(xxv)Provisions, Contingent Liabilities and Contingent Assets

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events and it is probable that there

will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the notes to financial statements. Contingent assets are not recognised but disclosed in the financial statements when an inflow of economic benefits is probable. Provisions, contingent liabilities are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

A contingent liability exists when there is a possible but not probable obligation, or a present obligation that may, but probably will not, require an outflow of resources, or a present obligation whose amount cannot be estimated reliably. Contingent liabilities do not warrant provisions but are disclosed as the possibility of outflow of resources is remote.

(xxvi) Cash Flow Statements

Statement of Cash Flows is prepared segregating the cash flows into operating, investing, and financing activities. Cash flow from operating activities is reported using indirect method, adjusting the net profit for the effects of changes during the period in inventories, operating receivables, payables, transactions of a non-cash nature such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, and undistributed profits of associates and all other items for which the cash effects are investing or financing cash flows.

For the purpose of presentation in the statement of cash flow, cash and cash equivalents includes cash on hand and balance held with banks and short term investments in liquid Mutual Funds.

45. RELATED PARTY DISCLOSURES :

Related Party Disclosures required under Ind AS - 24 are given below:

I. Relationship Name of the Related Parties

(a) Where Control exists Silver Plastochem Private Limited

(b) Key Management Personnel Mr. Basant Kabra - Managing Director

Mr Shiva Kabra - Joint Managing Director *Mr. Jaideep Barve Chief Financial Officer *Mr. Akshay Satasiya Company Secretary Ceased w.e.f. 31 January 2024 *Mr. Murli Manohar Thanvi Company Secretary Joined w.e.f. 05 February 2024 * There were no transcations with them other than salary

(c) Subsidiary Companies

(i) Wholly Owned Subsidiary Liberty Chemicals Private Limited

(ii) 80% Owned Subsidiary Innovative Coding (India) Private Limited

(iii) Wholly Owned Subsidiary Control Print Packaging Private limited

(iii) Wholly Owned Foreign Subsidiary Control Print B.V. The Netherlands

(d) Step down Foreign Subsidiary Companies

(i) 80% owned by wholly owned Foreign Markprint B.V. (The Netherlands)

Subsidiary (Control Print B.V.)

(ii) 50.49% owned by wholly owned Foreign Codeology Group Limited (UK)

Subsidiary (Control Print B.V.)

(iii) 100% owned by wholly owned Foreign CP Italy S.r.l. (Italy)

Subsidiary (Control Print B.V.)

(e) Other Related Party Sapat International Private Limited

Black Rose Industries limited

59. EMPLOYEE BENEFIT OBLIGATIONS

Defined benefit plans:

Gratuity Plan

In accordance with the provisions of the Payment of Gratuity Act, 1972, the Company has a defined benefit plan which provides for gratuity, covering eligible employees. The Plan provided a lump sum gratuity amount to eligible employees at retirement, termination or death.Liabilities with regard to Gratuity plan are determined by actuarial valuation, performed by an independent actuary, at each Balance Sheet date using the projected unit credit method.

Characteristics of defined benefit plans and associated risks:

The Company has an unfunded Defined benefit gratuity plan. Gratuity is paid from company as and when it

becomes due and is paid as per company scheme for Gratuity.

Gratuity is a defined benefit plan and company is exposed to following Risks:

• Salary Risk- The Present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plan’s liability.

• Interest Rate Risk- A fall in the discount rate which is linked to the Government securities. Rate will increase the present value of the liability requiring higher provision.

59. EMPLOYEE BENEFIT OBLIGATIONS (Contd...)

• Asset Liability Matching Risk- The plan faces the ALM risk as to the matching cash flow. Company has to manage payout based on pay as you go basis from own funds.

• Mortality Risk- Since the benefits under the plan is not payable for life time and payable till retirement age only plan does not have any longevity risk.

60. 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 or entity, including foreign entities (“Intermediaries”) with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

61. There is no scheme of arrangement approved by competent authority in terms of sections 230 to 237 of the Companies Act,2013 during the year, hence relevant disclosures are not applicable.

62. Previous year figures have been regrouped, reclassified wherever necessary.

As per our Report of even date attached For and on behalf of Board Of Directors

For Jhawar Mantri & Associates Basant Kabra Shiva Kabra

Chartered Accountants Managing Director Jt. Managing Director

Firm Registration Number: 113221W DIN 00176807 DIN 00190173

Naresh Jhawar Murli Manohar Thanvi Jaideep Barve

Partner Company Secretary & Compliance Officer Chief Financial Officer

Membership No. 045145 UDIN: 24045145BKFNRS4245

Place: Navi Mumbai Place: Mumbai

Date: 11 May 2024 Date: 11 May 2024