during the financial year with related parties were in
the ordinary course of business and on an arm’s length basis. There were no transactions with related parties which could be
considered material by the Board. So disclosure under form AOC 2 is not provided.
Risk Management
There are no risks which in the opinion of the Board threaten the existence of the Company.

30
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

Statutory Auditors
The Company appointed M/s. CNK & Associates LLP, Chartered Accountants, (FRN.: 101961W/W-100036), as Statutory Auditors
for a period of five consecutive years from the conclusion of the 15th Annual General Meeting of the Company.
Reporting of Frauds by Auditors
During the year under review, the Auditors have not reported any instance of fraud committed in the Company.
Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo
The Company has not commenced any manufacturing activities during the year, hence, Rule 8(3) of the Companies (Accounts)
Rules, 2014 is not applicable to the Company.
Material orders passed by the Regulatory Authorities or Court/material changes or commitments
There are no significant material order passed by the regulators/courts which can impact the going concern status of the Company
and its future operations. There are no material changes or commitments occurring after 31st March, 2024 which may affect the
financial position of the Company.
Internal Financial Controls
The Company has adequate systems of internal financial controls to safeguard and protect its assets from unauthorized use or
misappropriation. All the financial transactions are properly authorized, recorded and reported to the Management. The Company
follows all the applicable Accounting Standards for proper maintenance of books of accounts for financial reporting.
Directors’ Responsibility Statement
In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year
ended 31st March, 2024, the Board of Directors hereby confirms that:
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation
relating to material departures;
(b) they had selected such accounting policies and applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year
and of the profit and loss of the Company for that period;
(c) they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions
of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(d) they had prepared the annual accounts on a going concern basis;
(e) they had laid down internal financial controls to be followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
(f) they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are
adequate and operating effectively.
Explanation or comments by the Board on every Qualification, Reservation or Adverse Remark or Disclaimer Made
The report of Statutory Auditors is free from any qualification, reservation or adverse remark or disclaimer.
Cost records
The Company is not required to maintain Cost records under section 148(1) of the Companies Act, 2013.
Prevention of Sexual Harassment of Women at the Workplace
No complaint were received from any employee during FY 2023-24 and hence no complaint was outstanding as on March 31, 2024
for redressal.
Insolvency and Bankruptcy Code
The requirement to disclose the details of application made or any proceeding pending under the Insolvency and Bankruptcy
Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year is not applicable.
For and on behalf of Board of Directors
Ravi A. Shroff
Director
DIN: 00033505
Place: Mumbai,
Date: 23rd May, 2024

31
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

INDEPENDENT AUDITOR’S REPORT

To the Members of Excel Bio Resources Limited
Report on the audit of the financial statements
Opinion
We have audited the accompanying financial statements of Excel Bio Resources Limited (“the Company”), which comprise the
Balance Sheet as at 31st March 2024, the Statement of Profit and Loss (including other Comprehensive Income), the Statement
of Changes in Equity and the Statement of Cash Flows for the year ended on that date and notes to the financial statements,
including a summary of Material accounting policies and other explanatory information (hereinafter referred to as “the financial
statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements
give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair
view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of
the state of affairs of the Company as at March 31, 2024, loss and total comprehensive loss, changes in equity and its cash flows
for the year ended on that date.
Basis for Opinion
We conducted our audit of financial statements in accordance with the Standards on Auditing (“SAs”) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for
the Audit of the financial statements section of our report. We are independent of the Company in accordance with the Code of
Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the independence requirements that are
relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Information Other than the financial statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the preparation of other information. The other information comprises
the information included in the Director’s Report including Annexures to Director’s report but does not include the financial
statements and our auditor’s report thereon. The Director’s report is expected to be made available to us after the date of this
auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above
when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
required to communicate that matter to those charged with governance.
Responsibilities of Management and Those charged with Governance
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these financial statements that give a true and fair view of the financial position, financial performance, total
comprehensive income, changes in equity and cash flows of the Company in accordance with accounting principles generally
accepted in India, including the Ind AS prescribed under Section 133 of the Act. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the company’s financial reporting process.

32
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

Auditor’s Responsibilities for the Audit of financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the
audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3) of the Act, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls with reference to the financial statements, in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on
the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in
terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the “Annexure A”, a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, based on our audit, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of change in
Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account;
(d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014;

33
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

(e) On the basis of the written representations received from the directors as on 31st March, 2024 taken on record by
the Board of Directors, none of the directors is disqualified as on 31st March 2024 from being appointed as a director
in terms of Section 164(2) of the Act;
(f) With respect to the adequacy of the internal financial controls with reference to the financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”;
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended, the company has not paid any remuneration the directors; and
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company does not have any pending litigation which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts for which there were material
foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Company;
iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note 38 to
the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds
or share premium or any other sources or kind of funds) by the company to or in any other person(s) or
entity(ies), including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing
or otherwise, that the Intermediary shall, whether, 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 on behalf of the Ultimate Beneficiaries;
b. The management has represented, that, to the best of its knowledge and belief, as disclosed in note 38
to the financial statements, no funds have been received by the company 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, whether, 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; and
c. Based on such audit procedures that we have considered reasonable and appropriate in the circumstances;
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i)
and (ii) contain any material misstatement;
v. the Company neither declared nor paid dividend during the year. Accordingly, the Company is not required to
comply with Section 123 of the Act.
vi. Based on our examination, which included test checks, the company has used accounting software for
maintaining its books of account which has the feature of recording audit trail (edit logs) facility and the same
has operated throughout the year for all relevant transactions recorded in the software. Further, during the
course of our audit we did not come across any instances of audit trail feature being tampered with.

FOR C N K & ASSOCIATES LLP.

Chartered Accountants
Firm Registration No: 101961W / W - 100036

Vijay Mehta
Partner
Membership No.: 106533
UDIN: 24106533BKCEMZ8394
Place : Mumbai
Date : 23rd May 2024

34
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under “Report on other Legal and Regulatory requirements” in the Independent Auditor’s Report
of even date to the members of Excel Bio Resources Limited (“the Company”) on the financial statements for the year ended
31st March 2024)
To the best of our information and according to the explanations provided to us by the Company and the books of
account and records examined by us in normal course of audit, we state that:
(i) In respect of the Company’s Property, Plant and Equipment and Intangible assets:
(a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment
(b) The Company is maintaining proper records showing full particulars of intangible assets.
(c) The Property, Plant and Equipment have been physically verified by the Management at the year-end considering the
size of the Company and nature of assets. No discrepancies have been noticed on such verification.
(d) The Company does not have any proceedings initiated or pending for holding any Benami property under the Benami
Transactions (Prohibition) Act, 1988 and rules made thereunder;
(ii) (a) The inventory has been physically verified by the Management at reasonable intervals.
(b) The Company does not have any working capital limits sanctioned from banks or financials institutions and hence the
requirements of paragraph 3(ii)(b) of the Companies (Auditor’s Report) Order, 2020 (“the Order”) are not applicable
to the Company
(iii) (a) The Company, during the year, has not made investments in, provided any guarantee or security or granted any
loans or advances in nature of loans, secured or unsecured to companies, firms, limited liability partnerships or other
parties to companies,
a. The Company does not have any subsidiaries, joint ventures or associates. Hence, reporting under
Clause 3(iii) (a) (A) of the Order is not applicable to the Company;
b. The company has not granted any loan or advances in the nature of loan during the year.
(b) The Company, during the year, has not made investments, provided guarantees, or given security or loans or advances
in the nature of loans. Therefore, reporting under Clause 3(iii)(b) is not applicable to the company.
(c) In respect of loan granted by the Company, the schedule of repayment of principal and payment of interest has been
stipulated and the repayments or receipts are regular;
(d) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance
sheet date;
(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans
granted to settle the overdue of existing loans given to the same parties; and
(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without
specifying any terms or period of repayment during the year. Hence, reporting under Clause 3(iii)(f) of the Order is not
applicable to the Company.
(iv) The Company has complied with the provisions of sections 185 and 186 of the Companies Act, 2013 in respect of the loans
granted and investments made during the year. The Company has not stood guarantee nor provided security to any party
during the year;

