xix. Provisions
General

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, for example, under
an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The
expense relating to a provision is presented in the statement of profit or loss net of any reimbursement.

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

Contingent liability

Contingent liability is disclosed in the case of :

- a present obligation arising from past events, when it is not probable that an outflow of resources embodying economic benefits
will be required to settle the obligation;

- a present obligation arising from past events, where no reliable estimate is possible; and

- a possible obligation arising from past events, unless the probability of outflow of resources is remote.

A contingent asset is disclosed where an inflow of economic benefits is probable.

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

xx. Business combinations

Business combinations are accounted for using the acquisition accounting method as at the date of the acquisition. The consideration
transferred in the acquisition and the identifiable assets acquired and liabilities assumed are recognised at fair values on their acquisition
date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable
assets acquired and liabilities assumed. Consideration transferred does not include amounts related to settlement of pre-existing
relationships. Such amounts are recognised in the Statement of Profit and Loss. Transaction costs are expensed in the standalone
statement of profit and loss as incurred, other than those incurred in relation to the issue of debt or equity securities which are directly
adjusted in other equity.

xxi. Investment in subsidiary

The Company has elected to recognize its investment in subsidiary at cost in accordance with the option available in IND AS 27,
'Separate Financial Statement'. The details of such investments are given in Note 6. Impairment policy applicable on such investments
is explained above.

2.3. Significant accounting judgements, estimates and assumptions

The preparation of the Company's financial statements requires management to make judgements, estimates and assumptions that affect
the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying
amount of assets or liabilities affected in future periods.

a. Judgements

In the process of applying the Company's accounting policies, the management has made the following judgements, which have the
most significant effect on the amounts recognised in the financial statements:

Determining the lease term of contracts with renewal and termination options - Company as lessee

The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to
extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably
certain not to be exercised.

The Company has several lease contracts that include extension and termination options. The Company applies judgement in evaluating
whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant
factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the
Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability
to exercise or not to exercise the option to renew or to terminate.

b. Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below.
The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing
circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that
are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

Defined benefit plans

The cost of the defined benefit plans and other employment benefits and the present value of the obligation are determined using
actuarial valuation. An actuarial valuation involves making various assumptions that may differ from actual developments in the future.
These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the
valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate, management considers
the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation. The
underlying bonds are further reviewed for quality. Those having excessive credit spreads are excluded from the analysis of bonds on
which the discount rate is based, on the basis that they do not represent high quality corporate bonds.

The mortality rate is based on publicly available mortality tables. Those mortality tables tend to change only at intervals in response to
demographic changes. Future salary increases are based on expected future inflation rates for the country.

Further details about defined benefit obligations are provided in Note 33.

2.4. Recent Accounting Prouncements:

The 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 31,2025, MCA has not notified any new standards or
amendments to the existing standards applicable to the Company.

No trade or other receivables are due from directors or other officers of the Company either severally or jointly with any other person.

Nor any trade or other receivables are due from firms or private companies respectively in which any director is a partner, a director or a member.
Trade receivables are non-interest bearing and are generally on terms of 0-90 days.

For terms and conditions relating to related party receivables, refer note 35.

Refer note 40 on credit risk of trade receivables, which explains how the Company manages and measures credit quality of trade receivables that
are neither past due nor impaired.

Terms / rights attached to the equity shares

The Company has only one class of equity shares having a par value of INR 10/- each. Each equity shareholder is entitled to one vote per share. The
Company declares and pays dividend in Indian rupees. The final dividend proposed, if any, by the Board of Directors is subject to the approval of the
shareholders in the ensuing annual general meeting.

The Board of Directors has not recommended any dividend on the equity shares during the year ended 31 March 2025 (31 March 2024: NIL).

However due to the terms of the issue company has declared dividend on Redeemable preference Shares Rs. 0.20 crores ( Previous year : Nil)

During the year, the Company has issued/allotted following Convertible Share Warrants of Rs.10/- (Rupees Ten) each at a Premium of Rs. 190/-
(Rupees One Hundred ninety) each in two tranches i.e. 14,90,000 (Fourteen lacs ninety thousand) Warrants on 03/12/2024 and 33,10,000 (Thirty
three lac ten thousand) Warrants on 05/12/2024 aggregating to 48,00,000 (Forty eight lacs) to the Parent company i.e. Bilcare Limited with a term
of payment of 25% of the issue amount payable at the time of making the application for Warrants and balance 75% of the issues price at the time
of exercising the option (within a period of 18 months). Further in the event the Warrant Holder does not exercise the option of conversion within
the said stipulated time within 18 months from the date of allotment of warrants, the said warrants shall lapse and the deposit of 25% shall be
forfeited by the company.

Securities premium: Securities premium is used to record the premium on issue of shares. This reserve will be utilised in accordance with the
provisions of the Companies Act 2013.

General reserve: General Reserve is a free reserve and is available for distribution as dividend, issue of bonus shares, buyback of the
Company's securities. It was created by transfer of amounts out of distributable profits, from time to time Mandatory transfer to general reserve
is not required under the Companies Act 2013.

Retained earnings: This reserve represents the cumulative profits of the Company and the effects of remeasurment of defined benefits obligations.
The reserve can be utilised in accordance with the provisions of the Companies Act 2013.

Capital reserve on slump sale: During acquisition of PPI division from Bilcare Limited, the excess of net assets acquired, over the cost of consideration
paid is treated as Capital Reserve.

Revaluation Reserve: This reserve represents the cumulative gains and losses arising on the revaluation of Property, Plant and Equipment (PPE) as
on the balance sheet date measured at fair value. The reserves accumulated will be reclassified to retained earnings when such assets are disposed.
Capital Redemption Reserve: This represents reserve created on account of redemption of preference shares. The reserve can be utilized for issue
of fully paid Bonus shares to Shareholders.

Money Received Against Share Warrants: This represents the amount received by the Company against the issue of share warrants. The amount
received has been classified under 'Other Equity' until the conversion of warrants into equity shares is exercised. Upon such conversion, the
corresponding amount will be transferred to Share Capital and Securities Premium.

NOTE 36: OPERATING SEGMENT

The Company is primarily engaged in Pharma packaging solutions. Information reported to and evaluated regularly by chief operating decision
maker for the purpose of resource allocation and assessing performance focuses on the business as a whole. Accordingly there is no other
separate segment as per Indian Accounting Standard 108 dealing with "Operating Segment". The revenue from transactions with a single
customer does not exceed 10% of the total revenues of the Company.

Company's revenue is from sale of Pharma packaging products

NOTE 38: FAIR VALUE DISCLOSURES FOR FINANCIAL ASSETS AND FINANCIAL LIABILITIES

Management believes that the fair values of non-current financial assets (loans and others), current financial assets ( e.g., cash and cash equivalents,
trade and other receivables and loans), non-current financial liabilities and current financial liabilities (e.g.,trade payables and other payables and
others) approximate their carrying amounts and accordingly, separate disclosure have not been made.

* For certain unquoted equity investments categorized under level 3, cost has been considered as an appropriate estimate of fair value because of
a wide range of possible fair value measurements and cost represent the best estimate of fair value within that range.

Measurement of fair values

The basis of measurement in respect to each class of financial asset / liability is disclosed in Note 2.2 (iii) of the financial statements.

B. Financial risk management

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees and advises on these risks.
The Company's senior finance team advises on financial risks and provides assurance that the Company's financial risk are identified, measured,
managed and mitigated in accordance with general risk mitigation policies and objectives. All derivative activities are carried out by senior finance
team who has the appropriate skills, expertise and experience and is being overseen by the Managing Director from time to time as per business
needs. It is the Company's policy that no trading in derivatives for speculative purposes be undertaken. The Board of Directors review and agree
policies for managing each of these risks, which are summarised below:

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market
risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial
instruments affected by market risk include deposits, trade and other receivables and trade and other payables.

The sensitivity analysis in the following sections relate to the position as at 31 March 2025 and 31 March 2024.

The sensitivity analysis have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and
derivatives and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place
at 31 March 2025.

The analysis exclude the impact of movements in market variables on: the carrying values of gratuity, pension and other post-retirement
obligations and provisions.

The following assumption has been made in calculating the sensitivity analysis:

The sensitivity of the relevant statement of profit or loss item is the effect of the assumed changes in respective market risks. This is based on
the financial assets and financial liabilities held at 31 March 2025 and 31 March 2024.

Commodity price risk

The Company is affected by the price volatility of resin, base raw material for manufacturing PVC Films and being sourced from both domestic
and international suppliers. The price volatility is due to demand-supply position in international market and exchange impact arising due to
delivery lead time. The upward or downward trend in raw material is generally being passed on to the end customer other than exceptional
cases as per business needs and therefore neutralising the exchange risks arising therefrom and as such the impact of such volatility, is difficult
to be quantified or measured.