35
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

(v) The Company has not accepted any deposits or the amounts which are deemed to be deposits within the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act, 2013;
(vi) The Company is not required to maintain cost records pursuant to the Companies (Cost Records and Audit) Amendment
Rules, 2016, and prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act 2013;
(vii) (a) In our opinion the Company has been generally regular in depositing undisputed statutory dues, including Income
tax, Goods and Service Tax, Customs Duty, Cess and other material statutory dues applicable to it with appropriate
authorities. There were no undisputed amounts payable in respect of Income Tax, Goods and Services Tax, Customs
Duty, Cess and other material statutory dues in arrears as at 31st March 2024 for a period of more than six months
from the date they became payable;
(b) In our opinion the Company, there are no dues of Goods and Service tax, Income Tax, Cess and other material
statutory dues applicable to it which have not been deposited by the Company on account of any dispute with
appropriate authorities.
(viii) There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income
during the year in the tax assessments under Income Tax Act, 1961;
(ix) (a) According to the information and explanations given to us and on the basis of our audit procedures, the Company
has not availed loans or other borrowings from any lender. Hence, reporting under Clause 3(ix)(a) of the Order is not
applicable to the Company;
(b) The company has not been declared as a wilful defaulter by any bank or other lenders during the year;
(c) On an examination of the records of the Company, we report that during the year, the company has neither raised
any term loans nor utilized any amount of the term loans which were availed in earlier years. Hence, reporting under
clause 3(ix)(c) of the Order is not applicable;
(d) According to the information and explanations given to us and on the basis of our audit procedures and on an overall
examination of the financial statements of the Company, we report that no funds raised on short-term basis during
the year have been used for long-term purposes by the Company; and
(e) The Company does not have any subsidiaries, joint venture or associates. Hence, reporting under Clause 3 (iii) (e)
and 3 (iii) (f) of the Order is not applicable to the Company.
(x) (a) No moneys were raised by way of initial public offer or further public offer (including debt instruments) during the year.
Hence, reporting under clause 3 (x) (a) is not applicable to Company;
(b) The Company has not made any preferential allotment or private placement of shares or convertible debentures
(fully, partially, optionally convertible) during the year. Hence, reporting under clause 3 (x) (b) is not applicable to the
Company.
(xi) (a) No fraud by the Company and no fraud on the Company has been noticed or reported during the year;
(b) No report under section 143(12) of the Companies Act, 2013 has been filed by the auditors in Form ADT-4 as
prescribed under Rule 13 of the Companies (Audit and Auditors Rules), 2014 with the Central government during the
year and upto the date of this report;
(c) As represented by the Management, there are no whistle blower complaints received by the Company during
the year;
(xii) The Company is not a Nidhi Company. Accordingly reporting under clause 3(xii) of the Order is not applicable;

36
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

(xiii) In our opinion the Company is in compliance with Section 188 of the Act and the details of the same have been disclosed
in Financial Statements as required by the applicable Indian accounting standards. Provisions of Section 177 of the Act are
not applicable to the company;
(xiv) Provisions of section 138 governing internal audit are not applicable to the company. Hence reporting under clause 3 (xiv)
is not applicable to the Company;
(xv) The Company has not entered into non-cash transactions with directors or persons connected with him. Hence the provisions
of section 192 of the Act, are not applicable;
(xvi) (a) The Company is not required to be registered under sections 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934);
Accordingly reporting under clauses 3(xvi)(a) , 3 (xvi)(b) and 3(xvi)(c) of the Order is not applicable;
(b) In our opinion there is no Core investment Company within the group (as defined in the Core Investment Companies
(Reserve Bank) Directions, 2016) and accordingly reporting under clause 3 (xvi)(d) of the Order is not applicable;
(xvii) Based on overall examination of financial statements, the company has incurred cash losses of Rs. 10.24 Lakhs in the
current financial year and no cash losses were incurred in the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year and in the immediately preceding financial year.
Hence, reporting under clause 3 (xviii) is not applicable to the company;
(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial
liabilities, other information accompanying financial statements, and on our knowledge of the Board of the Directors and
management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our
attention, which causes us to believe that there is exists any material uncertainty as on the date of the audit report indicating
that the Company is not capable of meeting its liabilities existing as at the date of the balance sheet as and when they fall
due within a period of one year from the balance sheet date. We however state that this is not an assurance as to the future
viability of the Company. We further state that our reporting is based on facts up to the date of the audit report and we neither
give any guarantee nor assurance that all liabilities falling due within a period of one year from the Balance sheet date will
get discharged by the Company as and when they fall due;
(xx) The provisions of Section 135 of the Act pertaining to Corporate Social Responsibility (CSR) are not applicable to the
Company. Hence, reporting under Clause 3 (xx)(a) and (b) of the Order is not applicable to the Company.

FOR C N K & ASSOCIATES LLP

Chartered Accountants
Firm Registration Number:101961W/W-100036

Vijay Mehta
Partner
Membership No.: 106533
UDIN: 24106533BKCEMZ8394
Place : Mumbai
Date : 23rd May 2024

37
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

ANNEXURE - B TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of
Excel Bio Resources Limited of even date)
Report on the Internal Financial Controls With Reference to Financial Reporting under Clause (i) of Sub-section 3 of
Section 143 of the Companies Act, 2013 (“the Act”)

Opinion
We have audited the internal financial controls over financial reporting of Excel Bio Resources Limited (“the Company”) as of
31st March, 2024 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects,
internal financial controls with reference to the financial statements and such internal financial controls over financial reporting
were operating effectively as at 31st March 2024, based on the internal control over financial reporting criteria established by
the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal
controls with reference to financial statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute
of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements based
on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10)
of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls
and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
with reference to financial statements was established and maintained and if such controls operated effectively in all material
respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference
to financial statements included obtaining an understanding of internal financial controls with reference to financial statements,
assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal
control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls system with reference to financial statements.

38
 EXCEL BIO RESOURCES LIMITED
CIN: U01403MH2007PLC176907

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of
the company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.

FOR C N K & ASSOCIATES LLP

Chartered Accountants
Firm Registration Number:101961W/W-100036
Vijay Mehta
Partner
Membership No.:106533
UDIN: 24106533BKCEMZ8394
Place : Mumbai
Date : 23rd May 2024

39
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

BALANCE SHEET AS ON 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

As at As at
Particulars Notes
31 March, 2024 31 March, 2023
ASSETS
Non-current assets
Property Plant & Equipment 3 84.73 —
Right of use assets 4 103.50 —
Other Intangible Assets 5 1.77 —
Financial assets
Investments 6 0.20 0.20
Other Financial Assets 7 2.68 0.10
Deferred Tax Assets 15 3.59 —
Total non-current assets 196.47 0.30
Current assets
Inventories 8 0.22 —
Financial assets
i. Trade receivables 9 8.63 —
ii. Cash and cash equivalents 10 2.18 18.39
iii. Bank balances other than (ii) above 11 18.85 17.90
iv. Loans 12 30.00 30.00
v. Other Financial Assets 13 2.63 2.66
Other current assets 14 2.59 1.19
Current tax assets (net) 15 0.48 —
Total current assets 65.59 70.14
Total assets 262.06 70.44
EQUITY AND LIABILITIES
Equity
Equity share capital 16 51.00 51.00
Other equity
Retained earnings 17 8.32 18.56
Total equity 59.32 69.56
LIABILITIES
Non-current liabilities
Employee Benefit Obligations 18 2.10 —
Total non-current liabilities 2.10 —
Current liabilities
Financial Liabilities
i. Trade Payables 19 10.32 0.50
ii. Other Financial Liabilities 20 190.06 —
Current tax liabilities (net) 21 — 0.38
Other current liabilities 22 0.26 —
Total current liabilities 200.64 0.88
Total liabilities 202.75 0.88
Total equity and liabilities 262.06 70.44
Material accounting policies 1
Critical estimates and judgements 2
The accompanying notes are an integral part of the financial statements

As per our report of even date.

For and on behalf of the Board of Directors of
For and on behalf of C N K & Associates LLP Excel Bio Resources Limited
Chartered Accountants
Firm Registration No : 101961W/W-100036
Ashwin C. Shroff Hrishit A. Shroff
Vijay Mehta Director Director
Partner DIN: 00019952 DIN: 00033693
Membership No : 106533

Place : Mumbai Place : Mumbai

Date : May 23, 2024 Date : May 23, 2024

40
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

STATEMENT OF PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH, 2024
(All amounts in INR lakhs, unless otherwise stated)

Particulars Notes Year ended Year ended

31 March, 2024 31 March, 2023
Revenue from operations 23 4.65 3.79
Other income 24 4.96 4.78

Total income (I) 9.61 8.57

Expenses
Purchase of stock in trade 25 4.65 3.79
Other expenses 26 18.78 1.49

Total expenses (II) 23.43 5.28

Profit / (Loss) before tax (III = I - II) (13.82) 3.29

Tax expense
– Current tax — 0.86
– Deferred Tax (3.59) —
– Excess (Short) Tax in respect of earlier years 0.01 0.05

Total tax expense (IV) (3.58) 0.91

Profit for the year (V) (10.24) 2.38

Other comprehensive income (VI) — —

Total comprehensive income for the year (V+VI) (10.24) 2.38

Earnings per equity share [in INR]

Basic and diluted 27 (2.01) 0.47

As per our report of even date.

For and on behalf of the Board of Directors of
For and on behalf of C N K & Associates LLP Excel Bio Resources Limited
Chartered Accountants
Firm Registration No : 101961W/W-100036
Ashwin C. Shroff Hrishit A. Shroff
Vijay Mehta Director Director
Partner DIN: 00019952 DIN: 00033693
Membership No : 106533

Place : Mumbai Place : Mumbai

Date : May 23, 2024 Date : May 23, 2024

41
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

Particulars As at As at
31 March, 2024 31 March, 2023
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax (13.82) 3.29
Adjustment for:
Interest Income (4.96) (4.78)
(4.96) (4.78)
Operating profit/(loss) before working capital changes (18.78) (1.49)
Working capital adjustments:
(Increase) / Decrease in Trade receivables (8.63) 2.31
(Increase) / Decrease in Inventories (0.22)
(Increase) / Decrease in Other Current Assets (1.37) (0.52)
Increase / (Decrease) in Other Current financial Liabilities 0.06
Increase / (Decrease) in Other Current Liabilities 0.26 (0.08)
Increase / (Decrease) in Other Financial Assets (2.58)
Increase / (Decrease) in Trade payables 9.82 (0.04)
Increase / (Decrease) in Non current Liabilities 2.10
(0.56) 1.67
Cash generated (used in) operations (19.34) 0.18
Income tax paid (net of refunds) (0.85) (0.92)
Net cash flow (used in) operating activities (A) (20.18) (0.74)

CASH FLOW FROM INVESTING ACTIVITIES (B) — —

Investment in bank deposits with original maturity of more than 3 months (Net) (0.98) (0.79)
Interest Received 4.96 2.98
3.98 2.19
CASH FLOW FROM FINANCING ACTIVITIES — —
Net cash flow from financing activities (C) — —

Net decrease in cash and cash equivalents (A+B+C) (16.20) 1.45

Cash and cash equivalents at the beginning of the year 18.39 16.94
Cash and cash equivalents at the end of the year 2.18 18.39
Components of cash and cash equivalents
Balance with banks:
– In current accounts 2.18 18.39
Total cash and cash equivalents (note 10) 2.18 18.39

Notes:
1. The cash flow statement has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS 7) statement of cash flows.
2. The accompanying notes are an integral part of these standalone financial statements.

As per our report of even date.

For and on behalf of the Board of Directors of
For and on behalf of C N K & Associates LLP Excel Bio Resources Limited
Chartered Accountants
Firm Registration No : 101961W/W-100036
Ashwin C. Shroff Hrishit A. Shroff
Vijay Mehta Director Director
Partner DIN: 00033505 DIN: 00033693
Membership No : 106533

Place : Mumbai Place : Mumbai

Date : May 23, 2024 Date : May 23, 2024

42
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH, 2024
(All amounts in INR lakhs, unless otherwise stated)

A. Equity share capital

For the year ended March 31, 2024

Changes in
Equity Share Changes
Capital due to in equity share
prior period Restated balance capital during the
Balance as at April 1, 2023 errors at April 1, 2023 year
51.00 — 51.00 —

For the year ended 31st March, 2023

Changes in
Equity Share Changes
Capital due to in equity share
prior period Restated balance capital during the
Balance as at April 1, 2022 errors at April 1, 2022 year
51.00 — 51.00 —

B. Other equity
For the year ended March 31, 2024

Reserves and
Surplus Retained
Particulars Earnings Total
Balance as at April 1, 2023 18.56 18.56
Total Comprehensive Income for the current year (10.24) (10.24)

Balance as at March 31, 2024 8.32 8.32

For the year ended March 31, 2023

Reserves and
Surplus Retained
Particulars Earnings Total
Balance as at April 1, 2022 16.18 16.18
Total Comprehensive Income for the current year 2.38 2.38

Balance as at March 31, 2023 18.56 18.56

The accompanying notes are an integral part of the financial statements

As per our report of even date.
For and on behalf of the Board of Directors of
For and on behalf of C N K & Associates LLP Excel Bio Resources Limited
Chartered Accountants
Firm Registration No : 101961W/W-100036
Ashwin C. Shroff Hrishit A. Shroff
Vijay Mehta Director Director
Partner DIN: 00019952 DIN: 00033693
Membership No : 106533