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial
loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including
deposits with banks, foreign exchange transactions and other financial instruments. A provision is created for a counter party whose payment
is due more than 180 days after its due date.

Trade receivables

Customer credit risk is managed by each business unit subject to the Company's established policy, procedures and control relating to customer
credit risk management. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits
are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored and any shipments to major
customers are generally covered by letters of credit or other forms of credit insurance.

Financial instruments and cash deposits
(c) Liquidity risk

Liquidity risk is the risk that the Company may encounter difficulty in meeting its obligations. The Company monitors its liquidity position on the
basis of expected cash flows. The Company's approach is to ensure that it has sufficient liquidity to meet its obligations at all point in time.

NOTE 41: CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity
holders of the Company. The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy
capital ratios in order to support its business and maximise shareholder value.

NOTE 43: NO TRANSACTIONS TO REPORT AGAINST THE FOLLOWING DISCLOSURE REQUIREMENTS AS
NOTIFIED BY MCA PURSUANT TO AMENDED SCHEDULE III :

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

2) The Company did not have any material transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560
of Companies Act, 1956 during the current and previous year.

3) During the year the Company has not created any charge beyond the statutory period of thirty days in respect of loan availed from banks.
Registration of charges or satisfaction with Registrar of Companies

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

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

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

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

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

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

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

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

8) The Company has filed monthly statements of current assets with the banks in agreement with the books of accounts except for quarter ended
March 2025 for which there is a difference of Rs. 1.12 Crores due to impact of revenue recognition as per Ind AS 115.

9) The Company does not have any immovable property (other than properties where the Company is the lessee and the lease agreements are duly
executed in favour of the lessee) whose title deeds are not held in the name of the Company.

10) The Company has not made any Loans or Advances in the nature of loans that are granted to promoters, directors, KMPs and the related parties
(as defined under Companies Act, 2013,) either severally or jointly with any other person, that are:

(a) repayable on demand or

(b) without specifying any terms or period of repayment

11) The company has not been declared as a wilful defaulter

12) The Company has complied with number of layers prescribed under clause (87) of section 2 of the Companies Act read with Companies
(Restriction on number of Layers ) Rules, 2017

NOTE 44:

Exceptional Items are as under:

For the year ended March 31, 2025:

a) The Company has executed the deed of assignment with the buyer on January 27, 2025 for transfer of the leasehold rights of Factory Land
along-with the Building, situated at Thane, Maharashtra for a consideration of 75 crores. Profit of Rs 15.31 crores on the aforesaid transfer has
been disclosed under exceptional item.

b) Subsequent to transfer of leasehold rights of Factory Land and Building situated at Thane, certain Plant and Machinery has been disposed off
resulting in loss of Rs. 1.53 crores and the same has been disclosed under exceptional item.

c) Due to uncertainty related to recovery of outstanding Inter Corporate Deposit and debtors from Anax Industries Limited provision of
Rs. 19.84 crores has been recorded for the year ended March 31, 2025 and disclosed under exceptional items.

For the year ended March 31, 2024 :

a) Exceptional Items represents loss on sale of office premises, for the year ended March 31, 2024.

NOTE 45:

The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility.
However, the same was not operated through out year at database level. The Company is in the process of enabling the audit trail and maintaining
daily back up of audit trail (edit logs).

NOTE 46:

In respect of the arrangement with Bilcare Limited for the repayment of principal and interest on the public fixed deposit liability taken over by
the Company as per the Business Transfer Agreement, the outstanding as at March 31, 2025 is Rs. 49.49 crores (including interest). The statutory
compliances related to Public fixed deposit is the responsibility of Bilcare Limited.

NOTE 47:

The previous years numbers has been restated wherever application for better presentation.

As per our report of even date For and on behalf of the Board of Directors of Caprihans India Limited

For Batliboi & Purohit

Chartered Accountants

ICAI Firm Registration No.: 101048W

Per Kaushal Mehta Ankita J. Kariya Somenath Mukherjee Guman Mal Jain Pritam Paul

Partner Chairperson & Executive Director Chief Financial Officer Vice President &

Managing Director Company Secretary

Membership No.: 111749 DIN: 08292735 DIN:00567173 Membership No. 079381 Membership No: F 5861

Place: Mumbai Place: Mumbai Place: Pune Place: Pune Place: Pune

Date: May 24, 2025 Date: May 24, 2025 Date: May 24, 2025 Date: May 24, 2025 Date: May 24, 2025