Place : Mumbai Place : Mumbai

Date : May 23, 2024 Date : May 23, 2024

43
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

BACKGROUND
Excel Bio Resources Limited (‘the Company’) is a public company domiciled in India and is a wholly owned subsidiary of Excel Industries Limited. The Company is
exploring business opportunities in the areas of renewable bio-resources, waste management, renewable energy and biotechnological processes.
MATERIAL ACCOUNTING POLICY INFORMATION:
This note provides a list of the material accounting policy information adopted in the preparation of these financial statements. These accounting policies have been
consistently applied to all the years presented by the Company unless otherwise stated.
The financial statements were authorised for issue by the Company’s Board of Directors on May 23, 2024.
1.BASIS OF PREPARATION
(i) Compliance with Ind AS
The financial statements of the Company are prepared in accordance with Indian Accounting Standards (Ind AS), under the historical convention
on accrual basis accept for certain financial instruments which are measured at fair value. The Ind as are prescribed under section 133 of the
Companies Act, 2013 (“The Act”) read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendments rules
issued there after.
(ii) Historical cost convention
The financial statements have been prepared on historical cost basis except the following:
• certain financial assets and liabilities (including derivative instruments) and contingent consideration that is measured at fair value;
• assets held for sale - measured at lower of carrying amount or fair value less cost to sell;
• defined benefit plans- plan assets measured at fair value;
(iii) Current non-current classification
All assets and liabilities have been classified as current or non-current as per the Company’s normal operating cycle (twelve months) and other criteria
set out in the Schedule III to the Act.
1.2 Segment Reporting
Operating segments are reported in a manner consistent with internal reporting provided to the Chief Operating Decision Maker (CODM). The Director
is designated as CODM. Refer Note 32 for segment information presented.
1.3 Revenue Recognition
Sale of products
Revenue is recognised upon transfer of control of promised goods to customers in an amount that reflects the consideration which the Company
expects to receive in exchange for those goods.
Interest income
 Interest income is recognized on accrual basis and based on time proportion, taking into account the amount outstanding and the rate applicable.
Other income
Certain items of income such as insurance claims, overdue interest from customers etc. are recognised to the extent there is certainty of it’s realisation.
1.4 Property Plant & Equipment
Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at historical cost less depreciation and
impairments, if any. Historical cost includes tax, duties, freight and other incidental expenditure that is directly attributable to the acquisition of the
items. Indirect expenses during construction period, which are required to bring the asset in the condition for its intended use by the management
and are directly attributable to bringing the asset to its position, are also capitalized.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably.
Capital work-in-progress comprises the cost of assets that are not yet ready for their intended use at the year end and are stated at historical cost
and impairment, if any.
Depreciation methods, estimated useful lives and residual value
Depreciation on property, plant and equipment is calculated on a straight line basis considering the following useful lives prescribed under schedule II of
the Companies Act 2013 or those estimated by the management, considering the factors such as expected usage of the asset, physical wear and tear,
technical or commercial obsolescence arising from changes or improvements in production, or from a change in the market demand for the product
or service output of the asset, legal or similar limits on the use of the asset etc.
Description of Asset Useful life
Plant and Machinery - Metallic 18 years
Plant and Machinery - Non-metallic 8 years
Data Processing equipment 3 years
Buildings (RCC) (other than factory building) 60 years
Factory Buildings 30 years
Furniture, fixture and office equipment 5 to 10 years

44
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

1. BASIS OF PREPARATION (Contd.)

The residual values are not more than 5% of the original cost of the asset. The assets’ residual values and useful lives are reviewed, and adjusted if
appropriate, at the end of each reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.
1.5 INTANGIBLE ASSETS
Intangible assets are amortised over their respective individual estimated useful lives on a straight line basis, but not exceeding the period given here
under:
Licenses and approvals 3 years
1.6 LEASES
Right of use assets
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use).
Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at
or before the commencement date less any lease incentives received. Right-of-use assets are generally depreciated over the shorter of the asset’s
useful life and the lease term on a straight-line basis and if the Company is reasonably certain to exercise a purchase option, the right-of-use assets
is depreciated over the underlying asset’s useful life. The estimated useful lives of the assets are as follows:
Description of asset Useful life
Land (Balance lease period) 60 years
1.7 Investments and Other Financial Assets
(i) Classification
The Company classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and
• those measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For investments in
debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend
on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value
through other comprehensive income.
The Company reclassifies debt investments when and only when its business model for managing those assets changes.
(ii) Measurement
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through
profit or loss are expensed in profit or loss.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of
principal and interest.
Debt Instruments
Amortised cost:
Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are
measured at amortised cost. A gain or loss on a debt investment that is subsequently measured at amortised cost and is not part of a hedging
relationship is recognised in profit or loss when the asset is derecognised or impaired. Interest income from these financial assets is included in
finance income using the effective interest rate method.
Fair Value through Other Comprehensive Income (FVOCI)
Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely
payments of principal and interest, are measured at fair value through other comprehensive income (FVOCI). Movements in the carrying amount
are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains and losses
which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is
reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest income from these financial assets is included in other
income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains and losses and impairment
expenses in other expenses.

45
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

1. BASIS OF PREPARATION (Contd.)

Fair Value through Profit or Loss (FVTPL)
Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt
investment that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or
loss and presented net in the statement of profit and loss within other gains/(losses) in the period in which it arises. Interest income from these
financial assets is included in other income.
Equity instruments
The Company subsequently measures all equity investments at fair value. Where the Company’s management has elected to present fair value gains
and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit
or loss following the derecognition of the investment. Dividends from such investments are recognised in profit or loss as other income when the
Company’s right to receive payments is established.
Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gain/(losses) in the statement of profit and loss.
Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in
fair value.
Impairment of financial assets
The Company assesses if there is any significant increase in credit risk pertaining to the assets and accordingly creates necessary provisions,
wherever required.
1.8 Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade receivables
are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are
recognised at fair value. The Company holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures
them subsequently at amortised cost using the effective interest method, less loss allowance.
1.9 Inventories
Raw materials, stores and spares, packing material, work in progress, stock in trade and finished goods are stated as lower of cost and net realisable
value. Cost of Raw material, stores and spares, packing material and traded goods comprises of cost of purchases. Cost of work-in-progress and
finished goods comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being
allocated on the basis of normal operating capacity. Cost of inventories also include all other costs incurred in bringing the inventories to their present
location and condition. Costs are assigned to individual items of inventory on the basis of monthly moving weighted average. Costs of purchased
inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business
less the estimated cost of completion and the estimated costs necessary to make the sale.
Materials and other supplies held for use in production of inventories (work in progress and finished goods) are not written down below the cost if the
finished products in which they will be used are expected to sell at or above the cost.
By-products and unserviceable / damaged finished goods are valued at estimated net realisable value.
1.10 Earnings Per Share
Basic earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity shareholders (after deducting attributable
taxes) by the weighted average number of equity shares outstanding during the period.
Diluted earnings per share
For the purpose of calculating diluted earnings per share, the net profit or loss for the year attributable to equity shareholders and the weighted average
number of shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.
1.11 Income Tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for
each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the
countries where the company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions
taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate
on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of
goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business
combination that at the time of the transaction affects neither accounting profit nor taxable profit (tax loss). Deferred income tax is determined using
tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts
will be available to utilise those temporary differences and losses.

46
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

1.BASIS OF PREPARATION (Contd.)

Deferred tax liabilities are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries,
branches and associates and interest in joint arrangements where the company is able to control the timing of the reversal of the temporary
differences and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets are not recognised for temporary differences between the carrying amount and tax bases of investments in subsidiaries, branches
and associates and interest in joint arrangements where it is not probable that the differences will reverse in the foreseeable future and taxable profit
will not be available against which the temporary difference can be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred
tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to
offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or
directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
1.12 Provisions & Contingent Liabilities
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 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. A contingent liability also arises in extremely rare cases where there is a liability that
cannot be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but discloses its existence in the
financial statements.
A provision is recognized when the Company has a present obligation as a result of past event, it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation, in respect of which, a reliable estimate can be made of the amount of the obligation.
Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting
date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
1.13 CASH AND CASH EQUIVALENTS
Cash and cash equivalents for the purposes of cash flow statement comprise cash at bank and in hand and short-term investments with an original
maturity of three months or less.
1.14 Business Combination
The Company applies the acquisition method in accounting for all business combinations, regardless of whether equity instruments or other assets
are acquired. The consideration transferred by the Company to obtain control of a business is calculated as the sum of the fair values of assets
transferred, liabilities incurred to the former owners of acquired business, the equity interests issued by the Company and fair value of any assets
or liabilities resulting from a contingent / deferred consideration arrangement as at the acquisition date i.e. date on which it obtains control of the
acquired business. Acquisition related costs are recognised in the Statement of Profit and Loss as incurred, except to the extent related to the issue
of debt or equity securities.
Identifiable tangible and intangible assets acquired and liabilities assumed in a business combination are measured initially at their fair values as at
the acquisition date.
Goodwill is measured as the excess of the aggregate of the consideration transferred, the amount of any non-controlling interest in the acquired
business and acquisition date fair value of any previous equity interest held in acquired entity/business, over the net identifiable assets acquired and
liabilities assumed. Such goodwill is tested annually for impairment.
If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised in other comprehensive
income and accumulated in equity as capital reserve provided there is clear evidence of the underlying reasons for classifying the business combination
as a bargain purchase. In other cases, the bargain purchase gain is recognised directly in equity as capital reserve.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date
of acquisition. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from
an independent financier under comparable terms and conditions.
Deferred consideration is classified as financial liability. Amount classified as financial liability are subsequently re-measured to fair value with
changes in fair value recognised in the Statement of Profit and Loss.
1.15 Cash Flow 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.
1.16 Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless
otherwise stated.
1.17 Recent Pronouncements:
Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards)
Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing
standards applicable to the Company.

47
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

2. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also
needs to exercise judgement in applying the company’s accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially
adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates
and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.
• Estimation of current tax expense and payable — Note 15
• Estimated fair value of unlisted securities — Note 33
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that
may have a financial impact on the group and that are believed to be reasonable under the circumstances.
Impairment Property, Plant & Equipment:
The Company periodically assesses the carrying amount of its property, plant and equipment to determine whether there is an indication that those assets
have suffered impairment loss. In making such assessments, the Company considers both internal and external sources of information to determine whether
there is an indicator of impairment and, accordingly, whether the recoverable amount of the individual asset or CGU needs to be estimated.
An impairment loss is recognised if the recoverable amount is lower than the carrying value. The recoverable amount is determined based on higher of
value-in-use and fair value less cost to sell.

3. PROPERTY, PLANT AND EQUIPMENT

Gross carrying amount Plant and Data Factory Furniture CCTV Total
machinery processing Building and Fixtures Camera
equipment & Office
Equipments
Balance as at April 01, 2022 — — — — — —
Additions / Transfers — — — — — —
Deletions — — — — — —
Adjustment — — — — — —
Balance as at March 31, 2023 — — — — — —
Additions on account of business combination 34.51 0.12 49.65 0.36 0.08 84.73
Deletions — — — — — —
Adjustment — — — — — —
Balance as at March 31, 2024 34.51 0.12 49.65 0.36 0.08 84.73

Accumulated Depreciation Plant and Data Factory Furniture CCTV Total

machinery processing Building and Fixtures Camera
equipment & Office
Equipments
Balance as at April 01, 2022 — — — — — —
Additions / Transfers — — — — — —
Deletions — — — — — —
Adjustment — — — — — —
Balance as at March 31, 2023 — — — — — —
Additions / Transfers — — — — — —
Deletions — — — — — —
Adjustment — — — — — —
Balance as at March 31, 2024 — — — — — —

Net carrying amount as at March 31, 2024 34.51 0.12 49.65 0.36 0.08 84.73
Net carrying amount as at March 31, 2023 — — — — — —

48
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

4. RIGHT OF USE ASSETS

Gross carrying amount (at cost) Land

Balance as at April 01, 2022 —
Additions —
Deletions —
Balance as at March 31, 2023 —
Additions on account of business combination 103.50
Deletions —
Balance as at March 31, 2024 103.50

Accumulated Amortisation
Balance as at April 01, 2022 —
Additions —
Deletions —
Balance as at March 31, 2023 —
Additions —
Deletions —
Balance as at March 31, 2024 —
Net carrying amount as at March 31, 2024 103.50
Net carrying amount as at March 31, 2023 —

5. OTHER INTANGIBLE ASSETS

Gross carrying amount (at cost) Other Intangible Total

assets
(Licenses and
approvals)
Balance as at April 01, 2022 — —
Additions — —
Deletions — —
Balance as at March 31, 2023 — —
Additions on account of business combination 1.77 1.77
Deletions — —
Balance as at March 31, 2024 1.77 1.77
Accumulated Amortisation
Balance as at April 01, 2022 — —
Additions — —
Deletions — —
Balance as at March 31, 2023 — —
Additions — —
Deletions — —
Balance as at March 31, 2024 — —

Net carrying amount as at March 31, 2024 1.77 1.77

Net carrying amount as at March 31, 2023 — —

Other intangible assets includes licenses and approvals acquired under business combination.
Useful life is 3 years as at March 31, 2024

49
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

6. INVESTMENTS

Particulars As at As at
31 March, 2024 31 March, 2023
Unquoted at FVOCI

Mobitrash Recycle Venture Pvt Ltd

1,999 Equity Shares of INR 10/- each (March 31, 2023: 1,999 shares) 0.20 0.20

Total 0.20 0.20

7. OTHER NON CURRENT FINANCIAL ASSETS

Particulars As at As at
31 March, 2024 31 March, 2023
Security Deposits 2.68 0.10

Total 2.68 0.10

8. INVENTORIES

Particulars As at As at
31 March, 2024 31 March, 2023
Raw Material 0.22 —

Total 0.22 —

9. TRADE RECEIVABLES

Particulars As at As at
31 March, 2024 31 March, 2023
At Amortised Cost

(a) Trade Receivables considered good - Secured — —

(b) Trade Receivables considered good - Unsecured 8.63 —

(c) Trade Receivables which have significant increase in credit risk — —

(d) Trade Receivables - credit impaired — —

Less : Allowance as per Expected credit loss model — —

Total 8.63 –

10. CASH AND CASH EQUIVALENTS

Particulars As at As at
31 March, 2024 31 March, 2023
Balance with Bank
- in Current accounts 2.18 18.39

Total 2.18 18.39

50
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

11. BANK BALANCES OTHER THAN ABOVE

Particulars As at As at
31 March, 2024 31 March, 2023
Bank deposits within 12 months maturity 18.85 17.90

Total 18.85 17.90

12. LOANS - CURRENT

Particulars As at As at
31 March, 2024 31 March, 2023
Loans to related parties - unsecured considered good 30.00 30.00

(Refer Note Below)

Total 30.00 30.00

Type of Borrower As at As at
31 March, 2024 31 March, 2023
Related Party 30.00 30.00

% of total Loans and Advances in the nature of loans 100.00% 100.00%

13. OTHER FINANCIAL ASSETS

Particulars As at As at
31 March, 2024 31 March, 2023
Interest Receivable 2.63 2.64

Others — 0.02

Total 2.63 2.66

14. OTHER CURRENT ASSETS

Particulars As at As at
31 March, 2024 31 March, 2023
Balances due from government authorities 1.90 1.15

Prepaid Expenses 0.70 0.05

Total 2.59 1.19

51
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

15. TAXATION
(a) Income tax expense
Particulars As at As at
31 March, 2024 31 March, 2023
Current tax

Current tax on profits for the year — 0.38

Adjustment to current tax in respect of earlier years 0.01 —

Total current tax expense 0.01 0.38

Deferred Tax (3.59) —

Total Income tax Expenses (3.58) 0.38

(b) A reconciliation of the tax expense and accounting profit multiplied by statutory tax rates:
Particulars As at As at
31 March, 2024 31 March, 2023
Profit before income tax (13.82) 3.29
Enacted tax rates in India 26.00% 26.00%
Computed expected tax expense — 0.86
Deferred tax (3.59) —
Adjustment to current tax in respect of earlier years 0.01 —

Total (3.58) 0.86

(c) Details of income tax assets and income tax liabilities

Particulars As at As at
31 March, 2024 31 March, 2023
Income tax assets 0.48 —

Current income tax liabilities — 0.38

Net Income tax asset/(liabilities) at the end 0.48 (0.38)

(d) Deferred tax

The balance comprises temporary difference attributable to

Particulars As at As at
31 March, 2024 31 March, 2023
Deferred tax assets

Carry forward of losses (3.59) —

Total deferred tax assets (3.59) —

Deferred tax liabilities — —

Net deferred tax assets (3.59) —

52
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

15. TAXATION (Contd.)

Movement in deferred tax assets/(liabilities)

Particulars As at Charged/ As at March 31,

31 March, 2024 (credited) to 2024
profit and loss
For the year ended March 31, 2024

Deferred tax assets

Carry forward of losses — (3.59) (3.59)

Total deferred tax assets — (3.59) (3.59)

Deferred tax liabilities — — —

Total deferred tax asset/(liabilities) — (3.59) (3.59)

16. SHARE CAPITAL

Particulars As at As at
31 March, 2024 31 March, 2023
Authorised shares
1,00,00,000 Equity shares of Rs. 10/- each 1,000.00 1,000.00
(March 31, 2023 1,00,00,000 Equity Shares of Rs. 10 each)

Total 1,000.00 1,000.00

Issued, Subscribed and Paid-up capital

5,10,000 Equity shares of Rs. 10/- each fully paid-up 51.00 51.00

Total 51.00 51.00

Note:
(a) Reconciliation of the number of the shares outstanding at the beginning and at the end of the year

Particulars As at 31 March, 2024

No. of shares Amount
Equity shares

Opening balance 5,10,000.00 51.00

Add : Bonus shares issued during the year — —

Closing balance 5,10,000.00 51.00

(b) Terms/ rights attached to equity shares

The Company has one class of equity shares having par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The
Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution
of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

53
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

16. SHARE CAPITAL (Contd.)

(c) Details of shareholders holding more than 5% shares in the Company (as per the register of members of the company are as under):

Name of the shareholder As at 31 March, 2024

No. of shares % of holding
Equity Shares of INR 10/- each fully paid
Excel Industries Limited 5,10,000.00 100.00%
Total 5,10,000.00 100.00%

(d) For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
(i) No shares have been alloted as fully paid up pursuant to the contracts without payments being received in cash
(ii) No bonus shares have been alloted
(iii) No shares have been bought back.

(e) Details of shares held by promoters.

For the year ended March 31, 2024:
Promoter Name No. of shares at
the beginning of Change during
the year the year
Excel Industries Limited 5,10,000.00 —
Total 5,10,000.00 —

For the year ended March 31, 2023:

Promoter Name No. of shares at
the beginning of Change during
the year the year
Excel Industries Limited 5,10,000.00 —
Total 5,10,000.00 —

17. OTHER EQUITY

Particulars As at As at
31 March, 2024 31 March, 2023
Retained earnings* 18.56 18.56

Total 18.56 18.56

* Retained earnings

Particulars As at As at
31 March, 2024 31 March, 2023
Opening balance 18.56 16.18
Profit/(loss) for the year (10.24) 2.38
Closing balance 8.32 18.56

18 EMPLOYEE BENEFIT OBLIGATIONS

Particulars As at As at
31 March, 2024 31 March, 2023
Provision for Employee Benefit Obligations 2.10 —
Total 2.10 —

54
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

19. TRADE PAYABLES

Particulars As at As at
31 March, 2024 31 March, 2023
At Amortised Cost
Trade payables:
Total outstanding dues of Micro and small enterprises 0.59 0.50
Total outstanding dues of creditors other than Micro and small enterprises 9.73 —
Total 10.32 0.50

Note : M
 icro and Small enterprises under the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 have been determined based on the
information available with the Company and the required disclosure are given below:

Particulars As at As at
31 March, 2024 31 March, 2023
Principal amount and interest due thereon remaining unpaid to any supplier covered under MSMED
Act
– Principal 0.59 0.50
– Interest — —
The amount of interest paid by the buyer in terms of section 16, of the MSMED Act, 2006, along with the — —
amounts of the payment made to the supplier beyond the appointed day during each accounting year
The amount of interest due and payable for the period of delay in making payment (which have been — —
paid but beyond the appointed day during the year) but without adding the interest specified under
MSMED Act
The amount of interest accrued and remaining unpaid at the end of each accounting year — —
The amount of further interest remaining due and payable even in the succeeding years, until such — —
date when the interest dues as above are actually paid to the small enterprise for the purpose of
disallowance as deductable expenditure under section 23 of MSMED Act, 2006
Total 0.59 0.50

20 OTHER FINANCIAL LIABILITIES

Particulars As at As at
31 March, 2024 31 March, 2023
Consideration payable towards acquisition of business 190.06 —
Total 190.06 —

21 CURRENT TAX LIABILITIES

Particulars As at As at
31 March, 2024 31 March, 2023
Provision for tax (net of advances) — 0.38
Total — 0.38

22. OTHER CURRENT LIABILITIES

Particulars As at As at
31 March, 2024 31 March, 2023
Statutory Dues Payable 0.26 —
Total 0.26 —

23. REVENUE FROM OPERATIONS

Particulars Year ended Year ended
31 March, 2024 31 March, 2023
Sale of products
Sale of traded goods 4.65 3.79
Total 4.65 3.79

55
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

24. OTHER INCOME

Particulars Year ended Year ended
31 March, 2024 31 March, 2023
Interest income on
- Bank deposits 1.06 0.88
- Inter corporate deposits 3.90 3.90
Total 4.96 4.78

25. PURCHASE OF STOCK IN TRADE

Particulars Year ended Year ended
31 March, 2024 31 March, 2023
Details of purchase of stock in trade
OWC machine 4.65 3.79
Total 4.65 3.79

26. OTHER EXPENSES

Particulars Year ended Year ended
31 March, 2024 31 March, 2023
Legal and professional fees 8.21 0.45
Audit fees (Refer Note below) 0.90 0.80
Filing fees 0.18 0.02
Annual NSDL Fees 0.05 0.05
Bank Charges 0.01 0.02
Profession Tax 0.02 0.02
Printing & Stationery 0.01 0.01
Stamp duty 6.60 —
Rates & Taxes 2.27 —
Others 0.53 0.12
Total 18.78 1.49

Payment to auditor (exclusive of GST)

As auditor:
Audit fees 0.50 0.50
Other Services 0.40 0.30
Total 0.90 0.80

27. EARNING PER SHARE

The following reflects the profit/( loss ) and share data used in the basic and diluted EPS computations:
Particulars Year ended Year ended
31 March, 2024 31 March, 2023
Profit as per statement of profit and loss (10.24) 2.38
Add/Less: Reconciliation items — —

Net profit/(loss ) for calculation of basic/ diluted EPS (10.24) 2.38

Weighted average number of equity shares in calculating basic EPS 5,10,000.00 5,10,000.00
Effect of dilution — —

Weighted average number of equity shares in calculating basic/diluted EPS 5,10,000.00 5,10,000.00

Basic and diluted (in INR) computed on the basis of the profit for the year (2.01) 0.47

56
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

28. RELATED PARTY DISCLOSURES AS PER IND AS 24

(A) Names of related parties and related party relationship
Names of related parties where control exists:
Holding Company Excel Industries Limited
Key Management Personnel Mr. Ashwin C. Shroff – Director
Mr. Ravi A. Shroff – Director
Mr. Hrishit A. Shroff – Director
Fellow Subsidiary Kamaljyot Investments Limited
Enterprises owned or significantly influenced by Key Management personnel or their TML Industries Limited
relatives MobiTrash Recycle Ventures Pvt Ltd
(B) Related parties under Ind AS 24 with whom transactions have taken place during the year
Holding Company Excel Industries Limited
Enterprises owned or significantly influenced by Key Management personnel or their relatives TML Industries Limited
(C) Related party transactions
The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:
Transactions during the year:
Sr. Nature of transaction / relationship Year ended Year ended
No. 31 March, 2024 31 March, 2023
1 Purchase of goods
Holding Company 4.65 3.79
2 Interest Income
TML Industries Limited 3.90 3.90

Amount due to / from related parties

Sr. Nature of transaction / relationship As at As at
No. 31 March, 2024 31 March, 2023
1 ICD given:
TML Industries Limited 30.00 30.00
2 Interest Receivable:
TML Industries Limited 2.63 2.64
3 Processing charges
Holding Company 3.27 —
29. The Directors have waived the sitting fees for meetings attended by them during the year.
30. Based on the information available with the Company, there are no suppliers who are registered as micro or small enterprise under “The Micro, Small and
Medium Enterprises Development Act, 2006” as at March 31, 2024.
31. Amounts of contracts remaining to be executed on capital commitment as at March 31, 2024 is Nil (March 31, 2023: Nil).

32. SEGMENT INFORMATION

(a) Description of segments and principal activities
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of
the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as
Directors of the Company. The Company operates in following business segment as per Indian Accounting Standard 108 “operating segments”:
(a) Chemicals - Comprises of job order manufacture of speciality chemicals, intermediates, actives and other chemical intermediates
(b) Environment and Biotech (E&BT) - Comprising of trading of Environmental and Biotech products
Segment Revenue in the geographical segments considered for disclosure are as follows:
(a) Revenue within India includes sales to customers located within India.
(b) Revenue outside India includes sales to customers located outside India.
Segment Revenue, Results, Assets and Liabilities includes the respective amounts identifiable to each of segments and amounts allocated on a
reasonable basis.

57
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

32. SEGMENT INFORMATION (Contd.)

(b) Segment Result:

Particulars Year ended Year ended

31 March, 2024 31 March, 2023
Segment Results
Chemicals — —
Environment and Biotech — —
Total Segment Result — —
Less: Finance Cost — —
Other unallocable expenditure/(income) 13.82 (3.29)
Profit/(loss) before tax (13.82) 3.29

(c) Segment Revenue:

The segment revenue is measured in the same way as in the Statement of Profit and Loss.
Particulars Year ended Year ended
31 March, 2024 31 March, 2023
Segment Revenue (Revenue from operations)
Chemicals — —
Environment and Biotech 4.65 3.79
Total Segment Revenue 4.65 3.79
Less: Inter segment revenue — —
Total Segment Revenue 4.65 3.79
Revenue from external customers:
India 4.65 3.79
Other countries — —
Total Revenue from customers 4.65 3.79
Add: Other operating revenue — —
Total Segment Revenue 4.65 3.79

(d) Segment Assets:

Segment assets are measured in the same way as in the financial statements. These assets are allocated based on the operations of the segment
and the physical location of the asset.
Particulars Year ended Year ended
31 March, 2024 31 March, 2023
Segment Assets
Chemicals 93.40 —
Environment and Biotech 5.21 —
Unallocated 59.95 70.44
Total assets as per balance sheet 158.56 70.44
Total assets of Company broken down by location of the assets, is shown below:
India 158.56 70.44
Other countries — —
Total assets 158.56 70.44

58
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

32. SEGMENT INFORMATION (Contd.)

(e) Segment liabilities:

Segment liabilities are measured in the same way as in the financial statements. These liabilities are allocated based on the operations of the
segment.
Particulars As at As at
March 31, 2024 March 31, 2023
Segment liabilities:
Chemicals 196.90 —
Environment and Biotech — —
Unallocated 5.85 0.88
Total liabilities as per balance sheet 202.75 0.88
Total liabilities of Company broken down by location of the liabilities, is shown below:
India 202.75 0.88
Other countries — —
Total liabilities 202.75 0.88

33. FAIR VALUE MEASUREMENT

(i) Fair value of financial assets and financial liabilities
Particulars As at 31 March, 2024 As at 31 March, 2023
Carrying Value Fair Value Carrying Value Fair Value
Financial assets
Financial assets measured at Fair value through Other Comprehensive
Income
Equity Investments (Level 3) 0.20 0.20 0.20 0.20
Financial assets measured at Fair value through Profit and Loss — — — —
Financial assets at amortised cost for which Fair value are disclosed
Other financial Assets
i. Trade receivables 8.63 — — —
ii. Cash and cash equivalents 2.18 2.18 18.39 18.39
iii. Bank balances other than (ii) above 18.85 18.85 17.90 17.90
iv. Loans 30.00 30.00 30.00 30.00
v. Other Financial Assets 2.63 2.63 2.66 2.66
Total 62.50 53.86 69.15 69.15

Particulars As at 31 March, 2024 As at 31 March, 2023

Carrying Value Fair Value Carrying Value Fair Value
Financial liabilities
Financial liabilities at amortised cost for which Fair value are disclosed 190.06 190.06 — —
Total 190.06 190.06 — —

(ii) Fair Value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and
consists of the following three levels:
Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. This includes traded debentures (borrowings) and
mutual funds that have quoted price.

59
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

33. FAIR VALUE MEASUREMENT (Contd.)

Level 2: Inputs are 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 are not based on observable market data (unobservable inputs). Fair values are determined in whole or in part using a valuation
model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor
are they based on available market data.
The management assessed that cash and cash equivalents, trade receivables, trade payables and all other current financial assets and liabilities
approximates their carrying amounts largely due to the short-term maturities of these instruments.

34. FINANCIAL RISK MANAGEMENT FRAMEWORK

The Company’s principal financial liabilities comprise trade payables. The Company’s principal financial assets include trade receivables, and cash and
cash equivalents that derive directly from its operations. The Company is not exposed to interest rate risk, credit risk and liquidity risk since there are no
major activities during the year.

35. AGEING OF TRADE RECEIVABLES

Particulars Outstanding for following periods from due date

Less than 6 months More than
Not Due 6 Months – 1 year 1-2 years 2-3 years 3 years Total
As at March 31, 2024
Undisputed Trade Receivable - Considered Good — 8.63 — — — — 8.63
Undisputed Trade Receivable - having
significant increase in credit risk — — — — — — —
Disputed Trade Receivable - Considered Good — — — — — —
Disputed Trade Receivable - Credit Impaired — — — — — —
Total — 8.63 — — — — 8.63

As at March 31, 2023

Undisputed Trade Receivable - Considered Good — — — — — — —
Undisputed Trade Receivable - having
significant increase in credit risk — — — — — — —
Disputed Trade Receivable - Considered Good — — — — — — —
Disputed Trade Receivable - Credit Impaired — — — — — — —
Total — — — — — — —

36. AGEING OF TRADE PAYABLES

Particulars Outstanding for following periods from due date

Less than More than
Not Due 1 year 1-2 years 2-3 years 3 years Total
As at March 31, 2024
(i) MSME 0.59 — — — 0.59
(ii) Others 5.00 4.73 — — — 9.73
(iii) Disputed dues - MSME — — — — — —
(iv) Disputed dues - Others — — — — — —

Total 5.59 4.73 — — — 10.32

As at March 31, 2023

(i) MSME — 0.50 — — — 0.50
(ii) Others — — — — — —
(iii) Disputed dues - MSME — — — — — —
(iv) Disputed dues - Others — — — — — —
Total — 0.50 — — — 0.50

60
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

37. RATIOS
Ratio Numerator Denominator 31-Mar-24 31-Mar-23 % change Reason for variance
Movement is due
to increase in other
liabilities at the end of
the current year due to
Current ratio Current Assets Current Liabilities 0.33 79.82 -99.59% acquisition of business.
Debt- Equity Ratio Total Debt Shareholder’s Equity NA NA NA
Earnings for debt service
= Net profit after taxes Debt service = Interest
Debt Service + Non-cash operating & Lease Payments +
Coverage ratio expenses Principal Repayments NA NA NA
Movement is due
to increase in other
expenses on account
of acquisition of
Net Profits after taxes – Average Shareholder’s business in current
Return on Equity ratio Preference Dividend Equity (0.16) 0.03 -629.61% year.
Inventory Turnover
ratio Cost of goods sold Average Inventory NA NA NA
Movement is due
to increase in trade
receivables at the end
Net credit sales = Gross of the current year
Trade Receivable credit sales - sales Average Trade due to acquisition of
Turnover Ratio return Receivable 1.08 3.27 -67.05% business.
Movement is due
to increase in trade
Net credit purchases = payables at the end of
Trade Payable Gross credit purchases - the current year due to
Turnover Ratio purchase return Average Trade Payables 0.86 189.50 -99.55% acquisition of business.
Movement is due
to increase in other
Average Working capital liabilities at the end of
Net Capital Turnover Net sales = Total sales - = Current assets – the current year due to
Ratio sales return Current liabilities (0.14) 0.06 -335.60% acquisition of business.
Movement is due
to increase in other
expenses on account
of acquisition of
Net sales = Total sales - business in current
Net Profit ratio Net Profit sales return (2.20) 0.63 -449.50% year.
Movement is due
Capital Employed = to decrease in net
Tangible Net Worth + worth on account of
Return on Capital Earnings before interest Total Debt + Deferred acquisition of business
Employed and taxes Tax Liability (0.21) 0.05 -545.72% in current year.
Return on Investment Interest (Finance Income) Investment 0.13 0.13 0.00%

61
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

38.
(i) In the opinion of the management of the Company and to the best of their knowledge and belief, no funds have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies),
including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
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 on behalf of the Ultimate Beneficiaries.
(ii) In the opinion of the management of the Company and to the best of their knowledge and belief, no funds have been received by the Company 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.

39. ACQUISITION OF CHEMICAL PROCESSING UNIT AT LOTE, CHIPLUN (MAHARASHTRA)

The Board of Directors at its meeting dated May 15, 2023 had approved the acquisition of a chemical processing unit of Good Rasayan Pvt Ltd (‘Seller’)
located at Lote Chiplun in Maharashtra, as a going concern by way of slump sale. Pursuant to this, the Company had entered into a Business Transfer
Agreement (‘BTA’) dated September 12, 2023 with the Seller.
The said acquisition has been completed on March 30, 2024 on compliance with relevant conditions precedent specified in the BTA by the respective
parties. The Company has measured the acquired business of Seller at fair value determined in accordance with Ind AS 103 “Business Combination”. An
independent external professional valuation expert was engaged by the management to perform valuation of tangible and intangible assets as a part of
Purchase Price Allocation (PPA).

Details of the Purchase consideration, the net assets including intangible assets acquired are as follows:
(a) Purchase Consideration:
Particulars Amount
Purchase consideration 190.00
Net working capital 0.06
Total Purchase Consideration 190.06

(b) Assets Acquired and Liabilities assumed at fair value based on PPA :
The Details of assets and liabilities recognised as a result of the business acquision are as follow:

Particulars Amount
Assets:
Right Of Use Assets 103.50
Property plant and equipment 84.73
Other intangible assets 1.77
Inventories 0.22
Trade Receivables 3.42
Other assets 3.26
196.90
Liabilities
Trade Payables 4.15
Other liabilities 2.68
6.83
Net identifiable assets acquired at fair value 190.06

62
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

39. ACQUISITION OF CHEMICAL PROCESSING UNIT AT LOTE, CHIPLUN (MAHARASHTRA)

(c) Acquired receivables:

Particulars Amount
Fair value of acquired trade receivables 3.42
Gross contractual amount for trade receivable 3.42
Contractual cash flow not expected to be collected —

(d) Acquisition related costs:

Acquisition related costs of INR 16.73 lakhs that were not directly attributable are included in Other Expenses in the Statement of Profit and Loss and
in operating cash flows in the Statement of Cash Flows.

40. ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III

(i) the Company does not have any proceedings initiated or pending for holding any benami property under the Benami Transactions (Prohibition) Act,
1988 (45 of 1988) and rules made thereunder
(ii) The company does not have any transactions with struck off Companies.
(iii) The company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.
(iv) The company have not traded or invested in Crypto currency or Virtual Currency during the year.
(v) The company has no 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.
(vi) The company is not declared as wilful defaulter by any bank or financial Institution or other lender.
(vii) There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013.
(viii) The requirement of Section 2(87) of the Companies Act 2013 read with Companies (Restriction on number of Layers) Rule, 2017 is not applicable to
the Company.

41. FINANCIAL RISK MANAGEMENT

The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls
and to monitor risks. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities.
The key risks and mitigating actions are also placed before the Audit Committee of the Company.
The Company has exposure to the following risks arising from financial instruments:
A) Credit risk; and
B) Liquidity risk;

A Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations.
Credit risk arises primarily form financial assets such as trade receivables, investments in mutual funds, preference shares, debentures, derivative
financial instruments, other balances with banks, loans and other receivables.

63
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

41. FINANCIAL RISK MANAGEMENT (Contd.)

Trade and other receivables

Customer credit is managed by each business unit subject to the Company’s established policies, procedures and control relating to customer credit risk
management. Trade receivables are non-interest bearing and are generally on 0 to 180 days credit term. Credit limits are established for all customers
based on internal rating criteria. Outstanding customer receivables are regularly monitored.
The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an
ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default
occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and supportive
forward-looking information.
The Company measures the expected credit loss of trade receivables based on historical trend, industry practices and the business environment in which
the entity operates. The historical loss rates are adjusted to reflect the current and forward looking information on macro economic factors affecting the
ability of customers to settle receivables. The expected credit loss is based on aging of days, the receivables due and the expected credit loss rate. In
addition, in case of event driven situation such as litigations, disputes, change in customer’s credit risk history, specific provision are made after evaluating
the relevant facts and expected recovery.
The following table provides information about the exposure to credit risk and Expected Credit Loss Allowance for trade and other receivables:
Particulars As at As at
31 March, 2024 31 March, 2023
Up to 180 days 8.63 —
181-365 days — —
Above 365 days — —

Total 8.63 —

Movement in allowances as per expected credit loss model

Particulars As at As at
31 March, 2024 31 March, 2023
Balance at beginning of the year — —
Movement in expected credit loss allowance — —

Balance at end of the year — —

Loans and Other financial assets

The Company has assessed its loans and other financials assets including security deposits and other receivables as high quality, negligible credit risk. The
Company periodically monitors the recoverability and credit risks of its other financials assets. The Company evaluates 12 months expected credit losses for all
the financial assets (other than trade receivable and contract assets) for which credit risk has not increased. In case credit risk has increased significantly, the
Company considers lifetime expected credit losses for the purpose of impairment provisioning.

64
 EXCEL BIO RESOURCES LIMITED
CIN NO: U01403MH2007PLC176907

NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH, 2024

(All amounts in INR lakhs, unless otherwise stated)

41. FINANCIAL RISK MANAGEMENT (Contd.)

B Liquidity risk
The Company determines its liquidity requirements in the short, medium and long term. This is done by drawing up cash forecast for short and medium term
requirements and strategic financing plans for long term needs.
Liquidity risk is managed by Company through effective fund management. The Company’s principal sources of liquidity are cash and cash equivalents and the
cash flow that is generated from operations. The Company believes that current cash and cash equivalents and cash flow that is generated from operations is
sufficient to meet requirements. Accordingly, liquidity risk is perceived to be low.
The following are the remaining contractual maturities of financial liabilities at the reporting date. Amounts disclosed are the contractual un-discounted cash
flows.

Maturity analysis of significant financial liabilities

Particulars As at March 31, 2024 As at March 31, 2023

Contractual cash flows Contractual cash flows
Carrying Upto 1 1 year and Carrying Upto 1 1 year and
amount year above amount year above
Financial liabilities
Trade Payables 10.32 10.32 — 0.50 0.50 —
Other financial liabilities 190.06 190.06 — — — —

Total 200.38 200.38 — 0.50 0.50 —

As per our report of even date.

For and on behalf of the Board of Directors of
For and on behalf of C N K & Associates LLP Excel Bio Resources Limited
Chartered Accountants
Firm Registration No : 101961W/W-100036
Ashwin C. Shroff Hrishit A. Shroff
Vijay Mehta Director Director
Partner DIN: 00019952 DIN: 00033693
Membership No : 106533

Place : Mumbai Place : Mumbai

Date : May 23, 2024 Date : May 23, 2024

65
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